J.P.Morgan GLOBAL EQUITY RESEARCH: INTERNATIONAL FIRST TO MARKET

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J.P.Morgan GLOBAL EQUITY RESEARCH: INTERNATIONAL FIRST TO MARKET

2% EPS) and

trading at 24x/22x ‘26E/’27E P/E, respectively, with core retail operations coming at rich 29x/25x - a +80% premium to other

Mexican retailers, we remain Neutral on Femsa seeing further re-rating as unlikely. In this note we deep dive into Femsa’s main

value drivers and refresh our model - ‘26E/’27E EPS increased by 4%/7%, reflecting the better ST momentum, while,

accordingly, our Dec’26 PT moves to Ps219/sh from Ps 210.

Australian REITs (Richard Jones, CFA)

Brisbane and Melbourne residential - the best and the worst

We recently hosted two residential property tours in the key Brisbane and Melbourne markets to gauge sales and pricing trends

post the RBA rate hikes and federal budget changes around CGT and negative gearing. We visited listed REIT residential

projects across master-planned communities, land lease, build-to-rent and build-to-sell apartments. The Brisbane residential

market remains a standout performer, with continued strong price increases yet to dampen demand driven by limited supply

and strong migration. Construction costs are a challenge, but for now price growth is at least 2x cost growth. Residential

revenue is largely locked in for the listed REITs in Queensland for FY27. The Melbourne residential market is materially softer,

but is perhaps more resilient than we expected, particularly in the land market. Melbourne is seeing elevated townhouse and

builder sales as a proportion of total sales volumes, tapping into the price conscious buyers while incentives remain prevalent

in the market. Melbourne sales rates over the remainder of 2026 will be relatively important for FY27 residential settlements,

with a shorter sale to settlement timeframe than in Brisbane.