Al Ahly Pharos

Strategy| AMIA/ATLC arbitrage under watchMacro/commodities| OPEC+ output hike + Trump bias to black energy is outright positive to Egypt macroFWRY| Ignore interest rate and keep an eye on electricity prices’ impact on throughputCeramics| Without a take-private deal, ECAP looks fully valued; Prefer LCSWOLFI| OLFI confirms new price increase to support FY25 GPM targetABUK, EGCH, MFPC| Futures still...

Strategy| ELEC is well positioned to re-rate in 2026ORAS| ICC ruling on Sidra dispute significantly lower than expectedJUFO post management meeting| JUFO’s growth strategy lies in concentrates capacity expansion, backward integration, and regional market entryISPH| ISPH to offload Al Haram lease, driving further deleveraging and earnings upsideCement Market | Government steps in; Reinforces our...

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 objectiveMACRO| 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 lineVALU| Neutral impact on VALU post-FRA adjustment as focus shifts from cash to credit...

- Market Overview- Prepared by: Mayada Amin- CETA, CFTe

Strategy| PHAR may be poised for a catch-up rallyPOUL| Poultry prices hit YTD low; market dynamics set to drive price recoveryWeekly Commodities Update | | Last Price | WoW Change, % | Brent, USD/bbl | 67.8 | -12.0% | Diesel-HSFO Spread, USD/ton | 250.6 | -24.1% | Egypt Urea, USD/ton | 401.0 | 0.0% | Polyethylene, USD/ton | 920.0 | 0.0% | Polypropylene, USD/ton | 965.0 | 0.5% | Iron Ore 65%,...

- Market Overview - COMI- prepared by: Mayada Amin- CETA, CFTe

Despite YTD rally, PHDC is still materially cheap. Copper/aluminum price ratio should provide solid support to EGAL.ORAS| Core business is trading for freeMCQE| Time to change our call from BUY to NEUTRALABUK,MFPC, EGCH| Urea prices surge on gas shortage, but regional ceasefire signals relief.MTIE| Bosch’s factory inauguration reinforces appliances segment momentum.

- Market Overview - COMI- ETEL- ADIB- EMFD- ISPH- prepared by: Mayada Amin- CETA, CFTe

In today's Pre-Session Views:Strategy| POUL will likely find support in bottoming Brazilian chicken pricesDSCW Helwan facility visit| Expansion milestones validate robust growthRAYA| Ostool's exit could mark RAYA’s strategic shift to core asset-light verticalsEGAL| Electricity price reduction reversal; Valuation remains intact JUFO| Merger accounting and concentrate prices weigh on margins