DOCSLIB.ORG

May 26, 2015 Bolsa Movers & Shakers

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
May 26, 2015 Bolsa Movers & Shakers Bolsa Movers & Shakers May 26, 2015 . HOMEX (Not Rated): Will have shareholders’ meeting to advance in bankruptcy proceedings. HOMEX will have a shareholders’ meeting on June 11th at which it will propose, among other things: i) an inverse split; ii) liability capitalization; iii) increase in variable common equity, which would be represented as new stock for investors. We believe HOMEX continues making progress in its liability restructuring proceedures. We will remain up to date on the company’s progress. MEGA (HOLD; TP MP 70.0): Favorable Outlook in the Enterprise and Triple Play Businesses Already Priced In We estimate that the Mexican enterprise networks market will expand at a 15% annual rate to exceed MP 95 billion by 2018 supported on a stronger macroeconomic performance. This rate of growth is quite significant if we take into account that other telecommunications segments, such as the traditional fixed and wireless telephone services, are declining or stagnating. Enterprise sales could reach 24% of Megacable’s total revenue. If we assume that Megacable’s share of the enterprise networks market reaches 5% in 2018 (slightly up from 4% in 2014), its data transmissions revenue would increase at a 40% CAGR to around MP 4.8 billion in order to represent around 24% of its total revenue (vs. 15% in 1Q15). In other words, this is one of Megacable’s main sources of growth for the next few years. With respect to Megacable’s traditional triple play operations, we continue to believe that their outlook is optimistic, mainly because of a low penetration of this type of services. We expect the revenue generating units to increase at a 17% CAGR to exceed 7.2 million in 2017, which should be the main driver behind the 18% EBITDA CAGR over the 2015-2017 period that we are expecting. This includes a 23% rise in 2015, which means that Megacable is on track to exceed its guidance for the year of a 19% growth in this indicator. This analysis has reinforced our view on Megacable’s strong fundamentals which include a high growth, the fact that the company is one of the consolidators of the Mexican cable-TV industry due to its significant free cash flow generation and healthy balance sheet, its position as Mexico’s second largest triple-play provider, and its management team with a solid track record of value creation. However, we continue with a HOLD recommendation on Megacable’s shares mainly because we believe that they are fairly valued with an 2015E EV/EBITDA of 9.3x and a projected P/E of 17.7x. In addition, the upside potential to our MP 70.0 target price is only 7%. PAPPEL (Not Rated): Bio Pappel signs syndicated loan The company announced that today it executed, together with various subsidiaries acting as guarantors, a senior secured term loan agreement for approximately US$ 255 million, whose proceeds will be used to refinance outstanding debt and for the payment of part of the purchase price for the shares of Corporación Scribe. and Grupo Papelero Scribe. Such credit will be extended over two funding dates, and will be disbursed in two tranches, in Mexican pesos and US dollars, representing 60% and 40% of the total loan amount, respectively. TEAKCPO (Not Rated): Financiera Maderera (Finsa) acquired 5% of Proteak The company announced that Finsa acquired 5.2% of Proteak. Finsa dedicates itself to manufacture and sale medium density fiberboard (MDF) products. Finsa will provide technical assistance and will transfer technology to help operate the new MDF plant to be operational by the end of 2015. TECHNICAL ANGLE The IPC fell 0.05% to 44,852 points on Monday. The resistance band is within 45,500 to 46,070 points. The support band is within 44,570 to 43,950 points. The IPC is sending buy technical signals. Equity, Economic, Quantitative and Fixed Income Research Departments Equity Research