STRAT to the point: Forward March

研报英文原文证据摘录

STRAT to the point: Forward March

Idea

June 30, 2026 01:34 PM GMT

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

Equity Strategist and Analyst

Forward March Christopher.Nicholson@rmbmorganstanley.comAndrea Masia +27 11 587-0816

Economist

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

South African corporate exposure to Africa (ex SA) has become

Key recent research

increasingly topical, given increased news flow around migration

EEMEA Equity Strategy: De-escalation Rotations

– for now, we see any lasting impact on corporates as a low Have Further to Run (30 Jun 2026)

likelihood tail risk. US Equity Strategy: Weekly Warm-up: The

Winds of Change (29 Jun 2026)Exhibit 1: Telcos, precious metal miners and banks have highest exposure to

South Africa Economics: 3Q26 Macro Slide Deckrest of Africa (excl. South Africa)

(25 June 2026)

China Musings: Beijing Will Fine-tune, Not Pivot

(18 Jun 2026)

US Equity Strategy: Strategy Data Pack – June

2026 (10 Jun 2026)

South Africa Equity Strategy+: Optically cheap,

selectively interesting (8 Jun 2026)

Global Strategy Mid-Year Outlook: Constructive,

Not Complacent (12 May 2026)

Source: RMB Morgan Stanley Research

Illegal immigration is in focus again this week, with a number of staged political

marches occurring in parts of the country, particularly in and around Gauteng. The

objective is to raise awareness of migration issues and enforce tighter controls on

inward flows. Quantifying the scale of the issue is highly complex. According to the

UN migration database, approximately 2.4 million foreign nationals live in South

Africa (approximately 4% of the population), mostly from Zimbabwe, Mozambique