presentación de powerpoint - actinver.comedisp/actinver059900.pdf · 3 chile: macroeconomic events...

July 25th 2016

MILA Weekly

2

Fuente: Bloomberg & Actinver

MILA - Andean Dashboard

Local Markets Index Performance (local currency) MSCI Regional Index Performance (US$)

Currencies Commodities

Index Value WoW MTD YTD

MILA

Chile IPSA 4.144 1,1% 3,7% 12,6%

Mexico MEXBOL 47.537 1,8% 3,4% 10,6%

Colombia COLCAP 9.873 -0,7% 1,1% 15,5%

Peru S&P/BVL 14.778 2,5% 6,6% 50,0%

Argentina MAR 15.078 0,8% 5,8% 20,4%

Brasil BOVESPA 57.002 2,6% 10,6% 31,5%

Index Value WoW MTD YTD

Chile MXCL Index 1.512 0,9% 4,7% 18,3%

Mexico MXMX Index 5.393 1,0% 2,4% 2,5%

Colombia MXCO Index 569 -0,7% 0,8% 25,8%

Perú MXPE Index 1.254 2,5% 4,0% 54,4%

Argentina MXAR Index 2.783 -2,0% 1,0% 17,1%

Brazil MXBR Index 1.610 2,2% 7,6% 55,3%

LATAM MXLA Index 2.392 1,6% 5,4% 30,7%

Currency Value WoW MTD YTD

Chile Chilean Peso 650 -0,3% -1,9% -8,1%

Mexico Mexican Peso 18,55 -0,3% 1,5% 7,8%

Colombia Colombian Peso 2951 0,9% 1,0% -7,1%

Peru Peruvian Sol 3,32 1,4% 1,1% -2,7%

Argentina Argentine Peso 14,91 -0,2% -0,9% 15,3%

Brazil Brasilian Real 3,26 -0,8% 1,3% -17,9%

Value WoW MTD YTD

Cooper US$ c/lb 224 0,1% 1,8% 3,9%

Gold US$/oz 1323 -1,1% 0,1% 24,7%

Soybean US$/bu 988 -6,5% -14,3% 12,0%

Coffee US$ c/lb 141,9 -3,8% -2,6% 7,1%

Oil WTI US$/bbl 43,5 -5,4% -10,0% 17,4%

Thermal Coal NwCtl US$/ton 63,9 -0,7% 10,2% 37,9%

Jet Fuel 54 US$/gal 1,22 -2,7% -12,7% 18,2%

3

Chile: Macroeconomic Events and Corporate News

Last Week Current Week

Corporate News and Major Events

• Latam Airlines called an extraordinary meeting to vote on the sale of a 10% stake in Latam to Qatar Airways via a $613m capital increase, for Aug. 18.

• SQM informed that the sustainability of the Salar de Atacama will be safeguard by a joint effort with Rockwood Lithium. SQM agreed to halt complaints

against Rockwood’s environmental approval for expansion in the salt flats.

• Colbun announced that Nehuenco 2, a 398 MW gas turbine combined-cycle power station will resume operations on September 25th .

• It concluded the 30-day first subscription period of Entel´s capital increase process at the price of $5,400 pesos. Entel’s Board may decide to offer the

unsubscribed shares to registered holders that subscribed their rights in the first subscription period and indicated their intention to subscribe additional rights.

• Jobless rate in the Santiago Metropolitan Region increased to 7.6% from 6.5% a year earlier, Universidad de Chile survey shows. Unemployment highest

in construction, 11.5%, personal and home services, 7.9% and commerce and transport, 7.2%.

