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Signum Research

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Signum Research

Signum Research es una empresa independiente de análisis financiero y bursátil conformada por analistas y expertos de amplia experiencia en el medio y por un consejo de asesores integrado por personalidades de alto reconocimiento en los mercados financieros. Signum Research cuenta con la más avanzada tecnología y sistemas que le permiten realizar sus cálculos y modelos analíticos de manera eficiente, en tiempo real, y publicarlos oportunamente en su portal de análisis financiero.<br /> Nos hemos establecido como meta el producir el mejor análisis bursátil independiente: un análisis oportuno, sencillo, confiable, asequible e interesante, de manera que los mercados financieros puedan ser intelectualmente accesibles a una mayor parte de la población. Nuestro objetivo final es, a través de nuestro análisis, encontrar la señal detrás del ruido cotidiano en los mercados, una señal que fundamente sólidamente nuestras recomendaciones de inversión.<br /> En Signum Research sabemos que los mercados financieros son una importante herramienta de desarrollo, Signum Research busca contribuir en la difusión de una cultura financiera y de inversión que permita a quien carezca de experiencia –pero que tenga el interés- participar del progreso que brindan los mercados financieros.<br /> Signum Research se ha asociado con The Competitive Intelligence Unit, una empresa de consultoría estratégica especializada en áreas de análisis de oportunidades de negocio, telecomunicaciones, regulación y economía para desarrollar y publicar análisis sectoriales y en materia de regulación.

25.Jul.17

Signum Perspectives

Signum Research

Last Wednesday, the second and third bids in the Second Round of Oil Tenders took place. The outcome was largely successful with seven of the ten areas offered being awarded, while all of the fourteen areas auctioned in the third bid were assigned.



19.Jul.17

Signum Perspectives

Signum Research

IENOVA has won a bid through its subsidiary, ESJ Renovable III, to build and operate a sea terminal that will store gasoline and diesel at the new port in Veracruz.



30.May.17

Signum Perspectives

Signum Research

In July last year, Liverpool entered into an agreement with Ripley to acquire all of its shares through an OPA.



23.May.17

Monterrey 2017 Equity Investments Event

Signum Research

We recently attended the 2017 Equity Investments Event in Monterrey organized by the Mexican Association of Financial Intermediaries (AMIB). The Alfa Auditorium was the venue for presentations about the results and prospects of several companies from northern Mexico.



16.May.17

Signum Perspectives

Signum Research

First Quarter 2017 Performance



25.Abr.17

Signum Perspectives

Signum Research

Recientemente el Consejo de Estabilidad del Sistema Financiero (CESF) publicó su “Informe anual sobre el estado que guarda la estabilidad del sistema financiero en México y sobre las actividades realizadas por el Consejo de Estabilidad del Sistema Financiero”.



5.Abr.17

Signum Perspectives

Signum Research

GAP Day was held at the Mexican Stock Exchange. During the presentation, management outlined prospects for the market in general and the company in particular. Below we discuss the highlights and information we have included in our model in order to ensure a more complete valuation.



28.Mar.17

Signum Perspectives

Signum Research

Most households have a television. At the end of 2015, 94% of households had Open TV and there was an average of two television sets per household according to the IFT’s First National Survey of Audiovisual Content Consumption. The survey also showed that 44% of households had a pay TV signal (62% at the end of Q316). 81% of people that owned a television watched open TV channels.



14.Mar.17

Signum Perspectives

Signum Research

Alsea had originally planned to hold Alsea Day for analysts in New York in November 2016, but in view of Trump’s presidential victory, the company decided there was too much uncertainty at the time to be able to present a five-year scenario, and therefore opted postpone the meeting.



7.Mar.17

Signum Perspectives

Signum Research

Internal strategies and external positive shocks in 2017 – During Pochteca’s earnings call, it were remarked those strategies that would be implemented in 2017 to improve the financial Pochteca’s position, but also some external shocks that would bring some benefits for its results.



28.Feb.17

Signum Perspectives

Signum Research

Just a day after the Central Bank’s announcement about Governor Carstens staying on for another five months, the Exchange Commission announced that it will begin offering foreign exchange hedges payable in pesos.



