DOCSLIB.ORG

EQUITY STRATEGY Quálitas and Vesta Are Candidates to Join Mexbol @Analisis Fundam

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
EQUITY STRATEGY Quálitas and Vesta Are Candidates to Join Mexbol @Analisis Fundam Equity Research Me xico February 17, 2020 EQUITY STRATEGY www.banorte.com Quálitas and Vesta are candidates to join Mexbol @analisis_fundam ▪ On Friday, March 6th, the MSE and S&P Dow Jones Indices will announce changes to the sample that will integrate the S&P BMV Marissa Garza th Director of Equity Strategy IPC as of Monday, March 23 [email protected] ▪ Quálitas (Q) is set to enter the index instead of Alpek, as it does not Valentín Mendoza comply with the market cap criteria. On the contrary, Q would meet Senior Strategist, Equity [email protected] all the selection requirements ▪ According to our estimates, after implementing the combined José Espitia Senior Strategist, Equity ranking criterion, Vesta would position itself better than GCC, hence [email protected] it would have to be replaced in the benchmark Leavers & Quálitas and Vesta could replace Alpek and GCC. Upon performing an Joiners Stock Weighting exercise with data as of January 31st (reference date), we estimate that Leave ALPEK A 0.21% Leave GCC * 0.58% ALPEK would not meet the required minimum VWAP float-adjusted market Join Q * 0.62%e cap (≥$ 8 billion) in order to remain in the Mexbol sample, although it would Join VESTA * 0.66%e be dependent on the float determined by S&P whether it leaves the index or This document is provided for the reader’s convenience only. The translation from the original Spanish version was not. (limit to stay ≥18.39% vs 17.99%e). Instead, Q would join the index as it made by Banorte’s staff. Discrepancies may possibly arise between the original document in Spanish and its English complies with all the selection criteria. Additionally, it is important to mention translation. For this reason, the original research paper in that while BOLSA, GCARSO and GCC would not meet the liquidity Spanish is the only official document. The Spanish version was released before the English translation. The original requirement, after implementing the combined ranking criterion, seeking to document entitled “Entorno Bursátil: Quálitas y Vesta candidatas a integrarse al IPC” was released on February maintain 35 stocks in the sample, VESTA would be better positioned in 17, 2020. Document for distribution among public respect to GCC, thus it would have to be replaced (see tables attached). In that sense, we anticipate that the stocks that would maintain the highest weighting within the benchmark, with no relevant changes, would be AMX (14.2%e), FEMSA (12.0%e), WALMEX (10.8%e), GFNORTE (10.4%e) and GMEXICO (6.2%e). Finally, it is worth mentioning that the computations made in this exercise could vary given that S&P carries out float reckons based on the stock movements, without letting them know publicly. Mexbol – Performance LTM Mexbol – Current constituents weightings Volume in millions of shares % 800 51,000 700 AMX L 49,000 600 FEMSA UBD 14.2% WALMEX * 47,000 500 29.4% GFNORTE O 400 45,000 12.0% GMEXICO B 300 CEMEX CPO 43,000 2.7% 10.8% 200 TLEVISA CPO 41,000 GAP B 100 3.0% 10.5% 3.3% 6.2% ELEKTRA * 39,000 0 F-19 A-19 J-19 A-19 O-19 D-19 F-20 3.8% ASUR B 4.0% Source: Bloomberg, BMV Source: Banorte 1 Current constituents’ analysis based on the criteria to remain in the sample VWAP Float- Investable Annualized Median Weighting in VWAP Shares Floating Adjusted Market Trading Days ≥ Ticker Weighting Traded Value Ratio≥ Median Daily Traded Mexbol L3M Outstanding Shares* Capitalization*≥ 95% Factor≥10% 15% Value* ≥ $30 million $8 billion 3M 6M 3M 6M AMX L 14.17% $ 15.21 44,872 52% 