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    Flavio Yoshida

    Research Analyst at Bank of America Merrill Lynch

    Flavio Yoshida is a Research Analyst at Bank of America Merrill Lynch, specializing in the coverage of Brazilian healthcare and education companies such as Dasa, Viveo, Fleury, and Pravaler. He is recognized for his rigorous fundamental analysis and has contributed to research reports involving advanced financial modeling, including detailed returns and risk analytics for clients. Flavio began his career as Manager of Investor Relations at Banco Santander (Brasil) before joining Merrill Lynch SA CVTM in 2021, where he continues to lead in-depth sector coverage. As a certified analyst, he is listed in Bank of America's formal analyst roster and provides analyst certifications on SEC-compliant reports.

    Flavio Yoshida's questions to Vasta Platform (VSTA) leadership

    Flavio Yoshida's questions to Vasta Platform (VSTA) leadership • Q2 2025

    Question

    Flavio Yoshida from Bank of America Merrill Lynch asked about the drivers of the strong EBITDA margin, questioning if a mix shift towards premium schools and lower provisions were key factors. He also sought expectations for B2G revenue in the second half of the year.

    Answer

    CEO Guilherme Alves Mélega confirmed that the improved margin is a reflection of selling more premium products and the operating leverage from growth, which dilutes fixed costs. For the B2G outlook, he stated it is very positive for the second half, as the company expects to recognize revenue from the second part of its large Para contract, see more shipments to its 10 new municipal customers, and potentially add another new state contract by year-end.

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    Flavio Yoshida's questions to Afya (AFYA) leadership

    Flavio Yoshida's questions to Afya (AFYA) leadership • Q1 2025

    Question

    Flavio Yoshida asked about the primary drivers of the strong Q1 EBITDA margin performance and whether it could lead to an upward revision of the full-year guidance. He also inquired about the student intake process and if it has become more challenging to fill seats.

    Answer

    CFO Luis Andre Blanco attributed the margin expansion to higher gross margins in the Undergrad and Continuing Education segments, the ramp-up of Mais Medicos campuses, and operational efficiencies from restructuring. He stated that while the start to the year is strong, the company is maintaining its current guidance, pending the second-semester intake. CEO Virgilio Deloy Gibbon added that the student intake process was very healthy, with a 7-to-8 candidate-per-seat ratio, and that strong brand recognition led to better-than-expected intake and renewal rates across all programs.

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    Flavio Yoshida's questions to Afya (AFYA) leadership • Q4 2024

    Question

    Flavio Yoshida inquired about Afya's M&A pipeline and pricing expectations following the dividend announcement, and asked if the company is facing challenges in passing through tuition increases, noting historical increases were often above inflation.

    Answer

    CEO Virgilio Deloy Gibbon stated that the long-term M&A strategy is unchanged and the pipeline is 'hot,' with selectivity potentially leading to better pricing. He affirmed the commitment to pass on at least inflation for tuitions, citing a healthy intake process. Executive Renata Couto added that past above-inflation increases were due to repricing acquired assets. CFO Luis Andre Blanco noted future deals might be smaller in scale.

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    Flavio Yoshida's questions to BDORY leadership

    Flavio Yoshida's questions to BDORY leadership • Q1 2024

    Question

    Asked about the bank's risk appetite, particularly for the individual loan portfolio and payroll loans, in light of the current economic scenario where interest rates are not expected to fall as much as previously anticipated.

    Answer

    The bank maintains a clear and disciplined strategy focused on lower-risk segments like payroll loans for retirees and private payroll customers to ensure sustainable growth. Their risk appetite remains consistent, leveraging technology and a value chain approach to manage risk effectively. A diversified funding base and differentiated cost structure allow them to remain competitive in the payroll loan segment despite interest rate caps.

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