Banorte

Gross Domestic Product (2Q21 P). On complementary indicators, the participation rate would pick up given the continuing return of people back to the labor force. Turning to primary activities, we forecast a 4.2% m/m increase (+5.1% y/y), rebounding a...

Mega reported positive figures, in line with our estimates. A quarter with figures that should be welcomed by the market. Unique subscribers surpassed 4 million, with an 8.5% y/y growth (Internet: +13.0%, Video: +6.0% and Telephony: +23.7%). In the C...

Infrastructure performed well, although Services are still weak. Axtel's report showed figures in line with expectations. In contrast, the Infrastructure unit performed favorably with an increase of 9.5% y/y, driven by dark fiber prepaid contracts to...

Favorable dynamics that should be welcomed by the market. The results underpin Alpek within our selection of companies benefiting from a favorable environment. The company improved its 2021 guidance, and now anticipates EBITDA of US$880 million (+56%...

Balance sheet continues to strengthen, with Alpek once again standing out. Alfa's revenues amounted to MXN 74.8 billion, while EBITDA reached MXN 10.0 billion, representing year-on-year growth of 0.7% and 87.8%, respectively, recalling that these var...

La Comer's report was slightly below our estimates and those of the consensus. The outlook is positive, but the base effect will limit growth going forward. While the report should be neutral, the valuation at 14.4x FV/EBITDA 2021E looks stretched. D...