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America Movil: Flash: Will propose shareholder remuneration of up to 4.1% return

America Movil announced that it will propose a cash dividend payment of MXN 0.46 per share (+4.5% y/y). As well as an amount of MXN 20 billion to the share buyback fund for the period April 2023 - April 2024. The dividend equates to a 2.4% yield, whi...
Banorte Jose Itzamna
Jose Itzamna Espitia Hernandez @ Banorte 22 March 2023

ASUR: Flash: Dividend proposal with a 3.6% yield

Asur will propose dividends in cash, ordinary and extraordinary, for a total of MXN 19.93 per share (yield 3.6%). The dividend proposal is above our expectation. This reflects the solid results and the financial strength. We reaffirm Asur in our top....
Banorte Jose Itzamna
Jose Itzamna Espitia Hernandez @ Banorte 10 March 2023

Wal-Mart de Mexico: Flash: Walmex Day. Driving the Omnichannel strategy with sales floor growth

Walmex reiterated its business transformation through pricing strategies, technology investment, and service portfolio. The strategy is focused on 3 pillars: (1) win at a discount, (2) be omnichannel leaders and (3) be the main ecosystem. Although st...
Banorte Marissa
Marissa Garza Ostos @ Banorte 9 March 2023

AIRPORTS: Oma with the highest passenger traffic

Passengers at airports operated by Asur, Gap and Oma showed a good performance in demand, in line with expectations. Passenger traffic in Asur rose 23.9%, in Gap 24.3%, and in Oma 33.7% (once again the highest in the sector). Figures reaffirm our exp...
Banorte Jose Itzamna
Jose Itzamna Espitia Hernandez @ Banorte 9 March 2023

Volaris: Flash: Demand continues to show strength

Volaris’ total passengers in February rose 17.3% y/y, supported by a 12.9% domestic growth and 38.0% in international. The company noted that the cost of fuel was slightly more favorable than its estimate for the year. The positive outlook, including...
Banorte Jose Itzamna
Jose Itzamna Espitia Hernandez @ Banorte 9 March 2023

ASUR: Flash: Reaffirms growth trend, supported by internationals

Total passengers in February increased 23.9% y/y, in line with estimates, supported by international segment (26.0% y/y). Passengers in Mexico grew 25.6% (vs. 29.0%e), while the performance of Puerto Rico and Colombia continued to be solid. Strong pe...
Banorte Jose Itzamna
Jose Itzamna Espitia Hernandez @ Banorte 9 March 2023