Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

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Equity Bottom-Up

Emirates NBD Bank PJSC / Equity Bottom-Up

<ul>
 <li>Emirates NBD is a dominant banking franchise in the UAE with strong government ties, positioning it as a key beneficiary of the nation's economic growth and diversification strategies, such as Dubai's D33 Strategy.</li>
 <li>The bank is pursuing a dual strategy of reinforcing its domestic leadership through digital innovation and expanding its international footprint, particularly in high-growth markets like Saudi Arabia, Egypt, and Türkiye, to diversify its revenue streams.</li>
 <li>While demonstrating robust profitability and strong revenue growth, the bank faces risks associated with geopolitical instability in the MENAT region, fluctuations in the interest rate cycle, and increasing competition from both traditional banks and digital challengers.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  Emirates NBD is a dominant banking franchise in the UAE with strong government ties, positioning it as a key beneficiary of the nation's economic growth and diversification strategies, such as Dubai's D33 Strategy.
  The bank is pursuing a dual strategy of reinforcing its domestic leadership through digital innovation and expanding its international footprint, particularly in high-growth markets like Saudi Arabia, Egypt, and Türkiye, to diversify its revenue streams.
  While demonstrating robust profitability and strong revenue growth, the bank faces risks associated with geopolitical instability in the MENAT region, fluctuations in the interest rate cycle, and increasing competition from both traditional banks and digital challengers.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Emirates NBD Bank PJSC (EMIRATES UH) - Aug 2026

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>MENA remains a structural underweight, absent in nearly 25% of EM funds, though participation has climbed to a decade high with 75.9% of EM funds now holding positions.</li>
<li>UAE has overtaken Saudi as the largest allocation, supported by inflows into Real Estate and Financials; Saudi remains underweight, while Qatar and Kuwait attract little investor interest.</li>
<li>Emaar, Al Rajhi, Aldar, and Saudi National Bank anchor MENA exposure, with second-tier growth from ADCB, Emirates NBD, and UAE Energy sectors.</li>
</ul>


MENA remains a structural underweight, absent in nearly 25% of EM funds, though participation has climbed to a decade high with 75.9% of EM funds now holding positions.
UAE has overtaken Saudi as the largest allocation, supported by inflows into Real Estate and Financials; Saudi remains underweight, while Qatar and Kuwait attract little investor interest.
Emaar, Al Rajhi, Aldar, and Saudi National Bank anchor MENA exposure, with second-tier growth from ADCB, Emirates NBD, and UAE Energy sectors.


MENA: From Structural Underweight to Selective Rebuild

External broker reports(aggregated public sources), International Securities

International Securities

External broker reports(aggregated public sources)

International Securities’ equity research analysis and advisory have been a vital source of market intelligence for our distinguished clients over the years. The equity research team’s main objective is to cover listed equities and to provide thoughtful, insightful, differentiated and timely research that can help clients make informed decisions. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>We expect FAB to report shareholders profit of AED4.1bn in 4Q24e (+1.8% YoY while -8.4% QoQ), as higher operating income is expected to be off-set by higher corporate taxes.</li><li>The decline on a QoQ basis is mainly attributable to absence one-off transaction gain in the NFI that was realized in 3Q24.</li><li>Net interest income is expected to grow 3.6% YoY (-1.4% QoQ) to AED4.8bn, led by growth in loan book which the management guided to remain mid to high single digit for FY24(+9%ytd as at 3Q24). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We expect FAB to report shareholders profit of AED4.1bn in 4Q24e (+1.8% YoY while -8.4% QoQ), as higher operating income is expected to be off-set by higher corporate taxes.The decline on a QoQ basis is mainly attributable to absence one-off transaction gain in the NFI that was realized in 3Q24.Net interest income is expected to grow 3.6% YoY (-1.4% QoQ) to AED4.8bn, led by growth in loan book which the management guided to remain mid to high single digit for FY24(+9%ytd as at 3Q24). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

4Q24e UAE Banks - Quarterly Results Preview

<ul>
<li>EMEA Financials are the largest Regional Sector underweight in global EM, with just 11.6% of managers positioned ahead of the MSCI EM index.</li>
<li>Moderate but uneven recovery underway, with buying in Greece, Saudi, Kuwait and Poland Financials.</li>
<li>Despite being the sector's predominant country holding, South African Financials are experiencing a halt in growth; nonetheless, FirstRand and Standard Bank continue to be key holdings.</li>
</ul>


EMEA Financials are the largest Regional Sector underweight in global EM, with just 11.6% of managers positioned ahead of the MSCI EM index.
Moderate but uneven recovery underway, with buying in Greece, Saudi, Kuwait and Poland Financials.
Despite being the sector's predominant country holding, South African Financials are experiencing a halt in growth; nonetheless, FirstRand and Standard Bank continue to be key holdings.


Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>In our prior EM Strategy (August 7, 2023) we discussed how MSCI EM (EEM-US) was near major 1+ year resistance at $42.</li>
<li>After being unable to break out, EEM-US consolidation has continued, and is again approaching major 10.5-month support at $37-$37.50, which has been our important line-in-the-sand throughout 2023.</li>
<li>As long as EEM-US is above $37, we are buyers on this pullback.</li>
</ul>


In our prior EM Strategy (August 7, 2023) we discussed how MSCI EM (EEM-US) was near major 1+ year resistance at $42.
After being unable to break out, EEM-US consolidation has continued, and is again approaching major 10.5-month support at $37-$37.50, which has been our important line-in-the-sand throughout 2023.
As long as EEM-US is above $37, we are buyers on this pullback.


MSCI EM Index Approaching 10.5-Month Support; Remain Overweight India; Many EM Buys

United Arab Emirates

Emirates NBD PJSC conducts banking and financial service activities. The Bank's business segments include corporate and institutional, retail, and private banking. Emirates NBD also offers treasury services and Islamic banking products, with headquarters in Dubai, United Arab Emirates.

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Emirates NBD Bank PJSC (EMIRATES UH)

Primer: Emirates NBD Bank PJSC (EMIRATES UH) - Aug 2026

Emirates NBD is a dominant banking franchise in the UAE with strong government ties, positioning it as a key beneficiary of the nation's...

αSK Primers

MENA: From Structural Underweight to Selective Rebuild

MENA stays structurally underweight but participation is rising, led by UAE and Saudi. Real Estate and Financials drive inflows, with Emaar, Al...

Steven Holden

4Q24e UAE Banks - Quarterly Results Preview

We expect FAB to report shareholders profit of AED4.1bn in 4Q24e (+1.8% YoY while -8.4% QoQ), as higher operating income is expected to be off-set...

International Securities

EMEA Financials: Uneven Recovery

EMEA Financials are the largest Regional Sector underweight in global EM. Moderate but uneven recovery underway, with buying in Greece, Saudi,...

Steven Holden

MSCI EM Index Approaching 10.5-Month Support; Remain Overweight India; Many EM Buys

$EEM is again approaching major 10.5-month support at $37-$37.50, which has been our important line-in-the-sand throughout 2023. As long as $EEM is...

Vermilion Research

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