23,333 $ 354,906 100% 33% 37% 481 492 FEMSA UBD 12.01% $ 177.32 2,161 86% 1,859 $ 329,573 100% 30% 35% 387 478 WALMEX * 10.84% $ 55.56 17,461 29% 5,064 $ 281,322 100% 65% 67% 730 770 GFNORTE O 10.51% $ 108.79 2,883 85% 2,451 $ 266,643 100% 49% 57% 535 601 GMEXICO B 6.16% $ 53.31 7,785 41% 3,192 $ 170,142 100% 45% 47% 291 291 CEMEX CPO 3.98% $ 7.31 14,851 100% 14,851 $ 108,511 100% 43% 51% 194 226 TLEVISA CPO 3.84% $ 43.77 2,882 88% 2,537 $ 111,022 100% 16% 21% 74 83 GAP B 3.35% $ 222.91 477 79% 377 $ 83,971 100% 55% 52% 174 158 ELEKTRA * 2.99% $ 1,389.32 233 25% 58 $ 81,060 100% 15% 18% 46 55 ASUR B 2.74% $ 349.74 277 73% 202 $ 70,734 100% 34% 37% 98 99 KOF UBL 2.31% $ 113.42 525 100% 525 $ 59,571 100% 29% 33% 64 77 KIMBER A 2.05% $ 38.85 1,604 88% 1,412 $ 54,859 100% 59% 67% 136 150 OMA B 1.90% $ 138.99 344 100% 344 $ 47,814 100% 38% 49% 72 81 BIMBO A 1.80% $ 34.67 4,646 32% 1,487 $ 51,536 100% 28% 36% 55 69 AC * 1.78% $ 104.54 1,764 25% 441 $ 46,109 100% 47% 60% 90 106 GFINBUR O 1.86% $ 23.73 6,623 33% 2,185 $ 51,851 100% 20% 23% 39 47 ORBIA * 1.65% $ 44.32 2,100 48% 1,008 $ 44,670 100% 48% 75% 86 119 IENOVA * 1.70% $ 85.41 1,534 34% 522 $ 44,547 100% 63% 72% 113 115 GRUMA B 1.66% $ 199.33 416 54% 224 $ 44,745 100% 50% 63% 88 102 PINFRA * 1.65% $ 195.35 380 58% 220 $ 43,069 100% 46% 51% 73 76 ALFA A 1.33% $ 15.76 5,031 57% 2,868 $ 45,189 100% 43% 47% 76 85 GCARSO A1 1.12% $ 70.05 2,280 20% 456 $ 31,948 100% 16% 18% 19 21 PE&OLES 0.87% $ 210.50 397 31% 123 $ 25,937 100% 46% 60% 48 63 ALSEA * 0.80% $ 50.59 830 61% 506 $ 25,609 100% 65% 71% 69 70 BBAJIO O 0.80% $ 31.38 1,190 60% 714 $ 22,406 100% 46% 49% 34 42 GENTERA * 0.81% $ 19.80 1,625 63% 1,023 $ 20,268 100% 44% 44% 37 32 MEGA CPO 0.80% $ 75.20 861 35% 301 $ 22,652 100% 70% 66% 60 60 BOLSA A 0.73% $ 42.48 593 75% 445 $ 18,894 100% 37% 43% 27 29 LIVEPOL C 0.69% $ 98.40 197 100% 197 $ 19,430 100% 43% 47% 35 37 CUERVO * 0.66% $ 33.96 3,654 14% 512 $ 17,371 100% 47% 67% 34 40 BSMX B 0.60% $ 25.78 3,323 17% 565 $ 14,562 100% 64% 104% 39 55 LAB B 0.59% $ 19.23 1,048 71% 744 $ 14,310 100% 58% 59% 34 33 GCC * 0.58% $ 101.75 337 48% 162 $ 16,479 100% 46% 40% 32 26 R A 0.46% $ 106.24 328 33% 108 $ 11,497 100% 123% 137% 57 58 ALPEK A 0.21% $ 20.56 2,116 18% 381 $ 7,832 100% 103% 90% 31 29 Source: MSE, Bloomberg, Banorte * in millions Potential joiners’ analysis based on the selection universe and liquidity criteria VWAP Float- Investable Annualized Median VWAP Shares Floating Adjusted Market Trading Ticker Weighting Traded Value Ratio≥ Median Daily Traded L3M Outstanding Shares* Capitalization*≥ Days ≥ 95% Factor≥10% 25% Value* ≥ $50 million $10 billion 3M 6M 3M 6M VOLAR A $ 21.19 924 98% 905 $ 19,185 100% 15% 18% 12 13 VESTA * $ 33.36 606 86% 522 $ 17,399 100% 33% 42% 24 27 SITES B1 $ 13.72 3,300 36% 1,188 $ 16,297 100% 11% 15% 6 9 GMXT * $ 26.34 4,101 15% 615 $ 16,198 100% 14% 11% 9 5 Q * $ 81.18 435 40% 174 $ 14,126 100% 80% 103% 46 56 BACHOCO B $ 80.03 600 27% 162 $ 12,966 100% 37% 32% 20 16 LACOMER UBC $ 24.27 459 99% 455 $ 11,034 100% 18% 20% 8 9 Source: MSE, Bloomberg, Banorte * in millions 2 Combined ranking criteria analysis to determine at least 35 constituents for Mexbol VWAP Float- VWAP Float- Investable Annualized Median VWAP Shares Floating Adjusted Market Trading adjusted Market Ticker Weighting Traded Value Ratio≥ Median Daily Traded Value* ≥ L3M Outstanding Shares* Capitalization*≥ Days ≥ 95% Capitalization Factor≥10% 25% $50 million $10 billion 3M 6M 3M 6M Ranking (1) GCARSO A1 $ 70.05 2,280 20% 456 $ 31,948 100% 16% 18% 19 21 1 VOLAR A $ 21.19 924 98% 905 $ 19,185 100% 15% 18% 12 13 2 BOLSA A $ 42.48 593 75% 445 $ 18,894 100% 37% 43% 27 29 3 VESTA * $ 33.36 606 86% 522 $ 17,399 100% 33% 42% 24 27 4 GCC * $ 101.75 337 48% 