Citi
May 21, 2026
The Point for CEEMEA
Daily UpdateEquitiesMacro Economic IndicatorsRates Govt BondsFinancialsInformation Technology
A regional update covering CEEMEA equities, macro, and commodities, highlighting target price increases for Kaspi.kz and Hepsiburada alongside inflationary concerns in South Africa.
Key Takeaways
- 1.Sappi Ltd faces a subdued near-term outlook with expected EBITDA declines due to falling pulp prices and cost pressures.
- 2.Kaspi.kz and Hepsiburada target prices were raised following strong 1Q26 earnings and strategic momentum, including Tencent's investment in Kaspi.
- 3.South African inflation accelerated to 4.0% in April, leading to a forecast for three consecutive 25bp rate hikes starting in May 2026.
Table of Contents
- South Africa
- Emerging Europe
- Must Read
- Sector
- Strategy & Economics
- Commodities
- CEEMEA – Forthcoming Corporate Access
- Key Rating and Target Price Changes
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Authors
Ephrem RaviMaxim NekrasovGina Schoeman
Securities
HEPS.OSAP SJKSPI.OACBr.ATGPPP.WA
Themes
EM Consumer ResilienceMonetary Policy Pivot in South AfricaRegulatory and Fiscal Risk in Banking
Regions
AfricaEuropeAsia PacificSouth AfricaKazakhstanPoland