CS - LatAm Valuation Update & Calendar - 260917 PDF

Latin America
Equity Research
LatAm Valuation Update & Calendar

Tuesday, 26 September 2017
Special Features Ibovespa Leaders/Laggards 1D (%) Mexbol Leaders/Laggards 1D (%)
Calendar.....................................................................2 Index % Index %
Company Ticker Company Ticker
Credit Suisse Events Calendar .................................2 Impact (pts) chg. Impact (pts) chg.
LatAm Economics Calendar.....................................3 1 Petrobras PETR4 37.6 0.96 1 Grupo Televisa SAB TLEVICPO 38.3 1.06
Corporate Events Calendar ......................................4 2 Petrobras PETR3 19.8 0.74 2 America Movil AMXL 30.8 0.49
Selected Economic Indicators.......................................5
High
High
3 Rumo RAIL3 15.5 2.77 3 Grupo Financiero Banorte GFNORTEO 29.7 0.59
Commodities Performance...........................................6
4 Qualicorp QUAL3 11.4 2.08 4 Ienova IENOVA* 29.1 3.43
Top Picks ...................................................................7
5 Cosan Industria e Comercio CSAN3 0.1 0.03 5 Industrias Penoles PE&OLES* 21.8 3.34
Key Latin America Equity Research Reports ..................8
1 Vale VALE3 -149.5 -2.57 1 Grupo Mexico GMEXICOB -37.5 -1.19
Stock Guide................................................................9
Brazil .....................................................................9 2 Banco Bradesco BBDC4 -108.7 -1.69 2 Fomento Economico Mexicano FEMSAUBD -34.2 -0.55
Low
Low
Mexico .................................................................13 3 B3 BVMF3 -82.9 -2.68 3 Alfa ALFAA -22.1 -1.56
Other LatAm Countries .........................................15 4 Itau Unibanco Holding ITUB4 -81.5 -0.99 4 Cemex CEMEXCPO -17.0 -0.42
Latin America Equities Team......................................17 5 BRF BRFS3 -64.6 -2.82 5 El Puerto de Liverpool LIVEPOLC -6.5 -1.36
Indicators Sector Performance (Bovespa) YTD Sector Performance (Mexbol) YTD

Close 1D 1M YTD 12M % change in local currency % change in local currency
Market (local currency)
IBOVESPA 74,443 -1.3 4.7 23.6 26.8 Other -0.9% Chemicals -28.8%
IBX-100 30,881 -1.3 4.7 24.6 26.9
MEXBOL 50,387 0.1 -1.9 10.4 5.5
Oil & Gas 6.4% Conglomerates -6.7%
IPSA - Chile 5,262 -0.5 1.7 26.7 28.5 Utilities 7.2% Packaged goods -3.4%
COLCAP - Colombia 1,483 -0.2 0.5 9.7 9.7 Steel 16.5% Metals&Mining -0.1%
SPBLPGPT - Peru 18,021 -0.4 2.6 15.8 17.6 Media
Pulp & Paper 20.5% 3.5%
MERVAL - Argentina 25,053 0.2 6.6 48.1 52.4
Cement 3.8%
NASDAQ 6,371 -0.9 1.7 18.3 20.1 Mining 23.0%
DOW JONES 22,296 -0.2 2.2 12.8 22.1 Energy infrastructure 5.9%
IBOVESPA 23.6%
S&P 500 2,496 -0.2 2.2 11.5 15.3 MEXBOL 10.4%
Currency Telecom 26.8% Beverage 10.6%
Brazilian Real (BRL) 3.16 -1.0 0.1 3.2 2.8 Fin. Inst. 27.7% Airports/Airlines 11.8%
Mexican Peso (MXN) 17.90 -0.9 -1.6 15.8 11.0
Chilean Peso (CLP) 629.41 -0.8 0.9 6.5 5.1
Consumption 30.2% Infrastructure 15.6%
Colombian Peso (COP) 2,926 -0.7 0.0 2.6 -0.1 Real Estate 32.2% Banks 19.0%
Peruvian New Sol (PEN) 3.26 -0.4 -0.7 2.9 3.3
Industrials 40.8% Telecom 25.0%
Argentine Peso (ARS) 17.49 -1.0 -1.5 -9.2 -12.9
P o sitive values indicate currency appreciatio n. Transportation 49.5% Retail 34.8%
So urce: B lo o mberg, Credit Suisse Research
f
DISCLOSURE APPENDIX AT THE BACK OF THIS REPORT CONTAINS IMPORTANT DISCLOSURES, ANALYST CERTIFICATIONS, LEGAL ENTITY DISCLOSURE AND THE STATUS OF NON-US ANALYSTS. US Disclosure:
Credit Suisse does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this report. Investors should
consider this report as only a single factor in making their investment decision.
Calendars
Calendar
Credit Suisse Events Calendar
Credit Suisse Events Calendar
Please make a note in your diary. Your invitation will follow shortly
Tuesday, 26 September 2017 2

Calendars
LatAm Economics Calendar
LatAm Economics Calendar

Monday Tuesday Wednesday Thursday Friday
25 - Sep 26 - Sep 27 - Sep 28 - Sep 29 - Sep
IGAE Economic Activity Index Weekly Crude Stocks Foreign Exchange Flows*** Initial Jobless Claims Budget Balance
Consumer Confidence Producer Price Index GDP Q2 Debt/GDP
New Home Sales Bank Lending/Delinquency
IGP-M Inflation Index Interest Rate Unemployment Rate
Current Account Central Govt Balance
FDI Unemployment Rate
Trade Balance
Unemployment Rate
Brazil USA Mexico Chile Argentina Colombia Peru Panama Uruguay El Salvador Venezuela Ecuador
** on that date or before; *** on that date or after
Source: Credit Suisse Research

Calendars
Corporate Events Calendar

Events Calendar
Date Weekday Company Description Date Weekday Company Description Date Weekday Company Description
11-Oct-17 Wednesday CCRO3 BS Equity 3Q17 Results 27-Oct-17 Friday USIM5 BS Equity 3Q17 Results 9-Nov-17 Thursday GOAU4 BS Equity 3Q17 Results
17-Oct-17 Tuesday ALPEKA MM Equity 3Q17 Results 27-Oct-17 Friday ELEKTRA* MM Equity 3Q17 Results 9-Nov-17 Thursday UGPA3 BS Equity 3Q17 Results
17-Oct-17 Tuesday NEMAKA MM Equity 3Q17 Results 27-Oct-17 Friday OHLMEX* MM Equity 3Q17 Results 9-Nov-17 Thursday GGBR3 BS Equity 3Q17 Results
18-Oct-17 Wednesday ASURB MM Equity 3Q17 Results 27-Oct-17 Friday BIMBOA MM Equity 3Q17 Results 9-Nov-17 Thursday ECOR3 BS Equity 3Q17 Results
19-Oct-17 Thursday WALMEX* MM Equity 3Q17 Results 27-Oct-17 Friday IENOVA* MM Equity 3Q17 Results 9-Nov-17 Thursday GFSA3 BS Equity 3Q17 Results
19-Oct-17 Thursday GRUMAB MM Equity 3Q17 Results 27-Oct-17 Friday TLEVICPO MM Equity 3Q17 Results 9-Nov-17 Thursday VLID3 BS Equity 3Q17 Results
19-Oct-17 Thursday AC* MM Equity 3Q17 Results 27-Oct-17 Friday FEMSAUBD MM Equity 3Q17 Results 9-Nov-17 Thursday QGEP3 BS Equity 3Q17 Results
20-Oct-17 Friday GCARSOA1 MM Equity 3Q17 Results 27-Oct-17 Friday PE&OLES* MM Equity 3Q17 Results 9-Nov-17 Thursday CPLE6 BS Equity 3Q17 Results
20-Oct-17 Friday SITESB1 MM Equity 3Q17 Results 27-Oct-17 Friday FLRY3 BS Equity 3Q17 Results 9-Nov-17 Thursday EZTC3 BS Equity 3Q17 Results
20-Oct-17 Friday RENT3 BS Equity 3Q17 Results 27-Oct-17 Friday SANMEXB MM Equity 3Q17 Results 9-Nov-17 Thursday TCSA3 BS Equity 3Q17 Results
20-Oct-17 Friday KIMBERA MM Equity 3Q17 Results 30-Oct-17 Monday CIEL3 BS Equity 3Q17 Results 9-Nov-17 Thursday CYRE3 BS Equity 3Q17 Results
20-Oct-17 Friday GFNORTEO MM Equity 3Q17 Results 30-Oct-17 Monday ITUB4 BS Equity 3Q17 Results 9-Nov-17 Thursday LIGT3 BS Equity 3Q17 Results
23-Oct-17 Monday OMAB MM Equity 3Q17 Results 30-Oct-17 Monday TRPL4 BS Equity 3Q17 Results 9-Nov-17 Thursday OIBR4 BS Equity 3Q17 Results
24-Oct-17 Tuesday LREN3 BS Equity 3Q17 Results 30-Oct-17 Monday ICA* MM Equity 3Q17 Results 9-Nov-17 Thursday SBSP3 BS Equity 3Q17 Results
24-Oct-17 Tuesday LALAB MM Equity 3Q17 Results 30-Oct-17 Monday EMBR3 BS Equity 3Q17 Results 10-Nov-17 Friday BBAS3 BS Equity 3Q17 Results
24-Oct-17 Tuesday GENTERA* MM Equity 3Q17 Results 30-Oct-17 Monday MULT3 BS Equity 3Q17 Results 10-Nov-17 Friday BVMF3 BS Equity 3Q17 Results
24-Oct-17 Tuesday GAPB MM Equity 3Q17 Results 30-Oct-17 Monday GFREGIO MM Equity 3Q17 Results 10-Nov-17 Friday PARC3 BS Equity 3Q17 Results
25-Oct-17 Wednesday CEMEXCPO MM Equity 3Q17 Results 31-Oct-17 Tuesday FIBR3 BS Equity 3Q17 Results 10-Nov-17 Friday ALUP11 BS Equity 3Q17 Results
25-Oct-17 Wednesday ODPV3 BS Equity 3Q17 Results 31-Oct-17 Tuesday TIMP3 BS Equity 3Q17 Results 10-Nov-17 Friday EVEN3 BS Equity 3Q17 Results
25-Oct-17 Wednesday NATU3 BS Equity 3Q17 Results 31-Oct-17 Tuesday PSSA3 BS Equity 3Q17 Results 10-Nov-17 Friday LAME3 BS Equity 3Q17 Results
25-Oct-17 Wednesday WEGE3 BS Equity 3Q17 Results 31-Oct-17 Tuesday ENBR3 BS Equity 3Q17 Results 10-Nov-17 Friday LAME4 BS Equity 3Q17 Results
25-Oct-17 Wednesday PINFRA* MM Equity 3Q17 Results 31-Oct-17 Tuesday SMLE3 BS Equity 3Q17 Results 10-Nov-17 Friday ESTC3 BS Equity 3Q17 Results
25-Oct-17 Wednesday LIVEPOLC MM Equity 3Q17 Results 31-Oct-17 Tuesday MDIA3 BS Equity 3Q17 Results 10-Nov-17 Friday BRAP4 BS Equity 3Q17 Results
25-Oct-17 Wednesday KOFL MM Equity 3Q17 Results 1-Nov-17 Wednesday ELPL4 BS Equity 3Q17 Results 10-Nov-17 Friday PBR US Equity 3Q17 Results
26-Oct-17 Thursday KLBN11 BS Equity 3Q17 Results 3-Nov-17 Friday CVCB3 BS Equity 3Q17 Results 10-Nov-17 Friday PETR4 BS Equity 3Q17 Results
26-Oct-17 Thursday BBDC4 BS Equity 3Q17 Results 3-Nov-17 Friday TOTS3 BS Equity 3Q17 Results 10-Nov-17 Friday KROT3 BS Equity 3Q17 Results
26-Oct-17 Thursday SUZB5 BS Equity 3Q17 Results 3-Nov-17 Friday MPLU3 BS Equity 3Q17 Results 10-Nov-17 Friday RAPT4 BS Equity 3Q17 Results
26-Oct-17 Thursday VOLARA MM Equity 3Q17 Results 3-Nov-17 Friday TIET11 BS Equity 3Q17 Results 10-Nov-17 Friday BTOW3 BS Equity 3Q17 Results
26-Oct-17 Thursday SULA11 BS Equity 3Q17 Results 3-Nov-17 Friday ALPA4 BS Equity 3Q17 Results 10-Nov-17 Friday CPFE3 BS Equity 3Q17 Results
26-Oct-17 Thursday VIVT4 BS Equity 3Q17 Results 3-Nov-17 Friday LLIS3 BS Equity 3Q17 Results 10-Nov-17 Friday VAGR3 BS Equity 3Q17 Results
26-Oct-17 Thursday VVAR11 BS Equity 3Q17 Results 6-Nov-17 Monday BBSE3 BS Equity 3Q17 Results 10-Nov-17 Friday CESP6 BS Equity 3Q17 Results
26-Oct-17 Thursday EGIE3 BS Equity 3Q17 Results 7-Nov-17 Tuesday LINX3 BS Equity 3Q17 Results 13-Nov-17 Monday CSAN3 BS Equity 3Q17 Results
26-Oct-17 Thursday HGTX3 BS Equity 3Q17 Results 7-Nov-17 Tuesday ITSA4 BS Equity 3Q17 Results 13-Nov-17 Monday MYPK3 BS Equity 3Q17 Results
26-Oct-17 Thursday PCAR4 BS Equity 3Q17 Results 7-Nov-17 Tuesday GUAR3 BS Equity 3Q17 Results 13-Nov-17 Monday JBSS3 BS Equity 3Q17 Results
26-Oct-17 Thursday VALE5 BS Equity 3Q17 Results 7-Nov-17 Tuesday POMO4 BS Equity 3Q17 Results 13-Nov-17 Monday ELET6 BS Equity 3Q17 Results
26-Oct-17 Thursday ABEV3 BS Equity 3Q17 Results 7-Nov-17 Tuesday CGAS5 BS Equity 3Q17 Results 13-Nov-17 Monday QUAL3 BS Equity 3Q17 Results
26-Oct-17 Thursday LABB MM Equity 3Q17 Results 8-Nov-17 Wednesday BBTG11 BS Equity 3Q17 Results 14-Nov-17 Tuesday CSMG3 BS Equity 3Q17 Results
26-Oct-17 Thursday MEXCHEM* MM Equity 3Q17 Results 8-Nov-17 Wednesday GOLL4 BS Equity 3Q17 Results 14-Nov-17 Tuesday EQTL3 BS Equity 3Q17 Results
26-Oct-17 Thursday SANB11 BS Equity 3Q17 Results 8-Nov-17 Wednesday BEEF3 BS Equity 3Q17 Results 14-Nov-17 Tuesday LEVE3 BS Equity 3Q17 Results
27-Oct-17 Friday AMXL MM Equity 3Q17 Results 8-Nov-17 Wednesday TAEE11 BS Equity 3Q17 Results 14-Nov-17 Tuesday BRML3 BS Equity 3Q17 Results
27-Oct-17 Friday DTEX3 BS Equity 3Q17 Results 8-Nov-17 Wednesday ANIM3 BS Equity 3Q17 Results 14-Nov-17 Tuesday MRVE3 BS Equity 3Q17 Results
27-Oct-17 Friday BRFS3 BS Equity 3Q17 Results 8-Nov-17 Wednesday ALSC3 BS Equity 3Q17 Results 14-Nov-17 Tuesday TUPY3 BS Equity 3Q17 Results
27-Oct-17 Friday ALSEA* MM Equity 3Q17 Results 9-Nov-17 Thursday BRSR6 BS Equity 3Q17 Results 14-Nov-17 Tuesday CSNA3 BS Equity 3Q17 Results
27-Oct-17 Friday RADL3 BS Equity 3Q17 Results 9-Nov-17 Thursday BRPR3 BS Equity 3Q17 Results 14-Nov-17 Tuesday BBRK3 BS Equity 3Q17 Results
27-Oct-17 Friday HYPE3 BS Equity 3Q17 Results 9-Nov-17 Thursday GGBR4 BS Equity 3Q17 Results 18-Nov-17 Saturday SMTO3 BS Equity 3Q17 Results
Source: BM&FBOVESPA, Credit Suisse Research

