Global Equity Research This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. GEMS First To Market 17 August 2026 {[{v4i8Up0IllgUMwUqEA8hjRAJCidlo96WCvfjph3IiecOl4yBPs6Fuw1b_COH-FcHZIVCS7PqLn3LaDOHUdPYcmUhNpGEGIn-V4zAlDiw}]} Global Equity Research AC India Equity S ...

Latin America Equity Research LatAm First to Market 17 August 2026 Top Stories Mexican Bottlers (Lucas Ferreira) Post 2Q26 Update – A Cleaner 2H; A Recovery in 2027; Reiterate OW on AC*, N on KOF We are updating our estimates for the Mexican bottlers following 2Q26 results. Mexico remains the swing factor for both names, with 2026 shaping up as a second straight year of disrupted demand—after 2025's adverse weather, Coca-Cola brand boycott, and fragile consumer, 2026 layers higher taxation onto an even weak ...