Date Event Period Survey Actual Prior

Jul-29 Manufacturing Production YoY Jun -0.3% -- 2.1%

Jul-29 Retail Sales YoY Jun 2.9% -- 0.6%

Jul-29 Industrial Production YoY Jun 0.0% -- -2.0%

Jul-29 Unemployment Rate Jun 6.9% -- 6.8%

Date Event Period Survey Actual Prior

Jul-22 PPI MoM Jun -- -1.0% -0.4%

4

Source: Bloomberg & Actinver

Performance in Local Currency

Chile Equities Monitor: IPSA, PE ratio, Advancers & Decliners

Chilean Equities – IPSA Index LTM IPSA Index - 12-mth forward looking PE Ratio

Top Advancers & Decliners IPSA WoW Top Advancers & Decliners IPSA YTD

7x

9x

11x

13x

15x

17x

19x

21x

23x

Feb-07 Feb-08 Feb-09 Feb-10 Feb-11 Feb-12 Feb-13 Feb-14 Feb-15 Feb-163.400

3.500

3.600

3.700

3.800

3.900

4.000

4.100

4.200

Jul-15 Sept-15 Nov-15 Ene-16 Mar-16 May-16

-10,0% -8,0% -6,0% -4,0% -2,0% 0,0% 2,0% 4,0% 6,0% 8,0% 10,0%

VAPORES

SQM-B

SECURITY

ENERSIS AMERICAS

COPEC

COLBUN

SALFACORP

ANDINA-B

SM SAAM

ENTEL

-20% -10% 0% 10% 20% 30% 40% 50% 60%

VAPORES

CMPC

GASCO

CCU

SONDA

SALFACORP

EMBONOR-B

CAP

RIPLEY

LATAM AIRLINES

5



Chile Equities Monitor: IPSA – Performance and Stock Valuations

Price Mk Cap Price/Book Div Yield %

Jul-22 Weekly MTD YTD US$ mn 2014 2015 2016e 2014 2015 2016e LTM

AES GENER $327 1,0% 1,0% 5,3% $4.221 24,3x 14,0x 20,1x 1,9x 7,9 11,9 9,2 5,7

AGUAS-A $404 1,7% 6,5% 17,6% $3.874 18,2x 17,2x 18,4x 3,7x 19,4 20,9 20,3 5,2

ANDINA-B $2.579 5,3% 9,4% 24,7% $3.514 21,5x 22,7x 25,2x 2,9x 8,4 10,6 11,1 2,7

ANTARCHILE $6.300 1,4% 4,1% -1,9% $4.420 10,8x 13,4x - 0,7x 8,1 5,3 - 2,9

BANMEDICA $1.225 1,2% 2,1% 22,2% $1.515 18,1x 18,0x - 3,7x 24,6 17,6 - 1,6

BCI $29.894 0,1% 4,5% 17,0% $5.586 9,5x 9,0x 10,4x 1,6x 19,0 16,5 15,2 3,3

SANTANDER CHILE $33,6 1,4% 5,2% 11,5% $9.726 10,4x 13,3x 12,8x 2,2x 21,1 16,4 17,4 5,3

CAP $2.487 -0,4% 10,2% 46,4% $571 11,9x 167,8x - 0,3x 3,0 0,1 -0,2 1,9

CENCOSUD $1.828 3,0% -3,2% 33,6% $7.990 22,9x 17,3x 17,3x 1,3x 4,5 5,8 6,9 4,2

BANCO DE CHILE $73,0 1,9% 5,2% 8,1% $11.272 11,3x 12,4x 13,2x 2,6x 23,3 20,4 19,8 4,5

