Coca-Cola Femsa SAB de CV

KOF is in a Stage 3 distribution phase with flattening and declining short-term EMAs, trading below key moving averages. The medium-term bias is bearish, reinforced by a series of lower highs and failed breakouts around the 9/21 EMA zone, and heavier volume on down-days. Short-term timing remains favorable for bearish execution as rallies are consistently rejected at declining EMAs, suggesting execution now on minor relief bounces into those EMAs. The long-term uptrend remains intact per the rising 200-DMA but is secondary to the intermediate weakness.

• ↑Dividend yield of 3.84% underscores robust free cash-flow generation
• ↑Adjusted EBITDA rose 12.8% YoY to drive operating margin of 17.6%
• ↓IEPS excise tax forecast to reduce volumes by low-mid single digits