Al Ahly Pharos

In today's Pre-Session Views:

• Strategy | CIEB is mispriced and the magnitude of mispricing will be corrected when the greenshoots of loan growth emerge. 
• JUFO | Earnings call highlights, gradually build positions
• ALCN | Stable operations with normalized profitability
• EKHO | From earnings call to strategy: Near-term challenges, medium-term drivers
   AMOC | Proposed dividend implies double-digit yield; stronger refining margins support near-term outlook

In today's Pre-Session Views:

• Strategy | A quick thought on ETEL post the impressive August to date rally. Our telecoms/fintech team will publish a full valuation update on ETEL soon. 
• EKHO| 1H25 results: Strong earnings recovery, AlexFert driving outperformance;, 2H looks promising
• ARCC | Strong 2Q25 results; outlook balanced by emerging risks
• MBSC | 2Q25 Volumes weigh on results, 1H25 still on track

In today's Views: 

• Strategy | August urban CPI inflation rate will likely dip to 11-12% so we raise the probability of a 3% rate cut to 50% and name the list winners. 
• PHDC | The market has already priced in NUCA’s fees, Jirian net cashflows partially offsets the liability
• PHAR | 1H25 preliminary results, strong earnings growth; EIPICO 3 catalyst awaited
• GBCO | 1H25 Earnings beat estimates, upside still ahead
• HRHO | Volatility priced in, growth engines running; we reiterate our FV
• BINV | Hold – Cash position and expansion support long-term value
• LCSW | Pressured 2Q25 results amidst headwinds, volume rebound is key
• EFIC | SSP-sulfur squeeze hits 1H25 standalone earnings, recovery ahead
• ECAP | Losses extend into 2Q25 as demand recovery lags
• ISPH | Earnings call confirms positive outlook, reaffirm BUY (FV: EGP17.1/share) 

• Strategy| ISPH IH25 results draw a demarcation line between management and macro 
• VALU 1H25| VALU delivers robust 1H25, international expansion in focus
• ATLC 1H25| Steady growth, outlook intact
• FWRY 1H25| New services launch and organic growth should comfortably outpace policy rate cuts, beating our EGP2.7 bn for 2025 is in sight; maintain as one of our top picks for 2025
• ETEL 1H25| Sound fundamentals and 2H25 catalysts should trigger price performance during 2H25
• MTIE 1H25| Higher bottom-line contribution from investments should gradually unlock value and drive share price to EGP12.4/share
• ISPH 1H25| Strong results on price and volume rebound, expectations of a stronger 2H25
• JUFO| Confirming our view, equal weight short term, overweight long term
• ACRO| Rapid growth at a bargain multiple
• PHDC| A MCAP of EGP23 billion is out of sync with PHDC record high new sales, sizable outstanding notes receivables and upcoming launch of Abu Dhabi project.  

In today's Views: 

• Strategy| BONY’s GLV rises to a record high EGP17.4 billion and rental income jumps 35% y/y, but transient macro dynamics underpin bottom line contraction
• GBCO| Strong results ahead with focus on MNT Halan
• POUL| 2Q25 results in line, outlook remains bullish
• RMDA| Solid 2Q25, growth momentum holds
• SUGR| Inventory build-up pressures cash flows, 2H25 revenues likely flat
• ORWE| Soft 2Q25, but guidance intact