Presentación de PowerPoint - Actinveredisp/actinver057273.pdf · 3 Chile: Macroeconomic Events and...

July 4th 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 4.030 1,6% 0,8% 9,5%

Mexico MEXBOL 46.213 3,0% 0,5% 7,5%

Colombia COLCAP 9.769 -0,4% 0,1% 14,3%

Peru S&P/BVL 13.968 3,6% 0,8% 41,8%

Argentina MAR 14.601 7,5% 2,5% 16,6%

Brasil BOVESPA 52.233 4,2% 1,4% 20,5%

Index Value WoW MTD YTD

Chile MXCL Index 1.459 4,2% 1,0% 14,2%

Mexico MXMX Index 5.350 6,2% 1,5% 1,7%

Colombia MXCO Index 562 1,3% -0,5% 24,1%

Perú MXPE Index 1.206 5,5% 0,1% 48,6%

Argentina MXAR Index 2.781 3,6% 0,9% 17,0%

Brazil MXBR Index 1.499 8,3% 0,2% 44,6%

LATAM MXLA Index 2.284 7,0% 0,7% 24,8%

Currency Value WoW MTD YTD

Chile Chilean Peso 661 -2,7% -0,3% -6,6%

Mexico Mexican Peso 18,36 -3,0% 0,4% 6,7%

Colombia Colombian Peso 2933 -1,3% 0,4% -7,6%

Peru Peruvian Sol 3,29 -0,8% 0,0% -3,7%

Argentina Argentine Peso 15,05 0,8% 0,0% 16,4%

Brazil Brasilian Real 3,24 -4,2% 0,7% -18,4%

Value WoW MTD YTD

Cooper US$ c/lb 222 4,8% 1,0% 3,1%

Gold US$/oz 1341 1,9% 1,5% 26,4%

Soybean US$/bu 1138 5,5% -1,4% 28,9%

Coffee US$ c/lb 146,4 6,7% 0,5% 10,4%

Oil WTI US$/bbl 49,0 4,4% 1,4% 32,3%

Thermal Coal NwCtl US$/ton 59,2 5,7% 2,2% 27,9%

Jet Fuel 54 US$/gal 1,40 4,3% 0,3% 35,7%

3

Chile: Macroeconomic Events and Corporate News

Last Week Current Week

Corporate News and Major Events

• May retail sales fell 4.1% in Chile, after a 9.5% increase in April due to an unusually cold and rainy weather.

• Fire breaks out at Colbun´s Nehuenco 2, a 398 MW gas turbine combined-cycle power station. Nehuenco 2 is one of the three units of Nehuenco

thermoelectric complex.

• Vapores´ subsidiary, German container shipping line Hapag-Lloyd AG has agreed a merger deal with United Arab Shipping Company (UASC), creating

the fifth largest shipping group in the world.

• Forus announced a new CEO: Hugo Ovando, former CCU Chile division, will take up his new role on July 4th.

• Copec JV Sold 20% Stake in GNL Quintero to Enagas for $200m. It will generate US$53mn profit after taxes.

• E.CL (Engie Energia Chile) signed two new power supply contracts with El Abra. One contract will run between Jan. 2018 and Dec. 2028 to supply

80 MW initially and progressively falling to 40MW, and a separate contract to supply 30 MW between Jan. 2018 and Dec. 2028, according to a filing.

