JPM | FTM | Today’s Research | CEEMEA

Research evidence excerpt

JPM | FTM | Today’s Research | CEEMEA

CEEMEA Equity Research

CEEMEA First to Market 26 June 2026

Today’s Morning Meeting | Also Published Today | Key Changes | JPM Events | Upcoming Earnings

Today’s Morning Meeting

CEEMEA Strategy: What did MSCI say about our markets? (David Aserkoff, CFA/Inga Q Galeni)

Nothing surprised us to the upside. But we have a better idea for an Eastern European index

Another June, another week of sunny London weather and another year of MSCI’s Country Classification reports (here and

here). This year, we were hoping for incremental progress on Oman and Kazakhstan’s journey from Frontier Market to

Emerging Market status. Hoping but not expecting. We had zero expectations that anything would change on Greece’s move

from EM to DM. None of our hopes were fulfilled and the results for CEEMEA were entirely inline with our own low expectations

for progress. Our index team published their take here. See our note for country-by-country takeaways.

Investec Plc (Baron Nkomo) (INP SJ, N, PT 16,000c)

DLC structure is a legacy enabler now presenting simplification opportunity

Investec operates a Dual Listed Companies (DLC) structure (Investec Limited in South Africa and Investec plc in the UK) which

was formed in 2001. The structure is designed to make the two listed parents function as a single economic enterprise with

equivalent shareholder rights (dividends, capital and voting) via contractual agreements, equalisation/matching mechanisms

and special voting arrangements. In theory, the core benefits are strategic and regulatory: it preserves a South African 'national

identity’ and oversight framework while enabling a UK primary listing and access to global capital pools. The main