LATIN AMERICA EQUITY RESEARCH: LATAM FIRST TO MARKET

Research evidence excerpt

LATIN AMERICA EQUITY RESEARCH: LATAM FIRST TO MARKET

Latin America Equity Research

LatAm First to Market 18 June 2026

Top Stories

Fibra Prologis (Adrian E Huerta) (FIBRAPL MM, N, PT Ps85.00)

Moving to a Neutral Rating and Ps85 Price Target from Not Rated

Following a period of restriction, we are moving to a Neutral rating on FPL shares with a Dec-26 price target of Ps85

(OW rating and Dec-26 price target of Ps85 prior to restriction) from a Not Rated designation. We are revising our Fibra

Prologis estimates to incorporate the recently announced Toluca acquisition (Ps65mn of incremental NOI for seven months

during 26e) and to recalibrate our capital deployment, leasing, and occupancy assumptions. We remain constructive given the

embedded 30%+ mark-to-market opportunity on rents, the proprietary Prologis acquisition pipeline (320k m2 under

development at the sponsor level, 39% pre-leased), and a conservative balance sheet at 24% net LTV with ~$1.1bn of total

firepower capacity. Despite this resilient backdrop, we now view Vesta as a better play on a relative basis and are

moving to a Neutral rating for FPL. FPL is trading at 18.0x fwd EV/EBITDA vs. 15.8x for Vesta, and while the historical

premium is 1.6x turns, FPL is currently 2.1x turns above Vesta. On a P/NAV basis, both companies are trading at similar levels

of 0.94-0.99x, with FPL offering a higher dividend yield of 3.8% for this year vs. 2.4% for Vesta. While both stocks have

performed similarly YTD, up +8-9%, FPL is +51% while Vesta is only +17% since Jan-25.

Brazil F&B (Lucas Ferreira)

The Tag on the Shelf, May-26: Stable Processed Proteins Prices, Slightly Negative for Pasta/Cookies

In this report, we leverage over 18 million data points collected from physical retail channels across around ~2,000 Brazilian