Today‘s Morning Meeting

研报英文原文证据摘录

Today‘s Morning Meeting

CEEMEA Equity Research

CEEMEA First to Market 16 June 2026

Today’s Morning Meeting | Key Strategy & Macro Publications | Also Published Today | Key Changes | JPM

Events | Upcoming Earnings

Today’s Morning Meeting

It looks like we are there yet (David Aserkoff, CFA/Inga Q Galeni)

Add reopening winners Capitec, Shoprite and Eurobank to the CEEMEA Strategy Top 10. Remove

Sasol, Yansab and Bidvest. But tail risks to the US-Iran peace agreement remain.

Never in the course of CEEMEA Strategy have we ever been so wrong so fast. We wrote Sunday afternoon (full text below) that

we did not expect a deal to be signed this week. And the US & Iran announced on Sunday night they had reached an

agreement that would reopen the SoH. Given our long held view that the key beneficiaries of the reopening are SA golds, SA

domestics and EM European banks, we change the CEEMEA Top 10 to trade into the themes of lower oil prices, higher

gold and stronger EM FX. While we already have Anglogold, FirstRand, OTP and PKO,we are adding: SA domestics:

Capitec and Shoprite plus Greece’s Eurobank ahead of the the Eurostoxx index inclusion in September. We are cutting some

of the winners from the closure of the SoH : petchems Sasol and YANSAB and weak-ZAR, low-beta Bidvest. We are left with

only one higher-for-longer oil price winner, Aramco, as a hedge to the US-Iran agreement unraveling and oil prices rising.

| Global Online Classifieds (Marcus Diebel/Lara Simpson/Alexei Gogolev/Bob Chen/Dae K Lee, CFA)

Marginalised 2.0 – after the de-rate, quality segmentation takes over and share price performance of

Classifieds incumbents is likely to diverge from here

In our last deep dive on the Online Classifieds sector in Nov 2025, Marginalised, the rising cost of maintaining