Date Event Period Survey Actual Prior

Jul-5 Economic Activity YoY May 1.7% -- 0.7%

Jul-5 Economic Activity MoM May 0.2% -- -1.3%

Jul-7 Trade Balance Jun 220 -- 745

Jul-7 Nominal Wage YoY May 5.2% -- 5.3%

Jul-7 Nominal Wage MoM May -- -- -0.3%

Jul-8 CPI YoY Jun 4.1% -- 4.2%

Jul-8 CPI MoM Jun 0.3% -- 0.2%

Jul-8 CPI Ex Food and Energy MoM Jun 0.2% -- -0.1%

Date Event Period Survey Actual Prior

Jun-30 PPI MoM May -- -0.4% 0.1%

Jun-30 Manufacturing Production YoY May 2.5% 2.1% -1.2%

Jun-30 Retail Sales YoY May 3.5% 0.6% 7.9%

Jun-30 Copper Production Total May -- 473825 432277

Jun-30 Industrial Production YoY May 1.1% -2.0% -3.4%

Jun-30 Unemployment Rate May 6.7% 6.8% 6.4%

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

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

3.500

3.600

3.700

3.800

3.900

4.000

4.100

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

-4,0% -2,0% 0,0% 2,0% 4,0% 6,0% 8,0% 10,0% 12,0%

ENERSIS CHILE

COLBUN

ENTEL

ANDINA-B

BCI

ANTARCHILE

SM SAAM

BANMEDICA

CAP

SECURITY

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

CMPC

VAPORES

COLBUN

ENTEL

ANTARCHILE

ECL

PARAUCO

SQM-B

CAP

CENCOSUD

5



Chile Equities Monitor: IPSA – Performance and Stock Valuations

Price Mk Cap Price/Book Div Yield %

Jul-01 Weekly MTD YTD US$ mn 2014 2015 2016e 2014 2015 2016e LTM

AES GENER $319 0,2% -1,4% 2,9% $4.057 24,3x 14,0x 18,7x 1,8x 7,9 11,9 9,2 5,9

AGUAS-A $381 1,1% 0,4% 10,8% $3.597 18,2x 17,2x 17,7x 3,5x 19,4 20,9 20,2 5,5

ANDINA-B $2.320 -0,8% -1,6% 12,1% $3.164 21,5x 22,7x 22,6x 2,6x 8,4 10,6 11,0 3,0

ANTARCHILE $6.265 4,4% 3,6% -2,4% $4.325 10,8x 13,4x - 0,7x 8,1 5,3 - 2,9

BANMEDICA $1.220 6,1% 1,7% 21,7% $1.485 18,1x 18,0x - 3,7x 24,6 17,6 - 1,6

BCI $28.427 -0,4% -0,6% 11,3% $5.226 9,5x 9,0x 9,8x 1,5x 19,0 16,5 15,4 3,5

SANTANDER CHILE $31,9 2,1% 0,1% 6,1% $9.104 10,4x 13,3x 12,4x 2,1x 21,1 16,4 17,0 5,6

CAP $2.331 6,9% 3,3% 37,3% $527 11,9x 167,8x - 0,3x 3,0 0,1 -0,2 3,3

CENCOSUD $1.907 1,0% 1,0% 39,4% $8.199 22,9x 17,3x 18,5x 1,4x 4,5 5,8 6,8 4,0

BANCO DE CHILE $71,4 1,7% 0,6% 3,5% $10.378 11,3x 12,4x 12,7x 2,5x 23,3 20,4 19,8 4,7

CCU $7.716 4,4% -0,4% 0,6% $4.312 17,7x 23,9x 20,0x 2,7x 11,7 11,4 12,7 2,1

CMPC $1.393 0,3% 1,2% -8,3% $5.269 45,4x - 15,7x 0,7x 1,7 0,0 4,0 1,0

COLBUN $161 -1,2% 0,3% -2,6% $4.269 58,7x 20,4x 14,4x 1,2x 2,4 5,9 6,9 2,5

CONCHATORO $1.054 -0,1% 0,8% 1,1% $1.190 20,6x 15,9x 13,7x 1,7x 9,7 11,0 11,3 2,6

