CEEMEA Insights – July 2026: Must-Reads and Highlights from Equity Research

研报英文原文证据摘录

CEEMEA Insights – July 2026: Must-Reads and Highlights from Equity Research

J P M O R G A N CEEMEA Equity Research

05 July 2026

CEEMEA Insights – July 2026

Must-Reads and Highlights from Equity Research

This quarter in J.P. Morgan CEEMEA Equity Research... Head of CEEMEA Equity Research

Elena Jouronova, CFA AC

• Truce be told. David Aserkoff rotated his CEEMEA Strategy top picks on a (971) 4561-2010

tentative US-Iran ceasefire, alongside our MENA team revisiting positioning elena.jouronova@jpmorgan.com

and emerging opportunities with the MENA Equities. J.P. Morgan Securities plc

• Dialling up MENA Telcos coverage. Karin So rounded out MENA Telcos

coverage, initiating on Mobily (OW) and du (N), as investor feedback centred

around strategic positioning and tower monetisation.

• A golden opportunity? Patrick Jones highlighted an entry point in Gold

Miners following a gold price sell-off from all-time highs, reiterating top pick

AngloGold Ashanti (OW).

• Rasan: insuring the thesis. Elena Jouronova initiated on insurtech Rasan at

OW as leader in the rapidly growing Saudi insurance market.

• Saudi Consumer – hitting the brakes. Taher Safieddine took a more cautious

stance on Saudi Car Rentals, downgrading Budget to N and Lumi to UW. He

also downgraded Leejam to UW, expecting margin weakness, while seeing

earnings upside for Americana Restaurants (OW).

• SA pharma retail - price war leading to value destruction. Shaun Chauke

downgraded Dis-Chem to Underweight and Clicks to Neutral as the sector

entered a more price competitive phase.

• Turkish delight. Hanzade Kilickiran concluded a domestic investor trip with

a reinforced preference for food retail names like BIM (OW). She also remains

positive on Turkish Airlines (OW), expecting a return to growth in 2027, with