LatAm Transport and Capital Goods: Daily Take-Off: MOTV, ECOR, TUPY, POMO

研报英文原文证据摘录

LatAm Transport and Capital Goods: Daily Take-Off: MOTV, ECOR, TUPY, POMO

Global Research

19 June 2026ab

LatAm Transport and Capital Goods Equities

Latin AmericaDaily Take-Off: MOTV, ECOR, TUPY, POMO

Industrial

Alberto Valerio

MOTV, ECOR: ANTT allows exceptional phasing of toll discounts Analyst

According to Agencia Infra broadcast, Brazil’s land transport regulator ANTT alberto.valerio@ubs.com

approved an exception to rules requiring the immediate application of toll tariff +55-11-2767 6918

discounts for unexecuted works, allowing the so-called Factor D to be either phased Andressa Varotto

or postponed in exceptional circumstances. The change is directly tied to the tariff Analyst

review process for Motiva ViaSul, where the technical staff had proposed staggering andressa.varotto@ubs.com

the Factor D impact due to the financial and operational consequences of the 2024 +55-11-2767 6654

floods, but identified that the current regulation prevented any installment-based Rafael Simonetti

application of the discount. Under the prior framework, users would receive the full Associate Analyst

economic benefit from unexecuted capex immediately through lower tolls; under rafael.simonetti@ubs.com

the revised interpretation, that benefit must still be preserved but may be +55-11-2767 6628

distributed over time when immediate application could compromise the

concession’s financial sustainability. Potential Impact: Slightly positive for Motiva

and ECOR. The measure should support near-term cash flow timing and concession

sustainability while preserving the user compensation mechanism

MOTV: Airport sale could fund toll road push

According to Agencia Infra broadcast, Motiva signaled that the sale of its airport