Al Ahly Pharos

• Strategy | It may be ISPH month if the CBE slashes policy rates by 200 bps
• FERC, IFAP, ICFC | Promising first half for the new entity despite margin headwinds
• JUFO | Equalweight short term, Overweight long term

• Strategy | The ABCs of equity valuation suggest that OLFI offers an upside potential of around 30%. 
• AMIA | Buy 68.4% of ATLC and literally get three 3 prime assets for free. 
• PHDC | Follow the footsteps of PHDC chairman and BUY the stock on dips
• JUFO | Trim JUFO to EW and add OLFI
• POUL | Initiation of coverage ranks stock a BUY (FV: EGP25.8/share)
• ABUK | Gas cost pricing formula clarified, top pick status reaffirmed 
• ATLC | We Initiate Coverage on ATLC with a STRONG BUY at FV of EGP5.5/share

• Strategy | ACTF strategic partner is not BTFH but it is still a BUY
• Macro | US Bureau of Labor Statistics employment figures supports our bias towards a 2% August rate cut
• ABUK, EGCH, MFPC, EKHO | Gas price floor hike a net positive, signals long-awaited reform; Strong urea tailwinds support earnings for our top pick ABUK
• LCSW | Natural gas price hike largely priced in, but downside risk remains
• Cement Market | BMIC counteroffer adds more fuel to M&A fire, recalibrating sector valuations

In today's Pre-Session Views:

• Strategy| Our analysis suggests that ACTF and BTFH may be forging an alliance to create a rival to Thndr. Growth option is not priced in ACTF market price. 
• CIEB| Cautious growth strategy limits profits, but stock offers 17% dividend yield
• RAYA| RACC MTO and Ostool divestment signal ongoing portfolio streamlining
• EKHO, SVCE| M&A momentum builds in Egypt’s cement sector as ATI secures ECA approval for BMIC acquisition
• SUGR| Strong 2Q25 results likely to push FY25 earnings above forecasts
• ACTF| ST play on EGX recovery; LT alpha in mobile trading platform “Wilzy”
• MCQE| Re-rating progresses, 2Q25 pivotal, watch for regulatory pressure

In today's Pre-Session Views:

• Strategy| PHDC investors have already shaved off the fees imposed by NUCA from MCAP. Time to rebuild long positions
• EFID| EFID exclusion from EGX30 supports short EFID call
• TMGH| SouthMed shouldn’t be exposed to NUCA fee risk
• ETEL| 2Q25 expectations – no surprises
• DSCW| (BUY- FV: EGP5.5/share) 2Q25 recovery led by volumes; margins improve q/q but remain under pressure, foreign entrants viewed as strategic upside
• MCQE| EGX30 inclusion adds fuel to fire as stock crawls towards our end 2025 FV of EGP67.7/share