巴西房屋建筑商：来自摩根大通2025年房屋建筑商日的反馈

Latin America Equity Research22 May 2025JPMORGANwww.jpmorganmarkets.comLatin American Cement & Construction / Real EstateMarcelo Motta AC(55-11) 4950-6712marcelo.g.motta@jpmorgan.comBanco J.P. Morgan S.A.Jonathan S. Koutras(55-11) 4950-3549jonathan.s.koutras@jpmchase.comBanco J.P. Morgan S.A.Adrian E Huerta(52-81) 8152-8720adrian.huerta@jpmorgan.comJ.P. Morgan Casa de Bolsa, S.A. de C.V., J.P. Morgan Grupo FinancieroFelipe Barragan Sanchez(52-55) 5283-1666felipe.barragan@jpmorgan.comJ.P. Morgan Casa de Bolsa, S.A. de C.V., J.P. Morgan Grupo FinancieroTable 1: Brazilian Homebuilders Coverage SummaryP/ERating25e26eCYREOW4.8x4.6xEZTCN7.2x5.8xDIRROW8.6x7.6xCURYOW9.5x8.3xTENDOW6.8x5.1xMRVEN7.1x3.4xAvg. BZ HB7.3x6.2xSource: J.P. Morgan estimates, Bloomberg Finance L.P.Today we hosted our annual J.P. Morgan Homebuilders Day, with the presence of top management from CYRE (OW), DIRR (OW), CURY (OW), EZTC (N) and MRVE (N). Overall, the tone was positive for the low income segment, especially reg