Al Ahly Pharos

• Strategy | ABUK versus ALCN. Which one will likely outperform until year-end? 
• ABUK, MFPC, EGCH, EKHO | Direct subsidy and lower quota unlock pricing upside; ABUK remains top pi
• EFIH | Overweight a direct exposure to key 2H25 and 2026 themes
• MTIE| How much is MTIE’s Basata ePayments at a 25% discount to FWRY?

In today's Pre-Session Views:

• Strategy | The second stage of CCAP capital increase ends today and the wait-and-see game has just started
• Pharma Distribution | Webinar takeaways from Pharma Overseas
• ETRS | NOSCO merger implies deeper value unlock

• Strategy | DSCW is back to where it was almost 3 months ago and it is an unjustified pullback
• ORAS | Merge with OCI could set stage for Sawiris asset rotation
• DSCW, ORWE | Rebate rollout begins, earnings support visible in 2H25

• Strategy | EGAL will likely find a solid valuation benchmark post Emirates Global Aluminum IPO. 
• JUFO | Ex-Egypt strategy to double revenues; Accumulate
• ABUK, MFPC, EGCH, EKHO | Government adjusts quotas and gas prices in a mixed policy shift
• LCSW | Natural gas tariff hike looms, impact largely anticipated

• Strategy | Fed rate outlook raises odds of 2-3% cumulative rate cuts in Egypt until end 2025
• EKHO | Sprea Misr factory visit highlights integration and scale 
• DSCW | Site visit highlights Helwan progress and 3Q tailwinds