Al Ahly Pharos

In today's Views: 

• Strategy| PHDC to join the list of winners if the CBE opts for a 2% plus rate cut on 28 August.
• ISPH | Arrears inflow to ease working capital; reiterate top pick

In today's Pre-Session Views:

• Strategy | KPIs show that EGAL 4Q NPM compression was driven by a one-off expense/loss.
  NBFI’s | Clear structural winners as Egypt eases monetary policy
• MTIE | Positive developments reaffirm our FV of EGP12.4/share by end-2025; Tata’s manufacturing plans to shape the story thereafter
• DSCW | Volumes drive 2Q25 growth, margins temporarily capped by expansion; but growth outlook intact

• Strategy | A strong EUR triggers aluminum price rally - reiterate long EGAL position
• Healthcare & pharma | Beneficiaries of a potential policy rate cut
• CICH | Earnings momentum builds; Market mispricing persists

• Strategy | A strong EUR triggers aluminum price rally - reiterate long EGAL position
• Healthcare & pharma | Beneficiaries of a potential policy rate cut
• CICH | Earnings momentum builds; Market mispricing persists

• Strategy| Post call with management and our analysis, ACTF should be held by retail investors seeking access to active management
• Egypt fertilizers| Strong 2H25 tailwinds from urea rally and stable gas supply; ABUK best positioned
• EKHO| Deciphering a peculiarly priced instrument and how to play it

• Strategy| AMIA is up 6% on higher than usual turnover and there is room for another rally if ATLC catches up 
• Cement Sector| Elevated prices drive significant upside in scenario analysis
• FWRY management call| Revenue diversification and a strategic roadmap reinforce confidence; build positions for 2026 allocation