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    Felipe Ucros Nunez

    Research Analyst at Scotiabank

    Felipe Ucros Nunez is an Analyst at Scotiabank Global Banking and Markets, specializing in coverage of Latin American companies such as Grupo Herdez and Alfa S.A.B. de C.V. He tracks 8 stocks with a reported 50% success rate and currently holds a 2.02-star analyst ranking, reflecting his performance on independent platforms. Ucros Nunez's career in equity research has been anchored at Scotiabank, where he participates in high-profile earnings calls with notable regional businesses. While detailed information on professional credentials and licensing is not publicly available, his ongoing sector coverage and participation in major corporate events underscore his role within the firm's equities research team.

    Felipe Ucros Nunez's questions to COCA COLA FEMSA SAB DE CV (KOF) leadership

    Felipe Ucros Nunez's questions to COCA COLA FEMSA SAB DE CV (KOF) leadership • Q1 2025

    Question

    Felipe Ucros Nunez asked for a breakdown of profitability by country in South America, the drivers of operating leverage, and whether recent SG&A levels represent a new normal. He also followed up on consumer shifts in product mix.

    Answer

    CEO Ian Marcel Craig García and CFO Gerardo Celaya clarified that margin expansion in South America was broad-based, with Brazil and Colombia contributing significantly alongside Argentina. Celaya acknowledged SG&A pressure from labor and maintenance in Mexico but stated the company is focused on efficiencies. Executive Jorge Alejandro Pereda noted that product mix shifts vary, with Mexico moving to multi-serve while Brazil sees single-serve growth.

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    Felipe Ucros Nunez's questions to COCA COLA FEMSA SAB DE CV (KOF) leadership • Q4 2024

    Question

    Felipe Ucros Nunez of Scotiabank asked about the company's ability to recapture market share in Mexico and Brazil as production capacity increases, requested an update on 2025 FX hedging, and inquired about the strategy that successfully boosted Coke Zero in Mexico.

    Answer

    CEO Ian Marcel Craig García confirmed significant share recapture opportunities, particularly in Mexico. He explained the Coke Zero success was due to a simplified price-package architecture and strong marketing. CFO Gerardo Celaya provided a detailed 2025 hedging update, noting ~35% of total FX exposure is hedged, along with significant portions of key commodities like PET, aluminum, and sugar.

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    Felipe Ucros Nunez's questions to COCA COLA FEMSA SAB DE CV (KOF) leadership • Q2 2024

    Question

    Felipe Ucros Nunez from Scotiabank requested an update on the Juntos+ digital platform, specifically asking about the loyalty program's adoption and its impact on client behavior, as well as any progress on the fintech side of the initiative.

    Answer

    CEO Ian Marcel Craig García reported that the loyalty program is performing very well, driving a 'significant uplift' in volume and receiving positive client feedback. CFO Gerardo Celaya added that 750,000 customers are now active in the loyalty program across their operations. The fintech aspect was not detailed in the response.

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    Felipe Ucros Nunez's questions to AMBEV (ABEV) leadership

    Felipe Ucros Nunez's questions to AMBEV (ABEV) leadership • Q4 2024

    Question

    Felipe Ucros Nunez of Scotiabank requested an update on the third-party marketplace on the BEES digital platform, asking about the evolution of partnerships, profitability, and return on invested capital (ROIC) following recent optimizations.

    Answer

    CEO Carlos Eduardo Lisboa reported that the BEES marketplace GMV grew nearly 50% in 2024, driven by third-party expansion, positioning Ambev as a 'one-stop shop' for its customers. CFO Lucas Lira added that the business model is highly attractive, generating strong ROIC by leveraging the company's existing distribution network and customer base with minimal incremental capital, even as margins continue to improve.

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    Felipe Ucros Nunez's questions to UNITED BREWERIES CO (CCU) leadership

    Felipe Ucros Nunez's questions to UNITED BREWERIES CO (CCU) leadership • Q2 2024

    Question

    Felipe Ucros Nunez from Scotiabank inquired about the specific impact of adverse weather on the beverage portfolio versus general consumption weakness, the competitive pricing environment in Chile, and the operational success of the new proprietary distribution system in Argentina.

