The Point for CEEMEA

研报英文原文证据摘录

The Point for CEEMEA

Point |

Monday, 27 July 2026

MENA | Emerging Europe | Sector | Strategy & Economics | Key Rating and Target Price Changes

MENA

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Emirates Nbd (ENBD.DU) - Model Update

We have updated our model to reflect 2Q26 results and make adjustments to our Emerging Markets Economic Outlook

& Strategy - One Shock to the Next –2026-29E forecasts to factor in ongoing operating trends and management

Macro Impact of El Niño on EM

comments post the results release. While our 2026E attributable profit is up 2%

mainly supported by 6% lower provisions and 3% higher revenue partly offset by

higher costs, our 2027E attributable profit has declined by 3% despite 9% higher

revenue as we now incorporate hyperinflation charge in 1H27. Our 2028E

attributable profit estimates have not changed as higher costs and provisions

offset higher revenues. We also incorporate RBL into our forecasts and roll forward

our DDM valuation to current date. Overall, as a result of these changes, our TP of

AED 35.75/sh remains unchanged. We maintain our Buy rating on the stock.

Rahul Bajaj, CFA

Abu Dhabi Commercial Bank (ADCB.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. While our 2026E attributable profit is up 4%

mainly supported by 20% lower provisions and slightly higher revenue partly offset

by higher costs, our 2027-29E attributable profit has changed only marginally with

c. 3% higher revenue largely offset by higher costs. We also roll forward our DDM

valuation to current date. As a result, our TP has increased to AED 19.45/sh from

AED 19.2/sh earlier. We maintain our Buy rating on the stock.