The Point for CEEMEA

研报英文原文证据摘录

The Point for CEEMEA

Point |

Wednesday, 29 July 2026

MENA | South Africa | Emerging Europe | Strategy & Economics | Fixed Income & FX | Key Rating and

Target Price Changes

MENA Must Read

Dr Sulaiman Al-Habib Medical Services Group (4013.SE) - Model Update Emerging Markets Economic Outlook

We update our model post Q2 26 results as the company delivered strong revenue & Strategy - Artificial Intelligence and

(+18% y/y) and patient growth. We lower our gross margin assumptions by 60bps the EM Growth Divide

in FY26 and 100bps in FY27 to reflect higher-than-expected ramp-up costs.

Nevertheless, we continue to expect sequential margin recovery as occupancy

rates improve and recently added capacity ramps up further. Our revenue

forecasts remain largely unchanged, while we reduce EPS estimates by 5% and 7%

for FY26 and FY27, respectively. Incorporating these changes, our revised target

price stands at SAR 295. We maintain our Buy rating. The stock currently trades at

23x FY27 P/E a warranted premium to peers given its superior earnings growth

outlook. We forecast earnings to grow at a 12% CAGR over FY26-29, supporting

both the valuation premium and our positive outlook.

Michel Salameh

Banque Saudi Fransi (1050.SE) - 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 5-6%

mainly due to 2-6% lower provisions also supported by slightly higher revenue and

lower costs. In addition we also lower our terminal growth forecast by 25 bps to

3.25% to align with rest of our coverage and roll forward our DDM valuation to

current date. As a result, our TP has increased to SAR 24.7/sh from SAR 23/sh

earlier.