Al Ahly Pharos

- Market Overview - COMI - CIEB - ORWE - MPRC - ACGC - TAQA - VLMRA - SUGR - ISMQ - ATLC - EMFD - HELI - JUFO - MASR - EFID - SDTI - Prepared by: Mayada Amin CETA, CFTe

- Market Overview - prepared by: Mayada Amin- CETA, CFTE

- Market Overview - COMI - GBCO - HELI - ZMID - ACGC - OLFI - CLHO - JUFO - SDTI - SPMD - CNFN - EFID - Prepared by: Mayada Amin - CETA, CFTe

- Market Overview - COMI - EGAL - KRDI - OLFI - HELI - ASPI - OCDI - EXPA - PHAR - EMFD - ACGC - JUFO - EGTS - Prepared by: Mayada Amin- CETA, CFTe

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

- Market Overview - prepared by: Mayada Amin, CFTE, CFTe

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

Strategy | Benign November inflation figure should unlock another 100 bps Christmas day policy rate cut. ELEC | Earnings soft patch but medium-term re-rating intact Urea | US LNG surge crushes European gas; urea downside risks increase ABUK | McKinsey roadmap to unlock efficiency and ensure CBAM compliance

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

Market Overview -EGX30 -EGX70 prepared by: Mayada Amin- CETA, CFTe

In today's views Strategy | Cracks are appearing in "ancient economy" flour milling stocks and investors are advised to exercise caution ETEL | 2025 multiples are now on par with the historical TTM; 1Q26 data centers’ sale completion marks a step toward 7-9x BINV | A story of corporate actions and value creation reinforced by 9M25 performance

In today's views Strategy | Reiterating small-cap pharma call: Nile Pharma bubble crashed and Memphis Pharma will likely outperform in 2026 MFPC roundtable takeaways | Structural export advantage reinforced, limited CBAM risk, and clear investment path ahead ​CICH | 9M25 resilience underscores our EGP13/share fair value TWSA | Preliminary indicators show promising growth in factoring

In today's views Strategy | MCRO 19% share price rally has pushed 2026 earnings multiples to sector average. Time to exercise caution. MFPC | Urea prices likely to decline as cost curve shifts

*Key Views for today* Strategy | Tuk Tuk replacement program is outright "Qute" for GB Auto, GB Capital and financial inclusion. ISPH | Government arrears clearance eases working-capital pressure; valuation remains attractive MPRC | Eyeing a potential land monetization story as Egypt announces a new media city near the pyramids. ALCN | ADP’s move goes beyond a stake; Strategic control, port integration, and multi-market synergies

In today's Pre-Session Views: Strategy | Spinney's Egypt deal and the simple math of value show that ISPH should be trading at EGP15/share ADIB | The simple math of a capital increase JUFO | Export mix reweighting and positioning for 2026 volume recovery EKHO | Results call highlights new UK pyrolysis project; operational resilience and capital recycling underscore upside potential ORWE | Maintains 2025 guidance, discusses restructuring and dividends; we remain neutral on 2026 outlook

In today's views Strategy | DOMT, OLFI, JUFO and AMIA under the microscope as Arla deal is recalled to life PHDC | Management confirms Abu Dhabi project to be launched during 1Q26 ETEL | Share price is approaching our FV upper end of EGP73/share, what is incorporated and what’s not?

In today's views Strategy | Nile Pharma (NIPH) is closing in on Rameda and this may trigger arbitrage opportunities ISPH | The decline in ISPH stock price yesterday confirms that 3Q25 results are strong. VALU | 9M25 bottom line is consistent with a full year target of EGP750 million ETEL | Share price is approaching our FV upper end of EGP73/share, what is incorporated and what’s not? MFPC | 3Q soft on volumes and FX, but gas policy shield supports premium EGCH | Resilient margins supported by pricing; operational recovery yet to show EKHO | 3Q25: On track for full-year guidance; 4Q25 poised for stronger finish LCSW | Economies of scale drive strong 3Q25; weak 4Q25 to derail EGP360m earnings target ORWE | Improved 3Q25 puts ORWE on track to meet revised 2025e guidance