14.Feb.17

Signum Perspectives

Signum Research

Report Previews



7.Feb.17

Signum Perspectives

Signum Research

The highlight of the call was 2017 guidance with a projected slowdown in loan portfolio growth and deposits standing out. Loan portfolio growth is expected to average 12% in 2017, compared to 17% in 2016. Generally speaking, lower guidance can be attributed to a more cautious stance aimed at keeping the delinquency rate low (1.6% - 2.0%) in spite of the current environment.



24.Ene.17

Signum Perspectives

Signum Research

We recently attended the 2017 macroeconomic outlook seminar at Instituto Tecnológico Autónomo de México (ITAM) to listen to the opinions of experts from different sectors of the economy. Below we present the highlights.



17.Ene.17

Signum Perspectives

Signum Research

Given Donald Trump’s intention to renegotiate NAFTA and the important of the agreement to Mexico, we will briefly describe some of the chapters that led to its creation.



10.Ene.17

Signum Perspectives

Signum Research

Precious metals began the year on an upward path following a post US-election decline. The price of gold has recovered +5%, a level not seen in four weeks, hitting session highs of US$1,185.14/oz, while silver has traded above US$16.7/oz.



20.Dic.16

Signum Perspectives

Signum Research

Donald J. Trump (DJT)’s direct threats to end or renegotiate NAFTA and impose duties of up to 35% on imports from companies that have relocated outside the US or started up operations in other countries, have had a material impact on prospects for auto companies.



13.Dic.16

Signum Perspectives

Signum Research

For the sixth year in a row, Mexico held El Buen Fin (The Good Weekend), an annual nationwide shopping event that is highly anticipated by consumers.



29.Nov.16

Signum Perspectives

Signum Research

We recently attended Fibra Uno (FUNO)’s “Funo Day.” The Fibra’s prospects and strengths were mentioned as well as its long-term business strategy.



22.Nov.16

Signum Perspectives

Signum Research

Management does not rule out the possibility of a customs duty being levied on its products



15.Nov.16

Signum Perspectives

Signum Research

(Based on available information between 1am and 5am on November 8th, 2016) A Trump presidency is no longer a hypothetical scenario. It is a systemic event of global proportions that will be assimilated gradually, and below, we weigh up the consequences for Mexican financial markets.



8.Nov.16

Signum Perspectives

Signum Research

Corpovael, S.A.B. de C.V. (CADU) is a homebuilder engaged in the construction of entry-level, middle income, and residential homes. CADU is also a leading company in the entry-level homebuilding segment.



1.Nov.16

Signum Perspectives

Signum Research

About Corporación Moctezuma Corporación Moctezuma S.A.B. de C.V. is a construction sector company engaged in the production and sale of Portland cement and ready-mix concrete as well as the extraction and sale of aggregates. It has 72 years of experience, and operates through cement plants in Morelos, Veracruz, and San Luis Potosí.



25.Oct.16

Signum Perspectives

Signum Research

Grupo Pochteca S.A.B de C.V. is a company engaged in the distribution and sale of more than five thousand products that are raw materials used in over 40 industries, mainly in the chemical, solvent and mixed solvent, food, lubricant, and paper industries.



18.Oct.16

Signum Perspectives

Signum Research

We recently spoke to Grupo Aeroportuario del Sur (ASUR) about the company’s future prospects, strengths, and focus. Based on our estimates, we also clarified doubts about the industry as a whole and ASUR in particular.



11.Oct.16

Signum Perspectives

Signum Research

We recently met with Marlene Finny, the Investor Relations Director of Grupo México (GMEXICO), with whom we discussed the company’s prospects, objectives achieved and pending, business sectors, and the situation of the markets it participates in.



4.Oct.16

Signum Perspectives

Signum Research

We recently paid a visit to the “Toreo” multiple-use project, which is strategically located in the former Toreo de Cuatro Caminos site. We were impressed by its quality, occupancy, and strategy the Fibra has implemented to increase the value of the property consisting of high-quality lessees.



27.Sep.16

Signum Perspectives

Signum Research

As a result of the company’s recent inclusion in the Mexbol Index (IPyC), the Analysis Committee of the Mexican Association of Financial Intermediaries (AMIB) invited Volaris to participate in a conference.



20.Sep.16

Signum Perspectives

Signum Research

We recently spoke to IENOVA and about the company’s business sectors, current outlook, financing situation, future projects, and market situation.



