Latin America | Diario

Research evidence excerpt

Latin America | Diario

's 2Q results reflected a modest production miss and a more notable cost miss. Softwood (BSK) Import Prices (USD/t)

Offsetting this, FY2026 production guidance remains unchanged, major growth projects continue $1,000 /t

to advance on schedule, and deferred copper production is expected to support stronger results $900$800 /t/t

in 2H26. ANTO remains a high-quality copper exposure, but valuation continues to justify a Hold $700$600 /t/t

rating and 4000p price target. $500 /t

$400 /t

SAAM (Buy) | Towage strength partially offset soft Aerosan’s volumes in Jun-26. SAAM’s . Softwood (import) Hardwood (import)

operational update showed a c9% YoY increase in towage activity in Jun-26, pushing Towage Source: Jefferies, RISI (WPM)

division’s 2Q26 aggregated volumes up c10% YoY. This reflects new divisional contracts in Brazil

and Canada and should partially offset continued softness at air cargo division Aerosan, which saw

2Q26 volumes flat YoY.

Assaí (Buy) | RD Health (Hold) | Assaí inaugurates first in-store pharmacy, targets 25 in 2026.

Assaí opens its first in-store pharmacy today in São Paulo, following the approval of the law earlier

this year authorising the sale of pharmaceuticals in segregated areas within supermarkets. The

company plans to open 25 pharmacies by the end of 2026, all in the state of São Paulo. Longer

Inigo Vega * | Equity Analyst

term, management has indicated potential for up to 250 units. +34 910769995 | ivega@jefferies.com

VEF (Buy): Uneventful quarter on NAV | 54% discount despite good operating momentum. NAV Francisco Barbosa ^ | Equity Analyst

was effectively flat in the quarter (-0.6%). Mark to market impact from some weakness in listed +1 (212) 284-2197 | fbarbosa@jefferies.com