Al Ahly Pharos

Strategy| Corridor at 20% by end 2025 favors the likes of ISPH

Macro| CBE tone is categorically dovish

ISPH| 3.25% policy rate cut YTD boosts pre-tax income by EGP100 million during 2H25

EFIH and FWRY| At circa 40% of net income, interest income under watch post CBE second policy rate cut

- Market Overview 

- HRHO

- EFIH

- ALCN

- PHAR

- HELI

prepared by: Mayada Amin- CETA, CFTe

In today's Pre-Session Views: 

• Strategy| Flagging concerns over the outlook for ceramics and urea players
• LCSW| Pharos Views on LCSW Post Management Call: Another 2 quarters of soft performance before a meaningful recovery builds momentum during 4Q25
• Heads up: Market intelligence suggests a natural gas price hike is imminent and urea players will not be able to fully offset margin impact
• MCQE| What does MCQE deal tell us? Buy MCQE on EV/ton arbitrage. 
• POUL| The potential for a jumbo dividend yield offers a window for a 2H25 trade

- Market Overview 

- HRHO

- BTFH

- ALCN

- EFIH

- ADIB

- prepared by: Mayada Amin- CETA, CFTe

*Key fundamental views for today*

• Strategy| While eyes are dazzled by NBFI rally, build positions in EGAL
• BINV| Cash + At the Money Call Options
• POUL| Resilient amid high sector mortality rates
• EKHO holds steady as gas disruption offset by strong earnings, dividend pledge

- Market Overview 

- BTFH

- GBCO

- ISPH

- ETEL

- MTIE

- prepared by: Mayada Amin- CETA, CFTe

Strategy| PHAR as an ideal EGP appreciation antidote

Macro| CBE expects the disinflationary path to continue in 2026

Macro| MoF issued 5-year bonds after a 2-year halt

BTFH shaping up to become a pan EM "Lendor"

- Market Overview 

- Prepared by: Mayada Amin- CETA, CFTe 

Strategy| HRHO rally opens gate for arbitrage opportunities

Macro| Active interbank is a telltale of foreign inflows - Positive for USD

MTIE 1Q25| On track to meet full-year estimates, exceeding estimates is contingent on Saudi and auto sales performance

TMGH| Another mispriced stock whose MCAP overlooks more than just land bank

ORWE| Revenues stall and margins tighten, signaling a tough FY25 performance

EKHO| 1Q earnings in line with guidance, cautious outlook for the year

- Market Overview 

- Prepared by: Mayada Amin- CETA, CFTe