Al Ahly Pharos

In today's Pre-Session Views:

• Strategy| Within banks, we now rank COMI as our most trusted alpha generator in 2025
• TMGH, ORHD 1H25| Hospitality and recurring revenues lead growth and explains share price performance skewness towards pricing the most evident and visible segments only
• EGBE 2Q25| Retail lending and CASA drive strong margins, but investor sentiment weighs on stock
• EFID| 2Q25 consistent with bottom line guidance of EGP1.9 billion on new size offerings and price rises
• OLFI| Margins under pressure, growth story intact

In today's Pre-Session Views:

• Strategy | Tailwind is building up for BONY but a share price rally is contingent on expedited monetization of WOC. 
• Macro | The probability of a 2% rate cut on 28 August is close to 100% and the probability of a 3% cut is 50%. 
• OLFI | New factory on the way
• BTFH | First glance at BTFH earnings  
• ADIB | Exceeding net profit estimates amid lending volumes revival, but capital increase challenges cash dividends
• BINV | BINV scales up high-marginplatforms 
• HRHO | Capitalizing on market discrepancies within HRHO and VALU
• EFIH management meeting | A prime beneficiary of fiscal consolidation
• CSAG | COMI acquires pre-listing stake in DCCC at attractive valuation; CSAG poised for asset revaluation
• ISPH | Government to settle EGP50bn in pharma arrears over three year

• Strategy| Egypt secures the bulk of its natural gas deficit until 2040 at an estimated price of USD7.6/mmbtu
• ABUK, MFPC, EGCH, EKHO| Long-term gas deal poised to bring stability to fertilizer sector
• EGAL| Gas deal secures power costs, supports double-digit dividend yield
• LCSW| New natural gas deal hedges key risk, preliminary fair value reaffirmed
• SUGR| Demand trails record-high sugar output 

In today's views

• Strategy| Ismailia/Misr for Poultry (ISMA) yesterday's rally is difficult to justify
• ORAS| Ex-dividend resilience signals stronger underlying support
• TMGH, ORHD, and EFIH| A play on tourism hike in 4Q25 and the Grand Egyptian Museum opening
• MTIE| A direct exposure to a potential home appliances’ price reduction
• RMDA| 2Q25 expectations & what to watch for

• Strategy| Egypt is projected to host a record high number of tourists in 2025 and ORHD stands out as a compelling exppsure to this theme
• EFID| Valuation stretched after 40% rally, time to reduce exposure
• MBSC| Treasury share termination drives price, raises strategic questions
• BTFH| A high-risk, high reward bet with regional expansion