Gustavo Terán Durazo, Head of EquityResearch (52) 55 1103-6600 x1193 [email protected] CFA Senior Analysts Telecommunications, Media and Martín Lara (52) 55 1103-6600x1840 [email protected] Financials Carlos Hermosillo Bernal Consumption (52) 55 1103-6600 x4134 [email protected] Pablo Duarte de León FIBRAs (REITs) (52) 55 1103-6600 x4334 [email protected] Mining, Metals, Paper and Pablo Abraham Peregrina (52) 55 1103-6600x1395 [email protected] Conglomerates Ramón Ortiz Reyes Cement, Construction and Concessions (52) 55 1103-6600 x1835 [email protected] Federico Robinson Bours Energy, Chemicals and Industrial (52) 55 1103-6600 x4127 [email protected] Carrillo Junior Analysts Telecommunications, Media and Juan Ponce (52) 55 1103-6600x1693 jponce@actinver,com.mx Financials Enrique Octavio Camargo Energy, Chemicals and Industrial (52) 55 1103-6600x1836 [email protected] Delgado José Antonio Cebeira Consumption (52) 55 1103-6600x1394 [email protected] González Mining, Metals, Paper Conglomerates , Mauricio Arellano Sampson (52) 55 1103-6600 x1835 [email protected] Cement, Construction and Concessions Economic and Quantitative Research Head of Economic and Quantitative Ismael Capistrán Bolio [email protected] Research (52) 55 1103-6600 x6636 Jaime Ascencio Aguirre Economy and Markets [email protected] (52) 55 1103-6600 x1100 Santiago Hernández Morales Quantitative Research [email protected] (52) 55 1103-6600 x4133 Roberto Ramírez Ramírez Quantitative Research (52) 55 1103-6600x1672 [email protected] Roberto Galván González Technical Research [email protected] (52) 55 1103 -66000 x5039 Fixed Income Research Araceli Espinosa Elguea Head of Fixed Income Research (52) 55 1103 -66000 x6641 [email protected] Jesús Viveros Hernández Fixed Income Research (52) 55 1103 -66000 x6649 [email protected] Disclaimer Guide for recommendations on investment in the companies under coverage included or not, in the Mexican Stock Exchange main Price Index (IPC) StrongBuywith an extraordinary perspective. According to the analyst, in the next twelve months, the valuations of stock and/or prospects for the sector are EXTREMELY FAVORABLE Buy. According to the analyst, in the next twelve months, the stock’s valuation and / or prospects for the sector are VERY FAVORABLE Neutral. According to the analyst, in the next twelve months, the valuation of stock and / or sector ARE NEUTRAL OR FAVORABLE but with a similar perspective to the IPC Belowmarket. According to the analyst, in the next twelve months, the valuation of stock and / or sector outlook ARE NOT POSITIVE Sell. According to the analyst, in the next twelve months, the valuation of stock and / or sector outlook ARE NEGATIVE, or likely to worsen In reviewwith positive outlook In review with negative or unfavorable perspective ImportantStatements. a) Of theAnalysts: “The analysts in charge of producing the Analysis Reports: Jaime Ascencio Aguirre; Mauricio Arellano Sampson; Enrique Octavio Camargo Delgado; Ismael Capistrán Bolio; José Antonio Cebeira González, Pablo Enrique Duarte de León; Araceli Espinosa Elguea; Roberto Galván González; Ana Cecilia González Rodríguez; Carlos Hermosillo Bernal; Santiago Hernández Morales; Martín Roberto Lara Poo; Ramón Ortiz Reyes; Pablo Abraham Peregrina; Juan Enrique Ponce Luiña; Federico Robinson Bours Carrillo; Gustavo Adolfo Terán Durazo; Jesús Viveros Hernández, declare”: 1. "All points of view about the issuers under coverage correspond exclusively to the responsible analyst and authentically reflect his vision. All recommendations made by analysts are prepared independently of any institution, including the institution where the services are provided or companies belonging to the same financial or business group. The compensation scheme is not based or related, directly or indirectly, with any specific recommendation and the remunerationis only received from the entity which the analysts provide their services. 