| GRUPO FINANCIERO BANORTE (GFNORTEO.MX) – MARKET OVERREACTED TO BAD NEWS ON THE COMPANY – UPGRADE FRO |
11/12/2008 |
Our DCF target stands at MXN35, meaning a 27% upside. We have upgraded our recommendation from HOLD to BUY.
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| COCA-COLA FEMSA (KOF) – SOUND DEFENSIVE PLAY IN TIMES OF MARKET TURMOIL – BUY |
9/26/2008 |
| DCF valuation also leads to a BUY recommendation: target of US$65, meaning a 23% upside over current market prices. |
| ORGANIZACION SORIANA (SORIANAB.MX) – UPGRADE TO HOLD ON EXPECTATIONS OF STREAMLINING MEXICAN RETAIL. |
8/14/2008 |
| ORGANIZACION SORIANA (SORIANAB.MX) – UPGRADE TO HOLD ON EXPECTATIONS OF STREAMLINING MEXICAN RETAIL SECTOR – HOLD |
| ORGANIZACION SORIANA (SORIANAB.MX) – WE UPGRADE TO HOLD ON EXPECTATIONS OF A STREAMLINING MEXICAN... |
8/5/2008 |
| ORGANIZACION SORIANA (SORIANAB.MX) – WE UPGRADE TO HOLD ON EXPECTATIONS OF A STREAMLINING MEXICAN RETAIL SECTOR THAT WILL PAY OFF SORIANA EXPANSION STRATEGY – HOLD |
| AMERICA MOVIL (AMX) – SLOWDOWN IN THE DEVELOPED WORLD, BUT WIRELESS MARKET CONTINUES EXPANDING – BUY |
7/25/2008 |
| AMERICA MOVIL (AMX) – SLOWDOWN IN THE DEVELOPED WORLD, BUT WIRELESS MARKET CONTINUES EXPANDING – BUY |
| COCA-COLA FEMSA (KOF) – CONTINUOUS EXPANSION & REGIONAL DIVERSIFICATION WITH HEALTHY MARGINS – BUY |
7/18/2008 |
| COCA-COLA FEMSA (KOF) – CONTINUOUS EXPANSION & REGIONAL DIVERSIFICATION WITH HEALTHY MARGINS – BUY |
| WAL-MART DE MEXICO (WALMEX) – DOWNGRADE TO HOLD; LACK OF SHORT-RUN CATALYSTS WITHIN WEAK... |
7/1/2008 |
| WAL-MART DE MEXICO (WALMEX) – DOWNGRADE TO HOLD; LACK OF SHORT-RUN CATALYSTS WITHIN WEAK CONSUMPTION ENVIRONMENT – HOLD |
| AMERICA MOVIL – INCREASED INVESTMENT IN 1Q08 TO YIELD POSITIVE RESULTS IN THE MID TERM – BUY |
6/5/2008 |
| AMERICA MOVIL – INCREASED INVESTMENT IN 1Q08 TO YIELD POSITIVE RESULTS IN THE MID TERM – BUY |
| GRUPO MODELO – RETAINED MARKET LEADERSHIP BUT DIMINISHING EXPORT VOLUME; FULLY VALUED – HOLD |
5/5/2008 |
| GRUPO MODELO – RETAINED MARKET LEADERSHIP BUT DIMINISHING EXPORT VOLUME; FULLY VALUED – HOLD |
| FOMENTO ECONÓMICO MEXICANO, FEMSA – STRONG MARKET POSITION AND GROWTH, BUT FULLY VALUED; DOWNGRADE.. |
4/28/2008 |
| FOMENTO ECONÓMICO MEXICANO, FEMSA – STRONG MARKET POSITION AND GROWTH, BUT FULLY VALUED; DOWNGRADE FROM BUY – HOLD |
| COCA-COLA FEMSA – STRONG MARKET POSITION AND DIVERSIFICATION – BUY |
4/25/2008 |
| COCA-COLA FEMSA – STRONG MARKET POSITION AND DIVERSIFICATION – BUY |
| GRUPO FINANCIERO BANORTE – SOLID FUNDAMENTALS AND EXPANSION, BUT FULLY VALUED – DOWGRADE TO HOLD |
