Chile Equity Strategy: Chile Webinar Summary: Top-Down & Bottom-Up Views

Research evidence excerpt

Chile Equity Strategy: Chile Webinar Summary: Top-Down & Bottom-Up Views

J P M O R G A N Global Markets Strategy

30 July 2026

Chile Equity Strategy

Chile Webinar Summary: Top-Down & Bottom-Up

Views

Replay Available on J.P. Morgan Markets here LatAm Equity Strategy

Diego Celedon AC

(56-22) 425-5245

This week we hosted a webinar to share JPMorgan’s Research views on Chilean diego.celedon@jpmorgan.com

Inversiones J.P. Morgan Limitada

Equities. Overall, the discussion reinforced our bullish view on Chilean equities,

Latin American Financials

combining a top-down perspective with sector-level insights to highlight key

themes and opportunities. The combined message across speakers was that Chile’s Yuri R Fernandes

setup is increasingly compelling: a copper-supported macro anchor, a potentially (1-212) 622-3400

yuri.r.fernandes@jpmorgan.com

underpriced domestic reform agenda, and valuation support after J.P. Morgan Securities LLC

underperformance. The principal swing factor is whether reforms—particularly Latin American Cement &

the reconstruction bill and the pension framework—progress in a way that Construction / Real Estate and

improves confidence and unlocks the re-rating that valuations appear to be Capital Goods

discounting.This constructive outlook is consistent with our recent positioning Marcelo Motta

shift, as we upgraded Chile from Neutral to Overweight last month (see here) (55-11) 4950-6712

marcelo.g.motta@jpmorgan.com

Top Down Views (Diego Celedon) Banco J.P. Morgan S.A.

LatAm Healthcare and Brazil/Andean

Chile remains an Overweight (OW) driven by a copper-supported macro Retailers

backdrop, attractive valuations after underperformance, and domestic

Nicolas Larrain

reform catalysts that could unlock a re-rating. (55-11) 4950-3472