We are reiterating our Buy rating, projections and $22.50 price target for Betterware de Mexico after reviewing the August catalog. August saw the continuation of moderating YoY price increases, but also registered the lowest SKU count in 2025, the deepest % reduction in YoY discounting rates and one of the lowest levels of new products. As such, we wonder, after a decent 2Q for the Betterware division, if management is shifting the key launches for Fall/Holiday to September and utilizing August to maximize returns, as opposed to clearance, from prior periods. We believe the September and October catalog will be crucial in determining how Betterware is responding to the stronger MXN and the potential for higher overall returns. We remain positive on BWMX and reiterate our Buy rating and $22.50 price target.
