Al Ahly Pharos

• Strategy| AMIA/ATLC arbitrage under watch
• Macro/commodities| OPEC+ output hike + Trump bias to black energy is outright positive to Egypt macro
• FWRY| Ignore interest rate and keep an eye on electricity prices’ impact on throughput
• Ceramics| Without a take-private deal, ECAP looks fully valued; Prefer LCSW
• OLFI| OLFI confirms new price increase to support FY25 GPM target
• ABUK, EGCH, MFPC| Futures still on the rise yet correction imminent

• Strategy| ELEC is well positioned to re-rate in 2026
• ORAS| ICC ruling on Sidra dispute significantly lower than expected
• JUFO post management meeting| JUFO’s growth strategy lies in concentrates capacity expansion, backward integration, and regional market entry
• ISPH| ISPH to offload Al Haram lease, driving further deleveraging and earnings upside
• Cement Market | Government steps in; Reinforces our USD60/ton target. 

In today's Pre-Session Views:

• Strategy| If you are after total returns of 30-40% over the coming 12 months, ORWE is unlikely to meet your objective
• MACRO| Yield compression on track but our bullish view on COMI remains intact 
• DSCW| Settlement of delayed export rebates could offer timely boost to DSCW’s bottom line
• VALU| Neutral impact on VALU post-FRA adjustment as focus shifts from cash to credit financing
• Cement Market | Bagged cement prices post first decline in 2025 amid normalization

- Market Overview

- Prepared by: Mayada Amin- CETA, CFTe

• Strategy| PHAR may be poised for a catch-up rally
• POUL| Poultry prices hit YTD low; market dynamics set to drive price recovery

Weekly Commodities Update

 |   | Last Price | WoW Change, %
| Brent, USD/bbl | 67.8 | -12.0%
| Diesel-HSFO Spread, USD/ton | 250.6 | -24.1%
| Egypt Urea, USD/ton | 401.0 | 0.0%
| Polyethylene, USD/ton | 920.0 | 0.0%
| Polypropylene, USD/ton | 965.0 | 0.5%
| Iron Ore 65%, USD/ton | 111.4 | -1.1%
| Steel/Iron Ore Spreads, USD/ton | 372.9 | 0.0%
| LME Aluminum Cash Price, USD/ton | 2,595.2 | 1.3%
| LME Copper Cash Price, USD/ton | 10,118.7 | 2.1%
| Egyptian Retail Cement, EGP/ton | 3,958.0 | -0.2%
| Steam Coal FOB Newcastle Australia, USD/ton | 106.5 | -0.1%
| Orange Concentrates USD/Lbs | 2.2 | -4.1%
| SMP, USD/MT | 2,775.0 | 0.0%

- Market Overview 

- COMI

- prepared by: Mayada Amin- CETA, CFTe

• Despite YTD rally, PHDC is still materially cheap. 
• Copper/aluminum price ratio should provide solid support to EGAL.
• ORAS| Core business is trading for free
• MCQE| Time to change our call from BUY to NEUTRAL
• ABUK,MFPC, EGCH| Urea prices surge on gas shortage, but regional ceasefire signals relief.
• MTIE| Bosch’s factory inauguration reinforces appliances segment momentum. 

- Market Overview 

- COMI

- ETEL

- ADIB

- EMFD

- ISPH

- prepared by: Mayada Amin- CETA, CFTe

In today's Pre-Session Views:

• Strategy| POUL will likely find support in bottoming Brazilian chicken prices
• DSCW Helwan facility visit| Expansion milestones validate robust growth
• RAYA| Ostool's exit could mark RAYA’s strategic shift to core asset-light verticals
• EGAL| Electricity price reduction reversal; Valuation remains intact 
• JUFO| Merger accounting and concentrate prices weigh on margins