The Point for Latin America

研报英文原文证据摘录

The Point for Latin America

Point |

Wednesday, 15 July 2026

Top Call | Company | Industry | Global | Key Rating and Target Price Changes

Top Call

Argentina Diversified Banks - 2Q26 Playbook: Credit waits, ROEs improve

We reiterate our structural Buy (High Risk) rating on Argentine banks, anticipating

gradual improvements in real ROE and unit economics in 2Q26 results. While

broad-based credit growth awaits a larger economic trigger, we see profitability

improving from better pricing and resilient net interest margins. We are marginally

adjusting our 2026 estimates and raising target prices for BMA and BBAR to reflect

better-than-expected ROE trends. Our preference remains for banks with stronger

capital and coverage ratios, with an order of BMA, GGAL, BBAR, SUPV and BHIP.

Brian Flores, CFA | Gustavo Schroden | Arnon Shirazi, CFA

Company

MercadoLibre (MELI.O) - Q2 2026 Preview: Good Growth, but Multiple Pressure

Points Persist

MELI is set to report results on August 5 after market close. Despite a moderation

in engagement trends in Brazil, with DAU growth slowing to ~35% in 2Q from

~45% in 1Q, we remain constructive on MELI’s growth trajectory, particularly in

Brazil, where competitive intensity remains elevated. The key challenge remains

profitability. We expect 2Q margins to come under significant pressure from

ongoing investments in logistics, credit (including provisions), and marketing, as

well as commission rebates such as PIX discounts and seller pricing incentives. As

a result, Citi’s EBIT estimate remains roughly 5% below VisibleAlpha consensus.

While we are not making additional downward revisions to our earnings estimates,

we continue to sit below consensus. Given MELI’s recent outperformance, with the