MENA Equity Research: Valuation update post Iran MOU

研报英文原文证据摘录

MENA Equity Research: Valuation update post Iran MOU

Global Research

16 June 2026ab

MENA Equity Research Equities

EMEA EmergingValuation update post Iran MOU

Financial

Jon Peace

Iran MOU a catalyst for global equities Analyst

The memorandum of understanding between the US and Iran due to be signed this jon.peace@ubs.com

week, which should lead to the opening of the Strait of Hormuz during a period of +44-20-7567 0638

further negotiations, has acted as a positive catalyst for MENA and global equities. Our Ulyana Lenvalskaya

equity strategists have raised their year-end MSCI AC World target up to 1,200 from Associate

1,120, with Global EM placing well on their scorecard (relative to Europe in particular). ulyana.lenvalskaya@ubs.com

Our oil team notes that although uncertainties remain, the agreement is consistent with +971-443-64776

their "quicker resolution" scenario which sees Brent average $85/bl for 2H26, still above Alexander Estefanous, CFA

pre-conflict levels. Analyst

alex.estefanous@ubs.com

UAE and Qatar markets are still below pre-conflict levels +44-20-7567 0508

MENA stocks have benefited from these developments, with the UAE market catching Anna Kishmariya

up from a holiday on Monday 15 June, though for several sectors such as financials the Analyst

rally simply reversed earlier underperformance in June. Since the Iran conflict began the anna.kishmariya@ubs.com

+44-20-7568 7999

Saudi and Kuwait markets are higher led by the Utilities and Energy sectors while the

UAE (led by Dubai) and Qatar markets are still down, led by Real Estate in particular. Thando Skosana

Analyst

Figure 1: MENA index performance since end-February thando.skosana@ubs.com

+44-20-7568 6457

Charles Boissier, CFA

nd- charles.boissier@ubs.com

e e +44-20-7568 4415

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