Kimberly Clark Mexico Better Near-Term Margin Setup, but Core Looks Priced In With Oil-Derivative Related Risks Increasing - Remain N

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Kimberly Clark Mexico Better Near-Term Margin Setup, but Core Looks Priced In With Oil-Derivative Related Risks Increasing - Remain N

J P M O R G A N Latin America Equity Research

18 May 2026

Kimberly Clark Mexico

Better Near-Term Margin Setup, but Core Looks Priced Neutral

In With Oil-Derivative Related Risks Increasing - KIMBERA.MX, KIMBERA MM

Remain N Price (15 May 26):Ps38.23

▼Price Target (Dec-26):Ps40.00

Prior (Dec-26):Ps41.00

Kimberly Clark Mexico (KCM) remains a margin-led story with an improved near-

term setup. Still, we remain Neutral seeing the core business well priced in while the LatAm Retail & Healthcare

market look for potential new growth avenues, particularly following the parent’s Joseph Giordano AC

recent M&A activity. On one side, the current margin-driving mix suggests the stock (55-11) 4950-3020

should trade at a higher multiple as KCM is closer to peak-cycle margins (JPMe GM joseph.giordano@jpmorgan.com

Banco J.P. Morgan S.A.

1.5pp below peak in 2026E), given a strong MXN (benefiting USD-linked inputs) and

Froylan Mendezpulp prices likely peaking. On the other, the swing risk for margins has shifted towards

(52-55) 5540-9482

petrochemical-linked inputs, where recent upward pressure introduces more two-way froylan.mendez@jpmchase.com

risk while this has not been a major issue in the past. But, against that backdrop, we J.P. Morgan Casa de Bolsa, S.A. de C.V., J.P.

believe valuation prices a more reasonable level of risk: KCM trades at 14.3x ‘26E Morgan Grupo Financiero

P/E, yielding ~16% discount to the Mexico Consumer bundle versus ~8% previously Nicolas Larrain

(here), making the stock screen less stretched. Yet, upside is increasingly dependent (55-11) 4950-3472

nicolas.larrain@jpmorgan.com