CCU $7.488 0,2% -3,3% -2,4% $4.254 17,7x 23,9x 19,5x 2,6x 11,7 11,4 12,8 2,2

CMPC $1.403 0,7% 1,9% -7,6% $5.393 45,4x - 16,3x 0,7x 1,7 0,0 3,9 1,0

COLBUN $165 3,6% 3,0% -0,1% $4.454 58,7x 20,4x 14,9x 1,3x 2,4 5,9 6,7 2,4

CONCHATORO $1.085 3,4% 3,8% 4,2% $1.246 20,6x 15,9x 14,1x 1,7x 9,7 11,0 11,3 2,5

COPEC $6.044 -1,6% 3,8% 0,4% $12.079 17,1x 20,6x 20,1x 1,3x 8,8 5,8 6,0 1,9

ECL $1.223 2,1% 8,4% 32,1% $1.980 17,3x 15,3x 9,4x 1,0x 5,0 5,4 11,7 4,9

EMBONOR-B $1.335 2,3% 10,3% 36,5% $945 20,6x 18,6x 16,8x 2,1x 7,1 8,4 10,2 3,8

ENDESA AMERICAS $313 -0,7% 2,6% - $3.942 - - 11,6x 2,1x - - 18,4 3,0

ENDESA CHILE $592 1,2% -3,2% 2,4% $7.464 - - 14,3x 3,2x - - 10,3 2,5

ENERSIS AMERICAS $115,3 -1,7% 1,7% 20,8% $8.701 - - 10,4x 1,6x - - 10,9 4,0

ENERSIS CHILE $77,5 0,6% -0,1% - $5.846 - - 9,5x 1,5x - - 15,0 2,7

ENTEL $6.595 8,2% 10,0% 6,5% $3.055 25,5x - 34,5x 1,6x 5,9 -0,1 4,9 -

FALABELLA $4.876 1,8% -3,4% 9,1% $18.250 21,3x 21,1x 21,9x 3,1x 13,5 13,9 13,9 1,6

FORUS $2.221 1,0% 11,1% 29,1% $883 17,4x 13,7x 19,2x 3,2x 23,5 18,9 15,3 2,3

GASCO $1.680 0,0% -2,6% -2,9% $434 16,4x 16,4x - 1,5x 9,9 9,7 - 6,3

GN CHILE $3.495 0,0% 1,4% - - - - - - 1,0

IAM $1.111 -0,3% 5,3% 18,1% $1.708 16,0x 15,8x 16,5x 1,8x 10,2 10,9 - 5,7

ILC $7.600 2,7% 4,7% 9,6% $1.168 10,6x 10,2x 2,3x 1,1x 14,1 14,0 48,5 5,5

ITAUCORP $5,80 3,1% 3,2% 7,3% $4.567 10,9x 9,5x 10,7x 1,7x 15,7 17,0 10,8 5,3

LATAM AIRLINES $5.770 2,1% 31,7% 55,0% $4.840 - - 64,7x 1,5x -2,5 -7,7 3,2 -

PARAUCO $1.425 1,9% 6,4% 31,7% $1.949 16,5x 15,3x 20,6x 1,7x 9,1 9,2 7,9 2,1

QUINENCO $1.285 0,0% 0,0% 4,7% $3.285 6,3x 21,5x - 0,7x 12,1 3,2 - 1,8

RIPLEY $414 1,8% 26,0% 47,5% $1.234 12,8x - 14,0x 1,1x 5,5 -5,9 6,7 2,8

SALFACORP $490 4,8% 18,9% 34,9% $339 9,3x 7,4x 9,1x 0,7x 6,9 6,9 7,0 3,1

SECURITY $219 -2,3% 2,0% 19,3% $1.099 11,4x 9,6x - 1,2x 11,7 11,8 - 5,1

SK $852 1,3% 0,3% 3,9% $1.408 12,4x 9,4x 10,1x 1,2x 11,2 11,4 8,2 4,3

SM CHILE-B $197 1,2% 4,3% 7,4% $3.987 17,7x 21,5x - 2,1x 10,8 8,7 - 1,7

SM SAAM $52 7,7% 6,1% 21,6% $778 12,3x 8,9x 8,0x 1,1x 8,5 9,6 7,6 4,6

SONDA $1.220 2,0% 0,4% -1,9% $1.634 26,5x 25,5x 18,5x 2,3x 9,6 9,3 12,0 2,0

SQM-B $16.265 -3,1% -0,7% 26,1% $7.072 21,6x 23,1x 22,0x 2,8x 13,2 9,1 12,3 4,1

VAPORES $12,23 -8,7% -7,3% -10,7% $577 2,5x - 9,4x 0,3x 20,6 -0,7 - -

VSPT $6,75 1,6% 0,9% 14,3% $415 10,5x 9,7x - 1,3x 9,8 12,7 - 6,8

WATTS $1.315 2,8% 6,9% 28,1% $637 14,0x 14,2x - 2,3x 13,7 12,9 - 2,8

Performance P/E ROE %

6


Chile: Chilean Peso, Cooper, Net USD/CLP forward positions & DXY

Chilean Peso (CLP/USD) – LTM Cooper (c/lb)– LMT

Net USD/CLP forward position of formal exchange market vs. local

entities US$ mnDollar Index Spot (DXY) – LTM

600

620

640

660

680

700

720

740


180

200

220

240

260

280

300


88

90

92

94

96

98

100

102

Jul-15 Sept-15 Nov-15 Ene-16 Mar-16 May-168.000

9.000

10.000

11.000

12.000

13.000

14.000


7


Chile: Nominal & Real Rates, Inflation & Economic Activity

Nominal Rates /Central Bank Bonds & Monetary Policy Rate (TPM) Real Rates /Central Bank Bonds & Monetary