162 $ 16,479 100% 46% 40% 32 26 5 SITES B1 $ 13.72 3,300 36% 1,188 $ 16,297 100% 11% 15% 6 9 6 GMXT * $ 26.34 4,101 15% 615 $ 16,198 100% 14% 11% 9 5 7 BACHOCO B $ 80.03 600 27% 162 $ 12,966 100% 37% 32% 20 16 8 LACOMER UBC$ 24.27 459 99% 455 $ 11,034 100% 18% 20% 8 9 9 VWAP Float- Investable Annualized Median Six-month Median VWAP Shares Floating Adjusted Market Trading Ticker Weighting Traded Value Ratio≥ Median Daily Traded Value* ≥ Daily Traded Value L3M Outstanding Shares* Capitalization*≥ Days ≥ 95% Factor≥10% 25% $50 million Ranking (2) $10 billion 3M 6M 3M 6M BOLSA A $ 42.48 593 75% 445 $ 18,894 100% 37% 43% 27 29 1 VESTA * $ 33.36 606 86% 522 $ 17,399 100% 33% 42% 24 27 2 GCC * $ 101.75 337 48% 162 $ 16,479 100% 46% 40% 32 26 3 GCARSO A1 $ 70.05 2,280 20% 456 $ 31,948 100% 16% 18% 19 21 4 BACHOCO B $ 80.03 600 27% 162 $ 12,966 100% 37% 32% 20 16 5 VOLAR A $ 21.19 924 98% 905 $ 19,185 100% 15% 18% 12 13 6 SITES B1 $ 13.72 3,300 36% 1,188 $ 16,297 100% 11% 15% 6 9 7 LACOMER UBC$ 24.27 459 99% 455 $ 11,034 100% 18% 20% 8 9 8 GMXT * $ 26.34 4,101 15% 615 $ 16,198 100% 14% 11% 9 5 9 VWAP Float- Investable Annualized Median VWAP Shares Floating Adjusted Market Trading Combined Ticker Weighting Traded Value Ratio≥ Median Daily Traded Value* ≥ L3M Outstanding Shares* Capitalization*≥ Days ≥ 95% Ranking (1+2) Factor≥10% 25% $50 million $10 billion 3M 6M 3M 6M BOLSA A $ 42.48 593 75% 445 $ 18,894 100% 37% 43% 27 29 4 GCARSO A1 $ 70.05 2,280 20% 456 $ 31,948 100% 16% 18% 19 21 5 VESTA * $ 33.36 606 86% 522 $ 17,399 100% 33% 42% 24 27 6 GCC * $ 101.75 337 48% 162 $ 16,479 100% 46% 40% 32 26 8 VOLAR A $ 21.19 924 98% 905 $ 19,185 100% 15% 18% 12 13 8 SITES B1 $ 13.72 3,300 36% 1,188 $ 16,297 100% 11% 15% 6 9 13 BACHOCO B $ 80.03 600 27% 162 $ 12,966 100% 37% 32% 20 16 13 GMXT * $ 26.34 4,101 15% 615 $ 16,198 100% 14% 11% 9 5 16 LACOMER UBC$ 24.27 459 99% 455 $ 11,034 100% 18% 20% 8 9 17 Source: MSE, Bloomberg, Banorte * in millions 3 Estimated index constituents’ weightings after resampling and rebalancing Weighting Weighting Change in Ticker Change in Mexbol in Mexbol Weighting (current) (estimate) (estimate) AMX L 14.2% 14.1% -0.1% FEMSA UBD 12.0% 12.0% 0.0% WALMEX * 10.8% 10.8% 0.0% GFNORTE O 10.5% 10.5% 0.0% GMEXICO B 6.2% 6.1% 0.0% CEMEX CPO 4.0% 3.9% -0.1% TLEVISA
Load more

Recommended publications
  • Disclaimer July 15, 2021 │ Update
    Disclaimer July 15, 2021 │ Update The content here in has only informative purposes. It does not constitute a recommendation, advice, or personalized suggestion of any product and/or service that suggest you make investment decisions as it is necessary to previously verify the congruence between the client's profile and the profile of the financial product. SALES TRADING COMMENT, NOT RESEARCH OR HOUSE VIEW. The information contained in this electronic communication and any attached document is confidential, and is intended only for the use of the addressee. The information and material presented are provided for information purposes only. Please be advised that it is forbidden to disseminate, disclose or copy the information contained herein. If you received this communication by mistake, we urge you to immediately notify the person who sent it. Actinver and/or any of its subsidiaries do not guarantee that the integrity of this email or attachments has been maintained nor that it is free from interception, interference or viruses, so their reading, reception or transmission will be the responsibility of who does it. It is accepted by the user on the condition that errors or omissions shall not be made the basis for any claim, demand or cause for action. Equity Research Guide for recommendations on investment in the companies under coverage included or not, in the Mexican Stock Exchange main Price Index (S&P/BMV IPC) Our recommendations are set based on an expected projected return which, as any estimate, cannot be guaranteed. Readers should be aware that a number of subjective elements have also been taken into consideration in order to determine each analyst’s final decision on the recommendation.
