J.P. Morgan LatAm FTM 15 May 26 Brazil Beer Price Check; Mexico Retail; Banrisul; Braskem; CBD and More

Research evidence excerpt

J.P. Morgan LatAm FTM 15 May 26 Brazil Beer Price Check; Mexico Retail; Banrisul; Braskem; CBD and More

Latin America Equity Research

LatAm First to Market 15 May 2026

Top Stories

Brazil Beer Price Check (Lucas Ferreira)

Apr-26: Heineken Leads the Price Drop Amid an Overall Declining Market

Our monthly Brazil Beer Price Check examines data from both the on-premise channel (BEES) and the off-premise channel

(Zé Delivery and Infoprice), with over 1 million data-driven prices collected. Detailed pricing breakdowns are available in the

enclosed charts and tables; the full database is available upon request. Of note, we maintain our Neutral rating on Ambev

(model update post 1Q26 here).

Mexico Retail (Joseph Giordano/Froylan Mendez)

Industry April SSS - Boosted by Department Stores While Flat Supermarket Signals Downside for

2Q26

ANTAD’s April SSS rose 4.4% y/y, while a solid step-up from March, this was largely driven by Department Stores (+13% y/y),

which were meaningfully boosted by calendar effects. Beneath the headline, however, the underlying trend

in Supermarkets was soft, with SSS flat in April—a weak start to the quarter that introduces some downside risk to our 2Q26

SSS expectations for covered names (3.9% on average; Walmex at 3.1%). Meanwhile, Department Stores showed improved

momentum but with a calendar-assisted profile, while Specialized Stores decelerated after three months of clear

outperformance versus the rest of the segments. Against this backdrop, our cautious view on consumption remains, reinforcing

our preference for OW-rated TBBB, which remains our top sector pick given its strong value proposition and resilient, macro-

unpegged SSS performance.

Banrisul (Yuri R Fernandes) (BRSR6 BZ, UW)