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Promotora y Operadora de Infraestructura: Quarterly Report 4Q22: Concessions continue to be the main driver

EBITDA growth in Concessions was mitigated by declines in Construction and Plants' segments. In the aggregate, EBITDA increased 25.6% y/y and as a result the margin expanded to 62.4%, although below expectations. Attractive valuation, financial stren...
Banorte Jose Itzamna
Jose Itzamna Espitia Hernandez @ Banorte 8 February 2023

Grupo Mexico: Quarterly Report 4Q22: Profitability surprises and outlook improves

Gmexico registered better-than expected figures. Cash costs reduction and stable production offset lower cooper prices. Despite short-term challenges, economic dynamism underpinned by China’s reopening, should support results recovery. We raise our P...
Banorte Marissa
Marissa Garza Ostos @ Banorte 8 February 2023

Ecuador: Reduce exposure on bonds as governability is set to deteriorate

Poor electoral performance leaves Lasso in a weak position. Further erosion of the government’s political capital seems unavoidable. We downgrade our recommendation to UNDERWEIGHT as we see no upside catalyst in the near-term.
BancTrust Bruno
Bruno Gennari @ BancTrust 6 February 2023
Weekend Reading / Global

US-China war in 2025

US General Mike Minihan, head of Air Mobility Command, writes, "My guts tell me we will fight in 2025". Mike McCaul, chairman of Foreign Affairs Committee in House of Representatives, says, "I think he is right". New US congressional select committee...
Tellimer Research Hasnain
Hasnain Malik @ Tellimer Research 4 February 2023
US-China war in 2025
US-China war in 2025

EQUITY STRATEGY: LAB could return to the Mexbol instead of LASITE and SITES

On March 3rd MSE and S&P will announce the sample changes that will join the Mexbol index on the 17th at market close. LAB could return to the benchmark as it fulfills all requirements. LASITE and SITES could leave for not meeting the minimum liquidi...
Banorte Marissa
Marissa Garza Ostos @ Banorte 3 February 2023

EM sovereign bond issuance in 2023 gets off to a record start

EM hard currency sovereign bond issuance reached US$39bn in January. This marked the highest January since our records began and was 124% higher than the same month last year. Record issuance came as risk assets staged a strong rally amid more dovish...
Tellimer Research Stuart
Stuart Culverhouse @ Tellimer Research 3 February 2023
EM sovereign bond issuance in 2023 gets off to a record start
EM sovereign bond issuance in 2023 gets off to a record start