The Point for CEEMEA

Research evidence excerpt

The Point for CEEMEA

Point |

Friday, 03 July 2026

Top Call | MENA | Emerging Europe | Sector | Strategy & Economics | Commodities | Fixed Income & FX |

Key Rating and Target Price Changes

Top Call Must Read

Saudi Arabian Mining Company (1211.SE) - Debates and pushbacks after Emerging Markets Economic Outlook

upgrade to Buy & Strategy - One Shock to the Next –

We upgraded Ma’aden to Buy (Production ramp resumption provides compelling Macro Impact of El Niño on EM

recovery opportunity) a couple of weeks ago. The company is well-positioned to

capitalize on rising phosphate demand via its Phosphate 3 expansion, a tightening

aluminum market, and a bullish gold price environment. Debates have been

around a) Valuation: While the stock trades at a premium to peers, we believe its

superior 19% EPS CAGR justifies it, and it remains attractive versus its own history.

B) Near-term volume risks: from SoH disruptions are abating, prompting us to

raise 2Q-3Q'26 estimates. c) Acquisition risks: We forecast a net cash position by

2028 as the company prioritizes high-ROIC organic growth over large-scale M&A.

Ephrem Ravi | Krishan M Agarwal

Saudi Tadawul Group Holding (1111.SE) - 2Q26 Results Preview: Focus on ADTV

Sustainability & OpEx Trajectory

STG is expected to release 2Q26 results on 27th Jul’26 – which, in our view, will

reflect the impact of the Middle East conflict. We expect the exchange to deliver

topline recovery in 2Q26 driven primarily by positive momentum in trading

volumes (2Q26A ADTVs at SAR 5.4bn, +8% QoQ) – partly boosted by the capital

movements during the conflict. Supported by decent topline momentum (and

limited cost increase), we expect STG to deliver 58% higher QoQ PAT. We update

our STG model to reflect these dynamics. Reiterate Buy on marginally lower TP of