2. "None of the analysts with coverage of the issuers mentioned in this report holds any office, position or commission at issuers underhis coverage, or any of the people who are part of the Business Group or consortium to which they belong. They have neither held any position during the twelve months prior to the preparation of this report. " 3. "Recommendations on issuers, made by the analyst who covers them, are based on public information and there is no guarantee of their assertiveness regarding the performance that is actually observed in the values object of the recommendation" 4. "Analysts maintain investments subject to their analysis reports on the following issuers: AC, ALFA, ALPEK, ALSEA, AMX,AZTECA, CEMEX, CHDRAUI, FEMSA, FIBRAMQ, FINDEP, FUNO, GENTERA, GFREGIO, GRUMA, ICA, IENOVA, KOF, LAB, LIVEPOL, MEXCHEM, OHLMEX,POCHTEC, TLEVISA,SORIANA, SPORTS, VESTA, WALMEX. b) On Actinver Casa de Bolsa, S.A. de C.V. Grupo Financiero Actinver 1. Actinver Casa de Bolsa, S.A. de C.V. GrupoFinanciero Actinver, under any circumstance shall ensure the sense of the recommendations contained in the reports of analysis to ensure future business relationship. 2. All Actinver Casa de Bolsa, SA de C.V. GrupoFinanciero Actinver business units can explore and do business with any company mentioned in documents of analysis. All compensation for services given in the past or in the future, received by Actinver Casa de Bolsa, SA de C.V. GrupoFinanciero Actinver by any company mentioned in this report has not had and will not have any effect on the compensation paid to the analysts. However, just like any other employee of Actinver Group and its subsidiaries, the compensation being enjoyed by our analysts will be affected by the profitability gained by Actinver Group and its subsidiaries. 3. At the end of each of the previous three months, Actinver Casa de Bolsa, SA de C.V. Actinver Financial Group, has not held any investments directly or indirectly in securities or financial derivatives, whose underlying are Securities subject of the analysis reports, representing one percent or more of its portfolio of securities, investment portfolio, outstanding of the Securities or the underlying value of the question, except for the following: * AEROMEX, BOLSA A, FINN 13, FSHOP 13, SMARTRC14.
Load more

Recommended publications
  • Gfnorte's Executive Team Was Ranked, for Third Year in A
    GFNORTE'S EXECUTIVE TEAM WAS RANKED, FOR THIRD YEAR IN A ROW, AMONG THE BEST IN MEXICO AND LATIN AMERICA, ACCORDING TO THE INSTITUTIONAL INVESTOR MAGAZINE 27 Sep 2012 The specialized magazine announced the rankings of the “Best Latin America Executive Team 2012”, which were determined through a survey applied to sell-side analysts and buy-side analysts & portfolio managers. The almost 700 participants ranked Dr. Alejandro Valenzuela, Grupo Financiero Banorte's CEO, as the number one in Mexico by sell-side analysts; number two by the buy-side and the third in Latin America. Ing. Rafael Arana, GFNorte's CFO, was ranked fifth and seventh in Latin America by the buy and sell-side, respectively. David Suarez, Head of IR at GFNorte, was rated as the best IR Professional in Latam and Mexico by the sell-side and as the second one by the buy-side in Latin America. The GFNorte Investor Relations area was ranked in the second place in Latin America by the analysts and in the first place in Mexico, by both, buy and sell-side. Mexico, D. F., September 27th, 2012. The Institutional Investor magazine announced the rankings of the “Best Latin America Executive Team 2012”, which were determined through a survey applied to almost 700 sell-side analysts and buy-side analysts & portfolio managers. In the poll, Dr. Alejandro Valenzuela, Grupo Financiero Banorte's CEO, was considered as the best CEO in Mexico by sell-side analysts; number two by the buy-side and the third in Latin America. Furthermore Ing. Rafael Arana, GFNorte's CFO, was ranked fifth and seventh in the regional survey, having been incorporated less than a year ago.
