Al Ahly Pharos

In today's Pre-Session Views:

• Strategy| CIB could be poised for a super rally if management signals a higher dividend payout ratio
• BTFH| ACTF acquisition of a 5% stake in BTFH lends solid support to our initial take on the name 

- Market Overview 

- ALCN

- EMFD

- MFPC

- ISPH

- ORWE

- Prepared by: Mayada Amin- CETA, CFTe

In today's Pre-Session Views:

• Strategy| Loading up on DSCW as market intelligence confirms extraordinarily high demand for Egyptian ready made garments
• Rising Thai poultry exports post-Brazil outbreak to pressure poultry prices, though temporary import ban could support POUL revenues
• Chemical & Fertilizer Sector| Gas price exemption may shield margins
• EKHO| Alpha is contingent on value-accretive ex Egypt expansions and asset sale

- Market Overview 

- COMI

- CCAP

- GBCO

- EFIH

- ABUK

- JUFO

prepared by: Mayada Amin- CETA, CFTe

In today’s view:

• Strategy| Tailwind is building up for DSCW
• BINV| HOLD BINV as long-term high margin investments are overlooked; OW MTIE as a pair trade
• ETEL| Unlocking full value is contingent on an option that is unlikely to materialize over the short term
• Sector Focus: Fertilizers and Petrochemicals| LNG allocation supportive but margin risk remains

- Market Overview 

- MPRC

- ZMID

- AFDI

- JUFO

- CIRA 

- prepared by: Mayada Amin- CETA, CFTe

In today's Pre-Session Views: 

• Strategy| Market intelligence confirms Jirian contribution to PHDC value is minimal
• Macro| May 2025 inflation to hover around 15% on base effect
• CSAG vs ALCN| Post calling management of both firms, we continue to favor CSAG over ALCN
• RMDA| Strong FY25 ahead for RMDA, with growth momentum, molecule acquisition, and benefit from rate cuts
• TMGH conference call| Potential subsidiary listing on other markets could unlock value
• EGAL| Dividend powerhouse with structural tailwinds – Maintain positive view
• ARCC and Egypt Cement| Neutral but opportunities exist in smaller peers
• ECAP's 1Q25| Pressures mount as weak demand and cost concerns persist

- Market Overview 

- ADIB

- EGAL

- ETEL

- ORAS

- Prepared by: Mayada Amin- CETA, CFTe 

In today's Pre-Session Views: 

• Strategy| Jirian impact on PHDC is contingent on deal metrics
• ETEL| Vodafone Egypt - MNOs cashflows giant remains a key value driver for ETEL
• CSAG management call| AD ports agreement and recovery in Suez Canal traffic shall pave the way for a better performance

Weekly Commodities Update

 |   | Last Price | WoW Change, %
| Brent, USD/bbl | 63.9 | -1.4%
| Diesel-HSFO Spread, USD/ton | 189.2 | -6.1%
| Egypt Urea, USD/ton | 401.0 | 0.0%
| Polyethylene, USD/ton | 920.0 | 0.0%
| Polypropylene, USD/ton | 965.0 | 0.0%
| Iron Ore 65%, USD/ton | 115.4 | -0.6%
| Steel/Iron Ore Spreads, USD/ton | 374.4 | -1.0%
| LME Aluminum Cash Price, USD/ton | 2,438.3 | -0.8%
| LME Copper Cash Price, USD/ton | 9,548.1 | -1.0%
| Egyptian Retail Cement, EGP/ton | 3,784.0 | 1.1%
| Steam Coal FOB Newcastle Australia, USD/ton | 100.8 | 0.4%
| SMP, USD/MT | 2,817.0 | 0.0%

- Market Overview 

- GBCO

- TMGH

- CCAP

- CIEB

prepared by: Mayada Amin- CETA, CFTe