The Point for CEEMEA

研报英文原文证据摘录

The Point for CEEMEA

softened to 24.4% yoy from 27.8% yoy in 4Q on a constant-currency basis, but

margins expanded 131bps yoy to 50.1%. Reported net income missed consensus by

17%; however, adjusting for a one-off $37m settlement charge, earnings were 2.1%

ahead of expectations. 1Q Capex at $389m was above consensus of $227m,

however looks to be front loaded and management reiterated FY guidance of

$1.1bn. Overall, we expect a positive market reaction.

Rohit Modi | Carl Murdock-Smith, CFA

First Abu Dhabi Bank (FAB.AD) - Model Update

We have updated our model to reflect 2Q26 results and make adjustments to our

2026-29E forecasts to factor in ongoing operating trends and management

comments post the results release. Our 2026-29E attributable profit is up 2-3%

mainly supported by 2% higher revenue along with lower OpEx and credit costs.

We also increase our CoE by 25 bps to 11% to align with rest of our coverage and

roll forward our DDM valuation to current date. As a result, despite slightly higher

earnings, our TP of AED 22.5/sh remains unchanged. We maintain our Buy rating

on the stock.

Rahul Bajaj, CFA

South Africa

Kumba Iron Ore Ltd (KIOJ.J) - 2Q26 prod/export in line vs CitiE; FY26 guidance

maintained

Kumba reported -4% y/y decline in iron ore production to 8.8Mt (2Q25: 9.3Mt), in

line vs the CitiE/guidance. The decline was driven by -16% lower production at

Kolomela mine. Similar to production decline, exports also declined by -5% y/y to

9.2Mt (2Q25: 9.7Mt) and came in broadly line vs CitiE. The decline is largely driven

by first of two planned 10-day railway logistics maintenance shutdown in May

2026. Total finished stock declined to 7.0Mt vs 7.2Mt at 1Q26 end (7.5Mt at FY25

end) with majority of stocks at the mines. Operational guidance remains