Selected Economic Indicators

Selected Economic Indicators
2013 2014 2015 2016E 2017E 2018E

Brazil
Nominal GDP (US$bn) 2468 2455 1798 1799 2095 2365
Real GDP growth (%) 3.0 0.5 -3.8 -3.6 0.5 2.5
IPCA Inflation (% 12M) 5.9 6.4 10.7 6.3 3.0 4.5
Exchange rate (BRL per USD, end-year) 2.34 2.66 3.90 3.26 3.00 3.00
Exchange rate (BRL per USD, average) 2.16 2.35 3.33 3.49 3.14 3.00
Mexico
Nominal GDP (US$bn) 1262 1297 1150 1045 1142 1295
Real GDP growth (%) 1.4 2.3 2.6 2.3 2.3 2.4
CPI Inflation (% 12M) 4.0 4.1 2.1 3.4 6.5 3.7
Exchange rate (MXN per USD, end-year) 13.09 14.75 17.21 20.64 17.25 17.50
Exchange rate (MXN per USD, average) 12.77 13.31 15.87 18.69 18.56 17.40
Chile
Nominal GDP (US$bn) 278 261 242 247 269 299
Real GDP growth (%) 4.0 1.9 2.3 1.6 1.3 2.4
CPI Inflation (% 12M) 3.0 4.6 4.4 2.7 2.3 3.1
Exchange rate (CLP per USD, end-year) 525 606 710 670 620 610
Exchange rate (CLP per USD, average) 495 571 655 676 647 615
Colombia
Nominal GDP (US$bn) 380 379 292 282 312 333
Real GDP growth (%) 4.9 4.4 3.1 2.0 1.7 2.8
CPI Inflation (% 12M) 1.9 3.7 6.8 5.7 4.3 3.4
Exchange rate (COP per USD, end-year) 1927 2392 3149 3001 2850 2800
Exchange rate (COP per USD, average) 1869 2001 2742 3055 2926 2825
Peru
Nominal GDP (US$bn) 202 203 192 196 215 233
Real GDP growth (%) 5.9 2.4 3.3 4.0 2.6 4.2
CPI Inflation (% 12M) 2.9 3.2 4.4 3.2 2.6 2.5
Exchange rate (PEN per USD, end-year) 2.79 2.96 3.39 3.40 3.22 3.19
Exchange rate (PEN per USD, average) 2.70 2.84 3.19 3.38 3.26 3.20
Argentina
Nominal GDP (US$bn) 611 563 633 541 627 674
Real GDP growth (%) 2.4 -2.5 2.6 -2.3 2.8 3.1
CPI Inflation (% 12M) 10.9 23.9 20.6 36.2 21.5 15.5
Exchange rate (ARS per USD, end-year) 6.52 8.47 12.93 15.88 18.25 20.52
Exchange rate (ARS per USD, average) 5.48 8.14 9.25 14.87 16.68 19.23
For further information on LatAm economics and daily reports please refer to Research and Analytics at Credit Suisse web site. Sources: Brazil: IBGE, IPEA, Central Bank, Trade Ministry, Credit Suisse Mexico: Ministry of Economy, INEGI, Banco de
Mexico, Credit Suisse Argentina: Central Bank, INDEC, Ministry of Economy, Credit Suisse Chile: Central Bank, Credit Suisse Venezuela: INE, Ministry of Finance, SENIAT, IFS, Bloomberg,
Credit Suisse

Commodities Performance
Commodities Performance
Price Change %
Close (US$) 1y Fwd estimate 1y estimate source
1w 30d 360d YTD
Base Metals, Mining*
Aluminium US$ / t 2,137 1,750 CS Estimate 3.9 2.4 31.3 25.4
Copper US$ / t 6,416 4,850 CS Estimate -0.7 -2.0 32.7 16.2
Nickel US$ / t 10,342 11,575 CS Estimate -6.1 -9.0 -2.6 3.8
Zinc US$ / t 3,077 2,600 CS Estimate 1.1 -1.1 34.7 20.3
Silver US$ / troy oz. 17 19 CS Estimate 0.2 0.3 -13.2 7.5
Gold US$ / troy oz. 1,310 1,375 CS Estimate 0.2 1.5 -2.1 14.2
Iron Ore 62%Fe C&F China US$ / dmt 63 55 CS Estimate -9.5 -19.6 11.0 -20.1
Oil US$ / bbl
WTI 52.2 52 CS Estimate 4.6 9.1 17.4 -2.8
Brent 59.2 54 CS Estimate 6.7 12.9 28.9 4.1
Agriculturals
Sugar USc / lb 14.4 15.1 Bloomberg SBV8 Comdty -3.8 2.3 -36.8 -26.4
Soybeans USc / bushel 971.3 997.0 Bloomberg S U8 Comdty 0.4 2.8 1.7 -3.3
Cotton USc / lb 69.5 67.9 Bloomberg CTV8 Comdty -0.1 1.9 -0.9 -1.7
Corn USc / bushel 353.8 388.3 Bloomberg C U8 Comdty 0.6 0.1 5.1 0.5
Wheat USc / bushel 454.0 511.8 Bloomberg W U8 Comdty 2.4 4.3 12.2 11.3
Pulp US$ / m ton**
Softwood Pulp 905.0 860.0 CS Estimate 0.1 1.6 11.8 11.9
Hardwood Pulp 885.2 800.0 CS Estimate 0.3 0.7 33.7 35.7
Commodities Index
CSBG Commodity Index 369.2 n.a. n.a. 2.0 5.8 7.0 -1.0
*Base metals prices are 3 month forward, Gold and Iron Ore are spot.
**For the year ending in 2017
Sources: Bloomberg and CS Estimates

Top Picks
Top Picks
Last Target Mkt Cap 17E 18E 17E 18E

Company Ticker Rating Currency Upside
Close Price (USD mn) P/E EV / EBITDA*
Smiles SMLE3.SA OUTPERFORM BRL 80.40 75.00 n.a. 3,187 12.5x 17.2x 13.4x 13.1x
Kroton KROT3.SA OUTPERFORM BRL 19.28 16.00 n.a. 10,101 14.3x 13.1x 12.6x 11.9x
Vesta, S.AB. De C.V VESTA.MX OUTPERFORM MXN 25.49 32.00 26% 869 13.3x 12.9x 10.8x 11.2x
Sabesp SBSP3.SA OUTPERFORM BRL 34.23 42.00 23% 7,489 11.4x 8.7x 6.5x 5.7x
Grupo Aeroportuario del Centro Norte OMAB.MX OUTPERFORM MXN 103.17 125.00 21% 2,335 17.6x 15.5x 10.0x 8.7x
Coca-Cola Femsa KOFL.MX OUTPERFORM MXN 138.14 160.00 16% 16,344 19.1x 17.5x 8.4x 7.5x
Megacable Holdings, S.A.B. De C.V. MEGACPO.MX OUTPERFORM MXN 75.00 86.00 15% 3,632 17.2x 16.6x 9.2x 8.1x
Qualicorp QUAL3.SA OUTPERFORM BRL 37.52 42.00 12% 3,463 26.0x 18.9x 11.1x 9.6x
Alupar ALUP11.SA OUTPERFORM BRL 19.07 20.00 5% 1,789 9.2x 6.3x 6.1x 5.9x
Sources: Company Data, Credit Suisse Estimates
* For Financials companies, P/BV

Key Latin America Equity Research Reports

Key Latin America Equity Research Reports
20-Sep-17 Brazil Economics Digest: Sharp deflation in food led to greatest decline in IPCA inflation since 2003
18-Sep-17 Santander Mexico (SANMEXB, N, TP P$39/share) - Turnaround continues; downgrading to Neutral on valuation grounds
18-Sep-17 Grupo Financiero Banorte (GFNORTEO, O, TP P$151/share): Still the best micro story among Latam
13-Sep-17 Vale: Respecting the Cyclicality of Commodities
11-Sep-17 Natura (NATU3) Now Let the Hard Work Begin
11-Sep-17 ABEV3 (BRL 23.5; O) - Back to Happy Hour - Upgrade to OUTPERFORM
10-Sep-17 Brazil Economics Digest: Prolonged fiscal imbalance to reduce GDP growth in medium term
7-Sep-17 Brazil Equity Strategy: Privatization back on the agenda; implications for equities
6-Sep-17 Brazil Economics Digest: Election calendar of 2018 affects discussions about political scenario
6-Sep-17 Brazil Steel Time to Take Profit: Respecting Valuation Steel Sector Market Weight
3-Sep-17 Brazil Economics Digest: Fiscal deterioration could weaken Brazil's domestic fundamentals
30-Aug-17 Brazil Economics Digest: More than 90% of current deputies would have been elected under SNTV system in 2014
28-Aug-17 Latam Cement & Chemicals: Hurricane Harvey to affect Cement and Chemicals, but early to quantify

Stock Guide (Brazil)

All values in BRL unless otherwise stated
Stock Guide
Brazil
Volume 17E YTD 17E 18E 17E 18E 17E 18E 17E 18E
Last Target Upside Mkt Cap 17E 17E
Company Ticker Rating (avg 30d) Net Debt Price
Close Price (%) (USD mn) P/B P/E EV / EBITDA EPS Div. Yield ROE
(USD mn) (USD mn) Perform.
Ibovespa 801,407 23.6% 1.7x 14.8x 13.2x 8.2x 7.6x 2.9% 3.3% 16.5%
AGRIBUSINESS -8.5% 21.3 5.9% 0.8x 16.3x 12.5x 6.1x 4.4x 3.3% 1.0% 8.6%
Biosev BSEV3 O 5.52 12.00 117.4% 0.1 388 5,971 -25.8% n.a n.a 9.1x 3.7x 3.4x -0.30 0.61 1.4% 3.5% 13.2%
Cosan CSAN3 N 37.80 27.00 -28.6% 13.9 4,935 6,442 1.5% 0.3x 19.4x 18.0x 6.5x 6.1x 1.95 2.10 3.2% 0.5% 4.4%
So Martinho SMTO3 O 18.20 20.00 9.9% 4.9 2,105 2,362 -5.2% 2.2x 12.0x n.a 5.4x n.a 1.52 n.a 4.2% n.a 18.4%
SLC Agrcola SLCE3 O 25.51 27.00 5.8% 2.4 808 n.a. 77.3% 1.1x 16.8x 13.5x 7.1x 6.0x 1.52 1.88 2.8% 5.3% 6.5%
CAPITAL GOODS -6.7% 30.1 44.0% 3.8x 23.4x 20.7x 16.8x 14.5x 2.0% 2.4% 15.1%
Aerospace
Embraer* ERJ N 22.74 35.00 53.9% 29.2 4,150 (288) 18.1% 0.9x 8.0x 6.4x 4.0x 3.4x 2.85 3.58 3.1% 3.9% 10.9%
Industrials -24.2% 30.4 51.5% 4.6x 27.9x 24.8x 20.5x 17.8x 1.7% 1.9% 16.2%
Iochpe-Maxion MYPK3 O 22.20 16.71 -24.8% 5.6 985 851 94.4% 1.1x 16.8x 10.7x 7.4x 6.5x 1.32 2.08 1.5% 2.3% 6.5%
Marcopolo POMO4 U 4.61 1.70 -63.2% 7.0 1,260 185 68.2% 2.1x 31.6x 23.3x 21.7x 15.4x 0.15 0.20 1.2% 1.7% 6.8%
Randon RAPT4 N 7.05 3.40 -51.8% 3.4 735 294 104.3% 1.8x 19.3x 15.6x 9.4x 8.0x 0.36 0.45 2.1% 2.6% 9.5%
WEG WEGE3 N 21.96 18.00 -18.0% 14.5 11,347 (217) 42.4% 5.4x 29.0x 26.8x 22.2x 19.6x 0.76 0.82 1.7% 1.9% 18.6%
CONSTRUCTION -0.2% 40.8 46.1% 1.0x 19.2x 10.6x 15.6x 11.3x 3.3% 8.8% 4.5%
Cyrela CYRE3 N 14.57 13.50 -7.3% 10.8 1,864 1,262 42.8% 0.9x 40.3x 13.8x 17.1x 11.5x 0.36 1.06 1.2% 7.3% 2.3%
Direcional Engenharia DIRR3 N 5.90 6.50 10.2% 1.7 290 254 29.4% 0.6x n.a 16.1x n.a 12.3x -0.49 0.37 4.4% 18.7% -4.6%
Even EVEN3 N 5.88 5.40 -8.2% 2.0 423 1,225 58.9% 0.6x n.a 12.6x 26.0x 11.7x -0.09 0.47 0.0% 2.0% -1.0%
Eztec EZTC3 N 24.00 21.00 -12.5% 4.5 1,267 -617 60.3% 1.5x 23.3x 13.0x 32.7x 14.4x 1.03 1.85 6.4% 15.4% 6.5%
Gafisa GFSA3 U 13.21 11.00 -16.7% 2.1 119 1,228 -22.6% 0.2x n.a n.a n.a 20.1x -7.41 -2.72 0.0% 0.0% -13.8%
MRV MRVE3 N 14.18 16.00 12.8% 12.5 2,016 323 32.4% 1.2x 10.3x 8.5x 8.5x 6.9x 1.38 1.67 4.9% 8.8% 11.4%
Tecnisa TCSA3 U 2.54 2.98 17.3% 1.8 269 614 18.4% 0.5x n.a n.a n.a 34.0x -0.55 -0.14 0.0% 0.0% -10.2%
Tenda TEND3 N 16.11 18.00 11.7% 2.5 278 (91) n.a. 0.8x 10.3x 6.6x 6.7x 5.1x 1.56 2.44 0.0% 0.0% 7.4%
EDUCATION -26.5% 112.9 58.2% 2.3x 15.6x 14.0x 13.1x 12.5x 2.9% 5.8% 14.6%
Anima ANIM3 N 21.95 12.00 -45.3% 1.2 569 (20) 61.5% 2.2x 13.9x 12.8x 10.4x 10.0x 1.57 1.71 2.0% 3.6% 15.6%
Estcio ESTC3 N 30.40 14.00 -53.9% 42.2 3,093 (238) 94.2% 3.0x 20.2x 17.0x 14.9x 14.0x 1.51 1.79 2.4% 3.7% 14.6%
Kroton KROT3 O 19.28 16.00 -17.0% 50.9 10,101 (2,196) 47.0% 2.1x 14.3x 13.1x 12.8x 12.2x 1.34 1.47 3.2% 6.6% 14.6%
*Values in USD


