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 23 July 2026

Today’s Morning Meeting | Also Published Today | Key Changes | JPM Events | Upcoming Earnings

Today’s Morning Meeting

Global Quant Strategy (Khuram Chaudhry)

EPS Revisions Landscape: Earnings Up, Prices Down; When Revisions Don’t Deserve a Rally!

Global Profit Expectations Rise, Opportunities in Quality Sectors.

Global profit expectations are climbing even as equity prices have recently lagged. The world markets sit approximately 2%

below recent highs, yet L/S momentum (-5%), the Kospi and semiconductors (-20%) have sold off far more sharply. The

earnings season is off to a strong start and sell-side analysts keep lifting both EPS and sales forecasts; for example, the 1-

month consensus net EPS revisions stand at +13.1% and 3-month revisions have risen from +5.3% to +10.5%. The upgrades

are broad, led by the USA, Japan, and a fast-improving Europe, while Asia Pac ex-Japan and emerging markets still lag. The

key question is whether the gap between prices and earnings expectations is a mispricing set to correct higher, or an early red

flag for the profits outlook? We believe the most compelling opportunities are in High Quality, rather than High Risk stocks and

sectors.

South African Banks (Baron Nkomo)

CIB deep dive confirms SA banks' resilience and scale led winners

CIB is a core earnings engine for South Africa’s Big-4 banks—spanning wholesale lending, transaction banking, global markets

and investment banking/advisory—and accounts for c.42% of combined earnings, making it central to strategy and capital

allocation. We therefore take a closer look at the segment’s scale, mix and durability, and our key conclusion is that scale—