    [Show full text]
  • Sectoral Analytical, Investable Sector and Economic Activity Indices Constituent’S Review Official Number of Shares - March 2016
    Sectoral Analytical, Investable Sector and Economic Activity Indices Constituent’s Review Official Number of Shares - March 2016 February 26th, 2016. BOLSA MEXICANA DE VALORES S.A.B. DE C.V. INFORMS: The official number of shares that will be part of the constituent´s list of the Sectoral Analytical, Investable Sector and Economic Activity indices, as a result of the annual constituent’s review which will be effective on March 1st 2016. SECTORAL ANALYTICAL MATERIALS Shares in the No. Issuer Series Index 1 ALPEK A 2,118,163,635 2 AUTLAN B 259,538,441 Additions: 3 CEMEX CPO 13,466,237,739 ALPEK A 4 CMOCTEZ * 880,311,796 ELEMENT * 5 COLLADO * 192,395,450 LAMOSA * 6 CONVER A 80,179,418 MFRISCO A-1 7 CYDSASA A 600,000,000 TEAK CPO 8 ELEMENT * 873,743,820 9 GCC * 332,535,508 10 GMEXICO B 7,785,000,000 Deletions: 11 ICH B 427,427,458 FRES * 12 LAMOSA * 378,969,682 TS * 13 MEXCHEM * 2,100,000,000 14 MFRISCO A-1 2,545,382,864 15 PAPPEL * 289,958,522 16 PE&OLES * 397,475,747 17 POCHTEC B 130,522,049 18 SIMEC B 485,389,593 19 TEAK CPO 268,326,159 20 VITRO A 483,571,429 The information herein contained does not guarantee the future behavior of the values mentioned, nor it constitutes buy / sell advice. Mexican Stock Exchange will not take any responsibility on the use given to this information, nor the decisions made based on it. For more information on MSE indices’ reviews and rebalances, please refer to the website: http://www.bmv.com.mx/en/Grupo_BMV/Informacion_especial For the Indices Team Contact information please refer to: http://www.bmv.com.mx/en/Grupo_BMV/Contacto INDUSTRIALS Shares in the No.
    [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]
  • Wal-Mart De Mexico, S
    WAL-MART DE MÉXICO, S.A.B. DE C.V. BLVD. MANUEL AVILA CAMACHO # 647, COLONIA PERIODISTAS DELEGACION MIGUEL HIDALGO, ZIP. 11220 MEXICO, D.F. PH. (52) 55 5283-0100 www.walmartmexico.com.mx REPRESENTATIVE SHARES OF CAPITAL STOCK FOR WAL-MART DE MÉXICO, S.A.B. DE C.V., ARE: COMMON REGISTERED NO-PAR VALUE TICKER SYMBOL: WALMEX SAID SHARES ARE REGISTERED WITH THE NATIONAL REGISTRY FOR SECURITIES AND ARE TRADED IN THE MEXICAN STOCK EXCHANGE. REGISTRATION WITH THE NATIONAL REGISTRY FOR SECURITIES DOES NOT IMPLY CERTIFICATION REGARDING THE SOUNDNESS OF THE SECURITY OR THE FINANCIAL STANDING OF THE ISSUER, OR ACCURACY OR VERACITY OF THE INFORMATION CONTAINED IN THE PROSPECT, NOR DOES IT CONFIRM ANY ACTIONS THAT MAY, OR MAY NOT, HAVE BEEN CONDUCTED IN VIOLATION OF THE LAW. ANNUAL REPORT PRESENTED IN KEEPING WITH GENERAL PROVISIONS APPLICABLE TO SECURITIES ISSUERS AND OTHER MARKET PLAYERS: YEAR ENDING DECEMBER 31, 2009. TABLE OF CONTENTS 1) GENERAL INFORMATION.................................................................4 A) GLOSSARY OF TERMS AND DEFINITIONS ........................................................................... 4 B) EXECUTIVE SUMMARY............................................................................................................ 6 I) WALMEX IN THE STOCK MARKET............................................................................................ 7 C) RISK FACTORS............................................................................................................................ 7 D) OTHER SECURITIES
