LatAm Transport and Capital Goods: Daily Take-Off: MOTV, RAIL

研报英文原文证据摘录

LatAm Transport and Capital Goods: Daily Take-Off: MOTV, RAIL

Global Research

1 July 2026ab

LatAm Transport and Capital Goods Equities

Latin AmericaDaily Take-Off: MOTV, RAIL

Industrial

Alberto Valerio

MOTV: SP government evaluating continued public operation of metro line 17 Analyst

gold alberto.valerio@ubs.com

According to Brazil Journal, São Paulo Governor Tarcísio de Freitas indicated he may +55-11-2767 6918

abandon plans to privatize additional metro lines, including Line 17 Gold, which had Andressa Varotto

been scheduled to be transferred to Motiva’s ViaMobilidade. Instead, the Analyst

government is evaluating keeping Line 17 under Metro management after the line andressa.varotto@ubs.com

began operations in March on a provisional basis. Such a move would require an +55-11-2767 6654

economic-financial rebalancing agreement with ViaMobilidade, which already has a Rafael Simonetti

signed contract to assume operations after the testing phase. According to sources Associate Analyst

involved in the discussions, the decision could be well received by Motiva, as Line 17 rafael.simonetti@ubs.com

is currently expected to be loss-making. Potential Impact: We view a potential +55-11-2767 6628

rebalancing agreement as neutral to slightly positive for Motiva, given the line’s

deficit-generating profile and the possibility of reallocating capital to other

investments.

RAIL: Government to phase out fuel subsidies

According to Valor, the government has started phasing out fuel subsidies following

the agreement between the U.S. and Iran. Higher Brent oil prices had previously

generated additional tax revenue, which helped fund subsidies introduced to offset

the economic impact of the conflict. With oil prices normalizing and this extra