Ibovespa 801,407 23.6% 1.7x 14.8x 13.2x 8.2x 7.6x 2.9% 3.3% 16.5%
ELECTRIC & OTHER UTILITIES 2.7% 33.7 11.7% 1.8x 10.4x 8.1x 5.5x 5.0x 2.5% 3.2% 12.8%
Distributors -5.6% 39.1 17.4% 2.9x 16.1x 12.4x 9.6x 8.1x 1.8% 2.4% 13.8%
AES Eletropaulo ELPL4 U 13.80 10.00 -27.5% 13.9 787 1,944 23.5% 1.2x n.a n.a 9.1x 7.2x -0.82 0.12 0.0% 0.0% -7.0%
Equatorial EQTL3 O 62.05 62.00 -0.1% 18.9 3,947 873 15.1% 3.5x 20.9x 17.0x 11.1x 9.5x 2.96 3.66 2.0% 2.4% 16.9%
Light LIGT3 N 20.90 19.00 -9.1% 6.2 1,364 1,654 20.4% 1.9x 11.2x 6.5x 5.3x 4.5x 1.86 3.21 2.2% 3.8% 17.1%
Generators 0.5% 32.1 7.7% 3.1x 17.4x 13.3x 7.9x 7.4x 4.2% 5.2% 22.4%
AES Tiet TIET11 U 14.47 14.00 -3.2% 6.0 1,766 739 5.8% 3.5x 9.7x 8.0x 6.6x 5.3x 1.49 1.81 7.5% 9.7% 36.4%
CESP CESP6 N 14.74 20.00 35.7% 13.6 1,501 -87 12.9% 0.8x 39.7x 13.9x 11.1x 9.1x 0.37 1.06 2.4% 6.8% 2.0%
Engie Brasil EGIE3 U 36.05 34.00 -5.7% 12.5 7,532 541 7.1% 3.4x 14.7x 14.4x 7.5x 7.5x 2.45 2.50 3.7% 3.8% 23.2%
Integrated -1.5% 46.5 10.6% 0.5x 4.8x 3.9x 2.9x 2.7x 2.1% 2.6% 4.3%
Alupar ALUP11 O 19.07 20.00 4.9% 4.1 1,789 786 14.5% 1.4x 9.2x 6.3x 6.2x 5.9x 2.07 3.01 4.5% 6.6% 15.2%
Copel CPLE6 N 29.25 26.00 -11.1% 3.8 2,563 2,229 10.0% 0.5x 8.2x 7.6x 6.2x 5.9x 3.55 3.84 6.4% 6.4% 6.4%
Energias do Brasil ENBR3 N 15.27 15.00 -1.8% 6.6 2,966 1,494 14.0% 1.2x 13.3x 10.9x 6.6x 6.2x 1.15 1.39 3.4% 4.8% 8.8%
Transmission
TAESA TAEE11 U 22.43 21.00 -6.4% 9.2 2,473 833 12.0% 1.9x 6.3x 7.5x 6.8x 7.9x 3.58 2.99 7.7% 7.5% 29.8%
CTEEP TRPL4 N 70.70 77.00 8.9% 6.0 2,268 167 10.3% 2.1x 12.6x 6.9x 5.9x 3.4x 5.60 10.25 2.8% 7.0% 16.6%
Water
Sabesp SBSP3 O 34.23 42.00 22.7% 15.0 7,489 3,097 18.9% 2.3x 11.4x 8.7x 6.4x 5.7x 3.01 3.92 2.5% 3.2% 20.6%
FINANCIALS - BANKS 2.9% 410.2 27.6% 1.9x 10.9x 10.8x P/B 16 P/B 17 4.1% 4.2% 18.0%
Banco do Brasil BBAS3 O 35.30 37.00 4.8% 90.6 32,375 n.a 25.7% 1.2x 8.6x 8.0x 1.2x 1.1x 4.10 4.43 3.3% 3.5% 15.3%
Banrisul BRSR6 N 16.94 16.50 -2.6% 3.7 2,358 n.a 64.1% 1.0x 7.8x 6.7x 1.0x 0.9x 2.17 2.54 5.2% 6.0% 13.3%
Bradesco BBDC4 O 36.02 38.00 5.5% 109.2 68,758 n.a 36.6% 1.9x 11.2x 10.5x 1.9x 1.7x 3.21 3.44 3.1% 3.2% 18.2%
Ita Unibanco ITUB4 N 43.53 43.00 -1.2% 124.0 88,821 n.a 29.0% 2.3x 12.1x 12.6x 2.3x 2.1x 3.60 3.45 4.0% 3.7% 19.6%
Itasa ITSA4 N 11.13 10.90 -2.1% 64.6 32,176 n.a 35.9% 1.5x 9.4x 9.9x 1.5x 1.4x 1.18 1.13 3.7% 3.6% 17.3%
Santander SANB11 O 28.71 32.00 11.5% 18.1 34,750 n.a -2.1% 1.8x 10.8x 10.5x 1.8x 1.8x 2.65 2.74 7.5% 8.6% 17.2%
FINANCIALS - NON BANKS 5,361
Exchanges
B3 BVMF3 O 24.99 24.00 -4.0% 70.1 16,470 51.5% 2.1x 27.4x 22.1x 17.6x 15.7x 0.91 1.13 1.1% 2.5% 7.7%
Insurers -1.2% 47.4 15.5% 5.1x 13.6x 13.9x P/B 16 P/B 17 4.7% 5.0% 36.9%
BB Seguridade BBSE3 N 28.75 30.00 4.3% 34.4 18,404 n.a 7.3% 6.3x 13.9x 14.3x 6.3x 5.8x 2.07 2.01 5.7% 5.6% 45.7%
Porto Seguro PSSA3 N 39.00 33.00 -15.4% 7.5 4,036 n.a 45.0% 1.7x 13.4x 13.0x 1.7x 1.6x 2.91 3.00 2.5% 3.7% 12.5%
SulAmerica SULA11 U 19.75 16.00 -19.0% 5.5 2,492 n.a 28.3% 1.4x 12.3x 12.5x 1.4x 1.3x 1.60 1.58 1.0% 2.2% 11.0%
Payment Processors
Cielo CIEL3 N 21.40 25.00 16.8% 48.4 18,609 1,900 -5.7% 5.0x 13.7x 12.5x 8.7x 8.7x 1.56 1.71 4.1% 4.5% 36.7%


Ibovespa 801,407 23.6% 1.7x 14.8x 13.2x 8.2x 7.6x 2.9% 3.3% 16.5%
FOOD & BEVERAGES 6.3% 175.6 28.8% 6.9x 26.2x 23.5x 16.2x 13.5x 3.1% 4.1% 22.5%
AmBev ABEV3 O 21.52 23.50 9.2% 88.3 108,262 (2,397) 32.6% 7.4x 29.2x 23.4x 16.4x 13.9x 0.74 0.92 3.5% 4.3% 25.2%
Brasil Foods BRFS3 U 47.08 37.00 -21.4% 41.0 12,243 3,499 -2.4% 3.2x n.a 25.0x 15.7x 10.5x -0.34 1.88 0.0% 2.4% -2.3%
Minerva BEEF3 O 11.42 15.00 31.3% 6.2 840 1,374 -3.8% 4.6x 13.4x 8.7x 6.3x 5.1x 0.85 1.31 1.8% 5.7% 34.4%
HEALTHCARE 5.9% 70.5 0.7% 7.0x 29.6x 24.3x 16.5x 14.4x 1.0% 0.8% 22.9%
Qualicorp QUAL3 O 37.52 42.00 11.9% 26.7 3,463 (92) 99.3% 4.7x 26.0x 18.9x 11.3x 9.9x 1.44 1.99 0.0% 0.0% 18.0%
Fleury FLRY3 O 29.82 37.00 24.1% 37.6 3,005 152 68.6% 5.8x 27.7x 22.9x 15.3x 12.6x 1.08 1.30 1.3% 0.0% 20.8%
Odontoprev ODPV3 N 15.53 12.00 -22.7% 6.3 2,640 (148) 25.9% 11.6x 36.3x 33.0x 24.9x 22.3x 0.43 0.47 2.0% 2.6% 32.0%
METALS & MINING -0.9% 313.4 31.3% 1.1x 6.9x 12.5x 5.5x 6.7x 6.8% 3.9% 16.5%
Mining -3.2% 348.2 30.2% 1.2x 6.2x 11.0x 5.1x 6.8x 7.9% 4.5% 19.1%
Bradespar BRAP4 BZ O 24.20 23.30 -3.7% 19.0 2,709 237 66.1% 1.0x 8.0x 11.0x n.a n.a 3.03 2.20 3.1% 2.3% 12.1%
VALE* VALE N 9.82 9.50 -3.2% 329.2 69,146 18,029 28.8% 1.2x 6.1x 11.0x 5.3x 7.0x 1.61 0.89 8.1% 4.5% 19.3%
Steel 11.0% 137.4 36.8% 1.0x 10.3x 20.1x 7.1x 6.7x 0.8% 1.2% 3.4%
CSN CSNA3 N 9.72 10.50 8.0% 30.1 4,154 n.a -10.4% 1.6x 19.7x 31.7x 6.0x 6.9x 0.49 0.31 1.3% 0.8% 7.9%
Gerdau GGBR4 N 11.31 14.00 23.8% 46.3 5,907 4,082 4.9% 0.8x n.a 16.7x 7.1x 5.8x -0.07 0.68 0.5% 1.8% -0.5%
Usiminas USIM5 N 9.40 9.00 -4.3% 61.0 4,165 1,332 129.3% 0.7x 15.6x 13.4x 8.2x 7.8x 0.60 0.70 0.7% 0.7% 4.3%
OIL, GAS & PETROCHEMICALS 14.3% 120.2 4.1% 1.3x 14.6x 8.5x 5.8x 4.6x 0.95 1.61 1.8% 3.1% 6.5%
Petrobras* PBR O 10.34 12.40 20.0% 160.7 66,592 87,326 2.2% 0.8x 14.8x 6.5x 5.5x 4.2x 0.70 1.60 2.1% 3.9% 5.3%
Ultrapar UGPA3 N 78.17 78.00 -0.2% 30.8 13,921 2,125 16.7% 4.7x 26.3x 25.3x 12.1x 10.5x 2.97 3.09 2.2% 2.3% 17.9%
PULP & PAPER -2.7% 52.6 26.2% 2.1x 7.5x 11.9x 9.3x 7.8x 0.6% 2.0% 4.5%
Fibria FIBR3 O 41.11 40.00 -2.7% 20.2 7,289 4,189 31.1% 1.6x n.a n.a 9.1x 6.5x 0.66 3.09 0.3% 2.3% 2.6%
Klabin KLBN11 N 19.28 19.00 -1.5% 11.0 5,842 3,555 10.7% 2.9x n.a 23.0x 11.5x 10.1x 0.17 0.84 0.9% 2.2% 2.5%
Suzano SUZB5 O 18.72 18.00 -3.8% 21.4 6,637 2,975 34.3% 1.9x 22.4x 15.3x 7.6x 7.2x 0.84 1.22 0.6% 1.6% 8.5%
REAL ESTATE** -7.9% 59.1 37.1% 1.6x 32.0x 24.0x 17.7x 15.1x 1.4% 3.2% 5.2%
Aliansce ALSC3 N 18.73 16.00 -14.6% 3.9 1,215 347 29.6% 1.4x 25.7x 23.7x 13.5x 11.8x 0.73 0.79 2.1% 5.0% 5.4%
BR Malls BRML3 N 14.50 13.50 -6.9% 21.1 4,049 775 40.1% 1.0x 26.2x 19.9x 17.0x 15.2x 0.55 0.73 1.5% 3.5% 3.7%
BR Properties BRPR3 N 11.50 11.50 0.0% 2.7 1,499 684 53.6% 0.8x 40.4x 22.2x 22.5x 14.9x 0.28 0.52 0.6% 1.1% 3.6%
Multiplan MULT3 N 74.95 69.00 -7.9% 18.9 4,768 470 26.9% 2.5x 37.1x 29.0x 18.5x 16.3x 2.02 2.58 1.4% 2.8% 7.3%
Sonae Sierra SSBR3 N 28.46 23.00 -19.2% 1.0 696 156 67.8% 0.8x 23.0x 18.5x 14.2x 13.1x 1.24 1.54 2.2% 4.9% 3.6%
*Values in USD ** P/E for Properties is P/FFO