COPEC $5.957 2,5% 2,3% -1,0% $11.712 17,1x 20,6x 19,7x 1,2x 8,8 5,8 5,9 1,9

ECL $1.155 3,5% 2,4% 24,7% $1.840 17,3x 15,3x 7,8x 1,0x 5,0 5,4 11,4 5,2

EMBONOR-B $1.200 1,3% -0,8% 22,7% $876 20,6x 18,6x 15,1x 1,8x 7,1 8,4 10,2 4,2

ENDESA AMERICAS $307 1,7% 0,6% - $3.803 - - 11,3x 2,0x - - 18,4 3,1

ENDESA CHILE $609 1,4% -0,5% 5,3% $7.554 - - 13,1x 3,3x - - 13,1 2,4

ENERSIS AMERICAS $113,7 1,0% 0,3% 19,1% $8.445 - - 8,1x 1,6x - - 11,8 4,1

ENERSIS CHILE $76,9 -1,4% -0,9% - $5.707 - - 9,6x 1,4x - - 15,4 2,7

ENTEL $6.038 -1,0% 0,7% -2,5% $2.752 25,5x - 30,6x 1,5x 5,9 -0,1 5,2 -

FALABELLA $5.158 3,1% 2,2% 15,4% $18.994 21,3x 21,1x 22,8x 3,3x 13,5 13,9 13,9 1,6