    [Show full text]
  • Panorama Bursátil. Voto De Confianza En Enero
    15 de f ebrero de 2019 Octav io García Williams González Mesa de Análisis Ext. 10717 [email protected] Panorama Bursátil. Voto de confianza en enero Nuestra lectura del mercado ─ Optimismo en los mercados de EUA tras avances en las negociaciones comerciales con China. Las pláticas continuarán la próxima semana en Washington. En EUA el S&P 500 subió 2.3% y el DJIA 2.8%; mientras que México se ajustó 0.4% en pesos (-1.4% en dólares; el peso se depreció 0.9%). ¿Bolsa atractiva?…La renta fija dice que todavía no ─ Se comparó el rendimiento desde 2008 de las utilidades de la Bolsa en México (earnings yield o inverso del múltiplo P/U) contra el rendimiento o yield del Bono M a 10 años. El difícil entorno del mercado global en términos comerciales, las dudas en cuanto al crecimiento económico global, la política monetaria restrictiva la Fed, la incertidumbre interna, entre otros factores, hacen que rendimiento de las utilidades de la Bolsa en México no luzca su mejor versión, al ubicarse en 5.9% vs. ~8.5% del bono M a 10 años, aunque se reconoce que el diferencial entre ambos se ha recortado ~100pb en los últimos cinco meses. Flujos de extranjeros a la renta variable nacional ─ Tras el fuerte ajuste del mercado en 2018 (-15.6%), y apoyados por una menor aversión al riesgo en mercados emergentes, los extranjeros dieron el voto de confianza al mercado local al traer flujos por más de US$500 millones en enero que ayudaron al índice a subir 5.6% en el primer mes del año.
    [Show full text]
  • Efectos De La Ley Fintech México En La Apertura De Instituciones De
    962 Efectos de la Ley Fintech México en la apertura de Instituciones de Tecnología Financiera (ITF) García-Cañedo, Alma Iliana1, Quiroz-Gálvez, Sergio2 & Jiménez-García, Carlos3 1Universidad de Sonora, Departamento de Administración Hermosillo, Sonora, México, [email protected], Luis Encinas y Rosales S/N Col. Centro, (+52) 662 2 59 21 29; 2Universidad de Sonora, Departamento de Administración Hermosillo, Sonora, México, [email protected], Luis Encinas y Rosales S/N Col. Centro, (+52) 662 2 59 21 29; 3Universidad de Sonora, Departamento de Contabilidad Hermosillo, Sonora, México, [email protected], Luis Encinas y Rosales S/N Col. Centro, (+52) 662 2 59 21 29; Información del artículo arbitrado e indexado en Latindex: Revisión por pares Fecha de publicación: Julio 2019 Resumen Abstract El corto plazo de la proliferación de las empresas FinTech The short term of the proliferation of FinTech companies en México y en el mundo, es debido al impulso recibido por in Mexico and in the world, is due to the impulse received la combinación de varios factores: Técnicas novedosas de by the combination of several factors: innovative desarrollo, expectativas de innovación empresarial, ahorro development techniques, expectations of business en los costos, etcétera. Esta expectativa tan dramáticamente innovation, cost savings, and so on. This expectation, so amplia en el uso de las FinTech mexicanas, está a la dramatically wide in the use of the Mexican FinTech, is in expectativa de cómo funcionará la nueva Ley que para tal expectation of how the new Law will work, for that purpose efecto se aprobó en marzo de 2018, y las Leyes secundarias was approved in March 2018, and secondary laws in en noviembre del mismo año.
