The Point for Latin America

研报英文原文证据摘录

The Point for Latin America

Point |

Friday, 31 July 2026

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

Top Call

BBB Foods Inc (TBBB.N) - Better, Bigger, Compounding. Initiating with Buy

We initiate coverage of Tiendas 3B with a Buy rating and US$49/sh TP placing it

among the Top Pick in Latam Consumer. Tiendas has already demonstrated that

its hard-discount model can scale successfully across Mexico, we see the

company now entering its most attractive phase. Store openings remain the

foundation of the growth story, but a growing base of stores is now reaching a

more profitable stage, to allow EBITDA and ultimately earnings to grow faster than

revenue. This earnings inflection is underpinned by a differentiated hard-discount

model, structural consumer tailwinds searching for value, negative working

capital, founder-led management and one of the industry's longest growth

runways. While Tiendas is trading at 17x 2027 EV/EBITDA (vs 8x for Walmex, 6x

Mexico Consumer average), we expect the valuation premium to narrow through

earnings growth with the multiple declining to ~9x by 2030.

Renata Cabral | Luis Felipe Terzariol

Brazil Diversified Utilities - Earnings Preview 2Q26 – Part II

We are now releasing Part II of our 2Q26 earnings preview, with our forecasts for

Compass, ISA Energia, Orizon, Sabesp, Sanepar, and Taesa. (please see Part I of

our report here: Brazil Electric Utilities - Earnings Preview 2Q26 – Part I).

Joao Pimentel | Felipe Lenza

Company

Petrobras - 2Q26 Preview: Supportive operational figures and spike in oil prices

may lead to higher dividends ahead

We updated our Petrobras model following the release of 2Q26 operational

results and expect higher 2Q26 figures (scheduled for 6 August) on a QoQ basis,