    Answer

    CEO Patricio Jottar Nasrallah clarified that poor weather was the primary driver of volume declines, with beer volumes falling mid-teens versus a mid-single-digit drop for non-alcoholic drinks. He noted the industry is rationally raising prices to offset cost pressures but wouldn't comment on specific competitor moves. He also expressed extreme satisfaction with the new distribution system in Argentina, which has improved efficiency and enabled the water business to achieve positive EBITDA.

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    Felipe Ucros Nunez's questions to UNITED BREWERIES CO (CCU) leadership • Q2 2024

    Question

    Felipe Ucros Nunez from Scotiabank inquired about the primary driver of poor volumes, questioning whether it was adverse weather or broader consumption pressure. He also asked about competitive pricing rationality and the operational success of the new distribution system in Argentina.

    Answer

    CEO Patricio Jottar Nasrallah confirmed that adverse weather was a significant factor, with beer volumes down mid-teens versus a mid-single-digit drop for non-alcoholic beverages. He stated the industry is rational on pricing due to shared cost pressures but declined to comment on specific competitor moves. Regarding Argentina, he expressed high satisfaction with the smooth transition to a new, integrated distribution system with Danone, which has improved efficiency and made the water business profitable despite a 30% market volume contraction.

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    Felipe Ucros Nunez's questions to UNITED BREWERIES CO (CCU) leadership • Q1 2024

    Question

    Felipe Ucros Nunez of Scotiabank inquired about the competitive environment in Chile amidst peso devaluation, questioning if the sector was pricing rationally. He also asked if the Wine segment's volume recovery was driven by restocking or consumer demand.

    Answer

    Felipe Dubernet, Chief Financial Officer, explained that competitors increased promotional activity, leading to lower prices, while CCU maintained pricing in line with inflation, supported by strong brand health. Regarding the Wine segment, he confirmed the volume recovery was due to inventory normalization in the supply chain after a period of destocking, with volumes now back above 2019 levels.

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    Felipe Ucros Nunez's questions to UNITED BREWERIES CO (CCU) leadership • Q1 2024

    Question

    Felipe Ucros Nunez inquired about the competitive environment in Chile amidst peso devaluation, asking if the sector was pricing rationally. He also questioned if the Wine segment's strong volume growth was driven by restocking or final consumer demand.

    Answer

    Felipe Dubernet, Chief Financial Officer, explained that competitors increased promotional activity, leading to flat or lower prices. In contrast, CCU leveraged its strong brand health to raise prices in line with inflation. For the Wine segment, he confirmed that Q1 marked a normalization after a period of inventory destocking by distributors, with volumes now back above 2019 levels, and noted key growth initiatives in markets like China.

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    Felipe Ucros Nunez's questions to UNITED BREWERIES CO (CCU) leadership • Q4 2023

    Question

    Asked about the operational start to 2024 in Argentina, the margin outlook there, the underlying consumer demand in Chile when factoring out weather impacts, and the long-term strategy for the challenged wine segment.

    Answer

    Argentina's Q1 2024 is continuing the Q4 trend with price hikes matching inflation and high single-digit volume contraction; profitability will be defended through the HerCCUles plan. In Chile, underlying consumer demand is weak, but January saw low single-digit growth with better weather. The wine segment's decline is a global issue; CCU is focusing on premiumization, innovation, and improving execution in key export markets (China, US, UK) to turn it around.

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    Felipe Ucros Nunez's questions to UNITED BREWERIES CO (CCU) leadership • Q3 2023

    Question

    Asked about the normalization of post-pandemic sales volumes, the outlook for costs, and the performance and future expectations for the wine segment.

    Answer

    The executive stated that comparing volumes to 2021 is misleading due to stimulus effects; compared to 2019, volumes are up. The Q3 dip was due to weather and consumption deceleration, but the company expects to maintain scale. On costs, non-alcoholic beverages face pressure from high sugar and orange juice prices. For the wine segment, there is optimism as the export volume decline has slowed, with October showing the first month of growth, suggesting the destocking trend is ending.

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