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