In today's Pre-Session Views: Strategy | CIEB is mispriced and the magnitude of mispricing will be corrected when the greenshoots of loan growth emerge. JUFO | Earnings call highlights, gradually build positionsALCN | Stable operations with normalized profitabilityEKHO | From earnings call to strategy: Near-term challenges, medium-term drivers AMOC | Proposed dividend implies double-digit yield; stronger refining margins support near-term outlook

In today's Pre-Session Views: Strategy | A quick thought on ETEL post the impressive August to date rally. Our telecoms/fintech team will publish a full valuation update on ETEL soon. EKHO| 1H25 results: Strong earnings recovery, AlexFert driving outperformance;, 2H looks promisingARCC | Strong 2Q25 results; outlook balanced by emerging risksMBSC | 2Q25 Volumes weigh on results, 1H25 still on track

In today's Views: Strategy | August urban CPI inflation rate will likely dip to 11-12% so we raise the probability of a 3% rate cut to 50% and name the list winners. PHDC | The market has already priced in NUCA’s fees, Jirian net cashflows partially offsets the liabilityPHAR | 1H25 preliminary results, strong earnings growth; EIPICO 3 catalyst awaitedGBCO | 1H25 Earnings beat estimates, upside still aheadHRHO | Volatility priced in, growth engines running; we reiterate our FVBINV |...

Strategy| ISPH IH25 results draw a demarcation line between management and macro VALU 1H25| VALU delivers robust 1H25, international expansion in focusATLC 1H25| Steady growth, outlook intactFWRY 1H25| New services launch and organic growth should comfortably outpace policy rate cuts, beating our EGP2.7 bn for 2025 is in sight; maintain as one of our top picks for 2025ETEL 1H25| Sound fundamentals and 2H25 catalysts should trigger price performance during 2H25MTIE 1H25| Higher bottom-lin...

In today's Views: Strategy| BONY’s GLV rises to a record high EGP17.4 billion and rental income jumps 35% y/y, but transient macro dynamics underpin bottom line contractionGBCO| Strong results ahead with focus on MNT HalanPOUL| 2Q25 results in line, outlook remains bullishRMDA| Solid 2Q25, growth momentum holdsSUGR| Inventory build-up pressures cash flows, 2H25 revenues likely flatORWE| Soft 2Q25, but guidance intact

In today's Pre-Session Views: Strategy| Within banks, we now rank COMI as our most trusted alpha generator in 2025TMGH, ORHD 1H25| Hospitality and recurring revenues lead growth and explains share price performance skewness towards pricing the most evident and visible segments onlyEGBE 2Q25| Retail lending and CASA drive strong margins, but investor sentiment weighs on stockEFID| 2Q25 consistent with bottom line guidance of EGP1.9 billion on new size offerings and price risesOLFI| Margin...

In today's Pre-Session Views: Strategy | Tailwind is building up for BONY but a share price rally is contingent on expedited monetization of WOC. Macro | The probability of a 2% rate cut on 28 August is close to 100% and the probability of a 3% cut is 50%. OLFI | New factory on the wayBTFH | First glance at BTFH earnings ADIB | Exceeding net profit estimates amid lending volumes revival, but capital increase challenges cash dividendsBINV | BINV scales up high-marginplatforms&n...

Strategy| Egypt secures the bulk of its natural gas deficit until 2040 at an estimated price of USD7.6/mmbtuABUK, MFPC, EGCH, EKHO| Long-term gas deal poised to bring stability to fertilizer sectorEGAL| Gas deal secures power costs, supports double-digit dividend yieldLCSW| New natural gas deal hedges key risk, preliminary fair value reaffirmedSUGR| Demand trails record-high sugar output

In today's views Strategy| Ismailia/Misr for Poultry (ISMA) yesterday's rally is difficult to justifyORAS| Ex-dividend resilience signals stronger underlying supportTMGH, ORHD, and EFIH| A play on tourism hike in 4Q25 and the Grand Egyptian Museum openingMTIE| A direct exposure to a potential home appliances’ price reductionRMDA| 2Q25 expectations & what to watch for

Strategy| Egypt is projected to host a record high number of tourists in 2025 and ORHD stands out as a compelling exppsure to this themeEFID| Valuation stretched after 40% rally, time to reduce exposureMBSC| Treasury share termination drives price, raises strategic questionsBTFH| A high-risk, high reward bet with regional expansion