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.

Index Rebalance

<ul>
<li>We expect Salik and EmaarDev to be added into M. UAE Standard Index in Feb -25 review; DEWA is a price contingent candidate for M. inclusion.</li>
<li>NMDCENR and ADNH are expected to be added in M. UAE small cap index</li>
<li>We share our preview for M. Feb-25 index review. M. review is scheduled on 11 February 2025 with effective date of 3 March 2025.</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 Salik and EmaarDev to be added into M. UAE Standard Index in Feb -25 review; DEWA is a price contingent candidate for M. inclusion.
NMDCENR and ADNH are expected to be added in M. UAE small cap index
We share our preview for M. Feb-25 index review. M. review is scheduled on 11 February 2025 with effective date of 3 March 2025.

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.

Equity Bottom-Up

Emirates NBD Bank PJSC / Equity Bottom-Up

<ul>
<li>ENBD reported 3Q24 shareholders profit of AED5.2bn flat YoY (-25.8% QoQ, inline with our estimates), as YoY drop in net operating income (-c7%), higher taxes and higher impairments were offset by lower hyperinflation to AED788mn versus AED1.8bn in 3Q23.</li>
<li>Operating income was flat YoY while up 7.3% QoQ to AED11.5bn; 6.2% higher than our estimates due to better NIMs (3.75%) and higher loan growth, moreover, NFI also beat our estimates (-15.9% YoY; 8.1% QoQ).</li>
<li>This was softened by higher OPEX (+22% YoY; 16.4% QoQ) to AED3.5bn, higher cost to income by 5.6ppts to 30.9%. </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.


ENBD reported 3Q24 shareholders profit of AED5.2bn flat YoY (-25.8% QoQ, inline with our estimates), as YoY drop in net operating income (-c7%), higher taxes and higher impairments were offset by lower hyperinflation to AED788mn versus AED1.8bn in 3Q23.
Operating income was flat YoY while up 7.3% QoQ to AED11.5bn; 6.2% higher than our estimates due to better NIMs (3.75%) and higher loan growth, moreover, NFI also beat our estimates (-15.9% YoY; 8.1% QoQ).
This was softened by higher OPEX (+22% YoY; 16.4% QoQ) to AED3.5bn, higher cost to income by 5.6ppts to 30.9%. 

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.

ENBD 3Q24 Result Review - 3Q24 earnings flat YoY (-25.8% QoQ), inline with our estimates

Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Independent, Fundamental Quantitative Research

Propitious Research

Fully independent, fundamental and quantitative equity research, focused on companies in the Telecommunication, Media, Technology, Internet and Healthcare sectors in the Global Emerging Markets. Idea generation focused on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

Quantitative Analysis

<ul>
<li>During 2Q2024, the 200 largest weighted companies in the GEM index reported average EPS growth of +7.1%y/y, down slightly from the +8.7% reported during 1Q2024.</li>
<li>Overall, 61% of companies delivered positive EPS surprises, and 57% delivered positive Sales surprises, a marked improvement from the previous quarter.</li>
<li>Historically, there has been a significant difference in relative share price performance between the largest positive versus negative surprise generators, for 3 months after the reporting date.</li>
</ul>


During 2Q2024, the 200 largest weighted companies in the GEM index reported average EPS growth of +7.1%y/y, down slightly from the +8.7% reported during 1Q2024.
Overall, 61% of companies delivered positive EPS surprises, and 57% delivered positive Sales surprises, a marked improvement from the previous quarter.
Historically, there has been a significant difference in relative share price performance between the largest positive versus negative surprise generators, for 3 months after the reporting date.


Global Emerging Markets: Reporting Season Summary, 2Q2024

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

Thematic (Sector/Industry)

<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)

M. EM Feb-2025 Index Preview

We expect Salik and EmaarDev to be added into M. UAE Standard Index in Feb -25 review; DEWA is a price contingent candidate for M. inclusion.

International Securities

ENBD 3Q24 Result Review - 3Q24 earnings flat YoY (-25.8% QoQ), inline with our estimates

Operating income was flat YoY while up 7.3% QoQ to AED11.5bn; 6.2% higher than our estimates due to better NIMs (3.75%) and higher loan growth

International Securities

Global Emerging Markets: Reporting Season Summary, 2Q2024

In this quarterly insight, we analyse recent GEM reporting trends by looking at Sales and EPS growth, size and percentage of positive surprises,...

Wium Malan, CFA

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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