Headline & Core Inflation (ex food./Energy) IMACEC (GDP Proxy)

-4

-2

0

2

4

6

8

10

12

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

CPI y/y

Core Inflation SAE (ex food & energy) y/y

-6

-4

-2

0

2

4

6

8

10

12

14

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

0,0

1,0

2,0

3,0

4,0

5,0

6,0

7,0

2011 2012 2013 2014 2015

BCP pesos 5 years

BCP pesos 10 years

TPM

0,0

0,5

1,0

1,5

2,0

2,5

3,0

3,5

2011 2012 2013 2014 2015

BCU 5 years

BCU 10 years

8


Colombia Equities Monitor: COLCAP, PE ratio, Advancers & Decliners

Colombian Equities– COLCAP Index LTM COLCAP Index - 12-mth forward looking PE Ratio

Top Advancers & Decliners COLCAP WoW Top Advancers & Decliners COLCAP YTD

10x

12x

14x

16x

18x

20x

22x

2011 2012 2013 2014 20157.000

7.500

8.000

8.500

9.000

9.500

10.000

10.500


-4% -3% -2% -1% 0% 1% 2% 3%

AVIANCA HLDG

CANACOL

CEMEX LATAM HLDG

CEMARGOS-COMUN

CORFICOL

GRUPOSURA-PF

CONCONCRETO

AVAL-PF

ISA

AVAL-COMUN

0% 10% 20% 30% 40% 50% 60% 70%

BANCO DE BOGOTA

CORFICOL

CONCONCRETO

EMP ENER BOGOTA

EXITO

DAVIVIENDA

ISA

AVIANCA HLDG

CELSIA

CANACOL

9



Colombia Equities Monitor: COLCAP – Performance and Stock Valuations



AVAL-COMUN $1.195 2,1% 3,0% 12,5% $8.813 15,3x 10,4x - 1,8x 12,5 15,7 - 4,9

AVAL-PF $1.195 1,7% 1,3% 12,5% $8.813 15,3x 10,4x 12,9x - 12,5 15,7 14,8 4,9

AVIANCA HLDG $2.380 -2,9% 6,3% 42,1% $793 11,8x - 7,7x 0,6x 10,1 -10,3 6,6 2,1

BANCO DE BOGOTA $58.500 -0,2% 0,0% 0,6% $6.563 13,2x 8,1x - 1,4x 13,6 17,9 14,5 4,5

BANCOLOMBIA-COMUN $24.200 0,0% 1,7% 17,5% $7.955 9,3x 6,9x 9,5x 1,2x 16,9 15,3 12,7 3,5

BANCOLOMBIA-PF $26.160 0,5% 2,7% 23,2% $7.955 9,3x 6,9x 10,3x 1,3x 16,9 15,3 12,7 3,3

BVC $18,5 -1,6% 2,8% 14,2% $116 11,8x 13,0x - 3,6x 30,9 21,9 - 4,8

CANACOL $9.490 -2,4% -3,2% 58,2% $551 70,6x - - - 2,5 -31,0 - -

CELSIA $3.885 -0,8% 0,9% 44,6% $952 20,4x - - 0,9x 6,4 -6,1 - 3,1

CEMARGOS-COMUN $11.700,0 -2,2% -1,8% 22,0% $5.372 40,8x 24,3x 28,2x 2,0x 4,6 7,1 6,2 1,6

CEMARGOS-PF $10.980 -0,7% -0,2% 18,7% $5.372 40,8x 24,3x 23,4x - 4,6 7,1 6,8 2,0

CEMEX LATAM HLDG $12.400 -2,2% -1,6% 20,4% $2.411 13,7x 18,9x 14,4x 1,8x 19,6 7,3 11,5 -

