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    Ricardo Alves

    Research Analyst at Morgan Stanley

    Ricardo Alves is an Executive Director and Equity Analyst at Morgan Stanley, specializing in Latin American food and beverage sectors with coverage of companies including BRF S.A., Grupo Bimbo, Fomento Económico Mexicano (FEMSA), and Embotelladora Andina. His research is noted for detailed analysis on market-moving events, with recent reports influencing investor sentiment toward IPOs and regulatory matters in these industries. Alves has been with Morgan Stanley for several years and is frequently cited in financial media; prior professional experience may include other financial institutions or sector research roles, though details are limited. He is likely registered with relevant financial authorities such as FINRA, holds securities licenses required for equity research, and is a recognized source for corporate strategy analysis across Latin American markets.

    Ricardo Alves's questions to JBS (JBS) leadership

    Ricardo Alves's questions to JBS (JBS) leadership • Q2 2025

    Question

    Ricardo Alves of Morgan Stanley sought confirmation on the magnitude of working capital release in 2H 2025, questioned the shareholder return policy in light of the new buyback, and asked if U.S. Beef could see an 'immediate' sequential recovery like U.S. Pork.

    Answer

    Global CFO & IR Guilherme Cavalcanti confirmed a second-half cash release is expected and reiterated the shareholder return policy of ~$1B in annual dividends, with buybacks as a use for excess cash. Wesley Batista Filho, CEO of JBS Foods USA, stated that while they expect better Q3 performance in beef, the market is far less predictable than pork, making an 'immediate' recovery less certain.

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    Ricardo Alves's questions to MEXICAN ECONOMIC DEVELOPMENT (FMX) leadership

    Ricardo Alves's questions to MEXICAN ECONOMIC DEVELOPMENT (FMX) leadership • Q2 2025

    Question

    Ricardo Alves from Morgan Stanley questioned the significant net income miss, focusing on higher taxes and lower equity income. He also asked which specific initiatives would most impact OXXO Mexico's traffic recovery in the second half.

    Answer

    CFO Martín Yániz attributed the net income decline primarily to a 10 billion peso swing from foreign exchange losses on USD cash balances. He explained the higher effective tax rate was due to non-deductible expenses and Spin's losses. Director of IR Juan Fonseca noted that July same-store sales were already positive and highlighted initiatives around product assortment and new supplier negotiations as key drivers for a second-half rebound.

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    Ricardo Alves's questions to MEXICAN ECONOMIC DEVELOPMENT (FMX) leadership • Q2 2025

    Question

    Ricardo Alves asked about the drivers behind the net income miss, specifically higher taxes and lower equity income, and requested more concrete evidence for an expected traffic rebound at OXXO Mexico in the second half.

    Answer

    CFO Martín Yániz attributed the net income decline primarily to a significant FX loss on USD cash balances and explained the higher effective tax rate was due to non-deductible expenses. Director of IR Juan Fonseca provided evidence for optimism by noting that July same-store sales were positive in the low single digits and that initiatives to adjust product mix are underway.

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    Ricardo Alves's questions to MEXICAN ECONOMIC DEVELOPMENT (FMX) leadership • Q1 2025

    Question

    Ricardo Alves asked about the degree of sales cannibalization from OXXO's rapid store expansion in Mexico, the strategy for inorganic versus organic growth in the U.S., and the potential to accelerate store openings in Brazil.

    Answer

    Jose Antonio Fernández, CEO of the Proximity and Health Division, quantified the cannibalization effect at a tolerable 20-30 basis points of same-store sales, given the high ROIC of new stores. For the U.S., he and Juan Fonseca emphasized perfecting the value proposition organically before considering major M&A. Regarding Brazil, Fernández expressed strong satisfaction with recent momentum and confirmed FEMSA would continue to invest heavily to maintain a growth rate of 20-25% of the store base.

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    Ricardo Alves's questions to MEXICAN ECONOMIC DEVELOPMENT (FMX) leadership • Q4 2024

    Question

    Ricardo Alves inquired about the execution strategy for the 2025 share buyback program and questioned the long-term balance between OXXO's aggressive store expansion and its impact on same-store sales and marginal returns.

    Answer

    CFO Martin Arias Yaniz explained that the share repurchase plan will likely involve a mix of open-market purchases on the Mexican Bolsa and Accelerated Share Repurchases (ASRs) in the U.S., similar to the previous year. Regarding OXXO's expansion, an executive from the Proximity division, along with executive Juan Fonseca, affirmed confidence in the current pace, citing meticulous monitoring of new store productivity, the success of new formats, and tightened location approval standards that have improved the quality of recent store cohorts.

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    Ricardo Alves's questions to MEXICAN ECONOMIC DEVELOPMENT (FMX) leadership • Q2 2024

    Question

    Ricardo Alves of Morgan Stanley asked about the drivers behind OXXO's average ticket growth being only in line with inflation, a change from prior quarters. He also questioned the capital return strategy, noting its accelerated pace, and asked about future plans.

