LATAM FIRST TO MARKET

Research evidence excerpt

LATAM FIRST TO MARKET

Latin America Equity Research

LatAm First to Market 29 June 2026

Top Stories

The J.P. Morgan View (Fabio Bassi)

War Premium Unwinds: Oil Down, USD Up, Constructive Equities and EM Carry

Our 2H26 outlook for resilient growth following the energy-driven supply shock was further validated this week, with June DM

flash PMIs now consistent with growth close to trend through midyear, unwinding the drag from the Middle East conflict.

Global Data Watch (Bruce Kasman)

While chasin’ the clouds away

• Oil price forecast falls; upside growth risk rises

• Consumption moderates, while business spending displays strength

• Nudging 2Q26 up for Euro area and down for US

• Next week: Solid June US jobs and global mfg. PMI; EA HICP moderates

Brazil Healthcare (Joseph Giordano)

Bain and Advent Bidding for Amil? Our First Views

The news: According to press reports (link), Bain Capital and Advent (private equity funds) have jointly submitted a proposal to

acquire Amil in a transaction that could value the company at ~R$10bn. Discussions with José Seripieri Filho, a.k.a. “Junior,”

have reportedly been ongoing for several months. Still, the article states that Junior would be more inclined to sell a minority

stake while retaining control. The article also mentions the potential return of former NotreDame Intermédica CEO Irlau

Machado if Bain becomes involved in the business. There are no official statements from Amil, Advent, or Bain.

Brazilian Shopping Malls (Marcelo Motta)

Deep Dive on Organic Growth: Looking at Brownfields vs Greenfields Returns and Comparing GLA

Trends

In this report, we assess the returns of Shopping Malls organic growth initiatives—greenfields and expansions—and how

portfolio growth has evolved throughout the last 15+ years.