14.Sep.16

Signum Perspectives

Signum Research

Based on ROE, profitability rose +70 bp YoY to 10%, and ranged between 0.03% and 83.9%, corresponding to MEXCHEM and KIMBER, respectively. This indicator had been downtrending since 2012-II, but has recovered so far in 2016. The IPyC’s ROE was 11.23% (+25 bp YoY).



6.Sep.16

Signum Perspectives

Signum Research

Bachoco businesses are chicken, egg, and to a lesser extent, cattle, live pig and processed red meat and turke Bachoco businesses are chicken, egg, and to a lesser extent, cattle, live pig and processed red meat and turkey products. In the United States, the company is only engaged in the sale of processed chicken.y products. In the United States, the company is only engaged in the sale of processed chicken.



30.Ago.16

Signum Perspectives

Signum Research

The aim of this analysis is to identify companies that generate value for all sources of capital, in particular shareholders. We focus on ROIC because it is a clear performance metric of company operations and should be the main engine for generating value per peso invested.



24.Ago.16

Signum Perspectives

Signum Research

Banco de México’s Governing Board opted to hold the Overnight Rate at 4.25%.



16.Ago.16

Signum Perspectives

Signum Research

The IPyC (Índice de Precios y Cotizaciones) is the main indicator of the Mexican Stock Exchange (MSE). It reflects the market’s return based on the prices of a balanced, weighted, and representative sample of the shares that trade on the MSE.



9.Ago.16

Signum Perspectives

Signum Research

In July 2016, total consolidated sales of Walmex grew +16.3% compared to the same month last year.



2.Ago.16

Signum Perspectives

Signum Research

Excellent operating performance. TV Azteca showed an excellent operating performance, which included a 20% YoY revenue growth and a 144% EBITDA increase, respectively, exceeding our forecasts. We believe that the new programming strategy and higher prices in Mexico have started to bear fruit, which confirms the inflection point in the company´s results.



26.Jul.16

Signum Perspectives

Signum Research

Grupo Elektra’s Q216 sales amounted to MXN$19.517 billion, up +8% compared to the same year-earlier quarter.



19.Jul.16

Signum Perspectives

Signum Research

We expect TVAzteca to post very favorable Q216 operating results, which should mark an inflection point in the company’s performance.



5.Jul.16

Signum Perspectives

Signum Research

Gold is a precious metal that is considered a currency because it is a medium of exchange, a unit of account, and a store of value. As such, it is one of the oldest and most controversial currencies in history, and still one of the main safe havens for investors during economic downturns.



28.Jun.16

Signum Perspectives

Signum Research

We visited the corporate offices of Industrias Peñoles (PEÑOLES) to learn more about the company’s current situation and the prospects of the world’s biggest mining company and silver producer.



22.Jun.16

Signum Perspectives

Signum Research

We recently visited Arca Continental (AC*) in Monterrey where we discussed the new venture with Lindley and the Coca-Cola Co. bottlers in the south of the U.S. with management, as well as the trend in its beverages portfolio, especially non-carbonated beverages.



15.Jun.16

Signum Perspectives

Signum Research

We recently visited Grupo Aeroportuario del Pacífico (GAP) based in Guadalajara, Jalisco. We discussed the Group’s outlook and strengths as well as its focus for the coming years. We noticed a large flow of passengers (mostly on business) at the Guadalajara airport (the Group’s largest, with a passenger share of 33%).



7.Jun.16

Signum Perspectives

Signum Research

What are Mobile Virtual Network Operators? Mobile Virtual Network Operators, or MVNOs, are mobile telecommunication companies that do not have their own network, and therefore lease the network of existing telecommunication companies like Telcel, AT&T, or Telefónica in order to provide their services. The new Telecommunications Act of June 2013, facilitated their creation.



1.Jun.16

Signum Perspectives

Signum Research

Liverpool manages and is a partner, shareholder, and co-owner of shopping centers. The company has a share in 24 shopping centers called “Galerias” through which it leases retail space to a wide range of businesses.



3.May.16

Signum Perspectives

Signum Research

Wholesale sales decreased by a seasonally adjusted -4.6% in February compared to the previous month.



26.Abr.16

Signum Perspectives

Signum Research

How much of a threat does Fintech represent for traditional banks in Mexico? We believe



19.Abr.16

Signum Perspectives

Signum Research

Soriana has announced a joint venture with the Chilean company Falabella to develop its Sodimac home improvement and construction stores.



