Latin America Equity Research LatAm First to Market 10 June 2026 Top Stories | Traxion (Guilherme Mendes) (TRAXIONA MM, N, PT Ps14.00) Downgrading to Neutral on Lack of Momentum Despite Attractive Valuation We are revising our estimates for Traxión and downgrading the stock to Neutral from Overweight, reflecting the absence of near-term catalysts and weak earnings momentum. We acknowledge that Traxión is currently trading at a 35% discount to historical levels, at 3.1x EV/EBITDA and 8.1x P/E on a 12-month f ...

J P M O R G A N Europe Equity Research 10 June 2026 JPM | Building Broadcast: HOLN,FER,FRA,ADP,DG,GET, AENA,PSN JPMC Construction Daily Building Materials European Building & Construction and Infrastructure Elodie Rall AC (44-20) 7134-5911 elodie.rall@jpmorgan.com J.P. Morgan Securities plc (44-20) 7134-4175 zaim.beekawa@jpmorgan.com J.P. Morgan Securities plc Jamie Smallbone (44-20) 3493-7015 jamie.smallbone@jpmorgan.com J.P. Morgan Securities plc Manshi Sinha (91-22) 6157 5111 manshi.sinha@jpmchase.com J. ...

8 June 2026 | 11:00PM HKT Equity Research CHINA BASIC MATERIALS China commodities: Refreshing earnings estimates; Downgrade Yankuang-A to Sell We refresh our earnings estimates for our China commodities coverage, including both basic materials and agriculture to reflect mark to market price changes YTD. We have made downward revisions for steel, cement, gold and paper sectors, upwards for copper and coal sectors. Our target price changes are -12% to 20%. Our preferred commodities remain coal and copper, and ...