    Answer

    CFO Martin Arias Yaniz affirmed that the capital return plan is constantly re-evaluated and that accelerating the remaining portion of the extraordinary returns depends on market conditions, with flexibility between buybacks and dividends. Executive Juan Fonseca addressed same-store sales, attributing the Q2 slowdown to tough comparisons and one-offs, but noted easier comps in H2 could be balanced by potential post-election consumer softness. Martin Arias Yaniz added that the strategic focus is on driving overall traffic and revenue, not just ticket growth relative to inflation.

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    Ricardo Alves's questions to MARFRIG GLOBAL FOODS (MRRTY) leadership

    Ricardo Alves's questions to MARFRIG GLOBAL FOODS (MRRTY) leadership • Q1 2025

    Question

    Ricardo Alves asked about the strategic drivers and potential timeline for the company's considered re-domiciliation and U.S. listing. He also questioned the BRF team about the operational impact of the recently detected avian flu outbreak in Rio Grande do Sul.

    Answer

    Miguel de Souza Gularte, CEO of BRF, explained that the inclusion of National Beef in the merged entity provides the necessary scale for a potential re-domiciliation, a process they are actively working on for the medium term. Regarding the avian flu, he expressed confidence in the Ministry of Agriculture's ability to control the isolated case, citing past protocols and BRF's geographic diversification and contingency plans as mitigating factors.

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    Ricardo Alves's questions to MARFRIG GLOBAL FOODS (MRRTY) leadership • Q4 2024

    Question

    Ricardo Alves from Morgan Stanley requested a short-term outlook on U.S. beef spreads for March and April, and asked for an opinion on how markets like Japan and South Korea might impact U.S. prices amid tight global supply.

    Answer

    Executive Timothy Klein stated that while Q1 is seasonally the weakest for margins, he expects improvement heading into the spring barbecue season. He also confirmed that demand from key export partners Japan and South Korea has remained strong, even at higher price levels.

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    Ricardo Alves's questions to MARFRIG GLOBAL FOODS (MRRTY) leadership • Q2 2024

    Question

    Ricardo Alves of Morgan Stanley inquired about the North American cattle cycle, asking for indicators of a turnaround. He also questioned the potential for margin resilience in Q3, considering factors like drop credits and labor, and sought insights into beef retailer behavior leading up to Labor Day.

    Answer

    Timothy Klein, CEO for North America, noted that while a year-over-year decline in cattle slaughter is a precursor to heifer retention, meaningful retention hasn't occurred yet. He expects Q3 and Q4 to be seasonally weaker but is encouraged by strong beef demand, with consumers trading down to less expensive cuts but still purchasing beef. Klein confirmed that retail activity for Labor Day is strong, which should help clear product.

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    Ricardo Alves's questions to JBSAY leadership

    Ricardo Alves's questions to JBSAY leadership • Q1 2025

    Question

    Requested details on the expected evolution of working capital for the remainder of the year and sought clarification on the specific impacts of tariffs on the U.S. beef and pork operations, including which products are affected and how quickly the company can react to changes.

    Answer

    The company stated that Q1 working capital consumption was due to rebuilding inventory at higher costs, and future cash flow will depend on market demand and pricing. Regarding tariffs, the impact on beef is primarily on hides due to plant approval issues with China, which will take longer to resolve. The impact on pork was also 1-1.5 ppt but was purely tariff-related, allowing for a very quick operational reaction as tariffs are lowered.

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    Ricardo Alves's questions to JBSAY leadership • Q4 2024

    Question

    Asked about the financial savings from unwinding receivables and liability management, the company's future dividend policy post-listing, and the key drivers required to achieve a flat EBITDA in 2025 as presented in the free cash flow sensitivity analysis.

    Answer

    The company expects financial expenses to decrease from $1.8B to about $1.4B due to lower receivables discounts and active liability management. The post-listing dividend policy will be flexible and tied to cash flow, aiming for a stable payout of at least $1.2 billion annually. The flat EBITDA scenario was an exercise, but could be driven by improvements in Australia and favorable chicken and pork market dynamics.

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    Ricardo Alves's questions to AMBEV (ABEV) leadership

    Ricardo Alves's questions to AMBEV (ABEV) leadership • Q4 2024

    Question

    Ricardo Alves from Morgan Stanley asked for the CEO's assessment of the competitive landscape in Brazil and its implications for pricing, given cost pressures. He also requested concrete examples of how Ambev intends to 'develop the category' in a market with already high per capita beer consumption.

    Answer

    CEO Carlos Eduardo Lisboa asserted that Brazil's market has always been highly competitive, which strengthens the company. He emphasized that disciplined revenue management, not just pricing, will be crucial for margin expansion. To develop the category, he pointed to opportunities to increase consumer participation and expand into new occasions (e.g., with meals), highlighting the significant growth potential of non-alcoholic beer.

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    Ricardo Alves's questions to AMBEV (ABEV) leadership • Q2 2024

    Question

    Ricardo Alves asked for details on the competitive environment and market share in Brazil beer. He noted that while peers seemed aggressive on pricing, Ambev appeared to gain ground, and questioned if this was related to intense discount activity in the value segment.

    Answer

    Executive Jean Neto stated that while final industry data for Q2 was not yet available, Ambev is excited about its performance. He acknowledged that competitor Petropolis is active, but noted that this competition is primarily in the value segment, where Ambev is under-indexed. He characterized the overall competitive environment as intense but without any new surprises.

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