4/17/2008 |
| GRUPO FINANCIERO BANORTE – SOLID FUNDAMENTALS AND EXPANSION, BUT FULLY VALUED – DOWGRADE TO HOLD |
| WAL-MART DE MEXICO (WALMEX) – REITERATE BUY ON VALUATION, NEW CORPORATE STRATEGY – BUY |
3/28/2008 |
| WAL-MART DE MEXICO (WALMEX) – REITERATE BUY ON VALUATION, NEW CORPORATE STRATEGY – BUY |
| AMERICA MOVIL – STRONG MARKET POSITION, GEOGRAPHICAL DIVERSIFICATION, GROWTH AND IMPROVED MARGINS –. |
2/28/2008 |
| AMERICA MOVIL – STRONG MARKET POSITION, GEOGRAPHICAL DIVERSIFICATION, GROWTH AND IMPROVED MARGINS – BUY |
| ORGANIZACIÓN SORIANA (SORIANA) – REITIERATE RECOMMENDATION BASED ON OVERVALUATION – SELL - Archived |
12/20/2007 |
| ORGANIZACIÓN SORIANA (SORIANA) – REITIERATE RECOMMENDATION BASED ON OVERVALUATION – SELL |
| WAL-MART DE MÉXICO (WALMEX) – WE DOWNGRADE TO HOLD ON WEAK 2H07 RESULT EXPECTATION – HOLD - Archived |
12/20/2007 |
| WAL-MART DE MÉXICO (WALMEX) – WE DOWNGRADE TO HOLD ON WEAK 2H07 RESULT EXPECTATION – HOLD |
| BIMBO – REITERATE BUY DESPITE LOWER THAN EXPECTED EBITDA IN
2Q07 – BUY - Archived |
12/20/2007 |
| BIMBO – REITERATE BUY DESPITE LOWER THAN EXPECTED EBITDA IN
2Q07 – BUY |
| AMX – STRONG MARKET POSITION BUT FULLY VALUED – HOLD - Archived |
12/20/2007 |
| AMX – STRONG MARKET POSITION BUT FULLY VALUED – HOLD |
| GRUPO FINANCIERO BANORTE (GFNORTE) – STRONG
POSITIONING AND FURTHER GROWTH – BUY - Archived |
12/20/2007 |
| GRUPO FINANCIERO BANORTE (GFNORTE) – STRONG
POSITIONING AND FURTHER GROWTH – BUY |
| GRUPO TELEVISA (TV) – OBSTACLES PREVENT TELEVISA FROM ENTERING THE FIXED-LINE TELEPHONE MARKET... - Archived |
12/20/2007 |
| GRUPO TELEVISA (TV) – OBSTACLES PREVENT TELEVISA FROM ENTERING THE FIXED-LINE TELEPHONE MARKET HINDERING EXPANSION INTO NEW MARKETS; STRONG POSITION IN TV SEGMENT & EXPANSION OF GAMING DIVISION – HOLD |
| WALMART DE MÉXICO (WALMEX) – UPGRADE TO BUY ON
EARNINGS GROWTH OUTLOOK – BUY - Archived |
12/20/2007 |
| WALMART DE MÉXICO (WALMEX) – UPGRADE TO BUY ON
EARNINGS GROWTH OUTLOOK – BUY |
| GRUPO MODELO (GPMCY) – STRONG MARKET POSITION BUT
FULLY VALUED – AFFIRMED HOLD - Archived |
12/20/2007 |
| GRUPO MODELO (GPMCY) – STRONG MARKET POSITION BUT
FULLY VALUED – AFFIRMED HOLD |
| GRUPO CONTINENTAL (CONTAL) – GROWTH, CONSOLIDATION AND HIGHER PROFITABILITY – BUY - Archived |
12/20/2007 |
| GRUPO CONTINENTAL (CONTAL) – GROWTH, CONSOLIDATION AND HIGHER PROFITABILITY – BUY |
| EMBOTELLADORAS ARCA (ARCA) – SUSTAINED GROWTH IN AN INNOVATIVE MARKET – BUY - Archived |
12/20/2007 |
