$INTR at $4.5, the market is pricing as if today's profitability never improves. A bank at roughly book value is priced to earn about its cost of equity, with no value creation above it. What are the levers I see which are not priced in: 1) Loan book repricing: Old loans earn c.12% ROE while new loans are written at c.22%. As old loans are replaced, ROE should climb toward management's 2029 target of 28%. 2) Private payroll maturity: It has been the biggest driver for increasing NPLs, we should see an improvement with automatic re-linking, Inter's own relinkage, credit insurance (Aug-26) which will also drive higher revenues. Lower NPLs = higher profit. 3) Credit catch-up: Inter handles ~9% of Brazil’s Pix payments (Brazil’s instant payment system, created and run by the Central Bank), but holds only ~1.5–2% of most loan markets. Its clients bank with Inter but borrow elsewhere. Closing that gap = growth with near-zero acquisition cost. 4) Secure lending: Top-5 banks still own c.82% of secured personal loans (R$2.6-2.7tn) vs 63-67% in unsecured (already disrupted). Real estate is a R$1.4tn pool. There is already an increasing real-estate demand funnel, 3.5-4x in 18 months. 5) Demographics: Kids accounts: 5mm opened, ~2mm live. ARPAC under-17 ~R$3 -> R$30 at 18+ -> mature cohorts >R$100/month (avg R$59) 6) AI at scale: headcount has been flat at ~4,000 since 2022. Management’s 28% ROE target assumes a conservative 35% cost-to-income ratio; AI could push it to 30% or below. Pure upside, not in the plan. 7) Fee engines: Subscription plans (One/Prime/Win), Inter Ads (Jun'26), investment advisory, payroll credit insurance, InterPag acquiring, card interchange (credit TPV share >2%). Target: fees at 25% of revenue, from c.22% today. Other levers excluded but could potentially be: Selic easing: the Brazilian Central Bank is cutting rates, from 15% in Feb’26 to 13.75% in Sep’26. Lower rates ease households’ debt burden (fewer defaults) and boost demand for long-term secured credit like mortgages. The market is fearing that with more Lula the rates might go up, but we were actually seeing a downward trend these last months with him. Not financial advices, just my thoughts.

AMKOR $AMKR Q3’26 EARNINGS HIGHLIGHTS 🔹 Revenue: $1.99B (Est. $2.01B) 🔴; vs $1.99B LY 🔹 EPS: $0.76 (Est. $0.78) 🔴; vs $0.51 LY 🔹 Gross Margin: 18.3% (Est. 19.1%) 🔴 🔹 Operating Income: $225M (Est. $247M) 🔴 Q4 Guide: 🔹 Revenue: $1.9B-$2.0B (Est. $2.02B) 🔴 🔹 EPS: $0.65-$0.75 (Est. $0.76) 🔴 🔹 Gross Margin: 18.0%-19.0% (Est. 19.0%) 🟡 🔹 Net Income: $160M-$185M (Est. $189M) 🔴 🔹 FY26 Capital Expenditures: ~$2.5B Product Revenue: 🔹 Advanced Products: $1.63B; vs $1.68B LY 🔹 Mainstream Products: $359M; vs $303M LY End Markets (% of Net Sales): 🔹 Communications: 37%; vs 51% LY 🔹 Computing: 26%; vs 19% LY 🔹 Automotive & Industrial: 22%; vs 16% LY 🔹 Consumer: 15%; vs 14% LY Other Q3 Metrics: 🔹 Net Income: $191M (Est. $191M) 🟡; vs $127M LY 🔹 EBITDA: $435M (Est. $440M) 🔴; vs $340M LY 🔹 Operating Margin: 11.3%; vs 8.0% LY 🔹 Cash & Short-Term Investments: $2.4B 🔹 Total Debt: $2.5B Key Updates: 🔹 Share repurchases: ~$32M Comments: 🔸 “We are executing on our strategy, advancing key customer programs and benefiting from expanding customer commitments that improve visibility and support disciplined investment to meet future demand.”