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Argentina Equity Strategy Summary (June 16, 2025)

Citi’s Market Take

The report provides a weekly brief on key events and Citi Research insights for the Argentina equity market. Current focus includes easing financial conditions and reduced volatility, with positive aspects for investment.

Economic and Strategy Views

• Andrés Cardona updates the quantitative macro strategy, noting improving financial conditions and lower volatility based on recent data.
• Matheus Tostes details light sector buying last week, with returns described as "Goldilocks," suggesting balanced performance.

Key Citi Research Highlights

Citi Research covers multiple areas:

• Latin America Equity Strategy: Focuses on diversification and macroeconomic trends, with updated estimates and coverage.
• Specific reports: Analysis of financials, inflation in Argentina, and detailed insights from bank conferences; tracking of inflation and consumer confidence in beverages.
• Notable items: Updates on oil sector valuations, including drilling costs at Vaca Muerta and export initiatives by YPF.

Recent News and Developments

• Corporate News: Vista relaunched its plan after acquiring La Amarga Chica. YPF emphasizes project scale for competitive markets, with plans for biofuel conversion and partnerships.
• Government Actions: Debt issuance, ongoing political statements, and economic indicators.
• Market Fluctuations: Biofuel strategies, oil prices driven by geopolitical events, and regional economic shifts.

Corporate Access

An upcoming meeting is scheduled for June 18 with GALICIA’s CFO to discuss business opportunities.

Disclosures and Analyst Information

The report includes extensive disclaimers on conflicts of interest, such as Citi’s ownership in certain securities and compensation ties to investment banking services. Analysts certify independent views, but potential biases on client recommendations are noted. Disclosure details are available upon request.