Postcard from Brasil: Meeting with Management

研报英文原文证据摘录

Postcard from Brasil: Meeting with Management

Global Research

2 July 2026ab

ABC Brasil Equities

BrazilPostcard from Brasil: Meeting with

Management Banks, Ex-S&L

12-month rating Buy *

12m price target R$31.00Meeting with management

We are assuming coverage of ABC Brasil. We recently met with Banco ABC Brasil's

management Mr. Sergio Borejo (CFO), Mr. Ricardo Moura (IRO) and Mr. Thiago Brito Price (01 Jul 2026) R$23.81

(IR) and they highlighted a sound operating outlook despite some pressure in RIC: ABCB4.SA BBG: ABCB4 BZ

spreads, with management emphasizing disciplined capital allocation and

conservative risk management. The bank sees good performance in 2026, with 2Q26 Trading data and key metrics

expected to outperform 1Q26 driven by better performance of the middle market 52-wk range R$28.12-20.36

segment and smaller mark to market adjustments of the corporate securities that Market cap. R$5.72b/US$1.10b

negatively impacted 1Q26 results. Management also indicated that although the Shares o/s 240m (PREF)

execution of its strategic plan is on track, tactical adjustments resulting from the Free float 52%

higher-for-longer scenario should happen. We note that while 1Q26 came in with a Avg. daily volume ('000) 782

miss vs our estimates and consensus, we believe that ABC Brasil is on track to deliver Avg. daily value (m) R$19.4

its guidance for the year. Common s/h equity (12/26E) R$7.41b

P/BV (12/26E) 0.8x

Portfolio mix; asset quality Tier 1 ratio 14%

Currently, the middle segment represents ~9% of the total expanded portfolio, but

the middle-market segment (R$30m-500m revenues) remains a strategic focus. EPS (UBS, diluted) (BRL)

UBS Cons.

Management sees attractive risk-adjusted spreads and strong relationships and a

12/26E 4.74 4.50