Al Ahly Pharos

Strategy| Maintain UW commodity plays ex EGAL on gas shortage, gas price, OPEC and a strong EGP

MTIE| How much is MTIE’s Basata ePayments at 20% discount to FWRY?

MCQE| Factors to consider ahead of 1Q25 results

POUL| Brazil’s bird flu outbreak drives short term uncertainty in Egypt’s poultry prices

CICH| Hidden value in CICH obscured by illiquidity drag

- Market Overview 

- COMI

- CIEB

- TMGH

- EGAL

- HRHO

- HELI

- Prepared by: Mayada Amin- CETA, CFTe

In today's Pre-Session Views: 

• Strategy| HRHO at EGP31/share is closer to a SELL
• ATLC| ATLC is a rare cash cow within the universe of bank and NBFIs but its valuation largely reflects its story. 
• ISPH| Management call reinforces our positive view 
• JUFO| Expanding concentrates capacity remains value accretive but materially lower juice prices makes us less excited on the stock at the current price level

- Market Overview 

- COMI

- HRHO

- ORHD

- TMGH

-.prepared by: Mayada Amin- CETA, CFTe

In today's Pre-Session Views: 

• Strategy| Property stocks to outpace banks during 2H25
• HRHO| Key Takeaways from EFG Hermes Group Presentation on ValU
• ETEL| Positioned to benefit from interest rate cuts 
• ORAS| A solid start to the year, 1Q perfectly in line with estimates 

- Market Overview 

- COMI

- TMGH

- ORHD

- ISPH

- JUFO

- prepared by: Mayada Amin- CETA, CFTe

Strategy| PHDC ranked top pick as Abu Dhabi project is estimated to add around EGP15/share to FV estimate

ABUK, EKHO, MFPC, KIMA, LCSW, ECAP| Egypt’s planned LNG imports signals higher gas prices and challenges industrial margins

HRHO| Should we purchase HRHO at EGP30 ahead of the ValU IPO?

EFID| Steady but tepid start to a year lacking momentum

- Market Overview 

- HELI

- PHDC

- ZMID

- IFAP

- SUGR

- prepared by: Mayada Amin- CETA. CFTe

In today's Pre-Session Views: 

• Strategy| Out of all commodity and F&B plays, EGAL and SUGR continue to stand out
• JUFO| potential non-core asset sale to support liquidity and profitability
• MBSC| Signals Commitment to Shareholders with Robust FY24 Dividend
• EFIH| A direct beneficiary of Egypt’s tourism boom
• RAYA| Keep an eye on EGX’s diversified conglomerate – another beneficiary of interest rate cuts

Weekly Commodities Update

 |   | Last Price | WoW Change, %
| Brent, USD/bbl | 64.8 | -1.0%
| Diesel-HSFO Spread, USD/ton | 201.5 | -3.4%
| Egypt Urea, USD/ton | 401.0 | 2.8%
| Polyethylene, USD/ton | 920.0 | 0.0%
| Polypropylene, USD/ton | 965.0 | 0.5%
| Iron Ore 65%, USD/ton | 115.8 | -1.0%
| Steel/Iron Ore Spreads, USD/ton | 378.9 | 0.0%
| LME Aluminum Cash Price, USD/ton | 2,456.9 | -1.2%
| LME Copper Cash Price, USD/ton | 9,641.1 | 1.7%
| Egyptian Retail Cement, EGP/ton | 3,743.0 | 3.5%
| Steam Coal FOB Newcastle Australia, USD/ton | 100.4 | 1.4%
| SMP, USD/MT | 2,817.0 | -0.4%

- Market Overview 

- EFIH

- EMFD

- PHDC

- ORWE

- preaching by: Mayada Amin- CETA, CFTe