CONCONCRETO $1.115 1,4% -0,9% 4,5% $419 21,3x 9,0x - 0,8x 5,8 8,7 - 2,3

CORFICOL $37.980 -2,1% -0,3% 1,0% $2.860 14,4x 15,8x - - 13,0 18,9 - 1,6

DAVIVIENDA $27.000 0,5% 0,4% 26,0% $4.136 10,9x 6,7x 8,7x 1,4x 15,5 16,7 14,6 1,6

ECOPETROL $1.360 -2,9% -2,5% 22,5% $19.555 14,2x - 20,5x 1,3x 12,8 -20,4 4,8 -

EMP ENER BOGOTA $1.790 -0,8% 0,3% 8,4% $5.601 16,0x 13,3x 15,3x 1,6x 11,4 11,8 11,6 4,2

EMP TELECOM BOGOTA $595 -0,7% 1,4% 14,6% $715 - - - 1,0x -1,5 -3,5 -1,2 19,1

EXITO $14.560 0,6% 3,8% 11,6% $2.227 23,9x 9,0x 14,9x 0,9x 6,7 8,9 4,5 4,3

G. ARGOS-COMUN $19.140 -1,8% 3,9% 19,5% $4.992 26,2x 37,7x 26,3x 1,1x 4,4 2,4 4,0 1,4

G. ARGOS-PF $18.300,0 -0,9% 3,1% 21,2% $4.992 26,2x 37,7x - 1,0x 4,4 2,4 - 1,5

GRUPOSURA-COMUN $39.900 0,6% 4,2% 12,4% $7.347 13,6x 15,9x 14,0x 1,0x 7,8 5,6 6,0 1,1

GRUPOSURA-PF $39.200 0,9% 4,3% 13,3% $7.347 13,6x 15,9x - - 7,8 5,6 - 1,1

ISA $9.190 1,7% 4,4% 26,5% $3.276 13,5x 10,1x 15,0x 1,3x 8,1 10,4 8,4 3,1

NUTRESA $25.600 -0,6% 2,2% 14,5% $3.857 29,2x 20,8x 26,8x 1,4x 5,5 6,2 5,8 1,9


10


Peru Equities Monitor: S&P BVL, PE ratio, Advancers & Decliners

Peruvian Equites– S&P/BVL LTM S&P/BVL Index - 12-mth forward looking PE Ratio

Top Advancers & Decliners S&P BV LIMA WoW Top Advancers & Decliners S&P BV LIMA YTD

