Al Ahly Pharos

• Strategy| At an EV/sqm of EGP94k, BONY is valued at a discount to peers
• EFIH| Tourism momentum will flow through the numbers 
• ABUK| Catalysts surface to potentially unlock Egypt's forgotten fertilizer beast
• ATLC| Fair value anchored by solid capital base and expanding product mix 

• Strategy| GBCO - Nostalgia and fundamentals rank the name as a SUPER STRONG BUY
• Macro| Dovish CBE language suggests that an August rate cut (up to -2%) is likely
• Cement Market| Short-term pain, long-term fix; Export quota now the most likely trigger for price decline
• DSCW| News Flow Reinforces Egypt’s Rise as a Regional Hub for Ready-Made Garment Exports — DSCW Well-Positioned to Capitalize
• SKPC | Weak polyethylene prices to weigh on 1H25 results and share price catalysts are limited

• Strategy | Regardless of today's MPC outcome, odds are in favor of cumulative 4-5% rate cuts during 2H25
• BONY | A follow-up on BONY. What we like and do not like
• QNBE | Took the deepest dive, down 12% YTD, despite solid results

• Strategy| Market intelligence - Launch of Ras El Hekma should unlock IMF funding and inflate ORAS and ELEC valuations
• RMDA| Acquisition of high-margin chronic disease molecule reinforces strategic outlook and FY25 targets
• BONY| Discounted entry and an above average rent yield — but dividend void and cashflow thinness limit appeal
• ETEL| 12M rally = cost of equity
• GBCO| Another management call confirms our positive view on the stock; Margins hold firm amid regional challenges, GB Capital beats, incentives to boost 2H25 earnings
• EGAL| Hold EGAL to EGP200/share

• Strategy| Placing KIMA under watch
• DSCW| Decline in Turkey’s apparel exports highlights shift to Egypt, reinforcing our bullish outlook on DSCW
• DGTZ| A Nilex-born telecom contractor, riding on a concentrated c.EGP500 mn contract

Weekly Commodities Update

 |   | Last Price | WoW Change, %
| Brent, USD/bbl | 68.3 | 0.8%
| Diesel-HSFO Spread, USD/ton | 336.6 | 34.3%
| Egypt Urea, USD/ton | 455.0 | 0.0%
| Polyethylene, USD/ton | 930.0 | 1.1%
| Polypropylene, USD/ton | 970.0 | 0.5%
| Iron Ore 65%, USD/ton | 116.3 | 2.3%
| Steel/Iron Ore Spreads, USD/ton | 360.5 | -2.0%
| LME Aluminum Cash Price, USD/ton | 2,586.6 | -0.3%
| LME Copper Cash Price, USD/ton | 9,959.9 | -1.6%
| Egyptian Retail Cement, EGP/ton | 3,830.0 | -3.2%
| Steam Coal FOB Newcastle Australia, USD/ton | 110.0 | 3.2%
| Orange Concentrates USD/Lbs | 2.1 | -5.9%
| SMP, USD/MT | 2,718.0 | -2.1%

EGX30, EFIH, EGAL, FWRY, ISPH, AMIA, BINV, CICH, COSG

EGX30, MTIE.CA, CICH.CA