Chilean Equity Dashboard
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WEEKLY REPORT - CHILEAN EQUITIES October 11th, 2016 CHILEAN EQUITY DASHBOARD Week ended on October 7th Last week, the short-selling stock position on the Santiago stock exchange showed a 36% increase WoW at CLP 33,899Mn. In particular, we observed relevant (over CLP 500Mn) increases in Entel, Enersis-AM, CMPC and Copec. The Margin trading stock showed a 1.4% WoW increase at CLP 283,771Mn. In parti- cular, we observed relevant (over CLP 500Mn) increases in plenty of companies such as Parauco, SQM-B, SM-Chile, Ripley, Sonda, LAN and CMPC. Moreover, the largest relevant decreases were Enersis-AM, Entel, CAP, Cencosud and Endesa-AM. Regarding last week net insider movements, we highlight: (i) net investments in Carozzi carried out by “Principado de Asturias S.A” (controlling shareholder) and (ii) net divestments in Salfacorp executed by “Inversiones San Agustin S.A” (Management) and by “Inversiones Matriz S.A” (controlling shareholder). Last week we did not observed movements of Chilean ETF quotes, while accruing +29.9% YTD. 1 Short Selling and Margin Trading weekly trend (CLP Mn) 350,000 300,000 250,000 200,000 Jacinta Correa 150,000 +562 2692-3486 [email protected] 100,000 50,000 Aldo Morales 0 +562 2692-3481 Jul/16 Jul/10 Jul/13 Jan/16 Jan/10 Jan/13 Jan/14 Jun/14 [email protected] Jun/11 Oct/16 Oct/10 Oct/12 Oct/13 Apr/16 Apr/10 Apr/13 Sep /1 4 Feb /1 5 Sep /1 1 Feb /1 2 Dec/14 Dec/10 Dec/11 Aug/15 Aug/12 Nov/15 Mar/14 Mar/11 May/15 May/12 Short Selling Margin Trading CONTACT @BICEinversiones Source: Santiago stock exchange, BICE Inversiones. 1 2 Short Selling stock position (CLP Mn) Largest short-selling Days of stock position measu- Trade red by days of trade are Stock 9/Sep/16 16/Sep/16 23/Sep/16 30/Sep/16 7/Oct/16 Entel, Sonda and CAP. ENTEL 487 612 412 439 3,415 2.9 SONDA 1,600 1,888 1,773 1,825 1,922 2.4 CAP 2,121 2,056 2,156 2,215 2,540 1.8 ENERSIS-AM 2,400 2,820 3,656 3,783 5,741 1.8 CMPC 414 728 864 1,977 2,554 1.3 AGUAS-A 2,016 1,929 2,009 2,076 2,510 1.1 COPEC 1,824 1,854 1,394 1,505 2,293 1.1 CENCOSUD 8,048 6,724 5,748 5,394 5,598 1.1 FORUS 370 390 359 371 440 0.7 ITAUCORP 116 446 406 598 1,070 0.7 AESGENER 238 243 226 217 331 0.6 COLBUN 109 211 321 308 370 0.5 BSANTANDER 4,219 1,542 1,420 966 1,341 0.5 ANDINA-B 351 382 386 303 352 0.4 ECL 56 95 112 153 242 0.4 CHILE 1,365 1,387 1,134 673 648 0.3 IAM 1,698 1,705 403 242 116 0.3 VAPORES 29 29 29 57 27 0.3 ENDESA-CH 132 228 304 334 540 0.3 PARAUCO 366 374 161 216 303 0.2 LAN 705 708 343 336 361 0.1 CCU 586 485 487 169 172 0.1 FALABELLA 1,084 1,097 333 393 432 0.1 BCI 586 837 992 194 309 0.1 TOTAL 31,405 29,485 25,693 24,929 33,899 1.0 3 Margin Trading stock position(CLP Mn) Largest margin trading positions are Parauco, Stock 2/Sep/16 9/Sep/16 16/Sep/16 23/Sep/16 30/Sep/16 7/Oct/16 SQM-B and Colbun. PARAUCO 38,721 38,743 36,840 36,872 37,167 38,268 SQM-B 17,110 32,862 33,327 33,305 34,159 34,246 COLBUN 32,940 31,835 31,843 31,791 31,775 31,758 ENERSIS-AM 18,432 18,173 18,090 18,094 17,617 17,520 SM-CHILE B 13,205 13,731 13,754 13,873 13,903 14,904 RIPLEY 8,432 9,216 8,544 8,475 8,719 9,094 SECURITY 7,914 7,914 10,174 8,175 8,208 8,193 SONDA 7,742 5,338 5,247 4,794 5,836 6,966 LAN 4,329 4,194 4,802 4,733 4,789 6,740 CMPC 6,749 5,133 5,340 4,750 5,107 