0x

5x

10x

15x

20x

25x

30x

35x

2013 2014 2015 2016

9.000

10.000

11.000

12.000

13.000

14.000

15.000


-10% -5% 0% 5% 10% 15%

CERRO VERDE

FERREYCORP

RELAPASA

MINSUR

EL BROCAL

EDELNOR

EDEGEL

INV. CENTENARIO

ALICORP

TREVALI MINING

-50% 0% 50% 100% 150% 200% 250% 300%

AUSTRAL

SOUTHERN COPPER

MINERA IRL

INV. CENTENARIO

ENGIE ENERGIA PERU

GRAÑA Y MONTERO

MINSUR

BUENAVENTURA

ATACOCHA

VOLCAN

11



Peru Equities Monitor: S&P BVL – Performance and Stock Valuations



ACEROS AREQUIPA-COM $0,74 0,0% 5,7% 57,4% $236 8,3x 3,1x - 0,5x 4,2 5,2 - 3,5

ACEROS AREQUIPA-INV $0,63 -3,1% 5,0% 140,5% $236 8,3x 3,1x - 0,4x 4,2 5,2 - 4,2

ALICORP $7,15 10,0% 10,9% 24,3% $1.597 29,3x 30,1x 18,6x 2,7x 9,9 7,5 13,1 0,8

ATACOCHA $0,33 0,9% 17,4% 226,7% $83 - - - 1,6x -2,8 -38,6 -32,3 -

AUSTRAL $1,38 0,0% 10,4% -15,3% $99 - - - 0,7x -9,2 -0,7 - -

BACKUS $14,37 0,1% 3,2% 16,3% $5.630 1,7x 1,4x - 1,0x 53,2 66,1 - 6,2

BUENAVENTURA $12,70 0,4% 6,7% 206,0% $2.894 - - 24,7x - -2,2 -10,0 2,7 -

CASA GRANDE $6,70 -2,9% 15,5% 103,5% $149 11,1x 2,9x - 0,4x 4,6 7,5 - 6,3

CERRO VERDE $19,70 -5,3% 6,4% 35,9% $1.918 22,2x 152,5x 18,5x 1,5x 8,5 0,7 9,3 -

CONTINENTAL $3,62 -1,6% 7,7% 58,6% $4.649 10,7x 7,2x - 2,7x 25,3 23,5 - 3,9

CREDICORP $162,0 3,8% 5,1% 68,2% $12.048 15,1x 8,0x 12,8x - 17,9 20,6 19,6 1,4

EDEGEL $3,07 7,3% 19,0% 14,2% $2.062 15,1x 14,5x 14,6x 2,8x 21,6 18,7 20,0 2,5

EDELNOR $5,85 4,5% 5,0% 21,8% $1.059 12,1x 9,5x - 2,4x 23,1 22,2 - 3,4

EL BROCAL $6,20 -3,1% 10,7% 34,9% $232 11,3x - - 0,7x 6,4 -20,3 -6,7 -

ENGIE ENERGIA PERU $8,50 1,9% 1,2% 6,5% $1.519 14,8x 7,9x 10,7x 1,7x 18,7 20,8 21,4 3,6

FERREYCORP $1,60 -4,2% 2,6% 24,7% $506 17,2x 7,9x 6,1x 0,9x 6,0 10,2 14,4 5,5

GRAÑA Y MONTERO $5,00 0,0% 7,8% 156,5% $904 15,2x 13,6x 14,3x 1,2x 11,7 3,6 7,2 0,9

IFS $30,15 -2,7% 0,5% - $1.050 10,2x 6,6x 10,9x 2,4x 23,8 30,4 23,2 4,3

INRETAIL $17,87 -0,7% 7,7% 27,6% $516 48,3x 31,8x 22,9x 1,9x 3,9 4,9 7,9 -

INV. CENTENARIO $5,50 7,8% 7,8% 2,0% $324 6,9x 3,7x - 0,7x 14,7 20,4 - 7,3

LUZ DEL SUR $11,22 3,1% 6,8% - $1.544 12,3x 9,6x - 2,8x 24,5 24,3 - 5,0

MILPO $2,25 -0,9% 5,1% 44,0% $867 7,1x 10,9x 14,1x 1,4x 17,1 7,2 10,2 1,9

MINERA IRL $0,05 0,0% 0,0% 0,0% - - - 1,4x - -45,0 -15,1 - -

MINSUR $1,30 -3,7% 10,2% 160,0% $1.044 20,3x - 10,0x 1,0x 5,1 -40,1 4,0 -

PACASMAYO $6,09 1,0% 3,7% 21,8% $990 14,5x 12,0x 16,3x 1,7x 10,2 11,9 9,5 4,6

PANORO MINERALS $0,15 4,3% 8,1% 84,8% $9 - - - - -4,7 -7,5 -3,6 -

POMALCA $0,21 -0,5% -8,7% 7,2% $22 - 53,1x - 0,1x -0,9 0,2 - -

RELAPASA $0,26 -4,1% 8,9% 123,5% $247 - 2,1x - 0,5x -17,9 4,1 - -

SOUTHERN COPPER $26,2 -0,6% -2,1% -0,7% $20.975 15,3x 27,5x 26,8x 3,8x 23,0 14,0 14,5 0,8