8.Mar.16

Signum Perspectives

Signum Research

Los resultados del 2015-IV publicados la semana pasada cierran el ciclo de reportes de los principales grupos financieros. En nuestra opinión, en términos generales reflejan el éxito de la reforma financiera- mayor crédito, tasas y comisiones a la baja, y mayores gastos operativos para adecuarse al entorno regulatorio.



16.Feb.16

Signum Perspectives

Signum Research

Monex was created in 1985 as a money exchange focusing on companies with foreign trade transactions. Between 2001 and 2006, it acquired a Brokerage Firm, a Fund Operator, and a bank before finally obtaining a bank license.



9.Feb.16

PRE-REPORT COMMENT

Signum Research

Total sales should be up 12.0% for the fourth quarter of 2015 compared to the year-earlier period. Same-store sales in Mexico should increase +8.7%, while same-store sales for Central America should grow +4.7%. Per square meter growth for the quarter should be +1.7% following 64 new store openings during the period. The gross margin could feel pressure from two on-time events during the fourth quarter of last year with an expected impact of -50 basis points. The Ebitda margin may also receiv



4.Feb.16

Signum Research

Signum Research

Fibra HD announced the acquisition of the malls “Plaza Punto Los Mochis” and “Plaza La Roca”, for P$500 million. The Cap Rate (profitability) of the properties is above 10.0%, which is attractive and higher than the industry average. Considering both properties, this should boost Net Operating Income (NOI) by P$50 million over the next twelve months.



26.Ene.16

Signum Perspectives

Signum Research

The company released preliminary 2015-IV results. The fourth quarter of 2015 registered the highest revenue growth (+2.4% y/y), but was marred by operating weaknesses and lower margins, which we attribute to lower oil prices (because of their impact on the sales prices of the company’s main products) and MXN depreciation.



20.Ene.16

Signum Perspectives

Signum Research

According to INEGI, Mexico recorded the lowest rate of inflation on record, closing 2015 at 2.13%. GDP growth has been revised up and is currently seen at 2.5% for 2015.



22.Dic.15

Signum Perspectives

Signum Research

Grupo Financiero Banorte is the fourth largest financial group in Mexico based on the size of its loan portfolio.



15.Dic.15

Signum Perspectives

Signum Research

We recently spoke with the CFO of FIBRAPL about the Fibra’s current performance and 2016 prospects.



8.Dic.15

Financial Groups

Signum Research

Aggregate quarterly figures for the 7 main financial groups confirm that business volumes rose in terms of both loan placements and deposits, but margins were under pressure. Results reflect an improvement in the quality of assets and weakness in trading income. Generally speaking, the numbers point to stronger results for financial groups in 2016.



1.Dic.15

Signum Research

Signum Research

We recently met with Crédito Real’s Director of Investor Relations, Jonathan Rangel.



24.Nov.15

MEETING WITH THE CFO OF FIBRAHD ON PROGRESS SINCE THE IPO

Signum Research

We spoke with the CFO of FIBRAHD about recent quarterly results and short and medium-term prospects. During the meeting, we learned that the proceeds from the Initial Public Offering (IPO) have been almost fully invested.



18.Nov.15

Telecommunications and the Media Sector: 2015-III Results and Outlook

Signum Research

The telecommunications sector posted weak 2015-III operating results. Growth in the number of wireless subscribers was meager, while the number of fixed lines continued to decrease, although broadband connection penetration rose, and the data business was very solid (AMX’s wireless data business grew 19% in 2015-III; fixed data grew 4%) as was fiber-to-home.



10.Nov.15

Financial Groups

Signum Research

Last week, Mexico’s main financial groups released their third quarter results. Overall, the numbers confirmed higher volumes, both in terms of loans and deposits, but margins were under pressure. Results also suggest an improvement in asset quality, but trading income weakness. The overall picture points to comparatively more solid results in 2016.



