Our global financials coverage comprises 82 bank stocks across 18 developing markets. The breadth of our coverage enables us to rank markets, identify common themes across the industry and discover the outliers – those markets and companies that should outperform.
Key changes from Q1
We are now more positive on banks in Egypt, Nigeria, Kenya and Mauritius.
We are more negative towards banks in the GCC and Sri Lanka.
Our top stocks for H2
Our four top picks in the large-caps are HBL, KCB, MBB and Zenith.
Our four top picks in the small-caps are BRAC, CRDB, Credit Agricole Egypt and GCB.
We benchmark our coverage against the long-term themes in the industry, including mobile money, digital banking and global loan quality.
We provide detailed country-by-country analysis beginning from page 40, including the specific themes driving the investment case for banks in each market, and catalysts and risks for each company.
Nigeria Tier 1