LatAm Beverages & Consumer: The Weekly Brunch: Proximo US Tequila, MX Air Traffic, WalMex, ArgeBev & More..

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LatAm Beverages & Consumer: The Weekly Brunch: Proximo US Tequila, MX Air Traffic, WalMex, ArgeBev & More..

Global Research

13 July 2026ab

LatAm Beverages & Consumer Equities

Latin AmericaThe Weekly Brunch: Proximo US Tequila, MX

Air Traffic, Walmex, ArgeBev & More.. Food & Beverage

Rodrigo Alcantara

Analyst

rodrigo.alcantara@ubs.com

Latest Thoughts on Stock Positioning +55-11-2767 6324

Last week was another soft one for LatAm beverages and staples. The main negative Kevin Zavala

highlight was Arca, with the stock down -4.3% (1W) ahead of its pre-close earnings Associate Analyst

call, which pointed to weak 2Q trends (link). With earnings revision momentum still kevin.zavala@ubs.com

negative and the stock trading at a relatively demanding P/E multiple, our +55-11-2767 6176

conversations with investors suggest Arca remains a high-conviction short/sell

heading into the print. Bearish discussions also extended to Walmex, where weak

earnings momentum continues to weigh on sentiment.

On the less negative front, Ambev regained some lost ground on Friday following the

positive read-through from Brazil’s headline inflation data, although the stock still

finished the week down -2.9%. During our latest marketing trip to Rio, we sensed

renewed interest in initiating short positions, albeit with greater caution following

Brazil beer inflation data, which pointed to a more favorable pricing backdrop for

2Q (link).

Lastly, we highlight Andina’s positive share price performance, possibly ahead of its

pre-close call, which we believe could indicate another quarter of solid operating

momentum (link).

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