5.Nov.15

Signum Perspectives

Signum Research

It is the last week of the earnings season and we already see some clear trends: (1) exchange rate impact on companies with dollar denominated debt, (2) volatility affecting financial companies, (3) poor performance of extractive companies, (4) good performance in companies focused on foreign market (with the exception of the above mentioned), and (5) rebound in the companies focused on consumption. Let’s see some examples:



27.Oct.15

Signum Perspectives

Signum Research

Report evaluation



13.Oct.15

Signum Perspectives

Signum Research

We expect a slight decrease in AMX’s EBITDA margin to 30.0% in 2017 from 31.1% in 2Q15, due to lower profitability at Telcel and Telmex caused by competition and regulations, lower profitability in Colombia, and a bigger contribution from TracFone, whose margin is below average because it is a mobile service reseller.



6.Oct.15

Signum Perspectives

Signum Research

Within the framework of the third state of the nation address, President Enrique Peña Nieto announced the creation of Fibra E, a new investment instrument for capturing bigger capital flows and channeling them to infrastructure and energy projects.



29.Sep.15

Signum Perspectives

Signum Research

According to seasonally-adjusted figures, August’s trade balance stood at US$2.010 billion, or a m/m increase of 96%.



15.Sep.15

Investing in the Retail Business

Signum Research

According to numbers released by ANTAD (The National Association of Supermarkets and Department Stores), and taking into account INEGI’s retail sector index growth rate, retail sales totaled approximately MXN$3 billion. In Mexico, the retail sector comprises:



9.Sep.15

Signum Perspectives

Signum Research

Unfortunately, the intrinsic return, measured through the Return on Invested Capital (ROIC) for the member com- panies of the main Stock Market gauge shows a decreasing trend since the fourth quarter of 2012.



1.Sep.15

Signum Perspectives

Signum Research

Despite the investments made by the AXTEL in the last years, the bets on avant-garde technologies that were unsuccessful, such as the fixed wireless WiMax technology, distanced the company from the international trends in telecommunication, this along with the previous years’ conflicts regarding the collection of interconnection rates with the predominant participants Telmex and Telcel, affected the operating and financial situation of AXTEL, to the point where the company made a disinvestment o



18.Ago.15

MACROECONOMIC OUTLOOK

Signum Research

We are going to talk about the Monetary Policy Meeting of July, in which there were two positions regarding the best time to raise the Interbank Overnight Interest Rate. In the other hand the annual headline inflation was 2.74%, another decrease. In addition to June’s 2015 Industrial Production.



12.Ago.15

Fibras outlook as of 2015-II

Signum Research

The Fibras showed favorable results in 2015-II, boosted by strong indicators of occupancy rates and rents, which were benefitted by the depreciation of the peso against the dollar in the industrial and office segments.



21.Jul.15

Results of the first bid of Round 1

Signum Research

The winners of the first of five bids of Round 1 corresponding to the Energy Reform were presented on July 15. Out of the 25 companies pre-qualified to bid, five left their participation and only 9 presented their offers.



14.Jul.15

What do we expect from Retail

Signum Research

During the year, Same Store Sales growth has been driven by the increase in the average ticket. In June SSS rose +3.6% YoY, meanwhile, the industry’s SSS grew +3.7%. Total sales increased +8.1% YoY last month.



9.Jul.15

Retail and Specialized Commerce

Signum Research

Same store sales accumulate a significant growth mainly boosted by the average ticket. The second half of the year might start showing a more moderate growth partly due to a stronger comparison basis and on the other hand, to the impact there might be on the consumer confidence due to the downward adjustments in the economic growth expectations.



2.Jul.15

Initial Public Offering NEMAK

Signum Research

The company is a global independent producer of high complex aluminum components for the automotive industry. It was created in Mexico in 1979, through a joint venture between Alfa and Ford, seeking to supply Ford’s demand for high complex aluminum components and the automotive industry in general.



2.Jul.15

Initial Public Offering NEMAK

Signum Research

The company is a global independent producer of high complex aluminum components for the automotive industry. It was created in Mexico in 1979, through a joint venture between Alfa and Ford, seeking to supply Ford’s demand for high complex aluminum components and the automotive industry in general.



22.Jun.15

Mexico Weekly

Signum Research

The Federal Open Market Committee agreed to maintain the federal funds rate unchanged at 0 to 0.25%



19.Jun.15

Profitability of the Mexican banking sector, April 2015

Signum Research

As of April 2015, in terms of profitability, measured through the ROE, the multiple-banking system in Mexico reported once again levels above 13% increasing +17 basis points compared to the pre- vious month to reach 13.15%. However, in annual terms, it still reflects the downward trend in the ROE, decreasing -87 basis points compared to April 2014.