    [Show full text]
  • The Mexican Business Class and the Processes Of
    /?s % THE MEXICAN BUSINESS CLASS AND THE PROCESSES OF GLOBALIZATION TRENDS AND COUNTER-TRENDS Alejandra Salas-Porras London School of Economics Thesis submitted in fulfilment of the requirements for the degree of Doctor in Philosphy in November of 1996 UMI Number: U615514 All rights reserved INFORMATION TO ALL USERS The quality of this reproduction is dependent upon the quality of the copy submitted. In the unlikely event that the author did not send a complete manuscript and there are missing pages, these will be noted. Also, if material had to be removed, a note will indicate the deletion. Dissertation Publishing UMI U615514 Published by ProQuest LLC 2014. Copyright in the Dissertation held by the Author. Microform Edition © ProQuest LLC. All rights reserved. This work is protected against unauthorized copying under Title 17, United States Code. ProQuest LLC 789 East Eisenhower Parkway P.O. Box 1346 Ann Arbor, Ml 48106-1346 T h £ S £ S F 95 e British 1 ™£c°mmicsa.Z 121 ABSTRACT This thesis discusses the globalising processes undergone by a segment of the Mexican business class, notably: the spaces of the world economy they control; their links to social and political networks of global scope, as well as to global movements and currents of thought; and the interests, strategies, projects and perceptions which they share with their counterparts around the world. It argues that they have become one of the main and most powerful forces for the integration of the country in the global capitalist system. Globalising processes lived and promoted by the Mexican business class are contradictory in several respects: on one hand, modernisation, institutionalisation and depersonalisation of corporate structures and of the system of business representation; is hindered by business clientelism and corruption in party funding.
    [Show full text]
  • Gruma, S.A.B. De C.V
    GRUMA, S.A.B. DE C.V. San Pedro Garza García, N.L. April 7, 2021. In relation to the First Notice to the Annual General Ordinary Shareholders Meeting of GRUMA, S.A.B de C.V. (the “Company” or “GRUMA”) to be held on April 23, 2021 at 11:00 (eleven) hours, the shareholders are hereby informed of the details of the proposals to be discussed during said Shareholders’ Meeting regarding the items on the Agenda. The corresponding documentation will be available to the Shareholders in the Company’s offices, at least 15 days prior to the date on which said Shareholders’ Meeting will take place: ANNUAL GENERAL ORDINARY SHAREHOLDERS’ MEETING I. Presentation, discussion and, as the case may be, approval of the reports referred to in article 28, Section IV of the Securities Market Law (Ley del Mercado de Valores) and article 19, Section IV of the Company´s Bylaws, for the fiscal year ended December 31, 2020, including the Financial Statements of GRUMA, S.A.B. DE C.V. for the fiscal year commencing on January 1 ending December 31, 2020. First point.- The shareholders will be presented, for their approval, with the Financial Statements of GRUMA, S.A.B. DE C.V. for the fiscal year commencing January 1 ending December 31, 2020, the Chief Executive Officer’s Annual Report, as well as the following reports and opinions: • Report on the Individual and Consolidated Financial Statements issued by the independent auditors firm PriceWaterhouseCoopers. • Report Regarding the main Policies and Accounting Guidelines used for the preparation of the Financial Statements.
