LatAm Oil & Gas: LightHouse: PBR, YPF, BRKM (2x), Fuel Dist., Global (2x)

研报英文原文证据摘录

LatAm Oil & Gas: LightHouse: PBR, YPF, BRKM (2x), Fuel Dist., Global (2x)

Fuel Distribution: Video - UGPA/VBBR: Improved fundamentals,

valuation yet to catch up

We published a video highlighting the key takeaways from our recent update on fuel

distributors, reiterating our Buy on UGPA and upgrading VBBR to Buy, from Neutral.

Click here to watch.

Petrochemicals

Braskem: Company faces additional scrutiny in Maceió case; Braskem

restructuring talks face growing creditor resistance

Braskem faces additional scrutiny in Maceió case: UOL reported that newly

surfaced documents from the Federal Police suggest Braskem had early awareness

of risks linked to its salt mining operations in Maceió, with references dating back to

the late 1980s. The documents are part of the ongoing investigation tied to the

MPF’s criminal complaint, which has been partially accepted by a federal court.

The report highlights internal analyses and technical discussions concerning

geological risks, alongside concerns related to historical permitting processes. The

issue has affected five neighborhoods and approximately 14.5k properties and may

continue to weigh on the company from both a legal and reputational standpoint as

investigations evolve.

While the company reiterated its commitment to addressing all obligations related

to the incident, we view the news as negative, as it could further heighten concerns

around Braskem’s legal and reputational risks.

Braskem restructuring talks face growing creditor resistance: Bloomberg

reported that Braskem and its new shareholder IG4 Capital are encountering

pushback from creditors on the proposed out of court restructuring, amid concerns

over unequal treatment across bondholders, particularly favoring shorter dated

debt.