Al Ahly Pharos

Strategy| A simple methodology to assess whether CCAP is cheap or not

QNBE| Solid fundamentals and potential for increased payouts should overshadow the stock's illiquidity discount

GBCO| 4Q25 securitization gains ignite GBCO’s growth trajectory 

• In today's Pre-Session Views:
  • Strategy | Alumina - aluminum spread soars to USD2,400/ton to form a perfect start to EGAL fiscal year
  • Cement Sector | Local sales record strongest rally in over a decade

In today's views

• Strategy | OPEC+ is seemingly pulling Brent below USD60/bbl and EGP assets are standing out as outright winners 
• SAUD’s MTO on ATLC | Synergy-driven value creation at the doors, with AMIA as a key beneficiary    

• Strategy | The pricing of listed F&B companies in Egypt reveals POU, feta plays and JUFO should outperform until mid 2026.
• EFIC | Strategic JV with state miners reinforces long-term growth and sector recovery
• ISPH | Poised to surpass management guidance; Overweight 

In today's views

• Strategy | ORAS stuck around the AED35/share mark and this price level is far from random
• MACRO | Absence of major inflation shocks during September and an unusually high real rate provide ample room for another 1-2% rate cut today
• EFID | MCAP rose by EGP6 billion during a single month to EGP28 billion. Even a GCC listing does not justify this valuation
• BONY | The story behind the numbers: from CFO to FCFE