Volume 17E YTD 17E 18E 17E 18E 17E 18E 17E 18E 17E
Last Target Upside Mkt Cap 17E
Company Ticker Rating (avg 30d) Net Debt Price ROE
Close Price (%) (USD mn) P/B P/E EV / EBITDA EPS Div. Yield
Ibovespa 801,407 23.6% 1.7x 14.8x 13.2x 8.2x 7.6x 2.9% 3.3% 16.5%
RETAILING -12.0% 24.7 50.8% 5.5x 22.0x 25.7x 14.1x 11.9x 0.8% 1.5% 15.5%
Food & Apparel -12.9% 24.5 48.3% 5.6x 21.8x 26.2x 14.3x 12.0x 0.8% 1.5% 15.1%
Arezzo ARZZ3 O 51.06 31.00 -39.3% 9.1 1,467 (56) 107.8% 5.9x 33.4x 27.0x 21.7x 19.0x 1.53 1.89 1.1% 1.2% 17.7%
B2W BTOW3 N 20.73 14.00 -32.5% 9.7 3,002 486 108.1% 1.8x n.a n.a 15.8x 11.3x -1.08 -0.29 0.0% 0.0% -9.5%
G. Po de Acar PCAR4 N 78.09 70.00 -10.4% 25.6 6,880 560 42.6% 2.3x 28.5x 19.4x 9.2x 7.8x 2.74 4.03 0.7% 1.1% 7.9%
Hering HGTX3 N 29.39 23.00 -21.7% 11.1 1,522 (94) 101.6% 11.0x 19.3x 16.5x 18.2x 15.9x 1.53 1.78 2.5% 2.6% 57.2%
Hypermarcas HYPE3 O 33.05 31.52 -4.6% 24.8 6,688 (577) 34.9% 2.3x 21.2x 17.8x 15.8x 13.9x 1.56 1.86 1.6% 3.7% 11.1%
Lojas Americanas LAME4 O 19.53 18.00 -7.8% 29.4 8,351 575 14.9% 6.6x n.a 36.9x 9.2x 7.6x 0.25 0.53 0.0% 0.0% 8.5%
Lojas Renner LREN3 O 34.61 31.00 -10.4% 38.2 7,898 236 64.8% 7.1x 31.2x 25.6x 17.7x 15.3x 1.11 1.35 1.1% 2.2% 22.9%
Natura NATU3 U 32.01 26.00 -18.8% 19.2 4,418 514 39.6% 9.7x 28.0x 24.8x 11.4x 9.8x 1.14 1.29 1.0% 2.1% 34.6%
Raia Drogasil RADL3 O 74.65 80.00 7.2% 21.1 7,650 57 22.0% 7.8x 42.4x 35.6x 20.7x 17.0x 1.76 2.10 1.0% 1.2% 18.3%
Via Varejo VVAR11 N 21.93 8.00 -63.5% 17.1 3,021 (608) 104.0% 2.2x n.a 40.9x 8.3x 7.6x 0.30 0.54 0.0% 0.3% 3.0%
Car Rental & Logistics -2.6% 27.3 76.4% 4.8x 23.4x 20.6x 12.1x 10.6x 1.1% 1.6% 20.1%
Localiza RENT3 N 60.99 56.00 -8.2% 26.9 4,257 951 87.1% 5.2x 24.7x 22.6x 13.2x 11.6x 2.47 2.70 1.3% 1.6% 21.0%
Julio Simes Logistica JSLG3 N 9.80 13.00 32.7% 0.4 678 1,456 9.1% 2.1x 15.0x 7.9x 5.1x 4.5x 0.65 1.25 0.0% 1.3% 14.3%
TECHNOLOGY, MEDIA AND TELECOMMUNICATIONS 9.7% 33.7 28.5% 1.5x 19.8x 15.8x 6.8x 6.2x 4.2% 5.2% 7.0%
Call Centers 1.7% 0.5 54.8% 1.9x 22.5x 17.9x 5.6x 5.4x 0.0% 3.9% 8.6%
Atento* ATTO N 11.80 12.00 1.7% 0.4 870 341 55.3% 2.0x 22.7x 18.1x 5.6x 5.4x 0.52 0.65 0.0% 4.0% 8.7%
Technology 5.5% 6.9 26.2% 3.5x 25.5x 22.5x 18.1x 15.7x 2.2% 2.3% 12.5%
Linx** LINX3 O 21.00 20.00 -4.8% 3.7 1,117 (141) 15.3% 3.0x 25.9x 24.0x 21.7x 18.9x 0.59 0.67 1.7% 1.8% 8.3%
Totvs** TOTS3 BZ N 32.03 36.00 12.4% 3.3 1,676 139 33.4% 3.8x 25.2x 21.4x 15.7x 13.6x 1.27 1.49 2.5% 2.6% 15.3%
Telecom 10.2% 36.4 28.1% 1.3x 19.3x 15.3x 6.0x 5.5x 4.4% 5.5% 6.5%
Oi SA OIBR4 N 3.61 2.30 -36.3% 2.4 693 12,311 60.4% 0.3x n.a n.a 6.5x 6.2x -2.95 -2.79 0.0% 0.0% -21.0%
Telefnica Brasil VIVT4 O 51.30 58.00 13.1% 22.7 27,594 998 19.0% 1.3x 17.6x 14.5x 6.1x 5.6x 2.92 3.54 5.4% 6.6% 7.3%
TIM Participaes TIMP3 N 11.90 12.50 5.0% 11.3 9,221 920 52.8% 1.6x 25.9x 18.9x 5.6x 5.2x 0.46 0.63 1.7% 2.7% 6.2%
TRANSPORTATION -14.9% 35.0 93.8% 12.4x 10.6x 13.1x 9.2x 11.2x 4.5% 5.1% 89.6%
Airlines
Gol GOLL4 BZ N 13.74 8.50 -38.1% 9.9 1,519 12,091 197.4% n.a n.a n.a 12.7x 11.6x -0.99 -0.60 0.0% 0.0% 8.4%
Services -8.2% 25.0 63.9% 15.9x 13.6x 16.9x 11.8x 14.5x 5.8% 6.6% 113.0%
Multiplus MPLU3 U 40.16 36.00 -10.4% 3.8 2,086 (320) 25.5% 25.4x 15.3x 16.4x 9.5x 16.3x 2.63 2.45 6.5% 6.1% 166.1%
Smiles SMLE3 O 80.40 75.00 -6.7% 21.2 3,187 (124) 89.1% 9.8x 12.5x 17.2x 13.3x 13.3x 6.44 4.67 5.3% 6.9% 78.2%
Toll Roads
CCR CCRO3 O 18.12 19.00 4.9% 27.0 11,715 5,051 14.8% 8.2x 27.4x 19.5x 9.0x 7.5x 0.66 0.93 3.7% 5.1% 29.8%
*Values in USD
** P/E adjusted

Stock Guide (Mexico)

All values in USD unless otherwise stated
Mexico
Upside Volume 17E YTD 17E 18E 17E 18E 17E 18E 17E 18E
Last Target Mkt Cap 17E 17E
Company Ticker Rating (%) avg 30d Net Debt Price
Close Price (USD mn) P/B P/E EV / EBITDA EPS Div. Yield ROE
Mexbol (USD unless otherwise stated) 399,986 10.4% 3.6x 20.2x 17.9x 8.9x 7.5x 2.1% 1.6% 16.9%
CAPITAL GOODS
ALFA* ALFAA MM O 24.35 42.00 72.5% 9.4 6,976 4,257 -5.3% 1.5x 10.1x 8.6x 4.8x 4.1x 0.14 0.16 3.1% 3.7% 15.1%
CEMENT & CONSTRUCTION 18.2% 73.2 20.0% 1.6x 28.0x 20.7x 8.5x 8.0x 0.36 0.49 0.0% 0.0% 6.3%
CEMEX CX O 9.19 10.90 18.7% 73 13,597 9,832 19.0% 1.5x 25.8x 19.0x 8.5x 8.0x 0.36 0.48 0.0% 0.0% 5.7%
Elementia* ELEMENT.MX O 24.10 23.00 -4.6% 0.2 1,483 277 9.7% 1.2x 20.2x 15.6x n.a n.a 0.07 0.09 0.0% 0.0% 5.9%
FINANCIAL - BANKS 19.2% 20.7 25.4% 2.9x 18.6x 16.4x P/B 16 P/B 17 0.37 0.43 4.4% 3.9% 22.1%
Banorte* GFNORTEO* MM O 126.13 151.00 19.7% 29.7 19,705 n.a 27.2% 2.4x 14.8x 12.4x 2.4x 2.1x 0.46 0.55 4.2% 2.7% 16.4%
Gentera* GENTERA* MM O 28.70 37.00 28.9% 5.3 2,626 n.a -12.9% 2.5x 11.9x 10.3x 2.5x 2.2x 0.12 0.14 2.7% 3.4% 22.8%
Inbursa* GFINBURO*MM O 32.55 36.00 10.6% 5.6 12,189 n.a 5.2% 1.7x 13.1x 11.9x 1.7x 1.5x 0.11 0.11 1.4% 1.5% 13.7%
Interaciones* GFINTERO* MM N 108.94 89.00 -18.3% 1.0 1,656 n.a 39.1% 1.6x 10.6x 10.1x 1.6x 1.5x 0.46 0.46 2.7% 2.8% 16.5%
Santander SAB* SANMEXB MM N 35.52 39.00 9.8% 5.9 13,577 n.a 21% 2.0x 12.8x 11.8x 2.0x 1.9x 0.15 0.16 3.7% 4.1% 16.4%
FINANCIAL - NON BANKS 11.7% 2.79 17.4% 3 16 13.7x 7.0x 6.2x 0.17 0.20 2.7% 3.0% 20.4%
Exchange
Bolsa* BOLSAA MM O 30.81 38.00 23.3% 3.7 1,029 44 17.4% 3.0x 17.4x 15.4x 11.9x 10.6x 0.09 0.11 4.1% 4.4% 17.9%
Leasing
Unifin Financiera* UNIFINA MM N 62.70 64.00 2.1% 2.1 1,246 n.a 23.9% 3.0x 14.7x 12.2x 3.0x 2.5x 0.23 0.28 1.6% 1.8% 22.5%
FOOD & BEVERAGES 14.4% 42.7 9.8% 2.6x 21.4x 18.1x 10.7x 9.2x 1.3% 1.3% 12.2%
Arca Continental* AC* MM O 126.64 160.00 26.3% 6.9 12,584 1,577 19.0% 2.8x 19.0x 14.9x 9.8x 7.4x 0.34 2.35 1.5% 2.0% 14.6%
Becle CUERVO* MM N 30.09 30.00 -0.3% 5.4 6,193 (602) -15.1% 2.5x 34.2x 23.0x 15.1x 12.9x 0.05 12.55 3.2% 1.5% 7.2%
Femsa* FEMSAUBD O 176.78 196.00 10.9% 23.5 35,461 3,872 12.9% 2.8x 21.2x 18.7x 11.3x 10.1x 0.40 2.33 0.0% 0.0% 13.3%
Grupo Lala * LALAB.MX O 31.44 39.00 24.0% 2.8 4,384 (130) 5.5% 2.5x 20.7x 17.5x 10.5x 8.9x 0.07 12.27 2.1% 1.9% 12.2%
Coca Cola Femsa* KOFL O 138.14 160.00 15.8% 4.2 16,344 2,858 6.4% 1.9x 19.1x 17.5x 8.4x 7.5x 0.59 1.66 2.8% 3.1% 9.9%
METALS & MINING 30.3% 45.8 11.7% 3.6x 16.4x 7.8x 7.8x 1.3% 1.8% 16.8%
Mining 27.0% 49.1 15.5% 3.8x 21.1x 17.0x 8.1x 8.1x 1.4% 2.0% 17.3%
Fresnillo FRES LN O 1437.00 1948.00 35.6% 20.5 14,362 479 19.7% 5.3x 30.5x 23.7x 11.3x 11.5x 0.64 0.82 1.6% 2.1% 17.3%
Penoles* PE&OLES* MM O 443.97 529.00 19.2% 5.9 9,939 324 16.4% 2.2x 11.0x 10.2x 4.8x 4.6x 2.26 2.46 1.2% 2.1% 20.3%
Steel
ICHB* ICHB MM N 78.82 138.00 75.1% 0.7 1,927 -536 -40.5% 1.0x 9.6x 8.6x 4.1x 3.5x 0.38 0.41 0.0% 0.0% 10.3%
*Last Close & TP values in MxP$

Stock Guide (Mexico)

Volume 15E YTD 17E 18E 17E 18E 17E 18E 17E 18E 17E
Last Target Upside Mkt Cap 17E
Company Ticker Rating avg 30d Net Debt Price ROE
Close Price (%) (USD mn) P/B P/E EV / EBITDA EPS Div. Yield
Mexbol (USD unless otherwise stated) 399,986 10.4% 3.6x 20.2x 17.9x 8.9x 7.5x 2.1% 1.6% 16.9%
OIL, GAS & PETROCHEMICALS 6.3% 13.4 -6.7% 1.6x 21.0x 16.4x 6.6x 6.6x 2.6% 3.1% 7.9%
Energy - Gas
Ienova* IENOVA* O 96.86 109.00 12.5% 9.2 6,296 1,770 7.2% 1.9x 21.7x 20.0x 10.7x 10.7x 0.25 0.27 1.7% 1.7% 8.6%
Petrochemicals 6.3% 13.4 -6.7% 1.6x 21.0x 16.4x 6.6x 6.6x 2.6% 3.1% 7.9%
Alpek* ALPEKA MM N 17.50 24.00 37.1% 3.6 2,086 1,116 -29.4% 1.2x 12.8x 10.7x 5.6x 5.6x 0.08 0.09 6.8% 7.5% 9.2%
Mexichem* MEXCHEM* MM O 47.35 45.00 -5.0% 9.8 5,741 1,533 1.5% 1.8x 23.9x 18.5x 6.9x 6.9x 0.11 0.14 1.1% 1.5% 7.4%
REAL ESTATE 16.4% 25.5 10.5% 0.7x 13.5x 13.8x 13.0x 12.3x 6.2% 6.6% 5.9%
Fideicomiso Hipotecrio* FHIPO MM O 21.02 30.00 42.7% 2.2 679 -126 -3.0% 0.8x 11.3x 10.7x 8.1x 6.2x 2.46 2.67 0.0% 0.0% 10.0%
Fibra Macquarie* FIBRAMQ MM N 24.05 22.00 -8.5% 4.8 1,099 850 18.7% 0.7x 8.6x 12.9x 12.5x 12.2x 3.06 2.11 7.9% 9.3% 8.9%
Fibra Prologis* FIBRAPL MM O 37.76 37.00 -2.0% 1.7 1,349 783 33.7% 0.8x 10.6x 13.0x 14.6x 14.2x 3.79 3.12 6.0% 6.5% 7.7%
Fibra Uno* FUNO11 MM O 30.53 40.00 31.0% 13.3 5,620 3110 1.1% 0.8x 15.8x 14.8x 14.2x 13.0x 2.07 2.23 6.8% 7.3% 5.5%
Terrafina* TERRA13 MM N 30.86 30.00 -2.8% 2.2 1,375 990 25.8% 0.8x 17.8x 18.0x 15.4x 14.9x 2.47 2.54 9.5% 9.6% 6.1%
Vesta* VESTA* MM O 25.49 32.00 25.5% 2.3 869 308 2.3% 0.8x 14.2x 14.2x 10.8x 11.2x 1.92 1.98 0.2% 0.2% 6.1%
RETAILING -1.4% 39.1 10.6% 3.9x 18.0x 18.4x 12.3x 10.5x 4.3% 2.9% 21.3%
Alsea* ALSEA* MM O 64.93 77.00 18.6% 6.3 3,051 745 10.6% 5.9x 48.9x 31.3x 11.9x 10.6x 0.07 0.11 n.a 1.5% n.a
Chedraui* CHDRAUIB MM N 37.11 53.00 42.8% 0.7 2,009 132 0.9% 1.3x 14.9x n.a 6.6x n.a 0.14 n.a 0.9% n.a 8.4%
Grupo Sanborns* GSANBOB1 MM O 21.39 34.00 59.0% 0.3 2,769 (197) 0.6% 1.6x 12.2x 10.8x 6.4x 5.7x 0.10 0.11 5.0% 5.0% 13.3%
Liverpool* LIVEPOLC MM N 150.03 150.00 0.0% 3.9 12,314 1,254 0.7% 2.2x 19.5x 16.7x 13.4x 11.4x 0.37 0.41 0.0% 0.8% 11.3%
Soriana* SORIANAB U 42.65 36.00 -15.6% 1.0 4,324 971 -5.2% 1.3x 17.0x n.a 8.1x n.a 0.14 n.a 0.9% n.a 7.6%
Walmex* WALMEX* MM N 41.65 39.00 -6.4% 31.2 40,962 (11,493) 16.2% 5.0x 18.4x 22.6x 13.2x 12.3x 0.10 0.08 6.2% 3.9% 27.4%
Pharma - Personal Care
Genomma Lab* LABB MM O 22.25 20.00 -10.1% 1.7 1,319 176 3.4% 2.0x 15.4x 13.1x 9.9x 8.5x 0.08 0.09 0.0% 0.0% 13.3%
TECHNOLOGY, MEDIA & TELECOMMUNICATIONS -3.0% 39.6 32.0% 3.7x 16.3x 18.2x 5.8x 5.5x 0.8% 1.0% 18.8%
Telecom -7.4% 46.0 47.5% 5.0x 16.6x 22.0x 6.2x 6.1x 1.0% 1.2% 30.0%
Amrica Mvil AMXL MM N 18.39 17.00 -7.6% 45.8 63,487 28,792 47.7% 5.0x 16.6x 22.1x 6.3x 6.1x 1.11 0.83 1.1% 1.2% 30.0%
Axtel* AXTELCPO MM O 4.35 5.00 14.9% 0.2 323 957 23.6% 3.2x 7.7x n.a 4.9x 4.7x 0.03 -0.01 0.0% 0.0% 41.2%
Media 4.2% 32.3 8.1% 1.3x 16.8x 13.3x 4.4x 3.8x 0.6% 0.7% 3.7%
Megacable* MEGACPO* O 75.00 86.00 14.7% 6.0 3,632 67 10.4% 2.7x 17.2x 16.6x 9.2x 8.2x 0.25 0.25 2.0% 1.7% 15.8%
Televisa TV US N 24.98 27.00 8.1% 26.1 14,569 4,836 20.0% 3.0x 43.4x 32.6x 9.8x 8.6x 0.58 0.77 1.1% 1.5% 7.0%
TV Azteca * AZTECACP MM N 3.40 3.50 2.9% 0.1 605 674 4.9% 2.2x n.a 21.6x 6.9x 6.8x -0.01 0.01 0.0% 1.4% -13.3%
Towers
Telesites* SITESB1 O 14.69 13.50 -8.1% 0.7 2,504 1,142 30.7% 9.4x n.a n.a 18.9x 16.7x 0.00 -0.01 0.0% 0.0% -19.3%
TRANSPORTATION 16.9% 4.4x 21.6x 19.2x 12.3x 11.2x
Pinfra* PINFRA* MM O 190.19 228.00 19.9% 6.1 4,473 -549 11.0% 2.5x 15.8x 15.7x 9.8x 10.0x 0.57 0.55 0.0% 6.3% 15.6%
Airports 2.3% 17.3 18.6% 5.0x 23.3x 20.3x 13.0x 11.5x 3.9% 4.7% 21.8%
Grupo Aeroportuario del Centro Norte* OMAB O 103.17 125.00 21.2% 3.6 2,335 130 19.5% 5.6x 17.6x 15.5x 10.0x 8.7x 0.28 0.30 4.0% 4.0% 31.6%
Grupo Aeroportuario del Pacifico* GAPB MM N 192.71 185.95 -3.5% 8.5 6,996 260 16.6% 5.1x 23.3x 20.4x 13.1x 11.8x 0.40 0.43 4.4% 5.6% 22.0%
Grupo Aeroportuario del Sureste* ASURB MM O 354.07 360.00 1.7% 5.2 6,129 71 20.6% 4.5x 25.6x 22.0x 14.1x 12.3x 0.74 0.87 3.3% 3.9% 17.7%
*Last Close & TP values in MxP

