PEgging down: STRAT to the point | EEMEA

Research evidence excerpt

PEgging down: STRAT to the point | EEMEA

Idea

July 20, 2026 11:01 PM GMT

RMB Morgan Stanley Proprietary Limited+MSTRAT to the point | EEMEA Christopher Nicholson

Equity Strategist and Analyst

PEGging down Christopher.Nicholson@rmbmorganstanley.comAndrea Masia +27 11 587-0816

Economist

Andrea.Masia@rmbmorganstanley.com +27 11 587-0820

Key recent research

Exhibit 1: While South Africa screens cheaply against a range of global peers, US Equity Strategy: Weekly Warm-up:

this largely reflects weaker earnings growth expectations, in our view (selected Broadening Continues as Index Struggles (20 Jul

markets/ indices highlighted for comparison) 2026)

Sunday Start | What's Next in Global Macro:

Guidance from the Past (19 Jul 2026)

Global Thematics: AI Adoption and the Future of

Work: Sector Deep Dive (19 Jul 2026)

Global Agribusiness: El Niño Risks Rising into

2026/27: Where the Risk Sits, and How to Play

It — a Global Cross-Sector Guide. (13 Jul 2026)

Investor Presentation: 2026 Mid-Year Outlook

July Update – Retain Capex versus Consumer

Preference with Japan as Core OW (14 Jul 2026)

South Africa Economics & Equities: London Trip

Notes: The Market Thinks We're Early (13 Jul

2026)

STRAT to the point: Chart Pack - July 2026 (2 Jul

Source: Datastream from LSEG, RMB Morgan Stanley Research South Africa Economics: 3Q26 Macro Slide Deck

(25 June 2026)

Over the long run equities track earnings, while near-term valuation multiples

South Africa Equity Strategy+: Optically cheap,

reflect the influence of multiple variables. A key variable is expected earning growth

selectively interesting (8 Jun 2026)

rates, in our view. Exhibit 1 shows the broad positive relationship between forward

Global Strategy Mid-Year Outlook: Constructive,