Director and Equity Research Analyst at Citigroup Inc.
Hugo Grassi B. Soares is a Director and Equity Research Analyst at Citi, specializing in Latin American financials with a focus on major banks and financial service firms such as Itaú Unibanco, Banco do Brasil, and BTG Pactual. Recognized for his detailed and actionable company coverage, he is ranked among the top analysts for Latin American equities on TipRanks, with a documented success rate exceeding 65% and consistently positive average returns on his stock recommendations. Hugo began his career at Credit Suisse before joining Citi in 2020, where he has become a leading voice in the Latin America research team. He holds multiple regulatory credentials including FINRA registrations and is widely respected for his analytical rigor and market insight.
Asked for an explanation of the $13.37 million current tax expense, questioning if it was caused by the strong peso's impact on U.S. dollar-denominated debt.
The tax expense is driven by two factors: first, the strong appreciation of the peso requires a mark-to-market of their dollar-denominated debt, increasing the tax provision in peso terms. Second, the company is generating higher profits from its core rental revenue operations.
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