Pre-Session Views

In today's views

• Strategy | TAQA Arabia is a cash-generating utility company that is dressed up as a growth company
• TAQA | On track to post a bottom line in excess of EGP1 billion in 2025 but valuation multiples are a bit stretched
• ETEL 3Q25 | On the verge of a decisive turnaround: 1) 2025 is set to exceed expectations, 2) net debt has fallen below EGP70 billion mark, 3) capex/sales is now below 30%, and 4) Helios Towers has shown in ETEL's towers, maintain BUY
• FWRY 3Q25 | Profits of EGP839 million (in line) are no longer an ADP story – new business lines are now driving growth, maintain BUY
• EFIH 3Q25 | Profits of EGP747 million (in line) successfully closes a chapter in 2025 and puts all eyes on 2026 as EFIH prepares for a new growth story, maintain BUY
• ATLC | 9M25 bottom line is consistent with a full year target of EGP267 million after taking 4Q25 securitization gains into account
• MBSC | Leads cement rally, but margin gains may not be replicable Leads cement rally, but margin gains may not be replicable
• ALCN | Stronger EGP keeps 1Q25/26 results muted; CSAG remains our preferred exposure
• ECAP | 3Q25 results show solid improvement; Export momentum supports 2026 outlook