The Point for Latin America

研报英文原文证据摘录

The Point for Latin America

from the rest of the sector. These names should deliver 4–11% EBITDA growth

alongside 90–140bps of margin expansion, reflecting disciplined pricing and

continued productivity gains despite sluggish demand. In contrast, Walmex should

report another quarter of disappointing operating leverage, as weak traffic and

discretionary spending continue to weigh on profitability. Overall, we believe 2Q26

will reinforce that execution, rather than a recovery in consumer demand, remains

the primary driver of earnings across the Mexican Consumer sector.

Renata Cabral | Luis Felipe Terzariol

Company

Credicorp (BAP.N) - Potential double-digit growth ahead: Reiterating Buy

We reiterate our Buy rating on Credicorp and introduce a new target price of

US$440, updating our estimates ahead of 2Q26 results. We are raising our 2027

earnings by 2%, anticipating higher, low-teens loan growth as the company is

well-positioned to benefit from a more benign political scenario. While we expect

short-term provisioning pressures from a consumer-tilted portfolio and potential

El Niño impacts, we believe 2026 guidance for a ~19.5% ROE remains intact. We

see a path to a ~21% ROE in the medium term, which, combined with accelerated

growth, should spur further value creation and justifies buying opportunities.

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

Motiva (MOTV3.SA) - 2Q'26 Preview: An 'OK' Quarter; Fine-Tuning for Cost

Seasonality

We maintain our Buy rating on Motiva, increasing our TP to R$16.20/sh (from

R$15.60) on estimate changes shown in Figure 1 (earnings release on July 29). After

incorporating in-line 2Q traffic stats, we expect a quarter that looks good but

marginally pressured by seasonally higher expenses, although still presenting a