The Point for Latin America

研报英文原文证据摘录

The Point for Latin America

Point |

Tuesday, 28 July 2026

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

Company

Grupo Mexico (GMEXICOB.MX) - Model Update: Incorporating Saavi Energia;

Maintain Neutral and Raise TP to P$220/sh

We are updating our Grupo México model following the company’s 2Q26 results

and Citi's SCCO model update. Overall, we are making limited changes to 2026

estimates, as operating trends remain broadly consistent with our previous

expectations. The key changes are related to 2027 forecasts and our valuation

methodology using 2027E EV/EBITDA for Infra and GMXT, leading us to increase

our target price to P$220/share (from P$202), while maintaining our Neutral

rating.

Gabriel Barra

WEG (WEGE3.SA) - Tariffs Manageable, Backlog Strong: WEG Reaffirms Growth

Outlook

We turn slightly more constructive on WEG after Q2. Results were largely impacted

by FX and the difficult comparison base from solar projects in Brazil, while

underlying demand remained healthy, in our view. International revenues grew 12%

YoY in local currencies, supported by strong activity in the US and Europe across

O&G, datacenter cooling, power generation and T&D. Order intake and backlog for

long-cycle products remain solid, supporting management's confidence in a

stronger H2. Tariffs remain a headwind, but WEG has reduced Brazil's share of US

supply to 20-21% (from ~33% a year ago), limiting exposure. Pricing remains

attractive in North American transformers, where demand continues to exceed

available capacity, and ongoing capacity expansions should support DD% growth

through 2027-28. This, combined with a favorable product mix, allows EBITDA

margin to remain healthy at 22% going forward. We maintain our Neutral rating