J.P. Morgan GEMS FTM 21 May 26 Samsung Electro-Mechanics; Bharat Electronics Ltd; LatAm Petrochemicals; Brazilian Telcos; CSG and More

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J.P. Morgan GEMS FTM 21 May 26 Samsung Electro-Mechanics; Bharat Electronics Ltd; LatAm Petrochemicals; Brazilian Telcos; CSG and More

Global Equity Research AC Global Equity Research

21 May 2026 J P M O R G A N

gr_publications@jpmorgan.com

spreads. We see Alpek as the clear beneficiary of the near-term inflection as higher ocean freight costs are widening the

import-parity and supporting integrated PET margin expansion from 2Q26 onwards. Additionally, firm demand, effective

paraxylene pass-through (including in contracted volumes), and seasonal support into the World Cup period, drives our upward

revision to EBITDA expectations (+32% JPM). As a result, we see ALPEKA trading at 4.2x ‘26 EV/EBITDA (vs 5.2x 10y

average), with upside potential of 53%. For Orbia, we also see fundamentals improving under our revised CMA assumptions,

led by Polymer Solutions’ ethane advantage and broad-based resilience across the portfolio, but we remain Neutral as the

investment case is still anchored on execution and deleveraging. We see Orbia trading at 5.9x ‘26 EV/EBITDA (vs 5.3x 10y

average), with upside potential of 19%.

Brazilian Telcos (Marcelo Santos, CFA), Brazil

Reducing PTs on Higher Cost of Capital, Softer Margin Outlook; Continue to Favor Tim vs Vivo

We update our estimates on Vivo and Tim following 1Q26 results, making only limited changes, with the main one being a more

moderate view on margin outlook, given the soft recurring results posted by both companies in 1Q26 results, which might

indicate that the space for incremental efficiency gains becomes more limited. We also incorporate the recent increase in US

risk-free rates into WACCs, which coupled with the estimate review, take our Dec-26 PTs down to R$33 from R$35 for Vivo,

and to R$24.50 from R$26.50 for Tim.