    [Show full text]
  • Foreign Investment in Latin America and the Caribbean
    (FRQRPLF&RPPLVVLRQIRU/DWLQ$PHULFDDQGWKH&DULEEHDQ (&/$& )RUHLJQ,QYHVWPHQWLQ/DWLQ$PHULFDDQGWKH&DULEEHDQLVWKHODWHVWHGLWLRQRIDVHULHVSXEOLVKHGDQQXDOO\E\WKH 8QLWRQ,QYHVWPHQWDQG&RUSRUDWH6WUDWHJLHVRIWKH(&/$&'LYLVLRQRI3URGXFWLRQ3URGXFWLYLW\DQG0DQDJHPHQW ,WZDVSUHSDUHGE\ÈOYDUR&DOGHUyQ3DEOR&DUYDOOR0LFKDHO0RUWLPRUHDQG0iUFLD7DYDUHVZLWKWKHDVVLVWDQFHRI $GULDQ1\JDDUG/HPD1LFRODV&KDKLQH3KLOOLS0OOHU$OLVRQ&ROZHOO%U\DQW,YHVDQG&DUO1LVV)DKODQGHQDQG FRQWULEXWLRQVIURPWKHFRQVXOWDQWV*HUPDQR0HQGHVGH3DXOD*XVWDYR%DUXM'DYLG7UDYHVVR&HOVR*DUULGR3DWULFLR <ixH]DQG1LFROR*OLJR&KDSWHU9ZDVSUHSDUHGMRLQWO\E\WKH8QLWRQ,QYHVWPHQWDQG&RUSRUDWH6WUDWHJLHVDQGWKH $JULFXOWXUDO'HYHORSPHQW8QLWERWKSDUWRIWKH&RPPLVVLRQ¶V'LYLVLRQRI3URGXFWLRQ3URGXFWLYLW\DQG0DQDJHPHQW ,QSXWVIRUWKLVFKDSWHUZHUHSURYLGHGE\WKHFRQVXOWDQWV0DUF6FKHLQPDQDQG-RKQ:LONLQVRQDPRQJRWKHUVLQWKH IUDPHZRUNRIWKHSURMHFWHQWLWOHG³$JULFXOWXUDOGHYHORSPHQWSROLFLHVDQGWUDQVQDWLRQDOFRUSRUDWLRQV¶VWUDWHJLHVLQWKH DJULIRRGVHFWRU´RIWKH*RYHUQPHQWRIWKH1HWKHUODQGV,QWKLVUHJDUGWKHFRQWULEXWLRQVRI0{QLFD5RGULJXHVDQG 6RIt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±±WKHGDWDUHODWLQJ
    [Show full text]
  • FTSE BIVA Index
    2 FTSE Russell Publications 19 August 2021 FTSE BIVA Index Indicative Index Weight Data as at Closing on 30 June 2021 Index weight Index weight Index weight Constituent Country Constituent Country Constituent Country (%) (%) (%) Administradora Fibra Danhos S.A. de C.V. 0.15 MEXICO El Puerto de Liverpool SA de CV 0.53 MEXICO Grupo Mexico 8.89 MEXICO Alfa SAB de CV 0.89 MEXICO Femsa UBD 9.2 MEXICO Grupo Rotoplas S.A.B. de C.V. 0.17 MEXICO Alpek S.A.B. 0.28 MEXICO Fibra Uno Administracion S.A. de C.V. 1.91 MEXICO Industrias Penoles 1.02 MEXICO Alsea S.A.B. de C.V. 0.56 MEXICO Genomma Lab Internacional S.A.B. de C.V. 0.46 MEXICO Kimberly Clark Mex A 0.88 MEXICO America Movil L 13.59 MEXICO Gentera SAB de CV 0.35 MEXICO Megacable Holdings SAB 0.64 MEXICO Arca Continental SAB de CV 1.53 MEXICO Gruma SA B 1.37 MEXICO Nemak S.A.B. de C.V. 0.16 MEXICO Bachoco Ubl 0.36 MEXICO Grupo Aeroportuario del Centro Norte Sab de 1.31 MEXICO Orbia Advance Corporation SAB 1.59 MEXICO Banco del Bajio 0.76 MEXICO CV Promotora y Operadora de Infraestructura 1.05 MEXICO Banco Santander Mexico (B) 0.43 MEXICO Grupo Aeroportuario del Pacifico SAB de CV 2.27 MEXICO S.A. de C.V. Becle S.A.B. de C.V. 0.86 MEXICO Series B Qualitas Controladora y Vesta 0.48 MEXICO Bolsa Mexicana de Valores SAB de CV 0.62 MEXICO Grupo Aeroportuario del Sureste SA de CV 2.21 MEXICO Regional SAB de CV 0.83 MEXICO Cementos Chihuahua 0.79 MEXICO Grupo Banorte O 11.15 MEXICO Televisa 'Cpo' 4.38 MEXICO Cemex Sa Cpo Line 7.43 MEXICO Grupo Bimbo S.A.B.
