Al Ahly Pharos

ORHD is a top exposure to an upswing in tourist arrivals

Ambitious government targets USD42 billion FDI in FY25/26 

PHAR Management Call| Positive vibes for 2025 are confirmed, countdown begins for Eipico 3 

- Market Overview 

- EMFD

- HRHO

- ADIB

- CIEB

- FWRY

Prepared by: Mayada Amin- CETA, CFTe

*Key fundamental views for today*

Strategy| Long EGAL on rebound in Aluminum prices

Macro| FY25/26 budget is out and it foresees a plunge in average treasury yields to 16% 

Macro| Maersk might transit the SC soon - Positive for USD.

Macro |Global commodity prices imply more stability on the fuel front - Positive for inflation, interest rates.

EFIH or FWRY? Long both - own the rails and the riders

GBCO| Soft start to the year with weak contribution from GB capital

ATLC| At 2.5x book, recovery story has been largely priced in

COMI| Earnings call highlights

LCSW| Weak volumes during 1Q and no catalysts until end 2025

- Market Overview 

- COMI

- EMFD

- PHDC

- RMDA

- ISPH

- prepared by: Mayada Amin- CETA, CFTe

Strategy| Banks are relating on COE compression hopes - keep an eye on SUGR

Macro| Tourism on fire in Q1 2025 - Positive for USD

SUGR| SUGR is on track for a strong year

BTFH 1Q profit is 41% of 2024 record breaking results - A strong BUY

ORHD at EGP23.40/share? Is it still a BUY?

Market Overview 

Prepared by: Mayada Amin- CETA, CFTe

*Key fundamental views for today*    

• Strategy| Macro noise is bullish EGP and step in CSAG + EGAL on Red Sea traffic recovery and aluminum price rally. 
• Macro| Remittances go the extra mile in Feb- positive for USD
• COMI 1Q25| on track to meet full year estimates, supported by controlled operating expenses and reduction in provisions. 
• ETEL| starts 2025 robustly despite debt burden, price performance lacks catalyst despite upside potential of 45% from current levels.

• RMDA| A strong volume growth and portfolio repricing set RMDA on solid FY25 path 
• CCAP| capital increase postponed till year end 

• ECAP’s 4Q| impacted by rising cost and competition
• POUL| Record revenues and strong margins on seasonal demand

- Market Overview 

- ABUK

- EFIH

- EGAL

- FWRY 

- ALCN

- prepared by; Mayada Amin- CETA, CFTe

*Key fundamental views for today*    

Strategy| FWRY and EGAL offer value post yesterday's sell-off

Macro| Core Inflation up in April, no threat to expected easing path

Macro| Restoring normal traffic to the Suez canal might take months

Macro| The Government will tap international financial markets before mid-2025

JUFO| ST performance may remain under pressure on plunge in orange juice concentrates w/w

ARCC| Two-month quota suspension casts doubt on ARCC FY25 earnings

MFPC| Stable Q for MFPC, maintain equalweight

ADIB| strong 1Q25; penalized by lack of cash dividends

 Weekly Commodities Update 

Market Overview 

prepared by : Mayada Amin- CETA, CFTe