J.P. Morgan LatAm FTM 8 Jun 26 Intelbras; Eat, Drink, Shop; Global Data Watch; Mexican Financials; Pulp Friday and More

Research evidence excerpt

J.P. Morgan LatAm FTM 8 Jun 26 Intelbras; Eat, Drink, Shop; Global Data Watch; Mexican Financials; Pulp Friday and More

Latin America Equity Research

LatAm First to Market 08 June 2026

Top Stories

Intelbras (Marcelo Santos, CFA) (INTB3 BZ, OW, PT R$19.00)

Updating Estimates; PT Up To R$19, Remain OW

We refresh our estimates post 1Q26 results, making limited changes to our estimates. Looking at 2026E estimates, we are

increasing our top line by +2% and our EBITDA by +4%, as we increase our margin by 0.3pp to 13.3% for the year, following

the strong performance in 1Q26 — this takes our adj. earnings up by 6%. We increase our Dec-26 PT to R$19 from R$18

previously, and maintain our Overweight rating as we believe the stock remains attractive at 7.2x P/E 26E, and 10.4% FCF

yield (despite the investments in the new Manaus unit) while offering 40% potential upside to current price levels, although we

acknowledge the low visibility of a re-rating as 2026 should remain a soft year in terms of top-line expansion (JPMe: +3%).

Eat, Drink, Shop (Froylan Mendez/Lucas Ferreira/Joseph Giordano)

Mexico Consumer: Learnings From +10 Corporate Meetings at Our Mexico Opportunities

Conference

At our 21st annual Mexico Opportunities Conference (June 2–4, 2026; St. Regis Mexico City), we paired a full slate of

management meetings with a two-day Consumer Trip (Monterrey on June 1 and Mexico City on June 2). Across Consumer

coverage, the dominant takeaway was still-soft demand and a cautious consumer: most teams are not seeing a broad-based

reacceleration in underlying traffic/volumes, and “improvement” is generally incremental at best. World Cup expectations were

notably tempered, positioned as a short-duration catalyst for select categories rather than a meaningful driver of full-year