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Latest articles in Consumer Staples

X5 Retail Group: Concerns exaggerated, catalysts ahead

X5 GDRs have declined 16% YTD vs -7% by MGNT RX and +22% by the MOEX Index. Our 12M TP of $40.4 / RUB3,031 suggests 28-31% upside and our O/W rating remains unchanged. Excluding digital business investment, X5 already generates an EBITDA margin of 7....
Alfa Evgeniy
Evgeniy Kipnis @ Alfa 13 September 2021

FEMSA: Flash: Continues to expand the presence of the distribution business in the US

Fomento Económico Mexicano (FEMSA) announced that it has agreed to acquire Penn Jersey Paper Co. (PJP), an independent specialty distribution company located in Philadelphia, through its subsidiary Envoy Solutions, which operates in the same industry...
Banorte Juan
Juan Barbier @ Banorte 8 September 2021

Hurricane Ida may be a boon for Asian shrimp producers

In the 1994 film Forrest Gump, the title character played by actor Tom Hanks becomes an overnight success in shrimp farming in Louisiana when his competition gets wiped out by a hurricane and his boat is the only one standing. There could be parallel...
Tellimer Research Nirgunan
Nirgunan Tiruchelvam @ Tellimer Research 1 September 2021
Hurricane Ida may be a boon for Asian shrimp producers
Hurricane Ida may be a boon for Asian shrimp producers

FEMSA: Flash FEMSA: Expands specialized distribution business in the US

Fomento Económico Mexicano (FEMSA) announced that it has reached an agreement through Envoy Solutions, its specialized distribution subsidiary in the US, to acquire Daycon Products, a company from Marlboro, Maryland, which operates in the same indust...
Banorte Juan
Juan Barbier @ Banorte 31 August 2021

Engro Corporation: 2QCY21 review – Impressive growth from all fronts

Engro Corporation (ENGRO) announced 2QCY21 consolidated NPAT of PKR8.72bn (EPS: PKR15.13) as compared with PKR5.74bn (EPS: PKR9.96) in SPLY, up 52% yoy and 5% qoq. The result announcement was accompanied by an interim cash dividend of PKR7.0/sh, in a...
Intermarket Securities Rahul
Rahul Hans @ Intermarket Securities 24 August 2021

Bizim Toptan: Slightly weaker than expected results

EBITDA of TL75.0mn was lower than our estimate of TL78.1mn. Adjusted for net financial expenses related to operations, adj-EBITDA of TL36.5mn was lower than our est. In 2Q21, tobacco revenues were down by 10.8% y/y to TL338mn whereas main category re...
ATA Invest Cemal
Cemal Demirtas @ ATA Invest 18 August 2021