Chile & North Andean Research "Weekly Brief: Total return profile of..."

Research evidence excerpt

Chile & North Andean Research "Weekly Brief: Total return profile of..."

Global Research

29 June 2026ab

Chile & North Andean Research Equities

Latin AmericaWeekly Brief: Total return profile of Andean

Olavo Arthuzoequities; Colombia’s rate hike; Credicorp’s

Analyst

olavo.arthuzo@ubs.comloans in Colombia and Yape in Bolivia

+55-11-2767 6306

Andrea Casaverde

Economist

Chart of the week: Mapping the total return profile across Andean equities andrea.casaverde@ubs.com

As we approach mid-year, combining YTD price performance (USD) with the +1-203-713-2515

dividend yield offers a picture of the return profile available to Andean investors to Thiago Batista, CFA

date. Importantly, price return should be viewed as realized performance, while Analyst

dividend yield reflects the full-year consensus estimate, part of which has yet to be thiago.batista@ubs.com

paid. With that framing in mind, we highlight the upper-right quadrant, where +55-11-3513 6518

capital appreciation and prospective income support coexist, is dominated by Beatriz Shinye

Colombian and Peruvian names: Ecopetrol pairs a +47% YTD price return with a Associate Analyst

2026E dividend yield of 9%, reflecting both the oil-related tailwind and the electoral beatriz.shinye@ubs.com

re-rating we outlined last week. Credicorp (+32%, 4%), IFS (+32%, 4%), Grupo Aval +55-11-2767 6569

(+25%, 4%), and Cibest (+24%, 6%) reinforce the pattern, confirming that the post-

electoral repricing in Colombian and Peruvian financials has translated into broad-

based return generation. On the flipside, Chilean banks have delivered limited YTD

price appreciation but rank highest in the universe on estimated full-year yield,

supported by their excess capital profile. At the opposite extreme, Cencosud and