The Point for Latin America

研报英文原文证据摘录

The Point for Latin America

Point |

Wednesday, 17 June 2026

Company | Global | Key Rating and Target Price Changes

Company

YPF (YPF.N) - YPF and TSLA kick off partnership

YPF and TSLA signed an MoU today to explore joint development opportunities for

a fast-charger network and energy storage solutions. The partnership tries to

leverage on YPF's leading fuel marketing operation in Argentina, with 55% of

stations, the largest network in the country and the only with national scale. While

conceptually reasonable, we see limited economic benefits over the short to

medium term given the low EV penetration in Argentina, but it fits the long-term

narrative to diversify from Vaca Muerta. We keep our Buy HR rating; for our

complete view on YPF, see Argentina Oil & Gas – A structural beneficiary of the new

energy outlook.

Andrés Cardona | Gabriel Barra

Jbs NV (JBS.N) - JBS Day 2026 Takeaways: More Ways to Win

We attended JBS Day yesterday in New York, an event that notably included all

major business unit CEOs. Three messages stood out. (1) Presented were self-help

initiatives for US Beef recovery, with Wesley Batista Filho presenting a clear

framework for margin recovery toward 2.5% by 2027 with much of the opportunity

coming from the commercial side. (2) Closing the valuation gap remains a strategic

priority, as liquidity, shareholder value creation and index inclusion featured

prominently throughout the day. (3) Growth ambition remains intact despite

tighter capital allocation, with JBS reducing 2026 CapEx by US$400mn (to

US$2bn) while continuing to pursue opportunities across eggs, salmon,

biotechnology and value-added products.

Renata Cabral | Luis Felipe Terzariol

Sociedad Química y Minera de Chile (SQM.N) - Maintaining Neutral with Positive

Tailwinds in the Short Term