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    Felipe Ucros

    Research Analyst at Scotiabank

    Felipe Ucros is an Analyst at Scotiabank specializing in equity research, with notable coverage in Latin American consumer and beverage companies such as Coca-Cola Femsa (KOF), Grupo Financiero Banorte (GRPBF), and Embotelladora Andina (EMBVF). He has delivered a 53.85% success rate on stock recommendations and an average return of 2.60% per transaction, with standout calls like a 49.2% gain on EMBVF. Ucros has been with Scotiabank since at least 2022 and is accessible for institutional investors, though further details about his prior employers or precise career timeline are not publicly documented. His credentials include a demonstrable track record of stock coverage and recommendations, though specific licensing or FINRA details are not readily available.

    Felipe Ucros's questions to AMBEV (ABEV) leadership

    Felipe Ucros's questions to AMBEV (ABEV) leadership • Q2 2025

    Question

    Felipe Ucros inquired about the drivers behind the significant acceleration in the digital marketplace's GMV. He also asked about the net revenue per hectoliter performance in the Latin America South (LAS) region, particularly in Argentina, given the high-inflation environment.

    Answer

    CEO Carlos Eduardo Klutzenschell Lisboa attributed the 90% marketplace GMV growth to strong partnerships with companies like Nestle, L'Oreal, and PepsiCo Foods, noting that third-party (3P) GMV now exceeds first-party (1P). Regarding LAS, CFO Guilherme Fleury de Figueiredo Ferraz Parolari mentioned that they continue to see sequential improvement in Argentina and are carefully managing pricing to protect margins while considering consumer affordability.

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