Country Scorecard Refresh – Risk-Reversal

Research evidence excerpt

Country Scorecard Refresh – Risk-Reversal

SA upgrade is further supported by our Poland 1.06% EW

Turkey 0.43% EW Defence, Cap Goods, Staples

EEMEA country scorecard, where SA has climbed 2 places into the top 3. As for Czech Republic 0.12% EW

Kuwait 0.56% UW

Egypt, regional de-escalation should materially improve the macro outlook, which Qatar 0.52% UW

will help restore investors' confidence in an undervalued stock market. Continued Source: MSCI, LSEG Data & Analytics and Morgan Stanley Research

FX appreciation and lower local rates should unlock Egypt's re-rating. Meanwhile,

Saudi Arabia has proved resilient during the conflict, effectively serving as the Exhibit 2 : Quantitative country scorecard: S.

region's safe haven. However, with the prospect of de-escalation, oil prices now Africa moves to top 3, UAE overtakes Greece

materially below our previous expectations, and downside risks to the US dollar EEMEA: MS Equity Strategy Score (100 = Highest, 0 = Lowest)

building, we believe Saudi equities will find it more challenging to outperform from PolandEgypt Current

Prior*

here. That said, stronger CAPEX linked to energy and infrastructure security, no SouthHungaryAfrica

longer stretched valuations, and potential easing of foreign ownership limits (FOL) GreeceUAE

should help offset some of these external headwinds, supporting our move to EW. EEMEATurkey

Czech Republic

Our MENA preferences have also switched: Egypt is now our top pick, combining Saudi ArabiaQatar

compelling top-down catalysts with attractive valuations. Abu Dhabi ranks second, Kuwait

40 45 50 55 60 65

supported by greater resilience to lower oil prices, growth from expanding energy

*Prior as of 31st May 2026; the highest possible score is 100, the lowest