The Point for CEEMEA

Research evidence excerpt

The Point for CEEMEA

Point |

Tuesday, 28 July 2026

MENA | South Africa | Emerging Europe | Sector | Strategy & Economics | Commodities | Fixed Income &

FX | Key Rating and Target Price Changes

MENA Must Read

Commercial Bank PSQC (COMB.QA) - Model Update Emerging Markets Economic Outlook

We have updated our model to reflect 2Q26 results and make adjustments to our & Strategy - Artificial Intelligence and

2026-29E forecasts to factor in ongoing operating trends and management the EM Growth Divide

comments post the results release. Our 2026-29E attributable profit is marginally

up mainly supported by higher revenue and lower 2027-29E provisions partly

offset by higher costs and higher 2026E provisions. We also roll forward our DDM

valuation to current date. As a result, our TP has increased to QAR 5/sh from QAR

4.85/sh earlier. We maintain our Buy rating on the stock.

Rahul Bajaj, CFA

Saudi Tadawul Group Holding (1111.SE) - 2Q26 Results First Take – Beat Citi Est

on Better Cost Control

Saudi Tadawul Group (STG) has reported 2Q26 results. Overall, 2Q net profit of

SAR 92m was +5% vs our estimates (-4% yoy, +66% qoq, -7% vs Consensus). The

2Q26 miss vs. Consensus appears to be driven by lower revenues, offset partly by

lower OpEx. Higher zakat charges and lower investment income also negatively

impacted 2Q performance. Refer to Figure 1 for a summary of our results analysis.

South Africa

Vodacom Group Limited (VODJ.J) - 1Q27 Results - Small beat driven by Egypt;

Mid-term guidance upgraded to reflect Safaricom; Dividend policy updated

Vodacom reported group organic service revenue growth of +12.6% vs +10.9% in

fiscal 4Q26 mainly due to Egypt. On a reported and absolute basis, 1Q service

revenue came +0.6% above consensus driven by 3.6 % beat at Egypt service