Today‘s Morning Meeting: CEEMEA Chartbook & Chatbook – July

研报英文原文证据摘录

Today‘s Morning Meeting: CEEMEA Chartbook & Chatbook – July

CEEMEA Equity Research

CEEMEA First to Market 14 July 2026

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

Events | Upcoming Earnings

Today’s Morning Meeting

CEEMEA Chartbook & Chatbook – July (David Aserkoff, CFA/Inga Q Galeni)

Index flows and oil doesn’t

The tug-of-war in global markets between the evidence of stronger and broader economic growth data

versus the newly intensifying conflict in the Middle East leaves us happy with our CEEMEA asset allocation:

OW non-MENA markets versus MENA with our key country calls: OW South Africa, Greece and Poland

versus N on Saudi Arabia, UAE and Türkiye. While there are downside risks to South African equities and

ZAR from this spike in oil, we have Aramco as a stock-specific hedge against higher oil in our Top 10.

Additionally, the intensifying conflict is a downside risk to UAE property/tourism-related stocks and Türkiye

(N-rated/zero stocks in the top 10) is a significant oil importer. The recent dip in Korean chip stocks is

allowing non-tech EM to catch up. We hope this trend drives investor interest/inflows/further outperformance

for CEEMEA over the rest of 2H.

Prosus & Naspers (Marcus Diebel)

Tencent PT uplift drives SOTP upward revision, focus on FY27 investments and the operational

performance in Food Delivery.

We update our Prosus/Naspers estimates and SOTP following the Tencent 2Q26 preview ( here ), in which our colleague

Alex Yao (Tencent coverage) reiterated Tencent as China Internet’s highest quality compounder while lifting his PT to HK$700/

share (previously HK$690) and while resetting FY26 capex higher (RMB200bn versus RMB 93bn before) to reflect heavier AI

investment.