Box Segurity (CXSE3) or BB Segurity (BBSE3)? Only one is purchase for UBS BB

THE BB UBS reduced estimates for the BOX SECURITY (Cxse3) and BB Segurity (BBSE3) Amid the uncertainties in the credit and social security and rural segments, even with the solid financial results delivered by the companies.

The team of analysts led by Kaio Prato reduced the target price of BB Segurity to R $ 40, compared to the previous R $ 46, due to the weaker prospects in the rural sector, life insurance and social security.

There was also cut in the target price of Caixa Seguridade, although less significant, from $ 18 to $ 17.50, in view of the Life Insurance Sector and Social Security, but partially compensated for solid results in other vertical.

“In general, we believe that CXSE3 and BBSE3 are still defensive options, with an estimated yield of dividends approximately 10%, ”says UBS BB.

For Caixa Seguridade, the recommendation of the gringo bank is buywhile maintaining the position neutral For BB Segurity.

IMPACT OF IOF ON THE SECURITY BOX AND BB SECURITIES

The bank’s analyst team slightly adjusted estimates for social security, as the contributions are expected to be impacted by the new IOF 5%, at least in the short term.

“If the new IOF is maintained, we believe that the main short -term impact should be reflected in the results of brokers, which recognize the sales of new contributions. In the long run, there may be a more gradual impact due to the minor AUM (active management) accumulated,” analysts say.

UBS BB recalls that the latest changes made by the government have established a transition phase by December 2025, which would impact contributions over R $ 300 thousand for each insurer. From 2026, the IOF would be charged for contributions over R $ 600 thousand per year, regardless of the insured chosen.