9.Jun.15

Signum Perspectives

Signum Research

The main Mexican gauge dropped -0.32% to 44,561.94. The biggest gainers were: ALPEK +6.63%, ALFA 5.98% and WALMEX +2.55%, while the biggest losers were: KOF -4.81%, SANMEX -3.49% and BIMBO -3.29%.



9.Jun.15

Signum Perspectives

Signum Research

The main Mexican gauge dropped -0.32% to 44,561.94. The biggest gainers were: ALPEK +6.63%, ALFA 5.98% and WALMEX +2.55%, while the biggest losers were: KOF -4.81%, SANMEX -3.49% and BIMBO -3.29%.



1.Jun.15

Principal Stock Market Index

Signum Research

During 2015 we have seen a sustained recovery in the private consumption in Mexico. With this outlook, we started covering HERDEZ.



15.Abr.15

An attractive financing for Mexico

Signum Research

On April 8th, the Mexican government issued a 100 year bond for €1,500 million with a coupon rate of 4%, the lowest historically.



7.Abr.15

A good Sport—for the medium term

Signum Research

We had a visit from the management of SPORT, getting an overview from the Company and the Outlook for 2015. Grupo Sports World operates family fitness clubs in Mexico.



1.Nov.12

Empleo al alza

Signum Research

Las empresas del sector privado estadounidense crearon 158,000 puestos de trabajo en octubre, por encima de los 131,000 empleos que habían previsto. El dato, es también superior a los 114,000 puestos que se crearon en septiembre, una cifra que ADP ha revisado hoy notable a la baja, tras una primera estimación de 162,000 empleos. ADP (Automatic Data Proccesing) es la mayor procesadora de nóminas del mundo.



29.Oct.12

Sin Mercado

Signum Research

La bolsa de Nueva York estará cerrada hoy por decisión de la SEC como medida de precaución ante la llegada del huracán Sandy. El cierre del mercado podría extenderse hasta mañana dependiendo de las condiciones meteorológicas ya que  Los mercados accionarios están a la baja por la especulación de los daños que pudiese causar el huracán Sandy, esto a pesar de que el ingreso personal en Estados Unidos aumentó 0.4% en septiembre y el gasto  personal 0.8%.



26.Oct.12

Reflexiones sobre la reforma laboral

Signum Research

Independientemente de los puntos específicos de la reforma laboral que se discute en el Congreso, debemos considerar la importancia general de reformar nuestro marco legal en la materia.



23.Oct.12

Reforma laboral y la competitividad

Signum Research

La iniciativa de reforma a la Ley Federal del Trabajo enviada por el Poder Ejecutivo a la Cámara de Diputados a través del mecanismo preferente fue aprobada por el pleno el 1 de octubre. Actualmente, se encuentra en discusión en la Cámara de Senadores y será hasta finales de mes cuando se conozca el destino de esta iniciativa.



23.Oct.12

EU, ¿qué tan probable es otra recesión?

Signum Research

Tras un buen cierre del 2011, las expectativas de un mayor dinamismo en la actividad económica estadounidense para el 2012 eran alentadoras; aún más si consideramos que parte de este impulso provenía del consumo interno, una de las variables más rezagadas en el camino a la recuperación económica tras la Gran Recesión.



23.Oct.12

Euro: compra limitada de tiempo

Signum Research

En la crisis del euro, por un lado encontramos a los deudores en dificultades: Grecia, Portugal, Irlanda y Chipre; por el otro, a los acreedores: Alemania, Francia o, incluso, a Italia y España. Los efectos colaterales del desajuste fiscal de los primeros han puesto en evidencia problemas estructurales al interior de los segundos, lo que mantiene en vilo a Italia y España.



23.Oct.12

Emisoras del IPC, con el foco en la rentabilidad

Signum Research

Todos los trimestres, Signum Research realiza un estudio agregado de los fundamentos de las empresas que integran el IPC. Este análisis muestra cifras globales interesantes que ocasionalmente representan indicadores adelantados de la actividad económica nacional.



23.Oct.12

Draghi y una débil recuperación en EU

Signum Research

El problema bancario y de finanzas públicas que aqueja a algunos países de la zona euro constituye aún el principal riesgo para la economía global: tardará años en arreglarse y probablemente sea inevitable que países como Grecia abandonen el euro, al menos parcialmente.



