Contents

Investment strategy 2
CEEMEA and Latam market
and sector recommendations 6
Asian market and sector
recommendations 13
Markets & Regions: CEEMEA 22
Central Europe (Neutral) 23
Russia (Overweight) 28
Turkey (Neutral) 31
South Africa (Underweight) 33
Egypt (Neutral) 36
Israel (Underweight) 39
UAE (Off-benchmark) 41
Saudi Arabia (Off-benchmark) 43
Kuwait (Off-benchmark) 45
Qatar (Off-benchmark) 47
LatAm 50
Brazil (Neutral) 51
Mexico (Overweight) 54
Other LatAm (Underweight) 56
Asia 61
China (Overweight) & Hong Kong (Overweight) 62
Korea (Neutral) 65
Taiwan (Overweight) 67
India (Underweight) 69
Other Asian markets 71
Singapore 72
Malaysia 73
Indonesia 74
Thailand 75
Philippines 76
Datapack 77
Earnings 80
Valuation 81
Sectors and stocks 82
Economic forecasts 83
Disclosure appendix 92
Disclaimer 94