GEM - In Case You Missed It...

Research evidence excerpt

GEM - In Case You Missed It...

Global | Global Insights EquityJulyResearch18, 2026

This product is designed to help global emerging market investors cut

through the noise and focus on what matters. Each week, we pick out our

most-read GEM research, as voted by our clients. This week, we continue

our coverage expansion in China, revisit the debate on MENA Banks and

profile emerging Fintechs in India.

China

FWD Group We like DD exposure to Asian life insurance growth with an attractive valuation

of only ~0.7x P/EV. We outline why the improvement in earnings quality should be more in

focus. Initiate at Buy.

Busy Ming We initiate on China's leading value snack & beverage retailer. We believe category

leadership, disciplined expansion and improving scale economics support an attractive long-

term growth opportunity. Buy.

Technology China’s leading AI models continue narrowing the performance gaps while offering

superior value, but tighter geopolitics and hardware constraints threaten momentum despite

a sharply upgraded AI capex outlook.

MENA

Banks Ahead of results, our focus turns to Saudi credit growth, UAE liquidity and asset quality

trends. Investor attention remains on fee pressure normalization and margin outlooks across

key markets. FAB remains our top sector pick.

Rasan We spoke with Rasan management in light of recent investor concerns on Shory to get

a fresh look at competition. While new entrants may generate headline attention, management

believes Tameeni's moat is strong.

India

Financials India's Fintechs across Payments, WealthTech, LendTech, InsurTech, Neo Banks &

SaaS generated Rs1tn in revenues & valued >$100bn. We profile 56 Fintechs and still see DD

growth in revenues & profits in the MT.