LatAm Equity Strategy: Share Buybacks - Opportunities to be Invested

Research evidence excerpt

LatAm Equity Strategy: Share Buybacks - Opportunities to be Invested

J P M O R G A N Global Markets Strategy

16 June 2026

LatAm Equity Strategy

Share Buybacks - Opportunities to be Invested

Buybacks are becoming a clear and timely signal in LatAm as companies are Latin America and Brazil Equity

returning more cash to shareholders while valuations are still cheap and new share Strategy

issuance is limited. This combination could lift EPS and support re‑rating, creating Cinthya M Mizuguchi AC

a practical path to outperformance. In this report, we generate buyback-exposed (55-11) 4950-6560

investment ideas, providing names and sectors where buybacks are real (active cinthya.mizuguchi@jpmorgan.com

programs), the upside is meaningful (price targets), and the track record is proven Banco J.P. Morgan S.A.

(strong historical buyback yield), making buyback exposure a high-conviction Emy Shayo Cherman

way to be selective in the region today. (55-11) 4950-6684

emy.shayo@jpmorgan.com

Banco J.P. Morgan S.A.

Opportunities to be invested - ongoing buyback programs: We have mapped Diego Celedon

the companies under JPM coverage that have share buyback programs that are (56-22) 425-5245

between 12 to 18 months. We found 104 companies, with 50% being OW-rated. diego.celedon@jpmorgan.com

Staples, financials, materials and industrials are the sectors with the highest Inversiones J.P. Morgan Limitada

number of programs, while Energy has only 1 company. The most attractive sector Adrian E Huerta

opportunities are those where active share repurchases coincide with high upside (52-81) 8152-8720

to price targets, discounted valuations versus sector history, and supportive adrian.huerta@jpmorgan.com

J.P. Morgan Casa de Bolsa, S.A. de C.V., J.P.

earnings dynamics.