Diario | Latin America

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Diario | Latin America

ent, our GMV growth .Source: US PetroleumCensus,productsSITC(kb/d) dataNatural Gas (kboe/d) Crude Oil (kb/d)

YoY forecast for Shopee is unchanged, and quarterly GMV/segmental EBITDA is expected to be

sequentially stable. Our Monee growth assumption for 2Q is unchanged, considering faster growth Exhibit 3 - YPF - Argentina LNG project

summaryin Brazil, Thailand, and Malaysia. Digital entertainment seasonality is expected. Full-year outlook is YPF - Argentina LNG project summary

intact. Buy. PartnersLiquefaction Capacity YPF 36%,12 EniMTPA32%,(2x6MTPAXRG/Adnocvessels)32%

Upstream feed blocks Meseta B.Esperanza I & II; Aguada Villanueva; Las Tacanas I & II

Estimated Mid/Downstream capex (US$bn)

SQM (Hold) | Keeping an Ion Battery Materials (16). The past fortnight saw broad declines across GasPipelinetreatment(526km,plant48'') 7.01.9

the new energy complex. Lithium prices continued to weaken, with the restart of CATL’s JXW FLNGOther vessels 10.84.5

operations remaining a key overhang. Policy volatility also persists, with potential 2H increases in .Source:Total Company data, Jefferies ests 24.2

Indonesian supply and the cancellation of latent 1H Congo's cobalt export quotas driving near-term

market dislocations.

YPF (Buy) | All go for Argentina LNG project. Yesterday, YPF announced the sale of a 64% stake in

3 shale gas/condensate blocks (Las Tacanas, Meseta Buena Esperanza and Aguada Villanueva) in

the southern part of Vaca Muerta to Eni (Buy, covered by Mark Wilson) and XRG/ADNOC (privately

held) for an undisclosed amount. The blocks are set to feed gas to the Argentina floating LNG

project (under the same ownership) with a 12-MTPA capacity and an expected capex requirement

of US$24bn. Alejandro Anibal Demichelis * | Equity Analyst