    [Show full text]
  • Striving to Overcome the Economic Crisis: Progress and Diversification of Mexican Multinationals’ Export of Capital
    Striving to overcome the economic crisis: Progress and diversification of Mexican multinationals’ export of capital Report dated December 28, 2011 EMBARGO: The contents of this report cannot be quoted or summarized in any print or electronic media before December 28, 2011, 7:00 a.m. Mexico City; 8:00 a.m. NewYork; and 1 p.m. GMT. Mexico City and New York, December 28, 2011: The Institute for Economic Research (IIEc) of the National Autonomous University of Mexico (UNAM) and the Vale Columbia Center on Sustainable International Investment (VCC), a joint initiative of the Columbia Law School and the Earth Institute at Columbia University in New York, are releasing the results of their third survey of Mexican multinationals today. 1 The survey is part of a long-term study of the rapid global expansion of multinational enterprises 2 (MNEs) from emerging markets. The present report focuses on data for the year 2010. Highlights In 2010, the top 20 Mexican MNEs had foreign assets of USDD 123 billion (table 1 below), foreign sales of USDD 71 billion, and employed 255,340 people abroad (see annex table 1 in annex I). The top two firms, America Movil and CEMEX, together controlled USDD 85 billion in foreign assets, accounting for nearly 70% of the assets on the list. The top four firms (including FEMSA and Grupo Mexico) jointly held USDD 104 billion, which represents almost 85% of the list’s foreign assets. Leading industries in this ranking, by numbers of MNEs, are non-metallic minerals (four companies) and food and beverages (another four companies).
    [Show full text]
  • Prospects in Emerging Markets Drive CEO Confidence
    www.pwc.com/ceosurvey Growth reimagined Prospects in emerging markets drive CEO confidence 14th Annual Global CEO Survey Armando Garza Sada Chairman of the Board of Directors, Alfa, S.A.B. de C.V., Mexico Interview Transcripts Armando Garza Sada Chairman of the Board of Directors, Alfa, S.A.B. de C.V., Mexico Alfa is a Mexican company incorporated Summary in 1974. Its corporate offices are located in San Pedro Garza García, Nuevo León. • In recent years, our companies have Measured in terms of its income, Alfa is been able to increase their market one of the largest diversified industrial share, while our customers were doing companies in Mexico. It comprises four so too. This has allowed us to grow. business groups: Alpek (petrochemicals), • We serve our markets “from the Nemak (high-tech aluminum auto bottom up”; that is, we try to discover parts), Sigma (refrigerated food) and or anticipate the needs of our Alestra (telecommunications). Alfa has customers in order to provide them manufacturing operations in Argentina, with the best possible solutions. Austria, Brazil, Canada, China, Costa • In Alpek we have interesting Rica, the Czech Republic, the Dominican investment opportunities. We recently Republic, El Salvador, Germany, entered into a process of acquiring Hungary, Mexico, Peru, Poland, Slovakia petrochemical plants from Eastman and the United States. Alfa markets its Chemical Co., which produce raw products in more than 70 countries materials for polyester in all its around the world. applications. Armando Garza Sada has been the • In Nemak, the expectation of Chairman of the Board of Directors of accelerated growth of the automotive Alfa since March 2010.
    [Show full text]
  • Presentación De Powerpoint
    Sustainable Development Goals as a framework for climate investment London, 9 January 2018 (12:20 CET) Aaron Baker I European Fixed Income & Sustainable Markets | [email protected] | +44 (0) 207 397 7580 PLEASE SEE IMPORTANT DISCLOSURES ON THE LAST FIVE PAGES OF THIS REPORT. Sustainable Development Goals as a framework for climate investment / 9 January 2018 The United Nations has been the leading proponent of inclusive and sustainable economic growth “At its essence, sustainability means ensuring prosperity and environmental protection without compromising the ability of future generations to meet their needs” Ban Ki-moon, Former Secretary General, United Nations People Prosperity • End poverty and hunger in all forms • Ensure prosperous and fulfilling and ensure dignity and equality lives in harmony with nature Planet Partnership Peace • Protect our planet’s natural resources • Implement the agenda • Foster peaceful, just and climate for future through a solid global and inclusive societies generations partnership Sustainable Development Source: UN PLEASE SEE IMPORTANT DISCLOSURES ON THE LAST FIVE PAGES OF THIS REPORT. Page 2 Sustainable Development Goals as a framework for climate investment / 9 January 2018 Index What are the UN’s Sustainable 1 Sustainable Development Goals Development Goals? The relevance of these goals to investing Investor portfolio guidance using climate- 2 related goals How to use these goals to invest Sectoral selection using climate-related 3 goals PLEASE SEE IMPORTANT DISCLOSURES ON THE LAST FIVE PAGES OF THIS REPORT. Page 3 Sustainable Development Goals as a framework for climate investment / 9 January 2018 Section 1 What are the UN’s Sustainable Development Goals? The Sustainable Development Goals (SDGs) are a collection of 17 global goals set by the United Nations and adopted by all 193 members of the UN in September 2015.
