Agadir – BMCE Capital Global Research (BKGR) has released its equity strategy for the year ahead, identifying ten listed companies it believes are well positioned to adapt to evolving macroeconomic conditions, including Attijariwafa Bank, LafargeHolcim, Marsa Maroc, Akdital, CMGP Group, TGCC, HPS, Maroc Telecom, Cosumar and Colorado.
BKGR describes the 2026 outlook as “FANI”, standing for Fragile, Anxious, Non-linear, and Incomprehensible. This concept points to a global economic environment marked by persistent uncertainty, limited visibility on monetary and financial policy directions, and market cycles that no longer follow predictable patterns.
According to the research unit, this environment requires investment strategies that do not rely solely on broad market exposure or general trends. Instead, it should rely on more structured and resilient portfolio construction, with an emphasis on diversification and risk management.
The goal is to build portfolios that are strong enough to absorb shocks, such as sudden economic slowdowns, geopolitical tensions, or financial market volatility, without suffering major losses and positioned to grow.
BKGR portfolio construction method
BKGR is describing a portfolio construction method designed to operate in an uncertain and unstable economic environment, adapting a three-tier portfolio structure, compared metaphorically to a rocket, where each layer has a specific function in driving performance while managing risk.
The first tier is the portfolio’s core engine, focusing on stocks with strong fundamentals, recurring cash flows, and high earnings visibility. These companies are expected to provide stability and limit volatility over the medium to long term.
In this category, BKGR highlights LafargeHolcim, with an upside potential of 31% and a target price of MAD 2,419, Cosumar (+33% to MAD 271), Maroc Telecom (+22.9% to MAD 134), Attijariwafa Bank (+23.3% to MAD 900), and Marsa Maroc, with a projected upside of 12%.
The second tier is designed to support gradual performance acceleration, focusing on stocks with identifiable growth drivers, positive earnings momentum, and balanced financial structures. This segment aims to enhance returns without significantly increasing risk exposure.
BKGR features Akdital, which shows the strongest upside potential in this category at 49.8%, with a target price of 1,768 dirhams, alongside CMGP Group (+27% to MAD 469) and TGCC (+19.4% to MAD 1,082).
The third tier consists of tactical positions, whose objective is to generate additional alpha (outperformance relative to the market) over shorter time horizons.
These investments are linked to specific catalysts such as earnings announcements, strategic decisions, or regulatory developments, and are managed with stricter entry and exit criteria.
In this segment, BKGR points to HPS, with an upside potential of 26.8% to MAD 705, and Colorado, with a projected upside of 24.7% to MAD 107 per share.
Expectations of new IPOs in 2026 complement BKGR’s strategy, which could offer additional performance opportunities as companies continue to turn to capital markets for financing.
