LatAm Beverages & Consumer: The Weekly Brunch: Chile Tax Reform, Brazil Excise Tax, ANTAD, Oxxo Price Analysis & More...

Research evidence excerpt

LatAm Beverages & Consumer: The Weekly Brunch: Chile Tax Reform, Brazil Excise Tax, ANTAD, Oxxo Price Analysis & More...

Global Research

20 July 2026ab

LatAm Beverages & Consumer Equities

Latin AmericaThe Weekly Brunch: Chile Tax Reform, Brazil

Excise Tax, ANTAD, Oxxo Price Analysis & Food & Beverage

More... Rodrigo AlcantaraAnalyst

rodrigo.alcantara@ubs.com

+55-11-2767 6324

Latest Thoughts on Stock Positioning Kevin Zavala

Associate Analyst

After last week’s bearish tone, staples in our coverage saw some relief this week, kevin.zavala@ubs.com

with the exception of Andina, which fell more than 3%, giving back part of its YTD +55-11-2767 6176

gains. At FMX, we highlight increased volatility, with shares swinging between +3%

and -4% during the week, reflecting, in our view, uncertainty around the 2Q print

after the stock’s strong YTD rally. Ambev ended the week broadly flat after last

week’s losses. Arca, meanwhile, climbed 2% on Friday, likely driven by short

covering following the stock’s pullback over the past month. Overall, we continue

to have limited conviction across our coverage universe, with three Neutral ratings,

one Sell (Ambev), and one Buy (FEMSA). That said, potential upside to FMX has

narrowed after its recent outperformance.

Chile Senate Advances Tax Reform

What happened? Chile's Senate approved the government's tax and investment

reform package and sent it back to the Lower House for a third reading. Key

measures include a gradual reduction in the corporate tax rate from 27% to 23% by

2029, tax stability incentives for large investments (link). Our take: The approval

moves forward measures aimed at boosting investment, including lower corporate

taxes and tax stability incentives. While Andina's management expects limited