The Point for CEEMEA

Research evidence excerpt

The Point for CEEMEA

Point |

Wednesday, 01 July 2026

Top Call | MENA | South Africa | Sector | Strategy & Economics | Commodities | Fixed Income & FX | Key

Rating and Target Price Changes

Top Call Must Read

Emirates Nbd (ENBD.DU) - Initial Take on Press Reports Around HSBC Turkey Emerging Markets Economic Outlook

Unit Acquisition & Strategy - Global Imbalances – EM’s

According to Bloomberg (30 June 2026) ENBD is in initial talks to acquire HSBC's Role and Policy Responses

Turkey business. Recall that ENBD already operates in Turkey via Denizbank

(acquired in July-2019), and if acquired, the HSBC Turkey unit could bolster Deniz's

offering particularly in the corporate segment (c. 72% of HSBC Turkey's revenue).

While it may be too early to comment on the possible implications of any potential

transaction, we feel the likelihood of this transaction is low – esp. given ENBD's

focus over the M.T. on their recently closed acquisition of RBL Bank in India. Both

HSBC and ENBD have declined to comment on these reports.

Rahul Bajaj, CFA | Andrew Coombs, CFA

MENA

Al Rajhi Bank (1120.SE) - Model Update

We update our model with changes to 2026-29E forecasts based on the ongoing

operating trends. While our 2026E attributable profit has increased by 1% mainly

due to 1% higher revenue partly offset by 8% lower credit costs, our 2027-29E

attributable profit has declined by 2-3% due to 2% lower revenue partly offset by

lower OpEx and credit costs. We also roll forward our DDM valuation to current

date. As a result, our TP has declined to SAR 75/share vs. SAR 76/share earlier. We

maintain our Buy rating on the stock.

Rahul Bajaj, CFA

Emirates Nbd (ENBD.DU) - Model Update

operating trends. While our 2026E attributable profit has increased by c. 1.5%