23.Oct.12

¿Rentabilidad sostenible en las empresas de la BMV?

Signum Research

En un entorno económico incierto a nivel global, se torna cada vez más importante enfocarse en los fundamentos de las empresas en que se invierte. Entre todos éstos, la rentabilidad es la medida más importante de desempeño; a fin de cuentas, las estrategias corporativas deben traducirse en ganancias para crear valor económico y ser exitosas.



23.Oct.12

Deuda subnacional, un tema incómodo

Signum Research

En los últimos años, el tema de las finanzas públicas ha tomado gran relevancia a nivel mundial. Con justa razón. Por un lado, en la zona euro una de las causas profundas de la crisis ha sido precisamente el creciente nivel de déficit público como porcentaje del PIB que, aunado a los elevados niveles de deuda respecto del PIB (superiores a 80%), mantiene bajo presión a las distintas economías.



23.Oct.12

¿Qué tantos son 163,000 empleos?

Signum Research

El reporte de empleo de julio en Estados Unidos fue asimilado positivamente ante señales de mayor actividad económica. Se crearon 163,000 nuevas plazas respecto del promedio del segundo trimestre del 2012 (73,000); sin embargo, la tasa de desempleo aumentó a 8.3 por ciento. Condición paradójica.



23.Oct.12

Signos de desaceleración

Signum Research

La primera parte del año fue mejor que lo esperado para la economía global. Incluso el verano, por tradición débil para el desempeño de los mercados de activos riesgosos, ha resultado sorpresivamente robusto. No obstante, a pocos escapa la percepción de que la segunda mitad del año será mucho más compleja que la primera, lo que podría desencadenar la toma de utilidades en los activos en riesgo. Región por región, encontramos signos de desaceleración o incluso, fragilidad.



20.Ago.12

SIGNUM RESEARCH en AMERI

Signum Research

El pasado 16 de agosto tuvo lugar en la Expo Bancomer Santa Fé el 10° Foro Mexicano de Inversionistas AMERI en donde por tercer año consecutivo Signum Research tuvo la oportunidad de participar.



24.Ene.12

La existencia de un competidor sólido en telecomunicaciones, como puede ser Iusacell abona a favor del consumidor.

Signum Research

En un interesante análisis que realizó recientemente CIU en asociación con Signum Research se argumenta que las acciones regulatorias deben estar encaminadas a fortalecer la competencia.



13.Dic.11

Wal-Mart (Reporte de Empresa)

Signum Research

Ayer publicamos un análisis sobre nuestras perspectivas de Wal-Mart de México (WALMEX) dado el contexto económico actual, de tal forma que asignamos la recomendación Sub-Ponderar a sus acciones, nuestras razones:



9.Dic.11

La rentabilidad en la BMV en 2011-III

Signum Research

Recientemente en Signum Research publicamos nuestro reporte sobre el comportamiento de dos razones financieras muy importantes: retorno de capital invertido (ROIC, por sus siglas en inglés) y retorno sobre capital contable (ROE), con el objetivo de evaluar la capacidad que registran las emisoras en la Bolsa Mexicana de Valores (BMV) para generar valor.



3.Oct.11

Esperamos un lento crecimiento de la economía de EE.UU.

Signum Research

Hace unos días la Reserva Federal de Chicago publicó el Índice de Actividad Nacional (CFNAI); es decir, las cifras de un promedio ponderado de 85 indicadores sobre la actividad económica: producción, ingreso, desempleo, horas trabajadas, consumo personal, vivienda, ventas e inventarios, sólo por mencionar algunos.



6.Sep.11

¿La BMV es rentable?

Signum Research

Recientemente en Signum Research se elaboró el análisis periódico de ROIC (Return On Invested Capital) y ROE (Return On Equity) para determinar la rentabilidad en la Bolsa Mexicana de Valores y así evaluar su capacidad de generar valor.



30.Ago.11

Europa en crisis

Signum Research

Durante el último año los titulares de los periódicos europeos no han dejado de mencionar, por lo menos una vez, la palabra crisis y déficit público. A nivel internacional los mercados financieros han experimentado una elevada volatilidad y la pérdida de confianza entre los inversionistas se esparce rápidamente. El problema radica en la crisis que ya ha minado por lo menos dos principios de la Unión Europea: el mercado común y la divisa única, el euro.



