LatAm Transport and Capital Goods "Daily Take-Off: MYPK, WEG, POMO" Valerio

研报英文原文证据摘录

LatAm Transport and Capital Goods "Daily Take-Off: MYPK, WEG, POMO" Valerio

Global Research

14 May 2026ab

LatAm Transport and Capital Goods Equities

Latin AmericaDaily Take-Off: MYPK, WEG, POMO

Industrial

Alberto Valerio

MYPK: Model update post 1Q26. PT unch at R$13/sh, 2026e net income cut Analyst

After incorporating the 1Q26 results, we have made only marginal revisions to our alberto.valerio@ubs.com

forecasts for Iochpe Maxion, reflecting a broadly in-line operational performance +55-11-2767 6918

despite some below-the-line pressures. Overall, our estimate changes are limited, Andressa Varotto

with small downward adjustments to revenue (-0.2%/ -1.4% for 2026/27) and mixed Analyst

effects at the EBITDA level (+0.7%/ -1.4%), as stronger-than-expected margins in andressa.varotto@ubs.com

the quarter—supported by ongoing restructuring, pricing and mix—partially offset +55-11-2767 6654

weaker volumes, particularly in heavy vehicles in North and South America. At the Rafael Simonetti

net income level, we trim our forecasts further (-11%/ -1.4%), mainly due to Associate Analyst

minorities line increase (as Europe continues to outperform in the year increasing rafael.simonetti@ubs.com

representation of minorities). From a macro perspective, we updated our +55-11-2767 6628

assumptions, reflecting slightly higher interest rate for the year and slightly lower

FX. The quarter also reinforced key thematic drivers of the story: resilient light

vehicle wheel demand across regions, persistent weakness in heavy vehicles, and

continued execution on cost efficiency initiatives, which supported margins and

cash generation despite lower volumes. We continue to see a gradual recovery in

North America heavy trucks as the main upside driver, with timing still skewed to

2H26.