TREVALI MINING $0,68 13,3% 58,1% 91,5% $54 - - 24,9x - -2,0 -4,3 3,3 -

UNACEM $2,77 2,6% 9,5% 65,3% $1.303 15,0x 38,6x 11,1x 1,2x 8,6 1,9 12,8 1,9

VOLCAN $0,66 -2,5% 12,1% 254,8% $896 17,3x - 15,3x 0,8x 3,8 -5,4 4,3 2,0


12


Argentina Equities Monitor: MAR, PE ratio, Advancers & Decliners

Argentine Equities– MAR Index LTM MAR Index - 12-mth forward looking PE Ratio

Top Advancers & Decliners MAR WoW Top Advancers & Decliners MAR YTD

7.000

8.000

9.000

10.000

11.000

12.000

13.000

14.000

15.000

16.000


0x

2x

4x

6x

8x

10x

12x

14x

16x

18x

2011 2012 2013 2014 2015

-10% -5% 0% 5% 10% 15%

SAN MIGUEL

GF GALICIA

PAMPA ENERGIA

CONSULTATIO

BANCO MACRO

BANCO FRANCES

COME

EDENOR

ALUAR

SIDERAR

-50% 0% 50% 100% 150% 200%

COME

TRANSENER

ALUAR

SIDERAR

EDENOR

YPF

PAMPA ENERGIA

BANCO MACRO

SAN MIGUEL

MIRGOR

13



Argentina Equities Monitor: MAR – Performance and Stock Valuations



ALUAR $10,50 9,9% 9,4% -10,6% $1.843 13,4x 17,6x - 3,8x 14,6 19,0 - 0,5

BANCO MACRO $116 -1,6% 3,6% 45,7% $4.278 8,0x 6,6x 11,8x 3,8x 31,8 44,3 32,9 0,3

BANCO FRANCES $106 0,4% 2,8% 18,8% $3.770 8,5x 9,2x 12,5x 3,8x 32,4 38,8 31,2 2,3

COME $3,10 3,3% 5,8% -13,4% $273 0,9x 1,0x - 0,3x 25,3 36,1 - -

CONSULTATIO $41 -2,0% 13,3% 24,1% $1.004 9,0x 5,1x - 2,9x 41,3 52,7 - 0,9

EDENOR $13 3,9% 0,4% 6,0% $738 - 8,7x 17,5x 8,5x -211,8 84,5 33,0 -

GF GALICIA $46,1 -3,3% -0,1% 25,6% $4.074 6,9x 7,9x 11,0x 3,8x 34,1 42,1 33,5 0,3

MIRGOR $1.548 -1,0% 14,0% 186,3% $575 6,7x 4,4x - 6,8x 18,3 57,0 - 0,1

MOLINOS $105,5 -1,4% 26,3% 27,1% $1.496 12,8x 13,5x - 8,4x 39,6 55,4 - -

PAMPA ENERGIA $16,6 -2,4% 1,5% 43,1% $1.808 7,5x 4,8x 11,1x 3,7x 26,6 45,5 36,5 -

SAN MIGUEL $93,8 -6,6% 16,6% 93,6% $325 5,1x 6,4x - 5,9x 29,6 33,4 - 0,1

SIDERAR $8,45 12,1% 13,1% 4,9% $2.212 5,0x 15,1x - 1,6x 28,4 10,8 - 5,0

TELECOM ARG. $57,5 -0,9% 2,4% 26,8% $3.752 11,4x 9,2x 12,8x 3,1x 26,8 27,8 22,9 1,3

TRANSENER $7,22 0,3% 2,7% -12,7% $200 9,8x 50,1x 20,6x 5,7x 24,5 10,9 16,0 -

YPF $284 -1,0% -1,0% 30,1% $8.038 13,2x 13,4x 10,4x 0,8x 13,0 5,3 7,5 0,8


14


Currencies

Mexican Peso (MXN/USD) – LTM Colombian Peso (COP/USD) – LTM

Peruvian Sol (PEN/USD) – LTM Argentine Peso (ARP/USD) – LTM

14

15

16

17

18

19

20

Jul-15 Sept-15 Nov-15 Ene-16 Mar-16 May-162.000

2.200

2.400

2.600

2.800

3.000

3.200

3.400

3.600


3,0

3,1

3,2

3,3

3,4

3,5

3,6


9

10

11

12

13

14

15

16

17


15


CDS Spreads

CDS Chile (5 years) – LTM CDS Colombia (5 years) – LTM

CDS Peru (5 years) – LTM CDS Mexico (5 years) – LTM

0

20

40

60

80

100

120

140

160


0

100

200

300

400


0

50

100

150

200

250


0

50

100

150

200

250


presentación de powerpoint - actinver.comedisp/actinver059900.pdf · 3 chile: macroeconomic events...

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