| EMBOTELLADORAS ARCA (ARCA) – SUSTAINED GROWTH IN AN INNOVATIVE MARKET – BUY |
| COCA-COLA FEMSA (KOF) – POSITION FOR GROWTH IN BRAZIL AND ARGENTINA AND WELL DIVERSIFIED ACROSS THE. - Archived |
12/20/2007 |
| COCA-COLA FEMSA (KOF) – POSITION FOR GROWTH IN BRAZIL AND ARGENTINA AND WELL DIVERSIFIED ACROSS THE REGION – BUY |
| BIMBO – RAISING EBITDA ESTIMATES, REITERATE RECOMMENDATION – BUY - Archived |
12/20/2007 |
| BIMBO – RAISING EBITDA ESTIMATES, REITERATE RECOMMENDATION – BUY |
| COCA-COLA FEMSA ADR (KOF) – GROWTH AND DIVERSIFICATION – BUY - Archived |
12/20/2007 |
| COCA-COLA FEMSA ADR (KOF) – GROWTH AND DIVERSIFICATION – BUY |
| FOMENTO MEXICANO SA (FMX) – STRONG MARKET POSITION BUT FULLY VALUED – HOLD - Archived |
12/20/2007 |
| FOMENTO MEXICANO SA (FMX) – STRONG MARKET POSITION BUT FULLY VALUED – HOLD |
| GRUPO CONTINENTAL (CONTAL) – GROWTH, CONSOLIDATION AND HIGHER PROFITABILITY – BUY - Archived |
12/20/2007 |
| GRUPO CONTINENTAL (CONTAL) – GROWTH, CONSOLIDATION AND HIGHER PROFITABILITY – BUY |
| EMBOTELLADORAS ARCA (ARCA) – SUSTAINED GROWTH IN AN INNOVATIVE MARKET – BUY - Archived |
12/20/2007 |
| EMBOTELLADORAS ARCA (ARCA) – SUSTAINED GROWTH IN AN INNOVATIVE MARKET – BUY |
| FEMSA – STRONG MARKET POSITION BUT FULLY VALUED – HOLD - Archived |
12/19/2007 |
| FEMSA – STRONG MARKET POSITION BUT FULLY VALUED – HOLD |
| INDUSTRIAS CH (ICHB.MX) – ENTERING AMERICAN MARKET WITH EXPENSES UNDER CONTROL – BUY - Archived |
12/19/2007 |
| INDUSTRIAS CH (ICHB.MX) – ENTERING AMERICAN MARKET WITH EXPENSES UNDER CONTROL – BUY |
| ALSEA: BUYS BURGER KING ASSETS IN ARGENTINA & CHILE - Archived |
4/25/2006 |
| ALSEA: BUYS BURGER KING ASSETS IN ARGENTINA & CHILE |
| ALSEA - HIGH GROWTH, GREAT BALANCE SHEET – INITIATE WITH BUY - Archived |
4/17/2006 |
| ALSEA - HIGH GROWTH, GREAT BALANCE SHEET – INITIATE WITH BUY |
| ALSEA – STARBUCKS, DOMINO’S, BURGER KING AND OTHER FRANCHISES SEE STRONG GROWTH IN MEXICO AND BEYOND - Archived |
2/11/2006 |
| ALSEA – STARBUCKS, DOMINO’S, BURGER KING AND OTHER FRANCHISES SEE STRONG GROWTH IN MEXICO AND BEYOND |
| GRUPO MODELO – MGMT MTNG RAISES STRATEGIC QUESTIONS; US DISTRIBUTOR CHANGE PROVIDES OPPORUNITY - Archived |
2/10/2006 |
| GRUPO MODELO – MGMT MTNG RAISES STRATEGIC QUESTIONS; US DISTRIBUTOR CHANGE PROVIDES OPPORUNITY |
| WAL-MART DE MEXICO – MGMT MEETING NOTES - RETAIL POWERHOUSE DELIVERS GROWTH AND CASHFLOW - Archived |
2/8/2006 |
| WAL-MART DE MEXICO – MGMT MEETING NOTES - RETAIL POWERHOUSE DELIVERS GROWTH AND CASHFLOW |
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