    [Show full text]
  • Las Opiniones Y Los Contenidos De Los Trabajos Publicados Son
    Red Internacional de Investigadores en Competitividad Memoria del VII Congreso ISBN 978-607-96203-0-2 Las opiniones y los contenidos de los trabajos publicados son responsabilidad de los autores, por tanto, no necesariamente coinciden con los de la Red Internacional de Investigadores en Competitividad. Esta obra por la Red Internacional de Investigadores en Competitividad se encuentra bajo una Licencia Creative Commons Atribución-NoComercial-SinDerivadas 3.0 Unported. Basada en una obra en riico.net. Evaluación de las mediciones anuales del capital intelectual en las emisoras del Índice de Precios y Cotizaciones de 2008 a 2012. ANSELMO SALVADOR CHÁVEZ CAPÓ1 MARÍA JOSEFINA RIVERO-VILLAR* TITO LIVIO DE LA TORRE HIDALGO* Resumen En la Economía del Conocimiento, los recursos intangibles tienen potencial para crear valor denominándoseles capital intelectual, que mide el valor de la empresa en sus distintos ámbitos: personas, organización y mercado. La medición del capital intelectual se efectúa desde múltiples perspectivas. Sveiby (2010) propuso cuatro categorías para medir los intangibles: métodos directos de capital intelectual, métodos de capitalización de mercado, rendimientos sobre los activos y métodos Scorecard donde el Valor Agregado de Mercado (VAM) es el más representativo. El objetivo de esta investigación, no experimental, cuantitativa, longitudinal y descriptiva es evaluar las mediciones anuales realizadas del capital intelectual por el método del VAM en las emisoras que permanecieron en el Índice de Precios y Cotizaciones de 2008 a 2012, concluyendo que las empresas más afectadas pertenecen al ramo de la construcción, al no superar la crisis del 2008, su VAM y su relación Valor de Mercado/Valor en Libros permanece baja.
    [Show full text]
  • Mantendrá Hacienda Apoyos a Pemex
    ESCRIBEN RENÉ DELGADO EDNA JAIME GUIDO LARA ALEJANDRA MARCOS ALEJANDRO MORENO SOBREAVISO / 30 ESTAMOS MÁS DESPROTEGIDOS / 32 EN EL ESPEJO DE WASHINGTON / 33 ROMPIENDO EL TECHO DE CRISTAL / 8 LAS ENCUESTAS / 41 AÑO XL Nº10955 · CIUDAD DE MÉXICo · VIERNES 1 DE OCTUBRE DE 2021 · $10 M.N. · elfinanciero.com.mx Anticipa Banxico una mayor inflación JUNTA. Convergencia a meta de 3% Política monetaria vs TIPO DE CAMBIO tomará más tiempo; repite ‘dosis’ y inflación PIERDE PESO, PESE Evolución quincenal AL ALZA EN TASA aumenta la tasa objetivo a 4.75% Inflación (var. % anual) Tasa Objetivo (en % anual) DE REFEREncIA 7 Banco de México elevó ayer sus para ubicarla en 4.75 por ciento. En El peso volvió a perder terreno 6.1 estimaciones de inflación, y ahora esta reunión, la subgobernadora 5.9 frente al dólar ayer, a pesar del alza espera que el nivel general de pre- Galia Borja se alineó con el gober- de 25 puntos base registrada en la cios converja en 3 por ciento hacia nador Alejandro Díaz de León y los 4.75* tasa interbancaria de Banxico. ¡el tercer trimestre de 2023! subgobernadores Irene Espinosa y 4.25 La moneda mexicana frente al Prevé que para este cuarto tri- Jonathan Heath. Gerardo Esquivel dólar cerró en 20.64 unidades, la mestre la inflación se ubique en 6.2 votó contra el alza. 4.00 sexta jornada en retroceso para por ciento anual, lo que implica un Alberto Ramos, de Goldman acumular una depreciación de 3.3 aumento desde el estimado previo Sachs, indicó que Banxico sigue 3.2 por ciento en el periodo.
