The Point for Latin America

研报英文原文证据摘录

The Point for Latin America

Point |

Wednesday, 22 July 2026

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

Top Call

Iochpe-Maxion (MYPK3.SA) - Renewing Coverage: Turning More Constructive

on 2H26 Trends; R$11/sh TP

We are renewing our coverage on Iochpe-Maxion (MYPK) with a Neutral/High-Risk

rating and R$11/sh TP. While 2Q26 is still likely to reflect softer volumes YoY,

largely due to a tougher comparison base and weakness in Brazilian trucks, we see

improving demand conditions across most other regions, particularly North

America and India. In the US, fleet replacement needs and the upcoming EPA27

regulations appear to be supporting Class 8 demand, while the company

continues to outperform underlying markets in Europe through market share

gains, especially in commercial vehicles. Outlook for the Brazil market remains

mixed, with strong light vehicle production offsetting weak truck activity.

Therefore, we expect a more constructive view on operating trends for 2H26, with

margin recovery supported by higher volumes, fixed cost dilution and

normalization of raw material pass-through dynamics. Separately, the company

completed a R$400m new debt issuance in June as part of its liability

management strategy.

Andre Mazini, CFA | Kiepher Kennedy | Piero Trotta

Company

América Móvil (AMX.N) - AMX makes bolt-on acquisition in Peru

The company reached an agreement with Liberty Latin America and Narvik Capital

Partners to acquire the totality of WOW, a fiber-optic cable company servicing

various regions in the country, primarily outside Lima. With several countries in the

LatAm region undergoing market consolidation, AMX has been vocal about M&A

opportunities, emphasizing, in our view, mostly smaller bolt-on deals, similar to