Daily Boarding: BZ bond proxies report; Tupy call highlights

研报英文原文证据摘录

Daily Boarding: BZ bond proxies report; Tupy call highlights

Randoncorp: 1Q26: Profitability recovery overshadowed by financial results and Addiante

losses

GPS: 1Q26: softer profitability drives net income miss

Vamos: 1Q26: Low-quality earnings beat; Core trends remain weak

Frasle: FX and operating headwinds hit growth; financial results drive net income miss

Mills: 1Q26: weaker rental revenue and higher taxes drive net income miss

Movida: Positive results on car rental strength, partially offset by fleet rental

Marcopolo: 1Q26: earnings beat driven by better financial results, despite soft revenue

Hidrovias do Brasil: Negative 1Q26: Operating headwinds weigh on results

Iochpe-Maxion: Mixed 1Q26 results: cost control offset by financial results and taxes

Motiva: 1Q26: net income misses amid softer traffic expansion

WEG: 1Q26 miss as revenue weakness deepens and recurring margin drops

Volaris: Mixed 1Q26: Stronger revenue per seat, but 2Q26 points to higher cost pressure

Brazil vehicle rentals: Is the tax reform positive for rentals? Fleet outsourcing to likely

improve

GPS: Workweek reduction gains momentum; Impact on GPS appears manageable

Ecorodovias: Rota das Gerais auction yields +R$0.9/sh; Capex/leverage risks rise over the

long run

Ecorodovias: Rota das Gerais: potential NPV creation at expense of rising capex/leverage

concerns

Brazil Industrials: Global Industrials Conference feedback

Rumo: Potential truck strike read-though to Rumo

LatAm Airlines: Higher oil weighs on LatAm airlines; Cutting PO & estimates; reiterate

ratings

Sector: Brazil Tax Reform Handbook: Cross-Coverage Implications

GPS: Tax reform: All you need to know – Outsourcing to improve despite headline

WEG: Tax Reform: All you need to know - Why WEG stands out as a key beneficiary