    [Show full text]
  • Liste Handelbarer Werte Maerz.Xlsx
    WKN ISIN Instr Gattungsname Exchange Name Mexico 896720 MXP000511016 G4L ALFA S.A.B. DE C.V. REGISTERED SHARES CLASS A O.N. Mexico A1JXQ2 MX01AL0C0004 27A ALPEK S.A.B. DE C.V. REGISTERED SHARES O.N. Mexico A0JL36 MXP001391012 4FU ALSEA S.A. DE C.V. REGISTERED SHARES O.N. Mexico 627186 MXP001691213 MV9 AM╔RICA MËVIL S.A.B. DE C.V. REGISTERED SHARES L O.N. Mexico A1JBMK MX01AC100006 AJZ ARCA CONTINENTAL S.A.B. DE C.V BEARER SHARES O.N. Mexico A0Q4ME MX01BM1B0000 BC51 BOLSA MEXICANA DE VALORES S.A. REG.SHS CLASS A(FINL GRP) O.N. Mexico 912286 MXP225611567 CEXB CEMEX S.A.B. DE C.V. CT.PTG.O.NOM.(2SHS A+1SHS B)ON Mexico 769099 MXP2861W1067 CFS1 COCA‐COLA FEMSA S.A.B. DE C.V. REGISTERED SHARES L O.N. Mexico A1XBQQ MX01GE0E0004 4FWA COMPARTAMOS SAB DE C.V. REGISTERED SHARES MN 2.865 Mexico A0B6U4 MX01HO000007 EZH1 DESARROLLADORA HOMEX SA DE CV REGISTERED SHARES O.N. Mexico A1CVRA MXP369181377 PLV1 EL PUERTO DE LIVERP. SA DE CV REG.NON‐VTG SHS SER.C1 O.N. Mexico 890196 MXP371491046 ICSA EMPRESAS ICA S.A.B. DE C.V. REGISTERED SHARES O.N. Mexico 914505 MXP320321310 FOMC FOMENTO ECONOM.MEXICA.SAB D.CV REG.UTS(1SHARE B + 4 SHS D)ON Mexico A0Q4TC MX01LA010006 GEKA GENOMMA LAB INTERNACIONAL S.A. ACCIONES NOM. SERIE B O.N. Mexico A1C4R3 MXP690491412 9FS GR.FINANCIERO SANTANDER MEXICO REGISTERED SH. B MN 3.781 Mexico 915731 MXP4948K1056 3G3B GRUMA S.A.B. DE C.V.
    [Show full text]
  • Group BMV Annual Report 2006
    Group BMV Annual Report 2006 14 Mission and Vision 80 Mission and Vision 106 Mission 15 Message from the Chief Executive Officer 81 Message from the Chief Executive Officer 107 Message from the Chief Executive Officer 18 Board of Directors 84 Board of Directors 110 Board of Directors 19 Comittees 85 Comittees 111 Comittees 20 The Securities Market in 2005 86 Primary Activities in 2006 113 Data Highlights 28 Primary Activities in 2006 89 Vision for 2007 114 Primary Activities in 2006 45 Vision for 2007 90 Financial Information 119 Vision for 2007 46 Shareholders and Members 91 Shareholders 120 Financial Information 47 Corporate Officers 93 Corporate Officers 121 Shareholders 48 Facts & Figures 94 S.D. Indeval Facts & Figures 122 Corporate Officers Bolsa Mexicana de Valores S.D. Indeval CCV 126 Mission and Vision 129 Mission and Vision 149 Mission 127 Message from the Chief Executive Officer 130 Message from the Chairman of the 150 Message from the Chief Executive Officer 130 Board of Directors Technical Commitee 151 Board of Directors 131 Comittees 131 Message from the Chief Executive Officer 152 Comittees 132 Primary Activities in 2006 132 Technical Commitee 153 Primary Activities in 2006 135 Market Facts and Figures 133 Subcomittees 154 Vision for 2007 145 Vision for 2007 134 Principales Actividades del 2006 155 Shareholders 146 Shareholders 144 Vision for 2007 156 Corporate Officers 148 MexDer Participants 145 Trustors 150 Corporate Officers 146 Corporate Officers MexDer Asigna Sif Icap 159 Misión y Visión 160 Mensaje del Director General 161 Consejo de Administración 161 Comités 162 Principales Actividades del 2006 168 Visión 2007 169 Accionistas 170 Cuerpo Directivo Index Valmer Companies of Grupo Bolsa Mexicana de Valores Securities Market Bolsa Mexicana de Valores, S.A.
