GEMs Financials June: What worked, what didn’t, what to look forward to, and our preferred stock

Research evidence excerpt

GEMs Financials June: What worked, what didn’t, what to look forward to, and our preferred stock

3 July 2026

Equities

FinancialsGEMs Financials

June: What worked, what didn’t, what to look forward

to, and our preferred stock Emerging Markets

◆ Andean, Turkish and Indian banks had the best performance Carlos Gomez-Lopez, CFA

in June, while KSA, Qatar, Kuwait and China were weak Head of EM and LatAm Financials

HSBC Securities (USA) Inc.

carlos.gomezlopez@us.hsbc.com

◆ We look at mainland Chinese and Hong Kong banks, explain our +1 212 525 5253

neutral view on Cibest, and get a detailed update on Saudi banks Neha Agarwala, CFA

Senior Analyst, Fintech & LatAm Financials

◆ Spotlight on Kaspi, which has lagged but seems ripe for Fintech HSBC Securities (USA) Inc. neha.agarwala@us.hsbc.com

reacceleration in 2027 and a resumption of dividends +1 212 525 5418

Cihan Saraoglu*, PhD

In this report, we review large moves in the sector in June, at the market and stock EEMEA Banks Analyst

HSBC Yatirim Menkul Degerler A.S.

levels, across EM. We also highlight Kaspi as our preferred stock in Kazakhstan. cihansaraoglu@hsbc.com.tr

+90 212 376 46 20

Market performance: The following markets saw the largest moves in the sector this Gary Lam*, CFA

month vs the FTSE EM banks; detailed valuation tables on pg 10-13. Head of Greater China Financials Research

The Hongkong and Shanghai Banking Corporation Limited

◆ Andean (+): A market-friendly outcome of the presidential elections in both Peru gary.lam@hsbc.com.hk

+852 2996 6926

and Colombia, both with very narrow wins, boosted the markets (pg 3).

Aybek Islamov*, CFA

◆ Türkiye (+): Decreasing energy prices narrowed the discount vis-à-vis EM banks Analyst, EEMEA Banks

HSBC Bank Middle East Limited, Dubai branch