    [Show full text]
  • Annual Report 2016 Focused on Grow Th
    FEMSA is a multinational beverage and retail TABLE OF CONTENTS company headquartered in Mexico. We hold FEMSA at a Glance .............................2 a 48% stake in Coca-Cola FEMSA, the largest Financial Highlights ............................4 Letter to Shareholders ..........................6 bottler of Coca-Cola products in the world by FEMSA Comercio - Retail Division. 8 FOCUSED ON ON FOCUSED FEMSA Comercio - Health Division. .9 volume, and a 20% stake in Heineken, one of the FEMSA Comercio - Fuel Division ...............10 world’s leading brewers with operations in over Coca-Cola FEMSA .............................11 Sustainability ..................................14 70 countries. We participate in the retail industry FEMSA Foundation ............................16 GROWTH through FEMSA Comercio (100%), comprising a Executive Management ........................18 Corporate Governance .........................19 Retail Division operating primarily through OXXO, Board of Directors .............................20 In Memoriam ..................................21 the largest convenience store chain in Latin FOMENTO ECONOMICO MEXICANO, S.A.B. DE C.V. Financial Summary ............................22 America by units; a Fuel Division, operating the Management’s Discussion & Analysis ..........24 General Anaya 601 Pte. Col. Bella Vista C.P. 64410 REPORTANNUAL 2016 Monterrey, Nuevo Leon, Mexico OXXO GAS chain of retail service stations; and a [email protected] Health Division, which includes drugstores and related operations in Mexico
    [Show full text]
  • Annual Report 2007 in Pdf For
    STRENGTH IN A CHALLENGING ENVIRONMENT In 2007, GRUMA encountered exciting new opportunities as well as challenging macroeconomic conditions. While our operational capacity and global market penetration grew, rising raw-material costs threatened to hamper bottom- line performance. When faced with the unattractive option of passing the higher costs on to consumers in the form of price increases, we resolved to identify other ways to operate profitably in this trying market environment. Read on to learn how we extracted value from GRUMA’s operations to help offset the impact of higher costs and continue to generate shareholder value. ABOUT GRUMA GRUMA, S.A.B. de C.V., is one of the world’s leading tortilla and corn flour producers. Established in 1949, GRUMA is engaged primarily in the production, marketing, distribution, and sale of tortillas, corn flour, and wheat flour. With leading brands in most of its markets, GRUMA has operations in the United States, Mexico, Venezuela, Central America, Europe, Asia, and Oceania. GRUMA also exports to approximately 50 countries worldwide. GRUMA is headquartered in Monterrey, Mexico, and has 91 plants and approximately 19 thousand employees. In 2007, GRUMA had net sales of US$3.3 billion, of which 67% came from non-Mexican operations. CONTENT S 1 FINANCIAL HIGHLIGHTS 23 MANAGEMENT STATEMENT O F ASSUMPTION O F RESPONSIBILITY 2 LETTER TO SHAREHOLDERS 23 REPORT O F CORPORATE GOVERNANCE COMMITTEE 6 TAKING A LONG -TERM VIEW 25 REPORT O F AUDIT COMMITTEE 8 EXTRACTING VALUE F ROM OUR OPERATIONS 27 REPORT O F INDEPENDENT AUDITORS 10 POSITIONING GRUMA F OR STRONG F UTURE GROWTH 28 CONSOLIDATED F INANCIAL STATEMENTS 14 SUPPORTING OUR COMMUNITIES 33 NOTES TO CONSOLIDATED F INANCIAL STATEMENTS 16 MANAGEMENT DISCUSSION AND ANALYSIS 62 BOARD O F DIRECTORS AND MANAGEMENT TEAM 22 FIVE -YEAR F INANCIAL SUMMARY Maseca energy bar FINANCIAL HIGHLIGHTS GRUM A , S.A.B.
    [Show full text]