    [Show full text]
  • Semi Annual Report 2007
    The Mexico Equity and Income Fund, Inc. March 30, 2007 Dear Fellow Shareholders, I have been investing in closed-end funds for more than thirty years. That experience has led me to conclude that very few closed-end funds deliver long term performance that offsets their inherent disadvantages, in particular, the possibility that shareholders may have to accept a price below net asset value when they elect to sell their shares. I am proud to be the chair of the Mexico Equity & Income Fund, one of the few closed-end funds that has unquestionably justified its existence by providing investors with excellent long term performance. Over the seventeen years it has been operating, shareholders of our Fund have seen their investment increase at an average of 17% per annum. On behalf of all shareholders, I congratulate the entire team at Pichardo Asset Management for its outstanding long term performance in managing the Mexico Equity & Income Fund. Sincerely yours, Phillip Goldstein Chairman of the Board of Directors 1 (This page intentionally left blank.) 2 THE MEXICO EQUITY AND INCOME FUND, INC. Report of the Investment Adviser FOR THE SIX MONTHS ENDED JANUARY 31, 2007 (Unaudited) Dear Fund Shareholder, We are pleased to present you with the semiannual report of the Mexico Equity and Income Fund, Inc. (the ‘‘Fund’’) for the six month period ending January 31, 2007. I. INTRODUCTION The Mexican economy clearly continues to be tightly linked to that of the U.S. economy, and it is projected to grow 3.4% in 2007 compared to 4.8% in 2006 in a U.S.
    [Show full text]
  • Handbook of Mexican Financial Instruments
    Handbook of Mexican Financial Instruments Mexico 2010 Market & Client Strategy • Foreign Exchange Market • Fixed Income Market • Interest Rate Derivatives • Equity (Mexican Stock Exchange) Handbook of Mexican Financial Instruments Mexico 2010 Contents 1.Introduction 1.1 BBVA Bancomer ...........................................................................................................................4 2. Foreign Exchange Market 2.1. Swaps, Futures and Forwards.....................................................................................................7 2.1.1. Cash-Tom and Tom-Next swaps (OTC) ................................................................................7 2.1.2. FX Futures (MEXDER and CME) .......................................................................................10 2.1.3. MXN Forwards and NDF`s (OTC) ......................................................................................13 2.2. FX volatilities: ............................................................................................................................14 2.2.1. FX Options (OTC) ...............................................................................................................14 2.2.2. FX Options (MEXDER) .......................................................................................................18 3. Fixed Income (Government) 3.1. Auctions and Market Makers .....................................................................................................19 3.2. Money Market: Cetes (OTC)
