J.P. Morgan GEMS FTM 15 Jul 26 BizLink; India Autos; Mexican Bottlers; Tenaris SA; MENA Retail & Food Delivery and More

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J.P. Morgan GEMS FTM 15 Jul 26 BizLink; India Autos; Mexican Bottlers; Tenaris SA; MENA Retail & Food Delivery and More

Global Equity Research AC Global Equity Research

15 July 2026 J P M O R G A N

gr_publications@jpmorgan.com

Coca-Cola system’s market share gains are sustained. In our view, the cleaner near-term setup at KOF has driven the stronger

relative performance vs AC month to date, leaving both names on broadly similar forward multiples. Accordingly, despite KOF’s

cleaner near-term momentum in 2Q, we maintain our relative preference for AC*: valuation is now at parity (both trading at 15x

fwdP/E ) vs a 7% historical premium for AC vs KOF, we see better risk/reward and forecast visibility in AC’s Mexico given a less

competitive environment, and—importantly—we see less downside risk vs consensus in AC*, supporting a more asymmetric

(upward-skewed) revisions profile. Our new Dec-27 price target for AC* is Ps270 (37% implied upside), while KOF’s is Ps225

(25% implied upside).

Tenaris SA (Arun Jayaram) (TS, OW, PT $64.00), Argentina

2Q26 Preview: Moving in a Positive Direction as Volumes and Pricing Inflect Higher in 2H26

JPM View: Following a positive update at our energy conference, we expect 2Q26 to track largely in line with prior

expectations, marking the trough quarter of the year, and setting up a sequential recovery in 2H26 on improving volumes and

pricing. We are modeling 2Q26 EBITDA of $640mm vs. prior JPMe/STe of $637mm/$639mm. On volumes, after an anticipated

2Q26 shipment level of 900-950kt that absorbed the full brunt of the Middle East disruptions and depressed cost absorption, we

expect a sequential rebound in shipments, with volumes climbing to 984kt in 3Q26 and 1,016kt in 4Q26 from 929kt in 2Q26 on

the back of rising activity in NAM and Argentina.