The Point for Latin America

研报英文原文证据摘录

The Point for Latin America

Point |

Tuesday, 23 June 2026

Company | Industry | Strategy & Economics | Global | Key Rating and Target Price Changes

Company

Rumo SA (RAIL3.SA) - Mr. Daniel Rockenbach Will Assume As Interim CEO

The exit of Mr. Palma from the CEO chair suggests an apparently uncertain

moment in Rumo's governance and strategy, in our view. The new CEO is an

interim appointment, while further changes might come as a result of ongoing

negotiations for the sale of controlling shareholder stakes (Brazil Journal, June

22nd). Coming after the inauguration of Lucas do Rio Verde phase 1 project (an

important milestone for the company's expansion investments), this CEO change

should leverage Mr. Rockenbach's vast operational experience at a time when we

view the company as shifting its focus towards operational performance for a

while, accelerating volumes and seeking FCF neutrality by pausing further

investments at the Mato Grosso expansion. We maintain our Sell rating.

Filipe Nielsen

Kimberly Clark de Mexico (KIMBERA.MX) - Model Update: Quality, Yield &

Optionality

We are updating our estimates to reflect recent macroeconomic assumptions

while maintaining our Buy rating. While KCM is unlikely to be viewed as a high-

growth story, we continue to see an attractive combination of resilience,

shareholder returns and strategic optionality. Demand trends remain healthy in

core categories, with the Consumer segment delivering approximately 5% growth

over the last three quarters despite a softer Mexican backdrop. We see three

factors supporting the investment case: (1) an attractive dividend yield of

approximately 6%, supported by a long history of dividend growth; (2) growth

optionality through private label initiatives and the potential Kenvue transaction;