J.P. Morgan GEMS FTM 2 Jul 26 Asia Pacific Monthly Wrap; Malaysia Equity Strategy; MediaTek Inc.; India Financials; SIMPAR & Subsidiaries; Mexico Consumer; MENA Consumer & Retail and More

Research evidence excerpt

J.P. Morgan GEMS FTM 2 Jul 26 Asia Pacific Monthly Wrap; Malaysia Equity Strategy; MediaTek Inc.; India Financials; SIMPAR & Subsidiaries; Mexico Consumer; MENA Consumer & Retail and More

Global Equity Research AC Global Equity Research

02 July 2026 J P M O R G A N

gr_publications@jpmorgan.com

we see the most constructive read-through for Tiendas 3B (TBBB) given its positioning at the center of the value/proximity

trade-off and the structural rise of private-label/exclusive-brand baskets (with the caveat that shoppers may not always

distinguish between “private label” and exclusive brands by design). For Walmex (Walmart/Bodega Aurrerá), the message is

more mixed: the group retains clear value leadership in price perception and continues to dominate private-label perception (a

scale advantage), but the survey suggests a consumer that is actively “right-sizing” baskets—raising the importance of entry-

price points, pack architecture, and execution. On Soriana and Chedraui, the survey underscores a higher need to protect

traffic through affordability and proposition clarity, with Soriana’s shopper base screening as one of the most income-stressed

cohorts in our banner-level stress index. For FEMSA (OXXO), convenience traffic remains anchored in “need-state” micro-

missions (including services payments/top-ups) even amid a widely perceived price premium, but we flag alcohol consumption

trends as a potential headwind to an important attach category for the channel and for CUERVO.

MENA Consumer & Retail (Elena Jouronova, CFA)

Feedback from investor meetings in Saudi: cautious optimism on Rasan, constructive stance on

food, little appetite for pharma

Following our investor meetings in Saudi earlier this week, we summarize the key debate points across our MENA Consumer