Consumer
Latam Consumer Monthly
Page 2  Deutsche Bank Securities Inc.
Table Of Contents
DB Recent Related Research .......................................................... 5
Latin America:mostly 2Q13 earnings notes ...................................................................... 5
Global:we reinstated coverage of AB-Inbev...................................................................... 6
Monthly Feature ............................................................................. 7
Tracking beer/SD sales versus production .........................................................................  7
DB LatAm Consumer Coverage Summaries .................................. 8
Global Peer Valuation Tables ........................................................ 12
Historical Valuation Multiples ...................................................... 18
LatAm Food stocks ........................................................................................................... 18
LatAm Beverage stocks .................................................................................................... 20
LatAm Household & Personal Care stocks ...................................................................... 23
LatAm Retail stocks .......................................................................................................... 23
Input Cost Tracker ........................................................................ 26
Beverage raw materials: aluminium and sugar continue to provide relief, but PET
remains near peak levels .................................................................................................. 26
Grain prices have continued to fall as weather premium fades ...................................... 27
Other inputs still rising or stable ...................................................................................... 29
Brazil Protein Update .................................................................... 30
July SECEX numbers underscore continued strong demand for Brazilian protein exports
.......................................................................................................................................... 30
Update on Brazilian, Mexican and Chilean Consumers ............... 31
Brazil: some positive signs, but it is still too early to tell ................................................. 31
Mexican consumer: continued mixed signals,but improving US outlook (implicit in
taper talk) could mean a recovery isnear ........................................................................ 33
Chilean consumer remains in good shape with some yellow flags ................................ 34