Stock Guide (Other LatAm Countries)

Other LatAm Countries
Volume 17E YTD

Last Target Upside Mkt Cap 17E 17E 18E 17E 18E 17E 18E 17E 18E 15E
Company Ticker Rating avg 30d Net Debt Price
Close Price (%) (USD mn) P/B ROE
P/E EV / EBITDA EPS Div. Yield
Argentina
MERVAL
AGRIBUSINESS
Adecoagro AGRO O 10.00 16.00 60.0% 5.8 1,215 446 -3.7% 1.6x 7.1x 7.0x 4.5x 4.3x 1.41 1.42 7.5% 12.1% 22.4%
FINANCIALS - BANKS -3.4% 46.3 63.3% 3.4x 14.6x 11.4x P/B 16 P/B 17 0.6% 1.2% 22.9%
Grupo Financiero Galicia GGAL O 49.49 48.00 -3.0% 14.4 7,081 -3,865 84.3% 4.1x 15.8x 12.4x 5.1x 4.0x 54 69 0.2% 0.3% 26.0%
Banco Macro BMA O 109.16 103.00 -5.6% 21.6 7,310 -2,207 70.8% 2.9x 13.3x 10.8x 6.3x 4.9x 142 174 0.6% 1.8% 21.0%
METALS & MINING
Ternium TX N 30.44 24.00 -21.2% 10.1 6,102 765 30.2% 1.3x 15.2x 13.6x 5.1x 4.8x 2.00 2.24 2.7% 2.9% 8.4%
Oil, Gas & Petrochemicals
YPF YPF O 20.45 27.00 32.0% 16.0 8,042 9,470 24.6% 1.1x 49.4x 11.1x 4.3x 3.3x 0.41 1.85 0.7% 0.9% 2.1%
Chile
IPSA
AGRIBUSINESS
SQM SQM U 53.30 27.00 -49.3% 98.5 13,957 15 89.5% 4.4x 33.7x 30.8x 18.3x 17.2x 1.58 1.73 1.5% 2.4% 13.0%
FINANCIALS - BANKS -14.6% 16.8 38.5% 2.9x 16.8x 15.4x P/B 16 P/B 17 3.6% 3.8% 17.4%
Banco de Chile BCH N 90.83 76.00 -16.3% 4.8 14,956 n.a. 36.1% 3.0x 17.3x 15.6x 3.0x 2.8x 5 5 3.4% 3.3% 17.4%
Santander Chile BSAC N 29.81 26.00 -12.8% 12.0 14,044 n.a. 41.1% 2.9x 16.3x 15.1x 2.9x 2.7x 1.75 1.82 3.8% 4.3% 17.5%
FOOD & BEVERAGES -21.9% 6.3 19.6% 2.6x 19.8x 17.2x 8.6x 7.6x 1.5% 1.8% 13.3%
Andina* ANDINAB O 2,906 2,400 -17.4% 2.5 4,169 1,115 18.3% 2.9x 22.8x 19.7x 9.1x 8.2x 128 148 3.3% 3.9% 12.9%
CCU* CCU U 8,350 6,200 -25.7% 3.7 4,936 (231) 20.7% 2.4x 17.4x 15.1x 8.1x 7.2x 481 555 0.0% 0.0% 13.6%
PULP & PAPER -1.4% 3.4 20.1% 0.8x 25.9x 21.5x 9.9x 9.5x 1.9% 2.3% 3.1%
CMPC* CMPC N 1,644 1,620 -1.4% 3.4 6,574 3,396 20.1% 0.8x 25.9x 21.5x 9.9x 9.5x 0.10 0.12 1.9% 2.3% 3.1%
RETAILING -21.5% 25.0 11.6% 2.7x 21.7x 19.6x 12.7x 11.5x 1.3% 1.5% 11.9%
Cencosud SA* CEN.SN N 1,926 1,900 -1.3% 9.7 8,754 3,111 2.5% 1.1x 13.6x 11.8x 8.7x 7.7x 141 164 1.7% 2.2% 8.2%
Falabella* FALAB U 6,058 4,300 -29.0% 15.2 23,595 5,309 15.0% 3.3x 24.7x 22.5x 14.1x 12.9x 245 270 1.1% 1.2% 13.2%
TECHNOLOGY, MEDIA & TELECOMMUNICATIONS
ENTEL* ENTEL N 6,692 7,800 16.6% 3.4 3,234 1,930 -5.4% 1.6x 37.4x 19.1x 7.4x 6.3x 0.29 0.56 0.0% 2.1% 4.3%
TRANSPORTATION
LATAM Airlines LTM N 13.95 9.00 -35.5% 5.2 8,459 11,085 71.0% 2.0x 45.3x 28.0x 11.6x 10.6x 0.31 0.50 1.1% 2.7% 4.4%
*Last Close & TP values in Local Currency
* Financial Instituition - EV/EBITDA field stands for P/B

Stock Guide (Other LatAm Countries)

Volume 17E YTD

Last Target Upside Mkt Cap 17E 17E 18E 17E 18E 17E 18E 17E 18E 15E
Company Ticker Rating avg 30d Net Debt Price
Close Price (%) (USD mn) P/B ROE
P/E EV / EBITDA EPS Div. Yield
Colombia
COLCAP
CEMENT & CONSTRUCTION -5.6% 2.6 0.0% 1.7x 16.5x 17.3x 8.4x 8.5x 1.6% 1.7% 10.8%
Cementos Argos* CEMARGOS CB N 11,620 10,600 -8.8% 1.1 8,360 1,452 -0.7% 1.8x 17.6x 18.7x 9.0x 9.1x 659.91 622.19 2.1% 2.2% 10.7%
Cemex Latam* CLH.CN O 11,580 12,300 6.2% 1.4 2,221 852 2.5% 1.3x 12.3x 11.9x 6.3x 6.0x 0.32 0.33 0.0% 0.0% 11.6%
FINANCIALS- BANKS P/B '15P/B '16
Bancolombia CIB N 46.91 45.00 -4.1% 18.7 11,596 n.a. 29.6% 1.4x 12.7x 10.6x 1.4x 1.3x 3.91 4.19 3.4% 3.0% 11.3%
RETAILING
Almacenes xito* EXITO CB N 15,320 15,600 1.8% 1.2 2,361 145 4.1% 0.9x 11.5x 8.0x 1.9x 1.8x 1,336 1,904 4.5% 6.3% 7.5%
Panama
TRANSPORTATION
Copa Holdings CPA O 128.84 142.00 10.2% 28.5 5,418 1,253 43.8% 2.6x 14.8x 12.1x 11.4x 10.3x 9 11 2.0% 2.7% 17.5%
Peru
SP/BGVL
CEMENT & CONSTRUCTION
Cementos Pacasmayo CPAC.N N 12.77 7.30 -42.8% 0.8 863 231 10.8% 2.1x 17.9x 16.9x 8.1x 7.8x 2.32 2.46 3.4% 3.7% 12.0%
FINANCIALS - BANKS P/B '15P/B '16
Credicorp BAP O 202.34 215.00 6.3% 51.0 19,172 n.a. 41.4% 2.3x 14.5x 12.4x 2.3x 2.0x 14 16 1.9% 1.9% 17.1%
METALS & MINING -16.4% 57.3 22.6% 4.2x 25.8x 29.7x 12.3x 13.6x 1.1% 1.0% 15.7%
Buenaventura BVN.N N 13.29 13.00 -2.2% 19.4 3,106 235 18.3% 0.9x 9.2x 10.8x 6.1x 7.2x 1.44 1.23 1.1% 1.4% 9.9%
Southern Copper SCCO N 38.97 32.00 -17.9% 37.9 30,125 5,233 23.1% 4.5x 27.5x 31.6x 13.0x 14.2x 1.42 1.23 1.1% 0.9% 16.3%
*Last Close & TP values in Local Currency
* Financial Instituition - EV/EBITDA field stands for P/B

Latin America Equities Team

Emerson Leite, CFA Head Latin America Equities
Latin America Equities Team
Research Analyst Team Equity Strategy

HEAD OF RESEARCH Andrew T. Campbell, CFA SP andrew.t.campbell@credit-suisse.com 55 11 3701.6313
Andrew T. Campbell, CFA SP andrew.t.campbell@credit-suisse.com 55 11 3701.6313 Otvio Tanganelli SP otavio.tanganelli@credit-suisse.com 55 11 3701. 6323
AGRIBUSINESS Alex Redman LD alex.redman@credit-suisse.com 44 20 7883.6896
Victor Saragiotto SP victor.saragiotto@credit-suisse.com 55 11 3701.6303
Ian Miller SP ian.miller@credit-suisse.com 55 11 37016336
Economics Team
Alonso Cervera NY alonso.cervera@credit-suisse.com 1 212 538.2351
CEMENT & CONSTRUCTION / REAL ESTATE
Casey Reckman NY casey.reckman@credit-suisse.com 1 212 325.5570
Vanessa Quiroga, CFA MX vanessa.quiroga@credit-suisse.com 52 55 5283.8939
Nicole Hirakawa SP nicole.hirakawa@credit-suisse.com 55 11 3701.6307 Daniel Chodos NY daniel.chodos@credit-suisse.com 1 212 325.7708
Fernando Ulacia MX fernando.ulacia@credit-suisse.com 52 55 5283 5459 Juan Lorenzo Maldonado NY juanlorenzo.maldonado@credit-suisse.com 1 212 325.4245
Luis Stacchini SP luis.stacchini@credit-suisse.com 55 11 3701.6121 Nilson Teixeira SP nilson.teixeira@credit-suisse.com 55 11 3701.6288
ELECTRIC & OTHER UTILITIES Iana Ferro SP iana.ferrao@credit-suisse.com 55 11 3701.6345
Vinicius Canheu, CFA SP vinicius.canheu@credit-suisse.com 55 11 3701.6310 Leonardo Fonseca SP leonardo.fonseca@credit-suisse.com 55 11 3701.6348
Arlindo Carvalho SP arlindo.carvalho@credit-suisse.com 55 11 3701 6308 Lucas Vilela SP lucas.vilela@credit-suisse.com 55 11 3701.6352
FINANCIALS - BANKS / NON BANKS Paulo Coutinho SP paulo.coutinho@credit-suisse.com 55 11 3701.6353
Marcelo Telles, CFA NY marcelo.telles@credit-suisse.com 55 11 3701.6338
Alonso Garcia, CFA MX alonso.garcia@credit-suisse.com 52 55 5283.8917 Traders
Lucas Lopes SP lucas.lopes@credit-suisse.com 55 11 3701.6052 Charles Pilliod MX charles.pilliod@credit-suisse.com 52 55 5283.8989
FOOD & BEVERAGES Javier Gorozpe MX javier.gorozpe@credit-suisse.com 52 55 5283.8979
Antonio Gonzlez, CFA NY antonio.gonzalez@credit-suisse.com 1 212 325 4291 Luis Ruiz MX luis.ruiz@credit-suisse.com 52 55 5283.3863
Victor Saragiotto SP victor.saragiotto@credit-suisse.com 55 11 3701.6303 Rodrigo Sotomayor MX rodrigo.sotomayor@credit-suisse.com 52 55 5283.8989
Ian Miller SP ian.miller@credit-suisse.com 55 11 37016336
Daniel O'Brien NY daniel.obrien@credit-suisse.com 1 212 325 3441
Mariana Hernandes SP mariana.hernandes@credit-suisse.com 55 11 3701.6306
Decio Pereira NY decio.pereira@credit-suisse.com 1 212 325.6710
METALS & MINING / PULP & PAPER
Joseph Barreto NY joseph.barreto@credit-suisse.com 1 212 325.3441
Ivano Westin SP ivano.westin@credit-suisse.com 55 11 3701.6318
Renan Criscio SP renan.criscio@credit-suisse.com 55 11 3701.6210 Michael Lee NY michael.lee.1@credit-suisse.com 1 212 325 1423
Rafael Cunha SP rafael.cunha@credit-suisse.com 55 11 3701.6320 Bruno Campos SP bruno.campos@credit-suisse.com 55 11 3701.6262
Douglas Ramos SP douglas.ramos@credit-suisse.com 55 11 3701.8704
OIL, GAS & PETROCHEMICALS
Andr Natal SP andre.natal@credit-suisse.com 55 11 3701 6299 Mauro Oliveira SP mauro.oliveira@credit-suisse.com 55 11 3701.4279
Regis Cardoso SP regis.cardoso@credit-suisse.com 55 11 3701 6797 Ricardo Rosa SP ricardo.rosa@credit-suisse.com 55 11 3701.6217
RETAILING/EDUCATION/HEALTH CARE Sales
Tobias Stingelin, CFA SP tobias.stingelin@credit-suisse.com 55 11 3701.6301
Antonio Gonzlez, CFA NY antonio.gonzalez@credit-suisse.com 1 212 325 4291 Anju Mahajan NY anju.mahajan@credit-suisse.com 1 212 325.7805
Manuel Melo y Ramirez MX manuel.melo@credit-suisse.com 52 55 5283.8969 Fabio Frischer NY fabio.frischer@credit-suisse.com 1 212 325 3874
Leandro Bastos SP leandro.bastos@credit-suisse.com 55 11 3701.6324 Ignacio Ochoa NY ignacio.ochoa@credit-suisse.com 1 212 325 6453
Pedro Pinto SP pedro.pinto@credit-suisse.com 55 11 3701.6314 Christian Keleti SP christian.keleti@credit-suisse.com 55 11 3701.6258
TECHNOLOGY, MEDIA & TELECOM Haroldo Amaral SP haroldo.amaral@credit-suisse.com 55 11 3701.6272
Daniel Federle SP daniel.federle@credit-suisse.com 55 11 3701.6311 Julia Cambiaghi SP julia.cambiaghi@credit-suisse.com 55 11 3701.6794
Felipe Cheng SP felipe.cheng@credit-suisse.com 55 11 3701 6332
Juan Pablo Alba MX juanpablo.alba@credit-suisse.com 52 55 5283 5447 Luiz Franca LD luiz.franca@credit-suisse.com 44 20 7888.0727
Maristela Romano LD maristela.romano@credit-suisse.com 44 20 7888.0449
TRANSPORTATION / CAPITAL GOODS
Felipe Vinagre SP felipe.vinagre@credit-suisse.com 55 11 3701.6333 Raul Morales MX raul.morales@credit-suisse.com 52 55 5283.3864
Thiago Casseb SP thiago.casseb@credit-suisse.com 55 11 3701.6337 Monica Zamora MX monica.zamora@credit-suisse.com 52 55 5283.5479
Alejandro Zamacona MX alejandro.zamacona@credit-suisse.com 52 55 5283.8939