    [Show full text]
  • Empresas Emisoras
    EMPRESAS EMISORAS: Clave de la emisora Razón social ACCELSA ACCEL, S.A.B. DE C.V. ACTINVR CORPORACION ACTINVER, S.A.B. DE C.V. AEROMEX GRUPO AEROMÉXICO, S.A.B. DE C.V. AGRIEXP AGRO INDUSTRIAL EXPORTADORA, S.A. DE C.V. AHMSA ALTOS HORNOS DE MEXICO, S.A. DE C.V. ALFA ALFA, S.A.B. DE C.V. ALSEA ALSEA, S.A.B. DE C.V. AMX AMERICA MOVIL, S.A.B. DE C.V. ARA CONSORCIO ARA, S.A.B. DE C.V. ARCA EMBOTELLADORAS ARCA, S.A.B. DE C.V. ARISTOS CONSORCIO ARISTOS, S.A. DE C.V. ASUR GRUPO AEROPORTUARIO DEL SURESTE, S.A.B. DE C.V. AUTLAN COMPAÑIA MINERA AUTLAN, S.A.B. DE C. V. AXTEL AXTEL, S.A.B. DE C.V. AZTECA TV AZTECA, S.A.B. DE C.V. BACHOCO INDUSTRIAS BACHOCO, S.A.B. DE C.V. BAFAR GRUPO BAFAR, S.A. DE C.V. BBVA BANCO BILBAO VIZCAYA ARGENTARIA, S.A. BEVIDES FARMACIAS BENAVIDES, S.A.B. DE C.V. BIMBO GRUPO BIMBO, S.A.B. DE C.V. BOLSA BOLSA MEXICANA DE VALORES, S.A.B. DE C.V. C CITIGROUP INC. CABLE EMPRESAS CABLEVISION, S.A. DE C.V. CEMEX CEMEX, S.A.B. DE C.V. CERAMIC INTERNACIONAL DE CERAMICA, S.A.B. DE C.V. CHDRAUI GRUPO COMERCIAL CHEDRAUI, S.A.B. DE C.V. CICSA CARSO INFRAESTRUCTURA Y CONSTRUCCIÓN, S.A.B. DE C.V. CIDMEGA GRUPE, S.A.B. DE C.V. CIE CORPORACION INTERAMERICANA DE ENTRETENIMIENTO, S.A.B.
    [Show full text]
  • Renta Variable
    Renta variable Entradas y salidas de emisoras para el IPC Particularmente, nosotros le asignamos una mayor probabilidad que el segundo escenario será el que se va a implementar. Escenario 2 Escenario 3 Es decir, la utilización de la metodología anterior de agosto del 2010, con Entran Ponderación Entran Ponderación ello, Elektra permanecería en la muestra y de esta forma no se contravendría la orden judicial comentada anteriormente. Gcarso 0.9284 Alpek 0.5796 Asimismo, habrá que recordar que Elektra el pasado martes 19 de junio Gfinbur 2.4548 Gcarso 0.9283 anunció el vencimiento anticipado de uno de los contratos del "Equity- Kof 1.9310 Gfinbur 2.4546 swap" que limitaba su liquidez en el mercado. Kof 1.9309 De acuerdo con la propia emisora, una vez que llevó a cabo esta operación cumplió de manera holgada con el 12% de float mínimo señalado por la Salen Salen nueva metodología de cálculo del IPC. Ara -0.1519 Ara -0.1519 Independientemente, en el rebalanceo habrá que identificar que la Axtel -0.1130 Axtel -0.1130 ponderación de Elektra es probable que se reduzca a la luz de las nuevas Soriana -0.5059 Comerci -0.6013 emisoras que formarán el nuevo IPC a partir de septiembre próximo. Soriana -0.5059 Escenarios estimados del IPC a partir de septiembre del 2012 Escenario 2 Escenario 3 Acciones inscritas (en Valor de mercado % de Acciones inscritas (en Valor de mercado % de Emisora Serie Emisora Serie millones) (millones MXN) influencia millones) (millones MXN) influencia AC * 483.4 40,396 1.8312 AC * 483.4 40,396 1.8311 ALFA A 413.1 91,033 4.1266
    [Show full text]