The Point for Latin America

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The Point for Latin America

Point |

Thursday, 09 July 2026

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

Company

MercadoLibre (MELI.O) - Highlights from SVP/Brazil Pago Country Head Andre

Chaves

We listened to MELI’s IR podcast featuring an interview with André Chaves, SVP

and Country Head of Mercado Pago Brazil. Key takeaways were: (1) mgmt.'s

message remains consistent that there are currently no signs of deterioration in

credit quality, despite some competitors reporting weaker credit trends; (2) mgmt.

reiterated that it has a well-established playbook to tighten underwriting

standards, including “shutting down certain credit lines” should macro conditions

worsen; (3) regarding deposits, mgmt. sees no compelling reason to increase their

use as a funding source, given several alternative funding channels, including

securitization; (4) on the investment platform, mgmt. expects to expand the

product suite (e.g., mutual funds and other savings solutions) but does not intend

to evolve into a securities trading platform; and (5) mgmt. continues to view PIX as

a net positive, as it increases liquidity, transaction activity, and data generation,

while also creating monetization opportunities.

João Pedro Soares | Felipe Husein

Var Energi ASA (VAR.OL) - 2Q26 Trading Update and Pre-Print Positioning

Check

Var’s 2Q trading update was softer than expected on volumes, with production of

376kboepd c.3% below VisibleAlpha consensus, but the shortfall looks largely

explained by scheduled maintenance, most of which was completed in the quarter.

The 2H26 delivery bridge remains credible, supported by King, Balder VI, Jotun

debottlenecking and the remaining infill programme, leaving FY26 guidance of

390-410kboepd achievable, in our view.