Jose Itzamna Espitia Hernandez

Banorte

Senior Equity Research Analyst, Infrastructure, Materials and Transportation @ Banorte

José has more than 10 years of sell-side experience in Grupo Financiero Banorte. He was ranked as #3 in the Industry Stock Picking category (Industrials), in the Analyst Awards 2018 in Latin America by Thomson Reuters. Nowadays, as a Senior Equity Research Analyst, he is in charge of infrastructure, materials and transportation sectors. Throughout his career he has participated (as an equity analyst) in initial and follow-on public offerings of several companies and Mexican REITs (FIBRAs). He is an active member of the Analysis' Committee of the Mexican Association of Financial Intermediaries (AMIB) and he is professor of the Banorte-UNAM business subject (Financial Markets) at the Faculty of Accounting and Administration at UNAM. José has a degree in Economics and holds a master’s degree in Finance from the Universidad Panamericana.

Jose Itzamna Espitia Hernandez
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Latest from Jose Itzamna Espitia Hernandez

Volaris: Traffic maintains positive trend

Volaris’ total passengers in November increased 13.7% y/y, supported by domestic growth 9.5% and international 32.7%. Load factor decreased 0.6pp, although standing at a good level of 88.0%. In turn, the cost of fuel dropped 2.7% m/m. We expect an im...
Banorte Jose Itzamna
Jose Itzamna Espitia Hernandez @ Banorte 8 December 2022

Grupo Aeroportuario Centro Norte: International segment stands out

Oma’s total passengers in November increased 20.2%, in line with our 18.0% expectation. Domestic segment continued with solid growth of 22.9%y/y, albeit surprising in the international with a 22.9% y/y rise. Though the outlook is favorable given stoc...
Banorte Jose Itzamna
Jose Itzamna Espitia Hernandez @ Banorte 8 December 2022

Grupo Aeroportuario del Pacifico: Expected to be the group with the greatest passenger growth during November

Gap’s total passengers in November increased 22.3% (vs 23.0%e), given favorable demand performance. Domestic segment grew of 21.6%y/y and international 23.3%. Mexico’s traffic increase was 20.2% y/y vs 20.0%e. Growth perspectives for the group remain...
Banorte Jose Itzamna
Jose Itzamna Espitia Hernandez @ Banorte 8 December 2022

AIRPORTS: Gap stands out due to diversified portfolio

Passenger traffic in Asur rose 16.8%, in Gap 22.3%, and in Oma 20.2%. Figures foresee a good year-end in traffic growth. Considering total and only-Mexico operations, Gap achieved the highest y/y growth, given its diversified portfolio. We reaffirm t...
Banorte Jose Itzamna
Jose Itzamna Espitia Hernandez @ Banorte 8 December 2022

ASUR: Flash: Growth moderates, but continues with the most attractive valuation

Asur’s total passengers in November increased 16.8% y/y, driven by a strong demand, albeit at a slower expansion. The international segment, showed the highest growth of 20.1% y/y, followed by the domestic with a 15.1% y/y increase. The outlook remai...
Banorte Jose Itzamna
Jose Itzamna Espitia Hernandez @ Banorte 8 December 2022

Cemex: Flash: Cemex Day with no surprises

Cemex outlined its growth strategy focused on profitable and bolt-on investments. Also, the sustainability and digital innovation strategies, positions the company for long-term growth. Our view for Cemex’s outlook remains positive in the long term,....
Banorte Jose Itzamna
Jose Itzamna Espitia Hernandez @ Banorte 17 November 2022

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Jose Itzamna Espitia Hernandez
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