6,239 CHILE 5,442 5,457 5,072 5,275 5,147 5,278 COPEC 2,481 3,065 4,552 4,498 4,393 4,555 ENTEL 5,437 5,744 5,871 5,346 4,218 4,183 CAP 4,964 5,846 5,009 5,219 5,912 4,126 FALABELLA 2,737 2,520 4,443 3,773 4,228 3,880 CENCOSUD 8,632 4,095 4,582 3,533 5,893 3,454 LAS CONDES 3,400 3,454 3,456 3,376 3,378 3,378 CCU 2,040 1,989 2,815 2,962 2,656 3,155 MULTIFOODS 2,640 2,664 2,723 2,723 3,037 3,149 ECL 2,030 2,062 2,795 2,931 3,056 3,029 ENDESA-AM 4,655 4,751 4,470 4,481 3,426 2,882 ANTARCHILE 2,483 2,868 2,842 2,842 2,842 2,829 ORO BLANCO 2,072 2,185 2,411 2,206 2,020 2,503 ENDESA-CH 2,897 2,859 3,895 2,828 2,053 2,433 Total 267,030 276,686 283,671 274,403 279,881 283,771 Increase > CLP 500M Decrease > CLP 500M Source: Santiago stock exchange, BICE Inversiones. 2 4 Net Insiders movements (CLP Mn) Regarding last week net insider movements, we COMPANY 1W 2W CAROZZI S.A. 27 27 highlight: (i) net inves- INVERSIONES AGRICOLAS Y COMERCIALES S.A. 1 1 S.A.C.I. FALABELLA 0 30 tments in Carozzi carried MULTIEXPORT FOODS S.A. 0 5 out by “Principado de SCOTIABANK CHILE 0 0 AGUAS ANDINAS S.A. 0 0 Asturias S.A” (controlling INGEVEC S.A. 0 -11 shareholder) and (ii) net MARBELLA COUNTRY CLUB S.A. 0 -12 SOCOVESA S.A. 0 -20 divestments in Salfacorp COMPAÑIA DE INVERSIONES LA ESPAÑOLA S.A. 0 -127 executed by “Inversiones HORTIFRUT S.A. 0 -1,685 SALFACORP S.A. -36 -36 San Agustin S.A” (Mana- gement) and by “Inver- COMPANY 1M 2M siones Matriz S.A” (con- EMPRESAS LA POLAR S.A. 10,361 10,361 RIPLEY CORP S.A. 2,090 2,090 trolling shareholder). DETROIT CHILE S.A. 618 618 DUNCAN FOX S.A. 82 82 SOCIEDAD PUNTA DEL COBRE S.A. 39 39 S.A.C.I. FALABELLA 30 -18,192 SOCOVESA S.A. -20 -44 COMPAÑIA DE INVERSIONES LA ESPAÑOLA S.A. -127 -127 CENCOSUD S.A. -150 -150 CHILECTRA S.A. -150 -150 SALFACORP S.A. -520 -2,819 HORTIFRUT S.A. -1,685 -1,685 Increase > CLP 500M Decrease > CLP 500M Source: Santiago stock exchange, BICE Inversiones. Last week we did not 5 Creation/Destruction ETF quotes per country (% AUM) observed movements of Chilean ETF quotes, whi- AUM 5d 1m 3m 6m YTD 1Y 2015 2014 Chile 318 0.0% -3.4% 0.2% -13.9% 29.9% 28.6% -6.5% -4.3% le accruing +29.9% YTD. Brasil 4,175 0.0% 0.9% 1.2% 1.3% 22.5% 32.5% -13.7% 7.3% Colombia 89 1.1% 1.1% 3.4% 0.4% 14.4% 21.4% 23.2% -3.4% México 1,054 3.4% -7.8% 6.6% -15.0% -13.9% -10.4% -26.1% -1.3% Perú 202 0.0% -1.6% -3.6% -11.3% 14.5% 8.8% -20.3% -15.1% World 5,288 0.0% 0.0% -9.7% -8.4% -20.3% -19.7% 31.1% 22.1% EM 31,842 0.0% 0.0% 20.5% 12.7% 28.1% 30.7% -19.3% -14.2% Latam 964 1.6% 6.3% 15.3% 14.7% 28.1% 50.1% -7.2% -42.9% USA 196,852 0.2% -1.7% 3.7% 5.3% 2.4% 5.5% 13.7% 9.5% Europe 2,349 0.0% 0.0% -8.9% -11.4% -12.4% -10.4% 11.6% 34.7% Asia (ex Japan) 3,060 0.4% 5.8% 23.2% 17.5% 7.5% 8.5% 6.6% 20.6% Japan 14,187 1.2% 0.1% -5.0% -16.1% -34.7% -34.1% 8.1% 50.4% China 3,955 0.0% 0.0% 0.0% -10.2% -38.3% -41.8% 10.8% -7.4% Money Market 3,608 0.9% 6.3% -6.0% -0.9% 13.6% -16.6% 13.0% 2.3% Develop Gov. 8,623 -2.0% -3.6% -11.6% -10.0% 1.5% -15.2% 42.7% -7.1% Inv. Grade 32,652 -0.9% 2.1% 3.3% 9.6% 23.8% 30.5% 12.9% -47.2% High Yield 17,955 4.0% 11.5% 3.3% 20.8% 14.3% 25.7% -1.4% -5.9% EM Corp Debt 4,131 4.7% 7.2% 17.3% 23.0% 35.9% 42.8% 19.2% -38.5% Inf. Linked 294 0.0% -8.6% -27.3% -39.4% -48.2% -42.7% -96.1% -5.3% Source: BICE Inversiones. 3 9 Appendix 2. Valuation & Recommendation Target Mkt.