The Point for Latin America

Research evidence excerpt

The Point for Latin America

Point |

Thursday, 18 June 2026

Top Call | Brazil Equities Conference | Industry | Strategy & Economics | Global | Key Rating and Target

Price Changes

Top Call

Compass (PASS3.SA) - Resilient by Nature, Positioned for Growth; Initiating

with Buy

We initiate coverage of Compass with a Buy rating and a R$38/share target price

which implies >50% share price upside from current levels. We believe Compass

offers one of the most compelling risk-reward profiles in our coverage universe by

combining resilient, regulated cash flows from its distribution arm while offering

structural growth opportunities in Brazil’s evolving natural gas market through

Edge, its marketing & services platform focused on gas commercialization.

Joao Pimentel | Felipe Lenza

Brazil Equities Conference

Brazil Real Estate & Property - Brazil Equities Conference – Shopping Malls

Companies’ Highlights

During the last two days, we hosted our 18th Brazil Equities Conference. Find

below the meeting highlights for the Shopping Malls companies, with the overall

sentiment positive across Allos, Iguatemi and Multiplan.

Andre Mazini, CFA | Kiepher Kennedy | Piero Trotta

Brazil Homebuilding - Brazil Equity Conference Takeaways

We hosted Citi's 18th Annual Brazil Equity Conference, where the clear highlight

was the resurgence of low-income homebuilders as a relative safe haven and we

are seeing companies and local investors becoming more optimistic about the

sector again. Companies are guiding positively for 2Q26 and a potential more

benign cost backdrop than previously embedded in April/May budgets, supported

by easing conflict-related pressures. This dynamic lowers the need for additional

price pass-through in 2H26 and mitigates risks to gross margins and sales speed.