BTG Pactual Adds OceanPact (OPCT3) to Small-Cap Portfolio on Strong Q2 Outlook and CBO Merger Catalyst

BTG Pactual, one of Brazil's largest investment banks, has added maritime services provider OceanPact Serviços Marítimos S.A. (OPCT3) to its recommended August small-cap portfolio, replacing Marcopolo (POMO4). The inclusion signals strong conviction on the stock's near-term trajectory, primarily driven by the expectation of robust second-quarter 2026 results and several imminent corporate catalysts. The bank's small-cap selection for August includes a 10% weighting for OPCT3, aligning with its strategy of focusing on companies that combine operational improvement with attractive valuation in the Brazilian stock market.

The core of the BTG thesis centers on accelerating results, particularly in OceanPact’s Vessels and Services segments. The firm anticipates a more favorable scenario for OPCT3 due to the continuous operational evolution in the vessel division. This operational improvement, combined with the repricing of the fleet and a trend toward deleveraging spurred by more robust cash generation, supports the bank’s positive outlook. Historically, the company operates across the offshore sector, providing services in environment, subsea, and logistics, catering primarily to the oil and gas industry.

Two key corporate events are cited as near-term catalysts for the stock: the planned conclusion of the CBO merger and the judgment of the UP Coral claim. The merger with rival CBO is expected to close between late August and early September. This combination is highly material, as it will create an offshore services giant with a fleet of 73 vessels, annual revenue projected to exceed $778 million, and a significant backlog of approximately $2.7 billion. Additionally, the judgment regarding claims related to the UP Coral vessel, also expected in August, is viewed as an "optionality" that could further enhance value.

The move to rebalance the portfolio comes as the broader Brazilian Small-Cap segment shows weakness, with the iShares MSCI Brazil Small-Cap ETF (EWZS) trading down 0.92% as of today, and the benchmark Ibovespa (IBOV) down 0.06% to 177,894.97. The BTG small-cap portfolio itself saw a 6.6% drop in July, underperforming both the Ibovespa and the SMLL Small Cap index. The strategic inclusion of OceanPact, which third-party analysts currently rate with a consensus "Buy," reflects the bank's renewed focus on stocks with solid fundamentals and clear operational milestones ahead. The operational acceleration forecast underpinning the BTG thesis will be tested by the release of the company's Q2 2026 earnings, which is scheduled for August 6, 2026.