GEM - In Case You Missed It...

Research evidence excerpt

GEM - In Case You Missed It...

Global | Global Insights EquityJuneResearch20, 2026

This product is designed to help global emerging market investors cut

through the noise and focus on what matters. Each week we pick out our

most-read GEM research, as voted by our clients. This week we launch on

UAE Real Estate and LatAm Airlines, release our popular Global ROIC report

and initiate on Chinese AI picks & shovels plays.

Spotlight on Quant

Global - Quant Global profitability is rising on AI-led earnings, with EM leading ROIC momentum.

Quality continues to lag, while high-ROIC stocks with improving returns capture growth and

momentum better than peaking names.

MENA

UAE - Real Estate We argue the ME conflict marks start of a new cycle and we reitarate a

preference for Abu Dhabi over Dubai on fundamental grounds. We launch on with Buys on

Aldar (Top Pick), Emaar Development and Emaar Properties.

LatAm

Airlines We launch on Latin American airlines with Buys on LTM & CPA and Holds on AERO &

VLRS. MT we see the sector supported by increasing air travel penetration and more rational

competition.

China

Electronic Components We forecast copper foil (key material for PCB/CCL) TAM will expand

by ~15% CAGR to US$55bn by 2030. Initiate Buy on Defu/TGCF as domestic leading high-end

copper foil players.

India

Strategy Investor feedback highlights India as consensus underweight on valuation concerns,

with flows awaiting clarity on the AI cycle. We see positioning rotating toward hard assets such

as power, infrastructure and real estate.

Strategy The last 15 years has witnessed several examples of sector investment themes

emerging. We believe that Power has entered this thematic stage. Top picks - JSWE, AESL,

Premier & Siemens Energy.

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