Disclosure Section
Companies Mentioned
(Price as of 25-Sep-2017)
AES Tiete (TIET11.SA, R$14.47) Coca-Cola Femsa (KOFL.MX, MXN138.14) Gol Linhas Areas (GOLL4.SA, R$13.74) Multiplus (MPLU3.SA, R$40.16)
ALFA (ALFAA.MX, MXN24.35) Coca-Cola Femsa (KOF.N, $77.01) Grupo Aeroportuario del Centro Norte Natura Cosmticos S.A. (NATU3.SA, R$32.01)
Adecoagro (AGRO.N, $10.0) Companhia Brasileira de Distribuicao (OMAB.MX, MXN103.17) OdontoPrev SA (ODPV3.SA, R$15.53)
Almacenes Exito (IMI.CN, peso15320.0) (PCAR4.SA, R$78.09) Grupo Aeroportuario del Pacifico (GAPB.MX, Oi SA (OIBR4.SA, R$3.61)
Alpek S.A. de C.V (ALPEKA.MX, MXN17.5) Companhia Siderurgica Nacional (CSNA3.SA, MXN192.71) PINFRA (PINFRA.MX, MXN190.19)
Alsea (ALSEA.MX, MXN64.93) R$9.72) Grupo Aeroportuario del Sureste (ASURB.MX, PINFRA (PINFRAL.MX, MXN144.25)
Alupar (ALUP11.SA, R$19.07) Compania de Minas Buenaventura (BVN.N, MXN354.07) Petrobras (PBR.N, $10.34)
AmBev (ABEV3.SA, R$21.52) $13.29) Grupo Famsa (GFAMSAA.MX, MXN10.58) Porto Seguro (PSSA3.SA, R$39.0)
America Movil (AMX.N, $18.39) Compaia Cervecerias Unidas (CCU.SN, Grupo Financiero Banorte (GFNORTEO.MX, Qualicorp (QUAL3.SA, R$37.52)
Anima (ANIM3.SA, R$21.95) CLP$8399.8) MXN126.13) RD (RADL3.SA, R$74.65)
Arca Continental (AC.MX, MXN126.64) Concentradora Fibra Hotelera (FIHO12.MX, Grupo Financiero Interacciones (GFINTERO.MX, Randon (RAPT4.SA, R$7.05)
Arezzo Industria e Comercio SA (ARZZ3.SA, MXN13.94) MXN108.94) Sabesp (SBSP3.SA, R$34.23)
R$51.06) Contax Participacoes (CTAX3.SA, R$5.65) Grupo Lala (LALAB.MX, MXN31.44) Santander Brasil (SANB11.SA, R$28.71)
Asesor de Activos Prisma SAP (FINN13.MX, Copa Holdings (CPA.N, $128.84) Grupo Mexico (GMEXICOB.MX, MXN54.69) Santander Chile (BSAC.N, $29.81)
MXN11.92) Copel (CPLE6.SA, R$29.25) Grupo Sanborns (GSNBRB1.MX, MXN21.39) Santander Mexico (SANMEXB.MX, MXN35.52)
Atento S.A. (ATTO.N, $11.8) Cosan (CSAN3.SA, R$37.8) Helbor (HBOR3.SA, R$2.59) Sao Martinho (SMTO3.SA, R$18.2)
Axtel (AXTELCPO.MX, MXN4.35) Credicorp (BAP.N, $202.34) Hypermarcas S.A. (HYPE3.SA, R$33.05) Ser Educacional (SEER3.SA, R$30.9)
B2W (BTOW3.SA, R$20.73) Cultiba (CULTIBAB.MX, MXN15.98) IENOVA (IENOVA.MX, MXN96.86) Smiles (SMLE3.SA, R$80.4)
B3 (BVMF3.SA, R$24.99) Cyrela (CYRE3.SA, R$14.57) Iguatemi (IGTA3.SA, R$39.75) Sonae Sierra (SSBR3.SA, R$28.46)
BB Seguridade (BBSE3.SA, R$28.75) Direcional (DIRR3.SA, R$5.9) Industrias CH S.A.B. de C.V. (ICHB.MX, Soquimich (SQM.N, $53.3)
BR Malls (BRML3.SA, R$14.5) Duratex (DTEX3.SA, R$10.14) MXN78.82) Soriana (SORIANAB.MX, MXN42.65)
BR Properties (BRPR3.SA, R$11.5) EZ Tec (EZTC3.SA, R$24.0) Industrias Penoles S.A.B. DE C.V. Southern Copper Corporation (SCCO.N, $38.97)
Banco de Chile (BCH.N, $90.83) Elementia SAB de CV (ELEMENT.MX, MXN24.1) (PENOLES.MX, MXN443.97) SulAmerica (SULA11.SA, R$19.75)
Banco do Brasil (BBAS3.SA, R$35.3) Eletropaulo Metropolitana (ELPL4.SA, R$13.8) Iochpe-Maxion (MYPK3.SA, R$22.2) Suzano Papel & Celulose (SUZB5.SA, R$18.72)
Bancolombia (CIB.N, $46.91) Embraer (ERJ.N, $22.74) Itau Unibanco (ITUB4.SA, R$43.53) TAESA (TAEE11.SA, R$22.43)
Banrisul (BRSR6.SA, R$16.94) Energias do Brasil (ENBR3.SA, R$15.27) Itausa (ITSA4.SA, R$11.13) TIM Participacoes (TIMP3.SA, R$11.9)
Biosev Bioenergia S/A (BSEV3.SA, R$5.52) Engie Brasil (EGIE3.SA, R$36.05) JBS (JBSS3.SA, R$8.32) TV Azteca (AZTECACPO.MX, MXN3.4)
Bolsa Mexicana de Valores (BOLSAA.MX, Entel Chile (ENT.SN, CLP$6633.9) JSL (JSLG3.SA, R$9.8) Tecnisa (TCSA3.SA, R$2.54)
MXN30.81) Equatorial Energia (EQTL3.SA, R$62.05) Klabin (KLBN11.SA, R$19.28) Telefonica Brasil (VIVT4.SA, R$51.3)
Bradesco (BBDC4.SA, R$36.02) Estacio (ESTC3.SA, R$30.4) Kroton (KROT3.SA, R$19.28) Telesites, S.A.B. de C.V. (SITESB1.MX,
Bradespar (BRAP4.SA, R$24.2) Even (EVEN3.SA, R$5.88) Light Servicos de Eletricidade (LIGT3.SA, MXN14.69)
Brasil Foods (BRFS3.SA, R$47.08) Falabella (FAL.SN, CLP$6082.9) R$20.9) Televisa (TV.N, $24.98)
CCR (CCRO3.SA, R$18.12) Femsa (FMSAUBD.MX, MXN176.78) Linx S.A. (LINX3.SA, R$21.0) Ternium (TX.N, $30.44)
CIA Hering S.A. (HGTX3.SA, R$29.39) Femsa (FMX.N, $97.7) Liverpool (LIVEPOLC1.MX, MXN150.03) Terrafina (TERRA13.MX, MXN30.86)
CMPC (CAR.SN, CLP$1652.5) Fibra Macquarie (FIBRAMQ12.MX, MXN24.05) Localiza (RENT3.SA, R$60.99) Totvs (TOTS3.SA, R$32.03)
CPFL (CPFE3.SA, R$27.22) Fibra Prologis (FIBRAPL14.MX, MXN37.76) Lojas Americanas S.A. (LAME4.SA, R$19.53) Ultrapar Participacoes SA (UGPA3.SA, R$78.17)
Cementos Argos, S.A. (CCB.CN, peso11620.0) Fibra Uno Administracion S A (FUNO11.MX, Lojas Renner S.A. (LREN3.SA, R$34.61) Unifin Financiera (UNIFINA.MX, MXN62.7)
Cementos Argos, S.A. (CCB_p.CN, peso10240.0) MXN30.53) MRV (MRVE3.SA, R$14.18) Usiminas (USIM5.SA, R$9.4)
Cementos Pacasmayo (CPAC.N, $12.77) Fibria Celulose (FIBR3.SA, R$41.11) Marcopolo (POMO4.SA, R$4.61) Vale (VALE.N, $9.82)
Cemex (CX.N, $9.18) Fideicomiso Hipotecario (FHIPO14.MX, Marfrig Global Foods (MRFG3.SA, R$6.75) Valid (VLID3.SA, R$20.08)
Cemex Latam Holdings, S.A. (CLH.CN, MXN21.02) Marisa S.A. (AMAR3.SA, R$9.35) Vesta, S.AB. De C.V (VESTA.MX, MXN25.49)
peso11580.0) Fresnillo plc (FRES.L, 1437.0p) Megacable Holdings, S.A.B. De C.V. Via Varejo S.A (VVAR11.SA, R$21.93)
Cemig (CMIG4.SA, R$8.67) G.F. Inbursa (GFINBURO.MX, MXN32.55) (MEGACPO.MX, MXN75.0) WEG (WEGE3.SA, R$21.96)
Cencosud SA (CEN.SN, CLP$1933.0) Gafisa (GFSA3.SA, R$13.21) Mexichem (MEXCHEM.MX, MXN47.35) Walmex (WALMEX.MX, MXN41.65)
Cesp (CESP6.SA, R$14.74) Genomma Lab Internacional (LABB.MX, Minera Frisco S.A.B de C.V (MFRISCOA1.MX, Wiz (WIZS3.SA, R$18.2)
Chedraui (CHDRAUIB.MX, MXN37.11) MXN22.25) MXN11.62)
Cielo (CIEL3.SA, R$21.4) Gentera (GENTERA.MX, MXN28.7) Minerva (BEEF3.SA, R$11.42)
Coca Cola Andina (AND_pb.SN, CLP$2919.3) Gerdau (GGBR4.SA, R$11.31) Multiplan (MULT3.SA, R$74.95)
Disclosure Section
Analyst Certification
I, Andrew T. Campbell, CFA, certify that (1) the views expressed in this report accurately reflect my personal views about all of the subject companies and securities and (2) no part of my compensation was, is or will be
directly or indirectly related to the specific recommendations or views expressed in this report.
The analyst(s) responsible for preparing this research report received Compensation that is based upon various factors including Credit Suisse's total revenues, a portion of which are generated by Credit Suisse's
investment banking activities
As of December 10, 2012 Analysts stock rating are defined as follows:

Outperform (O) : The stocks total return is expected to outperform the relevant benchmark* over the next 12 months.
Neutral (N) : The stocks total return is expected to be in line with the relevant benchmark* over the next 12 months.
Underperform (U) : The stocks total return is expected to underperform the relevant benchmark* over the next 12 months.
*Relevant benchmark by region: As of 10th December 2012, Japanese ratings are based on a stocks total return relative to the analyst's coverage universe which consists of all companies covered by the analyst within the relevant sector, with
Outperforms representing the most attractive, Neutrals the less attractive, and Underperforms the least attractive investment opportunities. As of 2nd October 2012, U.S. and Canadian as well as European ratings are based on a stocks total
return relative to the analyst's coverage universe which consists of all companies covered by the analyst within the relevant sector, with Outperforms representing the most attractive, Neutrals the less attractive, and Underperforms the least
attractive investment opportunities. For Latin American and non-Japan Asia stocks, ratings are based on a stocks total return relative to the average total return of the relevant country or regional benchmark; prior to 2nd October 2012 U.S. and
Canadian ratings were based on (1) a stocks absolute total return potential to its current share price and (2) the relative attractiveness of a stocks total return potential within an analysts coverage universe. For Australian and New Zealand
stocks, the expected total return (ETR) calculation includes 12-month rolling dividend yield. An Outperform rating is assigned where an ETR is greater than or equal to 7.5%; Underperform where an ETR less than or equal to 5%. A Neutral may
be assigned where the ETR is between -5% and 15%. The overlapping rating range allows analysts to assign a rating that puts ETR in the context of associated risks. Prior to 18 May 2015, ETR ranges for Outperform and Underperform ratings
did not overlap with Neutral thresholds between 15% and 7.5%, which was in operation from 7 July 2011.
Restricted (R) : In certain circumstances, Credit Suisse policy and/or applicable law and regulations preclude certain types of communications, including an investment recommendation, during the course of Credit
Suisse's engagement in an investment banking transaction and in certain other circumstances.
Not Rated (NR) : Credit Suisse Equity Research does not have an investment rating or view on the stock or any other securities related to the company at this time.
Not Covered (NC) : Credit Suisse Equity Research does not provide ongoing coverage of the company or offer an investment rating or investment view on the equity security of the company or related products.
Volatility Indicator [V] : A stock is defined as volatile if the stock price has moved up or down by 20% or more in a month in at least 8 of the past 24 months or the analyst expects significant volatility going forward.
Analysts sector weightings are distinct from analysts stock ratings and are based on the analysts expectations for the fundamentals and/or valuation of the sector* relative to the groups historic fundamentals and/or
valuation:
Overweight : The analysts expectation for the sectors fundamentals and/or valuation is favorable over the next 12 months.
Market Weight : The analysts expectation for the sectors fundamentals and/or valuation is neutral over the next 12 months.
Underweight : The analysts expectation for the sectors fundamentals and/or valuation is cautious over the next 12 months.
*An analysts coverage sector consists of all companies covered by the analyst within the relevant sector. An analyst may cover multiple sectors.
Credit Suisse's distribution of stock ratings (and banking clients) is:
Global Ratings Distribution

