GEM - In Case You Missed It...

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GEM - In Case You Missed It...

Global | Global Insights EquityJulyResearch4, 2026

This product is designed to help global emerging market investors cut

through the noise and focus on what matters. Each week, we pick out our

most-read GEM research, as voted by our clients. This week, we launch on

Indian Alcobevs, feedback from our LatAm investor trip and layout the case

for Weichai Power.

India

Consumer Staples We initiate Alcobev coverage with Buy ratings on Radico and Allied Blenders,

highlighting premiumisation-driven growth. We are cautious on United Spirits at Hold amid

slower expansion despite high premium portfolio exposure.

Maruti Suzuki India's PV demand has remained strong while easing of ME tensions and lower

crude prices / metals prices have alleviated cost concerns. UG to Buy with EPS 3-10% above

consensus.

LatAm

Energy We're back from our investor trip to Argentina, Chile & Peru (>30 meetings), which

reinforced our confidence in reform momentum and a stronger growth outlook. Top picks -

include YPF, Vista, SQM & SCCO.

Banks We have been constructive on the launch of Brazil's new private payroll loan market, but

have questioned whether infrastructure as been in place to support. We think the new IR cap

materially constrains the addressable market.

China

Tech DeepSeek’s new DSpark speculative decoding framework boosts inference efficiency

by raising output speed and token generation per GPU. We discuss implications for price

competition and AI adoption.

Weichai Power We met with 50+ investors across Asia over the past two weeks, with

discussions largely centered on Weichai. Investor debate focused on the company's earnings

ramp from gas gensets and SOFC, legacy headwinds, and valuation.

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