拉丁美洲日报

Inigo Vega * | Equity Analyst+34 910769995 | ivega@jefferies.comAlex Wright ^ | Equity Analyst+44 (0)20 7029 8368 | awright5@jefferies.comAlejandro Anibal Demichelis * | Equity Analyst+34 919498377 | ademichelis@jefferies.comPedro Baptista * | Equity Analyst+44 (0) 207 029 8351 | pbaptista@jefferies.comAntonio Pedro Cardoso, CFA ^ | EquityAssociate+44 (0)20 7029 8748 | acardoso@jefferies.comFrancisco Barbosa ‡ | Equity Associate+1 (212) 284-2197 | fbarbosa@jefferies.comSource: Company reports, Jefferies Please see important disclosure information on pages 10 - 15 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. 2DiarioEquity ResearchMay 21, 2025 Ocean Wilsons (Hold) | Wilson Sons (Hold) | Sale to Close Shortly.Ocean Wilsons confirmed thatthe sale of its 56% stake in PORT3 has received approval from Brazil's waterways authority ANTAQ,and that now all conditions precedent for the deal have been met. The deal should close on 4Jun-25 and, as previously indicated, should lead to a tender for the remaining PORT3 shares at thesame price (BRL17.5/sh) by acquirer MSC. For Ocean Wilsons, this should kick-start the previouslyannounced 20% buyback of its shares.Femsa (Buy) | Femsa sells remaining stake in Heineken.Femsa sold its remaining shares inHeineken brewery in a transaction linked to a convertible bond issued in 2023. Femsa raised €370mwith the sale of 0.91% of Heineken. The exchangeable bond matures in February 2026. Following thecompletion of the Equity offering and the bilateral sale in May 2023, Femsa did not retain any residualholding in Heineken N.V. or in Heineken Holding N.V. except for the retained shares underlyingFemsa's outstanding Bonds, exchangeable into ordinary shares of Heineken Holding N.V.YDUQS (Buy) | Long distance regulatory changes.President Luiz Inácio Lula da Silva passed adecree that regulates distance learning in Brazil, including a veto for the offer of long distancedegrees in the areas of law, medicine, dentistry, nursing and psychology. The new policy also createsa hybrid model, with at least 30% of the workload to be on-site activities, at least 20% will have tobe live classes and up to 50% will be distance learning. The decree also establishes two years for acomplete transition to the new regime. On-site enrollment currently accounts for 50.7% of the total,while long distance reached 49.3% of students in higher education in Brazil, up 340bps last coupleof years. We believe that the changes in regulation for distance learning are positive for the sector,improving quality standards and reducing overall supply. Mandatory exams at learning centers or aprofessor interacting with class rather than pure offline will increase costs and reduce the numberof lower quality offerings in the market.Vista (Buy) | YPF (Buy) | Pampa (Buy) | Vaca Muertashale oil prod up 14% YoY in Apr-25.Data from Argentina’s energy regulator shows a 14% YoY increase in shale oil output in the countryin Apr-25, as the expanded export pipeline started-up.The data points to:•Vista increasing shale oil output in its base assets (BPO & BPE) by 23% YoY in Apr-25 (albeitbroadly flat vs 1Q25). Vista is set to consolidate its recently acquired 50% stake in the LaAmarga Chica block from mid-April, which should boost reported volumes QoQ.•YPF raising shale oil volume 17% YoY in Apr-25 (and up 1% vs 1Q25) as a strong YoY uptickfrom the LCampana and Bandurria Sur fields offset an 11% YoY drop from La Amarga Chica(LACh) block.We also note the strong performance of the new 4-well pad at Pampa’s RdA field. Pampa aims toraise output at the RdA block from the current c7kboe/d to 20kboe/d by end-25, which we see asa conservative target.We expect Argentina's shale oil production to continue to increase over the remainder of 2025 asthe expanded Oldelval export pipeline ramps up.We reiterate our Buy calls on Vista, YPF and Pampa.Alejandro Demichelis | ademichelis@jefferies.comPlease see important disclosure information on pages 10 - 15 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Exhibit 4 - Argentina - Oil production (kb/d).-100.0200.0300.0400.0500.0600.0700.0800.0Apr-24Source: Energy Secretariat; JefferiesEcopetrol (UNPF) | Further expanding renewablesfootprint.Yesterday, Ecopetrol (UNPF) confirmed an agreement to acquire 1.3GW of renewable powerprojects in Colombia from Statkraft (NC). The package includes 10 wind & solar projects, of whichonly 1 is currently operational (the 102MW Porton del Sol solar plant), and the rest are at differentstages of development. While no value has been disclosed for the deal, we would expect it to be arelatively small amount, given the early stage of development of the portfolio. The companies havenot commented on the news.With these additions, we estimate that EC's renewables portfolio is approaching the 2.5GW mark,with the bulk of it at development stage.Alejandro Demichelis