LatAm Equity Strategy: Stock ideas heading into 2Q26 results

研报英文原文证据摘录

LatAm Equity Strategy: Stock ideas heading into 2Q26 results

t consumer names, but the benefit looks uneven so far. Carlos Laboy

Global Beverage Head, LatAm Food Analyst

Rally y-t-d looks more macro- than earnings-driven, in our view. Brazil and Mexico HSBC Securities (USA) Inc.

remain higher after strong early-year gains. In Brazil, foreign inflows, which softened in carlos.a.laboy@us.hsbc.com

+1 212 525 6972

May and June amid heightened uncertainty but have modestly rebounded in July, and

Carlos Gomez-Lopez, CFA

expectations for some monetary easing offer some support despite softer earnings Head of EM and LatAm Financials

revisions. We expect a 25bp cut in Brazil at the next meeting then on-hold through year- HSBC Securities (USA) Inc.

carlos.gomezlopez@us.hsbc.com

end (see Brazil Economics: Softer inflation allows for a cut in August, 15 July 2026). In +1 212 525 5253

Mexico, earnings matter more for sustaining upside, given the index’s consumer tilt, Neha Agarwala, CFA

though macro factors remain subdued. We recently lowered 2026 GDP growth from Senior Analyst, Fintech & LatAm Financials

HSBC Securities (USA) Inc.

1.5% to 1.0% (see Global Economics Quarterly: Crosscurrents, 22 June 2026). neha.agarwala@us.hsbc.com

+1 212 525 5418

Stocks our analysts like heading into 2Q earnings season

Sorabh Daga*

Arca Continental – US margins improving on digital upgrades and market expansion, Analyst, Global Beverages, LatAm Food

with a World Cup tailwind and ROIC upside as Mexico and South America scale. HSBC Securities and Capital Markets (India) Private

Limited

sorabh.k.daga@hsbc.co.in

Copel – Higher Brazilian power prices and easing interest costs support cash flow, +91 80 4550 2627

backed by disciplined capex, asset sales, and capacity and tariff review upside.