Rating Versus universe (%) Of which banking clients (%)
Outperform/Buy* 44% (64% banking clients)
Neutral/Hold* 41% (59% banking clients)
Underperform/Sell* 13% (53% banking clients)
Restricted 2%
*For purposes of the NYSE and FINRA ratings distribution disclosure requirements, our stock ratings of Outperform, Neutral, and Underperform most closely correspond to Buy, Hold, and Sell, respectively; however, the meanings are not the
same, as our stock ratings are determined on a relative basis. (Please refer to definitions above.) An investor's decision to buy or sell a security should be based on investment objectives, current holdings, and other individual factors.
Disclosure Section
Important Global Disclosures
Credit Suisses research reports are made available to clients through our proprietary research portal on CS PLUS. Credit Suisse research products may also be made available through third-party vendors or alternate electronic
means as a convenience. Certain research products are only made available through CS PLUS. The services provided by Credit Suisses analysts to clients may depend on a specific clients preferences regarding the frequency and
manner of receiving communications, the clients risk profile and investment, the size and scope of the overall client relationship with the Firm, as well as legal and regulatory constraints. To access all of Credit Suisses research that
you are entitled to receive in the most timely manner, please contact your sales representative or go to https://plus.credit-suisse.com .
Credit Suisses policy is to update research reports as it deems appropriate, based on developments with the subject company, the sector or the market that may have a material impact on the research views or opinions stated
herein.
Credit Suisse's policy is only to publish investment research that is impartial, independent, clear, fair and not misleading. For more detail please refer to Credit Suisse's Policies for Managing Conflicts of Interest in connection with
Investment Research: https://www.credit-suisse.com/sites/disclaimers-ib/en/managing-conflicts.html .
Credit Suisse does not provide any tax advice. Any statement herein regarding any US federal tax is not intended or written to be used, and cannot be used, by any taxpayer for the purposes of avoiding any penalties.
Credit Suisse has decided not to enter into business relationships with companies that Credit Suisse has determined to be involved in the development, manufacture, or acquisition of anti-personnel mines and cluster munitions. For
Credit Suisse's position on the issue, please see https://www.credit-suisse.com/media/assets/corporate/docs/about-us/responsibility/banking/policy-summaries-en.pdf .
See the Companies Mentioned section for full company names
Credit Suisse currently has, or had within the past 12 months, the following as investment banking client(s): TOTS3.SA, ODPV3.SA, LALAB.MX, CLH.CN, TIET11.SA, FUNO11.MX, MRFG3.SA, OIBR4.SA, CYRE3.SA, MRVE3.SA,
FIBRAMQ12.MX, ESTC3.SA, MPLU3.SA, GGBR4.SA, CSNA3.SA, CESP6.SA, TV.N, SCCO.N, MULT3.SA, QUAL3.SA, LIVEPOLC1.MX, IGTA3.SA, CX.N, LAME4.SA, GFAMSAA.MX, SANMEXB.MX, ENT.SN, ITUB4.SA,
LABB.MX, BTOW3.SA, CCRO3.SA, KOFL.MX, BBDC4.SA, PINFRA.MX, ELPL4.SA, AC.MX, BEEF3.SA, ERJ.N, BAP.N, CTAX3.SA, GFNORTEO.MX, WALMEX.MX, HBOR3.SA, CIB.N, TAEE11.SA, SANB11.SA,
GFINTERO.MX, GAPB.MX, JSLG3.SA, LIGT3.SA, BCH.N, BRPR3.SA, ELEMENT.MX, KLBN11.SA, SMTO3.SA, BRFS3.SA, SEER3.SA, ATTO.N, JBSS3.SA, ABEV3.SA, CPAC.N, SQM.N, CPA.N, IENOVA.MX, CCU.SN,
FHIPO14.MX, ITSA4.SA, CMIG4.SA, UNIFINA.MX, FMSAUBD.MX, MEGACPO.MX, SORIANAB.MX, HYPE3.SA, AND_pb.SN, GSNBRB1.MX, TERRA13.MX, MEXCHEM.MX, BRML3.SA, TCSA3.SA, UGPA3.SA,
MFRISCOA1.MX, BBSE3.SA, AZTECACPO.MX, SBSP3.SA, PBR.N, ALPEKA.MX, GFINBURO.MX, SUZB5.SA, EGIE3.SA, SITESB1.MX, BSEV3.SA, FIBRAPL14.MX, CEN.SN, GOLL4.SA, GMEXICOB.MX, BSAC.N, LINX3.SA,
FIBR3.SA, AMX.N, CHDRAUIB.MX, GENTERA.MX, GFSA3.SA, CPFE3.SA, ALFAA.MX, BBAS3.SA, IMI.CN, OMAB.MX, TIMP3.SA, USIM5.SA, CCB.CN, ALSEA.MX, CSAN3.SA, DIRR3.SA, VALE.N, WIZS3.SA, KOF.N,
PINFRAL.MX, FMX.N, CCB_p.CN
Credit Suisse provided investment banking services to the subject company (TIET11.SA, FUNO11.MX, FIBRAMQ12.MX, MPLU3.SA, SCCO.N, MULT3.SA, LIVEPOLC1.MX, LAME4.SA, SANMEXB.MX, ITUB4.SA, BTOW3.SA,
PINFRA.MX, ELPL4.SA, GFNORTEO.MX, WALMEX.MX, CIB.N, TAEE11.SA, SANB11.SA, GAPB.MX, JSLG3.SA, BCH.N, SEER3.SA, ATTO.N, JBSS3.SA, IENOVA.MX, CCU.SN, FHIPO14.MX, UNIFINA.MX, TERRA13.MX,
GFINBURO.MX, GMEXICOB.MX, BSAC.N, LINX3.SA, FIBR3.SA, CPFE3.SA, IMI.CN, OMAB.MX, TIMP3.SA, PINFRAL.MX) within the past 12 months.
Credit Suisse currently has, or had within the past 12 months, the following issuer(s) as client(s), and the services provided were non-investment-banking, securities-related: ODPV3.SA, MRFG3.SA, FIBRAMQ12.MX, IGTA3.SA,
RENT3.SA, SANMEXB.MX, ENT.SN, ITUB4.SA, BTOW3.SA, KOFL.MX, BBDC4.SA, PINFRA.MX, AC.MX, BAP.N, GFNORTEO.MX, PSSA3.SA, CIB.N, SANB11.SA, GFINTERO.MX, SULA11.SA, BRPR3.SA, VIVT4.SA,
ATTO.N, BRSR6.SA, PENOLES.MX, ITSA4.SA, CMIG4.SA, UNIFINA.MX, HYPE3.SA, GSNBRB1.MX, BBSE3.SA, AZTECACPO.MX, PBR.N, GFINBURO.MX, SITESB1.MX, BRAP4.SA, BSAC.N, AMX.N, BBAS3.SA, FRES.L,
TIMP3.SA, CSAN3.SA, KOF.N, PINFRAL.MX
Credit Suisse has managed or co-managed a public offering of securities for the subject company (MPLU3.SA, LIVEPOLC1.MX, LAME4.SA, SANMEXB.MX, BTOW3.SA, GFNORTEO.MX, TAEE11.SA, SANB11.SA, JSLG3.SA,
BCH.N, ATTO.N, IENOVA.MX, UNIFINA.MX, TERRA13.MX, GFINBURO.MX, BSAC.N, LINX3.SA, CPFE3.SA, TIMP3.SA) within the past 12 months.
Within the past 12 months, Credit Suisse has received compensation for investment banking services from the following issuer(s): TIET11.SA, FUNO11.MX, FIBRAMQ12.MX, MPLU3.SA, SCCO.N, MULT3.SA, LIVEPOLC1.MX,
LAME4.SA, SANMEXB.MX, ITUB4.SA, BTOW3.SA, PINFRA.MX, ELPL4.SA, GFNORTEO.MX, WALMEX.MX, CIB.N, TAEE11.SA, SANB11.SA, GAPB.MX, JSLG3.SA, BCH.N, SEER3.SA, ATTO.N, JBSS3.SA, IENOVA.MX,
CCU.SN, FHIPO14.MX, UNIFINA.MX, TERRA13.MX, GFINBURO.MX, GMEXICOB.MX, BSAC.N, LINX3.SA, FIBR3.SA, CPFE3.SA, IMI.CN, OMAB.MX, TIMP3.SA, PINFRAL.MX
Credit Suisse expects to receive or intends to seek investment banking related compensation from the subject company (TOTS3.SA, ODPV3.SA, LALAB.MX, CLH.CN, TIET11.SA, FUNO11.MX, MRFG3.SA, OIBR4.SA, CYRE3.SA,
MRVE3.SA, CPLE6.SA, FIBRAMQ12.MX, ESTC3.SA, MPLU3.SA, GGBR4.SA, CSNA3.SA, SSBR3.SA, CESP6.SA, TV.N, SCCO.N, MULT3.SA, QUAL3.SA, LIVEPOLC1.MX, IGTA3.SA, CX.N, RENT3.SA, LAME4.SA,
GFAMSAA.MX, SANMEXB.MX, ENT.SN, VVAR11.SA, ITUB4.SA, LABB.MX, BTOW3.SA, CCRO3.SA, KOFL.MX, BBDC4.SA, PINFRA.MX, ELPL4.SA, AC.MX, EQTL3.SA, BEEF3.SA, ERJ.N, BAP.N, CTAX3.SA, KROT3.SA,
GFNORTEO.MX, WALMEX.MX, HBOR3.SA, CIB.N, TAEE11.SA, SANB11.SA, GFINTERO.MX, EVEN3.SA, GAPB.MX, JSLG3.SA, LIGT3.SA, BCH.N, BRPR3.SA, ELEMENT.MX, KLBN11.SA, SMTO3.SA, BRFS3.SA,
SEER3.SA, ATTO.N, LREN3.SA, JBSS3.SA, BRSR6.SA, PENOLES.MX, ABEV3.SA, CPAC.N, SQM.N, CPA.N, IENOVA.MX, CCU.SN, FHIPO14.MX, ITSA4.SA, CMIG4.SA, UNIFINA.MX, FMSAUBD.MX, MEGACPO.MX,
SORIANAB.MX, NATU3.SA, HYPE3.SA, AND_pb.SN, GSNBRB1.MX, TERRA13.MX, MEXCHEM.MX, BRML3.SA, TCSA3.SA, UGPA3.SA, MFRISCOA1.MX, BBSE3.SA, AZTECACPO.MX, SBSP3.SA, MYPK3.SA, PBR.N,
ALPEKA.MX, GFINBURO.MX, SUZB5.SA, EGIE3.SA, SITESB1.MX, BSEV3.SA, FIBRAPL14.MX, CEN.SN, GOLL4.SA, GMEXICOB.MX, BSAC.N, LINX3.SA, FAL.SN, ENBR3.SA, FIBR3.SA, AMAR3.SA, AMX.N, CHDRAUIB.MX,
GENTERA.MX, GFSA3.SA, CPFE3.SA, ALFAA.MX, BBAS3.SA, FRES.L, IMI.CN, OMAB.MX, TIMP3.SA, ICHB.MX, USIM5.SA, CCB.CN, ALSEA.MX, CSAN3.SA, DIRR3.SA, VALE.N, PCAR4.SA, BVN.N, WIZS3.SA, KOF.N,
PINFRAL.MX, FMX.N, CCB_p.CN) within the next 3 months.
Disclosure Section
Within the last 12 months, Credit Suisse has received compensation for non-investment banking services or products from the following issuer(s): ODPV3.SA, MRFG3.SA, FIBRAMQ12.MX, IGTA3.SA, RENT3.SA, SANMEXB.MX,
ENT.SN, ITUB4.SA, BTOW3.SA, KOFL.MX, BBDC4.SA, PINFRA.MX, AC.MX, BAP.N, GFNORTEO.MX, PSSA3.SA, CIB.N, SANB11.SA, GFINTERO.MX, SULA11.SA, BRPR3.SA, VIVT4.SA, ATTO.N, BRSR6.SA, PENOLES.MX,
ITSA4.SA, CMIG4.SA, UNIFINA.MX, HYPE3.SA, GSNBRB1.MX, BBSE3.SA, AZTECACPO.MX, PBR.N, GFINBURO.MX, SITESB1.MX, BRAP4.SA, BSAC.N, AMX.N, BBAS3.SA, FRES.L, TIMP3.SA, CSAN3.SA, KOF.N,
PINFRAL.MX
Credit Suisse or a member of the Credit Suisse Group is a market maker or liquidity provider in the securities of the following subject issuer(s): TIET11.SA, ALFAA.MX, AGRO.N, IMI.CN, ALPEKA.MX, ALSEA.MX, ALUP11.SA,
ABEV3.SA, AMX.N, ANIM3.SA, AC.MX, ARZZ3.SA, FINN13.MX, ATTO.N, AXTELCPO.MX, BTOW3.SA, BVMF3.SA, BBSE3.SA, BRML3.SA, BRPR3.SA, BCH.N, BBAS3.SA, CIB.N, BRSR6.SA, BSEV3.SA, BOLSAA.MX,
BBDC4.SA, BRAP4.SA, BRFS3.SA, CCRO3.SA, HGTX3.SA, CAR.SN, CPFE3.SA, CCB.CN, CCB_p.CN, CPAC.N, CX.N, CLH.CN, CMIG4.SA, CEN.SN, CESP6.SA, CHDRAUIB.MX, CIEL3.SA, AND_pb.SN, KOFL.MX, KOF.N,
PCAR4.SA, CSNA3.SA, BVN.N, CCU.SN, FIHO12.MX, CTAX3.SA, CPA.N, CPLE6.SA, CSAN3.SA, BAP.N, CULTIBAB.MX, CYRE3.SA, DIRR3.SA, DTEX3.SA, EZTC3.SA, ELEMENT.MX, ELPL4.SA, ERJ.N, ENBR3.SA,
EGIE3.SA, ENT.SN, EQTL3.SA, ESTC3.SA, EVEN3.SA, FAL.SN, FMSAUBD.MX, FMX.N, FIBRAMQ12.MX, FIBRAPL14.MX, FUNO11.MX, FIBR3.SA, FHIPO14.MX, FRES.L, GFINBURO.MX, GFSA3.SA, LABB.MX,
GENTERA.MX, GGBR4.SA, GOLL4.SA, OMAB.MX, GAPB.MX, ASURB.MX, GFAMSAA.MX, GFNORTEO.MX, GFINTERO.MX, LALAB.MX, GMEXICOB.MX, GSNBRB1.MX, HBOR3.SA, HYPE3.SA, IENOVA.MX, IGTA3.SA,
ICHB.MX, PENOLES.MX, MYPK3.SA, ITUB4.SA, ITSA4.SA, JBSS3.SA, JSLG3.SA, KLBN11.SA, KROT3.SA, LIGT3.SA, LINX3.SA, LIVEPOLC1.MX, RENT3.SA, LAME4.SA, LREN3.SA, MRVE3.SA, POMO4.SA, MRFG3.SA,
AMAR3.SA, MEGACPO.MX, MEXCHEM.MX, MFRISCOA1.MX, BEEF3.SA, MULT3.SA, MPLU3.SA, NATU3.SA, ODPV3.SA, OIBR4.SA, PINFRA.MX, PINFRAL.MX, PBR.N, PSSA3.SA, QUAL3.SA, RADL3.SA, RAPT4.SA,
SBSP3.SA, SANB11.SA, BSAC.N, SANMEXB.MX, SMTO3.SA, SEER3.SA, SMLE3.SA, SSBR3.SA, SQM.N, SORIANAB.MX, SCCO.N, SULA11.SA, SUZB5.SA, TAEE11.SA, TIMP3.SA, AZTECACPO.MX, TCSA3.SA, VIVT4.SA,
SITESB1.MX, TV.N, TX.N, TERRA13.MX, TOTS3.SA, UGPA3.SA, UNIFINA.MX, USIM5.SA, VALE.N, VLID3.SA, VESTA.MX, VVAR11.SA, WEGE3.SA, WALMEX.MX, WIZS3.SA
A member of the Credit Suisse Group is party to an agreement with, or may have provided services set out in sections A and B of Annex I of Directive 2014/65/EU of the European Parliament and Council ("MiFID Services") to, the
subject issuer (TOTS3.SA, ODPV3.SA, LALAB.MX, CLH.CN, TIET11.SA, FUNO11.MX, MRFG3.SA, OIBR4.SA, CYRE3.SA, MRVE3.SA, FIBRAMQ12.MX, ESTC3.SA, MPLU3.SA, GGBR4.SA, RAPT4.SA, CSNA3.SA, SSBR3.SA,
HGTX3.SA, VESTA.MX, TV.N, SCCO.N, MULT3.SA, QUAL3.SA, LIVEPOLC1.MX, IGTA3.SA, EZTC3.SA, RENT3.SA, LAME4.SA, GFAMSAA.MX, ARZZ3.SA, SMLE3.SA, SANMEXB.MX, ENT.SN, VVAR11.SA, TX.N, ITUB4.SA,
BTOW3.SA, BVMF3.SA, KOFL.MX, BBDC4.SA, PINFRA.MX, ELPL4.SA, CULTIBAB.MX, AC.MX, EQTL3.SA, BEEF3.SA, ERJ.N, BAP.N, CTAX3.SA, KROT3.SA, GFNORTEO.MX, WALMEX.MX, PSSA3.SA, HBOR3.SA, CIB.N,
TAEE11.SA, SANB11.SA, RADL3.SA, GFINTERO.MX, EVEN3.SA, GAPB.MX, JSLG3.SA, LIGT3.SA, BCH.N, BRPR3.SA, ELEMENT.MX, KLBN11.SA, SMTO3.SA, BRFS3.SA, VIVT4.SA, SEER3.SA, ATTO.N, LREN3.SA,
JBSS3.SA, PENOLES.MX, ABEV3.SA, CPAC.N, SQM.N, CPA.N, IENOVA.MX, CCU.SN, FHIPO14.MX, ITSA4.SA, DTEX3.SA, UNIFINA.MX, FMSAUBD.MX, MEGACPO.MX, ALUP11.SA, SORIANAB.MX, BOLSAA.MX,
POMO4.SA, NATU3.SA, HYPE3.SA, AND_pb.SN, GSNBRB1.MX, TERRA13.MX, MEXCHEM.MX, BRML3.SA, TCSA3.SA, UGPA3.SA, MFRISCOA1.MX, BBSE3.SA, AZTECACPO.MX, SBSP3.SA, MYPK3.SA, PBR.N,
ALPEKA.MX, GFINBURO.MX, CIEL3.SA, EGIE3.SA, SITESB1.MX, CAR.SN, BSEV3.SA, FIBRAPL14.MX, CEN.SN, GOLL4.SA, BRAP4.SA, GMEXICOB.MX, BSAC.N, LINX3.SA, FAL.SN, ENBR3.SA, FIBR3.SA, AMAR3.SA,
AMX.N, AXTELCPO.MX, CHDRAUIB.MX, GENTERA.MX, GFSA3.SA, CPFE3.SA, ALFAA.MX, BBAS3.SA, FRES.L, IMI.CN, OMAB.MX, TIMP3.SA, ICHB.MX, USIM5.SA, CCB.CN, ALSEA.MX, CSAN3.SA, DIRR3.SA, AGRO.N,
VALE.N, PCAR4.SA, WIZS3.SA, KOF.N, PINFRAL.MX, FMX.N, CCB_p.CN) within the past 12 months.
As of the end of the preceding month, Credit Suisse beneficially own 1% or more of a class of common equity securities of (CESP6.SA, FIHO12.MX, BEEF3.SA, LIGT3.SA, ALUP11.SA, AMAR3.SA, GFSA3.SA, PCAR4.SA).
Credit Suisse beneficially holds >0.5% long position of the total issued share capital of the subject company (BEEF3.SA, GFSA3.SA).
Credit Suisse beneficially holds >0.5% short position of the total issued share capital of the subject company (SEER3.SA, HYPE3.SA).
Credit Suisse has a material conflict of interest with the subject company (GGBR4.SA) . The analyst Ivano Westin has a relationship with a natural person who may provide remunerated services to one or more of the companies
covered in this report
Credit Suisse has a material conflict of interest with the subject company (CSNA3.SA) . The analyst Ivano Westin has a relationship with a natural person who may provide remunerated services to one or more of the companies
covered in this report. I, Ivano Westin, hold directly or indirectly, securities referenced in the research reports I prepare [VALE, CSNA3].
Credit Suisse has a material conflict of interest with the subject company (CESP6.SA) . Credit Suisse or its controlled entities, controlling entities, or entities under common control hold directly or indirectly a relevant participation in
the capital stock of the subject company/companies CESP6.SA. For purposes of this report, a relevant participation means a participation of 5% or more in a type or class of shares of the capital stock of a company.
Credit Suisse has a material conflict of interest with the subject company (TX.N) . The analyst Ivano Westin has a relationship with a natural person who may provide remunerated services to one or more of the companies covered in
this report
Credit Suisse has a material conflict of interest with the subject company (CMIG4.SA) . Credit Suisse has a material conflict of interest with the subject company (CMIG4.SA). Credit Suisse is advising Cemig on the announced
potential sale of its stake in Santo Antonio Energia.
Credit Suisse has a material conflict of interest with the subject company (PBR.N) . A household member of the research analyst Andre Natal is employed by Petroleo Brasileiro SA.
Credit Suisse has a material conflict of interest with the subject company (BRAP4.SA) . The analyst Ivano Westin has a relationship with a natural person who may provide remunerated services to one or more of the companies
covered in this report
Credit Suisse has a material conflict of interest with the subject company (CPFE3.SA) . Credit Suisse has a material conflict of interest with the subject company (CPFE3.SA). Credit Suisse is assisting CPFL in the process of
evaluating the company to a potential tender offer.
Disclosure Section
Credit Suisse has a material conflict of interest with the subject company (USIM5.SA) . The analyst Ivano Westin has a relationship with a natural person who may provide remunerated services to one or more of the companies
covered in this report.
Credit Suisse has a material conflict of interest with the subject company (VALE.N) . The analyst Ivano Westin has a relationship with a natural person who may provide remunerated services to one or more of the companies
covered in this report.
Credit Suisse has a material conflict of interest with the subject company (PCAR4.SA) . Credit Suisse or its controlled entities, controlling entities, or entities under common control hold directly or indirectly a relevant participation in
the capital stock of the subject company/companies.[PCAR4]. For purposes of this report, a relevant participation means a participation of 5% or more in a type or class of shares of the capital stock of a company. Credit Suisse or
one of its affiliates is acting as an intermediary in a public offering of securities issued by Brasil Foods or referenced in assets or receivables of Companhia Brasileira de Distribuicao.
For other important disclosures concerning companies featured in this report, including price charts, please visit the website at https://rave.credit-suisse.com/disclosures or call +1 (877) 291-2683.
For date and time of production, dissemination and history of recommendation for the subject company(ies) featured in this report, disseminated within the past 12 months, please refer to the link: https://rave.credit-
suisse.com/disclosures/view/report?i=321868&v=-3q7abc50howo4euzdrqev8o8g .
Important Regional Disclosures

