JPM | FTM | Today’s Research | CEEMEA

Research evidence excerpt

JPM | FTM | Today’s Research | CEEMEA

EMEA Equity Research AC CEEMEA Equity Research

(44-20) 7134-9899 23 June 2026 J P M O R G A N

EER_publications@jpmorgan.com

In Case You Missed It… Trending in the Last Month

It looks like we are there yet (David Aserkoff, CFA/Inga Q Galeni)

Add reopening winners Capitec, Shoprite and Eurobank to the CEEMEA Strategy Top 10. Remove Sasol, Yansab and Bidvest.

But tail risks to the US-Iran peace agreement remain.

Turkish politics return to the headlines (David Aserkoff, CFA/Inga Q Galeni)

MSCI Türkiye was ahead of EM YTD (until yesterday) while oil is >$100 and we forecast rate hikes. Stay N with no Turkish

stocks in CEEMEA Strategy Top 10.

South African Consumer and Equity Strategy (Shaun Chauke/Inga Q Galeni)

South African Consumer and Equity Strategy: Structural headwinds keep multiples compressed despite the SA reform agenda

being on track. Play the bottom end - SHP (OW), PPH (OW) and BOX (N)

MENA Equities (Elena Jouronova, CFA/David Aserkoff, CFA/Taher Safieddine, CFA/Mehmet Sevim/Alex Comer/

Anna Antonova, CFA/Karin So/Matthew Lofting, CFA)

Positioning amidst persisting geopolitical uncertainty and emerging opportunities

| Polish Apparel (Elena Jouronova, CFA)

Factoring in higher profitability in 2026; sales momentum is the differentiator - d/g LPP to UW and maintain OW on Pepco

Dino (Elena Jouronova, CFA) (DNP PW, UW, PT zl31.00)

Rally unjustified by fundamentals - we stay UW

PPC Group (Anna Antonova, CFA) (PPC GA, OW, PT €25.00)

New equity, new growth phase - remain OW

| Init | | MENA Telcos (Karin So)

MENA Telcos: Assessing bandwidth as digital ambitions grow – u/g e& to OW, d/g stc to N; initiate on Mobily at OW and du at N

| Saudi Car Rentals (Taher Safieddine, CFA)

Bumpy road ahead; D/g Budget to N and Lumi to UW...