全球洞察GEM你可能错过的要点

Equity ResearchJune 6, 2026 Global | Global Insights GEM - In Case You Missed It... This product is designed to help global emerging market investors cutthrough the noise and focus on what matters. Each week we pick outour most-read GEM research, as voted by our clients. This week our GEMcoverage takes a leap forward with launches on Singapore REITs and MENAHealthcare. ASEAN Singapore - REIT Singapore REITs are entering their first meaningful dividend growth cycle innearly a decade. We believe the market is underestimating the durability of this recovery andinitiate on 10 REITs. Top pick - CLAR. MENA Healthcare We initiate on Healthcare services, arguing long-term expansion remains intactdespite recent derating on oversupply fears. Buy Habib (quality play) and Care (deep-value),cautious on Mouwasat. India Poonawalla Fincorp Well-placed to leverage its new leadership team, product expansion,network build out & sharpened underwriting. We expect sharp growth in earnings with ROA/ROE expansion. Initiate at Buy. Finolex FNXC is a leading cables & wires play on domestic housing capex. Our analysis pointsto strong volume growth, pricing upside and a continuation of the upgrade cycle. We raise PTand estimates. Buy. China Sungrow Power Supply We argue AIDC will be a key growth driver but investor feedbackremains bifurcated, with concerns on growth Vs peers, comparisons to CATL and SST marketsize. Tech Rising cloud service provider (CSP) capex supports AI hardware demand, but aggressiveAPI price cuts signal intensifying competition and ROI risks. We favour hardware exposure, ledby memory and equipment into second half. LatAm Nu Holdings We hosted NU IR team in the UK, meeting c50 investors across 27 firms. Keydebates included Brazilian credit cycle dynamics, progress in Mexico, and US expansion. Raj Jilka * | Equity Research Team+44 0 (20) 7548 4305 | rjilka@jefferies.com Almacenes Exito Our virtual meeting with the CEO & CFO reinforced our conviction in reachingdouble-digit EBITDA margins. Valuation remains attractive at 7.2x PE, with material hiddenvalue in real estate. Mark Braley * | Equity Research Team+44 (0)20 7029 8717 | mbraley@jefferies.com Chris Gawler, CFA * | Equity Research Team+44 (0) 20 7548 5304 | cgawler@jefferies.com Co-brands Ayodimeji Ojelade * | Equity Research Team+44 (0) 20 7548 4311 | aojelade@jefferies.com Korea - Hanmi KB Securities see pipeline developments and Lilly out-licensing as positive.Strong R&D progress and higher long-term growth expectations could be additional catalysts. Evgenii Annenkov ^ | Equity Analyst+971 4 231 6008 | eannenkov@jefferies.com Taiwan - Acter Fubon see positive aspect to the stock, following strong earnings beats andstrengthening order momentum. Expanding overseas growth and accelerating second-halfdemand support valuation upside and reinforce confidence in the long-term investment case. Jefferies EMEA Product Management * |Equity Research Team020 7029 8685 | emea_prod_mgmt@jefferies.com Global InsightsEquity ResearchJune 6, 2026 Taiwan - Strategy Fubon highlight key factors dictating equity strategy including the ongoingME conflict, implications from SpaceX and Key Picks at the sector and stock level. Global Research Highlights US - Software The tone 60+ Software companies was more positive than valuations reflect.AI remains the key theme, reinforcing our positioning: long hyperscalers, cyber, infra, & selectapps (NOW, TEAM, PCOR, ZM). EMEA - Subsea The structural winner argument for Subsea-development exposed namesis strengthening with our Subsea/Offshore Capex Tracker showing improving trends in theseasonally quieter 1Q. Buy FTI, Saipem and Subsea 7. Japan - Quant Japan faces extreme return concentration driven by AI theme, yet earningsremain the decisive anchor driven by an unprecedented AI capex cycle. Buy GARP alongsideTSE reform beneficiaries. Global InsightsEquity ResearchJune 6, 2026 Company Valuation/Risks For Important Disclosure information on companies recommended in this report, please visit our website at https://javatar.bluematrix.com/sellside/Disclosures.action or call 212.284.2300. Analyst Certification: I, Raj Jilka, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report. I, Mark Braley, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report. I, Chris Gawler, CFA, certify that all of the views expressed in this research report accurately reflect my personal vi