Singapore recipients should contact Credit Suisse AG, Singapore Branch for any matters arising from this research report.
The analyst(s) involved in the preparation of this report may participate in events hosted by the subject company, including site visits. Credit Suisse does not accept or permit analysts to accept payment or reimbursement for travel
expenses associated with these events.
Restrictions on certain Canadian securities are indicated by the following abbreviations: NVS--Non-Voting shares; RVS--Restricted Voting Shares; SVS--Subordinate Voting Shares.
Individuals receiving this report from a Canadian investment dealer that is not affiliated with Credit Suisse should be advised that this report may not contain regulatory disclosures the non-affiliated Canadian investment dealer would
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For Credit Suisse Securities (Canada), Inc.'s policies and procedures regarding the dissemination of equity research, please visit https://www.credit-suisse.com/sites/disclaimers-ib/en/canada-research-policy.html.
Credit Suisse has acted as lead manager or syndicate member in a public offering of securities for the subject company (FUNO11.MX, FIBRAMQ12.MX, MPLU3.SA, VESTA.MX, SCCO.N, LIVEPOLC1.MX, LAME4.SA,
SANMEXB.MX, BTOW3.SA, KOFL.MX, GFNORTEO.MX, WALMEX.MX, TAEE11.SA, SANB11.SA, GAPB.MX, JSLG3.SA, BCH.N, ELEMENT.MX, ATTO.N, ABEV3.SA, IENOVA.MX, FHIPO14.MX, UNIFINA.MX, FMSAUBD.MX,
ASURB.MX, TERRA13.MX, AZTECACPO.MX, GFINBURO.MX, GMEXICOB.MX, BSAC.N, LINX3.SA, AMX.N, CPFE3.SA, IMI.CN, TIMP3.SA, WIZS3.SA, KOF.N, FMX.N) within the past 3 years.
Principal is not guaranteed in the case of equities because equity prices are variable.
Commission is the commission rate or the amount agreed with a customer when setting up an account or at any time after that.
I, Andrew T. Campbell, CFA, certify that (1) The views expressed in this report solely and exclusively reflect my personal opinions and have been prepared independently, including with respect to Banco de Investimentos Credit
Suisse (Brasil) S.A. or its affiliates ("Credit Suisse"). (2) Part of my compensation is based on various factors, including the total revenues of Credit Suisse, but no part of my compensation has been, is, or will be related to the specific
recommendations or views expressed in this report. In addition, Credit Suisse declares that: Credit Suisse has provided, and/or may in the future provide investment banking, brokerage, asset management, commercial banking and
other financial services to the subject company/companies or its affiliates, for which they have received or may receive customary fees and commissions, and which constituted or may constitute relevant financial or commercial
interests in relation to the subject company/companies or the subject securities.
Andrew T. Campbell, CFA is the responsible analyst for this report according to Instruction CVM 483
This research report is authored by:
Banco de Investments Credit Suisse (Brasil) SA or its affiliates...................................................................................................Andrew T. Campbell, CFA
To the extent this is a report authored in whole or in part by a non-U.S. analyst and is made available in the U.S., the following are important disclosures regarding any non-U.S. analyst contributors: The non-U.S. research analysts
listed below (if any) are not registered/qualified as research analysts with FINRA. The non-U.S. research analysts listed below may not be associated persons of CSSU and therefore may not be subject to the FINRA 2241 and NYSE
Rule 472 restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account.
Banco de Investments Credit Suisse (Brasil) SA or its affiliates...................................................................................................Andrew T. Campbell, CFA
Important disclosures regarding companies or other issuers that are the subject of this report are available on Credit Suisses disclosure website at https://rave.credit-suisse.com/disclosures or by calling +1 (877) 291-2683.
Disclosure Section
This report is produced by subsidiaries and affiliates of Credit Suisse operating under its Global Markets Division. For more information on our structure, please use the following link: https://www.credit-suisse.com/who-we-are This report may contain material that is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or
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to in this report are suitable for any particular investor. CS will not treat recipients of this report as its customers by virtue of their receiving this report. The investments and services contained or referred to in this report may not be suitable for you and it is recommended that you consult an independent investment advisor if you are in doubt about such
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Latin America

LatAm Valuation Update & Calendar

Indicators Sector Performance (Bovespa) YTD Sector Performance (Mexbol) YTD

Credit Suisse Events Calendar

Tuesday, 26 September 2017 2

LatAm Economics Calendar

Source: Credit Suisse Research

Tuesday, 26 September 2017 3

Corporate Events Calendar

Source: BM&FBOVESPA, Credit Suisse Research

Tuesday, 26 September 2017 4

Selected Economic Indicators

2013 2014 2015 2016E 2017E 2018E

Tuesday, 26 September 2017 5

Tuesday, 26 September 2017 6

Last Target Mkt Cap 17E 18E 17E 18E

* For Financials companies, P/BV

Tuesday, 26 September 2017 7

Key Latin America Equity Research Reports

13-Sep-17 Vale: Respecting the Cyclicality of Commodities

11-Sep-17 Natura (NATU3) Now Let the Hard Work Begin

11-Sep-17 ABEV3 (BRL 23.5; O) - Back to Happy Hour - Upgrade to OUTPERFORM

Tuesday, 26 September 2017 8

Stock Guide (Brazil)

Tuesday, 26 September 2017 9

Stock Guide (Brazil)

Tuesday, 26 September 2017 10

Stock Guide (Brazil)

Tuesday, 26 September 2017 11

Stock Guide (Brazil)

Tuesday, 26 September 2017 12

Stock Guide (Mexico)

Tuesday, 26 September 2017 13

Stock Guide (Mexico)

Tuesday, 26 September 2017 14

Stock Guide (Other LatAm Countries)

Volume 17E YTD

Tuesday, 26 September 2017 15

Stock Guide (Other LatAm Countries)

Volume 17E YTD

Tuesday, 26 September 2017 16

Latin America Equities Team

Research Analyst Team Equity Strategy

Tuesday, 26 September 2017 17

As of December 10, 2012 Analysts stock rating are defined as follows:

Credit Suisse's distribution of stock ratings (and banking clients) is:

Global Ratings Distribution

Important Regional Disclosures

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