Latin America Transportation: Notes from the Road: Feedback on Meetings in Europe and Where Buy-Side Sentiment Stands

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Latin America Transportation: Notes from the Road: Feedback on Meetings in Europe and Where Buy-Side Sentiment Stands

J P M O R G A N Latin America Equity Research

20 July 2026

Latin America Transportation

Notes from the Road: Feedback on Meetings in Europe

and Where Buy-Side Sentiment Stands

We spent last week meeting with foreign investors across London, Paris, and Latin American Transportation

ACZurich. Among our coverage universe, Mexican Airports emerged as the most Guilherme Mendes

discussed segment, with a notable preference for GAP (OW) and OMA (UW) over (55-11) 4950-4105

ASUR (N), as several investors viewed the sector's recent pullback as a potentially guilherme.g.mendes@jpmorgan.com

attractive entry point. Localiza (RENT3, OW) also drew broad attention, though Julia Orsi

feedback was mixed—driven by cautious views on Brazil's rate-easing cycle and (55-11) 4950 3351

recurring concerns around Chinese OEMs and depreciation—partially offset by julia.orsi@jpmorgan.com

Banco J.P. Morgan S.A.

the company's discounted valuation (9.2x P/E 12M Fwd). Interest in Rumo

(RAIL3, N) has increased relative to past roadshows in the region, although

positioning remains notably light and feedback was mixed. Motiva (MOTV3,

OW) was discussed in approximately half of our meetings, with overall feedback

skewing positive. Airlines also received decent attention, though we sense

investors remain reluctant to materially increase sector exposure amid the ongoing

Middle East conflict. Brazil elections and Mexico’s USMCA negotiations were

recurring macro themes. Within our coverage, we reiterate our relative preference

for MOTV, GAPB, and RENT.

• Mexican Airports: GAP and OMA Favored Over ASUR. Mexican airports

continue to be regarded as a relative safe haven within LatAm Transportation,