1.Ago.11

Menor a lo esperado

Signum Research

La economía de Estados Unidos creció menos de lo previsto en el segundo trimestre, debido a que los consumidores redujeron sus gastos. El producto interno bruto o PIB de Estados Unidos subió a una tasa anualizada de 1.3% en el segundo trimestre después de una ganancia de 0.4% en el primero que fue revisado a la reportado previamente. El consumo personal, el cual representan aproximadamente 70% de la economía, aumentó solo 0.1%. El crecimiento del primer trimestre fue revisado a la baja de una es



1.Ago.11

Bajan las solicitudes del beneficio del desempleo

Signum Research

En medio de la incertidumbre sobre si se elevará el techo de la deuda hubo una buena noticia para los mercados: las solicitudes del beneficio de desempleo bajaron más de lo esperado, de 418,000 a 3980,000 lo que causó que el mercado accionario en Estados Unidos abriera ligeramente al alza, a pesar del mal reporte de Exxon Mobil.



26.Jul.11

Sigue el mercado como rehén de los políticos

Signum Research

Aún no hay acuerdo entre los republicanos y el Presidente para aumentar el techo de la deuda, hay propuestas de ambos lados pero no se ponen de acuerdo. Los republicanos quieren un arreglo temporal para mantener viva la discusión en los próximos meses que serán clave para las elecciones presidenciales de noviembre del próximo año. El Presidente Obama y los demócratas quieren un arreglo que sea después de las elecciones. Mientras tanto el reloj sigue su curso y existe la posibilidad de que Estado



26.Jul.11

Todavía no hay arreglo

Signum Research

Después de haber cerrado el viernes con una ganancia de 1.22%, los futuros del índice S&P 500 están negativos porque todavía no hay un acuerdo entre los legisladores y el Presidente con respecto a aumentar el techo de la deuda gubernamental. Las acciones más afectadas son las bancarias.



1.Jul.11

Actinver, una opción interesante y única de inversión

Signum Research

Corporación Actinver cuenta con 16 años de experiencia en la industria financiera. Su antecedente es Operadora Actinver, una operadora de sociedades de inversión que inició operaciones en diciembre de 1994.



21.Jun.11

Más sobre Grecia

Signum Research

La crisis de la deuda griega sigue siendo la excusa para la volatilidad en los mercados, después de que ayer las autoridades de los países de la zona euro no llegaron a un acuerdo, pero la percepción de que encontrarán una solución causo que hoy el S&P 500 esté ligeramente al alza.



21.Jun.11

Voto de Confianza

Signum Research

Los mercados accionarios de Europa y Estados Unidos están en terreno positivo por la expectativa de que el gobierno de Grecia recibirá un voto de confianza lo que ayudaría a implementar medidas adicionales de austeridad para evitar un quebranto. Las bolsas europeas reportan un avance promedio de 0.70%, con el índice IBEX 35 de España arriba 1.40%. El euro cotiza en 1.4370 esto es una ganancia de 0.45%.



15.Jun.11

ROE y ROIC

Signum Research

Signum Research realizó un análisis en la rentabilidad de la BMV con los resultados reportados por las empresas al primer trimestre de 2011, mediante los rendimientos al capital accionario y al capital invertido (ROE y ROIC por sus siglas en inglés).



23.Feb.11

Auge y caída de las dictaduras: Medio Oriente y Magreb

Signum Research

Las tensiones políticas en el Medio Oriente y en la región del Magreb, iniciadas con las protestas en Túnez a finales de 2010, toman un nuevo sentido para la economía global. Si bien las protestas en Egipto despertaron las alertas internacionales respecto a su estratégica posición geográfica y su incidencia económica, las protestas amenazan el equilibrio regional y la estabilidad económica en Europa y Estados Unidos.



17.Nov.10

Crecimiento económico y déficit fiscal

Signum Research

Este interesante artículo del N.Y. Times enfatiza la importancia del crecimiento económico para combatir el enorme déficit fiscal en que está sumida la economía de Estados Unidos, la moraleja es no tomar medidas fiscales que atenten contra este crecimiento, lo que valida nuestro punto de vista de que es más deseable recortes en el gasto improductivo que incrementos impositivos.



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