FORUS $2.000 1,6% 0,0% 16,2% $782 17,4x 13,7x 17,3x 2,9x 23,5 18,9 15,3 2,6

GASCO $1.725 0,9% 0,0% -0,3% $438 16,4x 16,4x - 1,7x 9,9 9,7 - 6,1

GN CHILE $3.448 0,0% - - - - - - 1,0

IAM $1.059 1,7% 0,4% 12,6% $1.602 16,0x 15,8x 16,0x 1,8x 10,2 10,9 10,9 6,0

ILC $7.301 0,2% 0,6% 5,3% $1.104 10,6x 10,2x 2,6x 1,1x 14,1 14,0 42,9 5,8

ITAUCORP $5,62 0,5% 0,0% 3,9% $4.353 10,9x 9,5x 6,7x 1,7x 15,7 17,0 11,4 5,4

LATAM AIRLINES $4.488 2,4% 2,4% 20,6% $3.703 - - 43,7x 1,2x -2,5 -7,7 3,0 -

PARAUCO $1.354 3,0% 1,1% 25,2% $1.822 16,5x 15,3x 20,2x 1,7x 9,1 9,2 7,6 2,2

QUINENCO $1.293 0,6% 0,6% 5,3% $3.252 6,3x 21,5x - 0,7x 12,1 3,2 - 1,8

RIPLEY $335 1,3% 1,8% 19,2% $981 12,8x - 11,3x 0,9x 5,5 -5,9 6,9 3,5

SALFACORP $420 1,2% 1,9% 15,6% $286 9,3x 7,4x 7,8x 0,6x 6,9 6,9 7,0 3,7

SECURITY $223 10,3% 3,7% 21,3% $1.099 11,4x 9,6x - 1,3x 11,7 11,8 - 5,0

SK $870 4,1% 2,3% 6,1% $1.415 12,4x 9,4x 10,2x 1,2x 11,2 11,4 8,2 4,2

SM CHILE-B $193 1,0% 1,2% 4,2% $3.843 17,7x 21,5x - 2,0x 10,8 8,7 - 1,8

SM SAAM $50 5,6% 1,4% 16,2% $732 12,3x 8,9x 7,6x 1,0x 8,5 9,6 7,6 4,8

SONDA $1.214 2,0% 0,0% -2,4% $1.600 26,5x 25,5x 18,4x 2,2x 9,6 9,3 12,0 2,0

SQM-B $16.689 1,9% 1,9% 29,4% $7.035 21,6x 23,1x 22,4x 2,8x 13,2 9,1 12,4 4,0

VAPORES $13,30 1,6% 0,8% -2,9% $618 2,5x - 10,1x 0,3x 20,6 -0,7 - -

VSPT $6,70 0,6% 0,2% 13,4% $405 10,5x 9,7x - 1,3x 9,8 12,7 - 6,8

WATTS $1.250 4,0% 1,6% 21,8% $596 14,0x 14,2x - 2,2x 13,7 12,9 - 3,0

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


50

100

150

200

250

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


-5% -4% -3% -2% -1% 0% 1% 2% 3%

AVIANCA HLDG

GRUPOSURA-PF

EXITO

DAVIVIENDA

CEMEX LATAM HLDG

AVAL-PF

BANCOLOMBIA-COMUN

BANCOLOMBIA-PF

AVAL-COMUN

EMP ENER BOGOTA

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

BANCO DE BOGOTA

CORFICOL

CONCONCRETO

GRUPOSURA-COMUN

GRUPOSURA-PF

DAVIVIENDA

ECOPETROL

AVIANCA HLDG

CELSIA

CANACOL

9



Colombia Equities Monitor: COLCAP – Performance and Stock Valuations



AVAL-COMUN $1.170 1,7% 0,9% 10,2% $8.813 15,3x 10,4x - 1,8x 12,5 15,7 - 5,0

AVAL-PF $1.180 0,8% 0,0% 11,1% $8.813 15,3x 10,4x 12,7x - 12,5 15,7 14,8 5,0

AVIANCA HLDG $2.235 -4,4% -0,2% 33,4% $793 11,8x - 9,5x 0,6x 10,1 -10,3 7,0 2,2

BANCO DE BOGOTA $58.200 0,0% -0,5% 0,1% $6.563 13,2x 8,1x - 1,4x 13,6 17,9 14,4 4,6

BANCOLOMBIA-COMUN $24.000 0,9% 0,8% 16,5% $7.955 9,3x 6,9x 9,2x 1,2x 16,9 15,3 12,8 3,6

BANCOLOMBIA-PF $25.700 1,0% 0,9% 21,1% $7.955 9,3x 6,9x 9,9x 1,3x 16,9 15,3 12,8 3,3

BVC $18,2 0,6% 1,1% 12,3% $116 11,8x 13,0x - 3,5x 30,9 21,9 - 4,9

CANACOL $9.900 -0,3% 1,0% 65,0% $551 70,6x - - - 2,5 -31,0 - -

CELSIA $3.860 0,5% 0,3% 43,7% $952 20,4x - 99,0x 0,9x 6,4 -6,1 0,6 3,1

CEMARGOS-COMUN $11.860,0 -0,6% -0,5% 23,7% $5.372 40,8x 24,3x 28,7x 2,0x 4,6 7,1 6,2 1,6

CEMARGOS-PF $10.940 -0,1% -0,5% 18,3% $5.372 40,8x 24,3x 23,3x - 4,6 7,1 6,8 2,0

CEMEX LATAM HLDG $12.580 -0,9% -0,2% 22,1% $2.411 13,7x 18,9x 14,8x 1,8x 19,6 7,3 11,5 -

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

CORFICOL $37.780 0,2% -1,0% 0,3% $2.860 14,4x 15,8x - - 13,0 18,9 - 1,6

DAVIVIENDA $26.840 -1,0% -0,1% 25,2% $4.136 10,9x 6,7x 8,6x 1,4x 15,5 16,7 14,6 1,6

ECOPETROL $1.405 0,4% 0,7% 26,6% $19.555 14,2x - 18,5x 1,3x 12,8 -20,4 5,8 -

EMP ENER BOGOTA $1.795 2,5% 0,6% 8,7% $5.601 16,0x 13,3x 15,3x 1,6x 11,4 11,8 11,6 4,1

EMP TELECOM BOGOTA $587 0,0% 0,0% 13,1% $715 - - - 0,9x -1,5 -3,5 - 19,4

EXITO $14.300 -1,2% 0,7% 8,3% $2.227 23,9x 9,0x 13,7x 0,9x 6,7 8,9 4,4 4,2

G. ARGOS-COMUN $18.500 -0,8% 0,0% 15,1% $4.992 26,2x 37,7x 31,3x 1,0x 4,4 2,4 3,2 1,5

G. ARGOS-PF $17.640,0 -0,6% -1,0% 16,4% $4.992 26,2x 37,7x - 0,9x 4,4 2,4 - 1,5

GRUPOSURA-COMUN $37.940 -0,4% -0,9% 6,9% $7.347 13,6x 15,9x 13,3x 1,0x 7,8 5,6 6,0 1,2

GRUPOSURA-PF $37.140 -2,0% -1,2% 7,4% $7.347 13,6x 15,9x - - 7,8 5,6 - 1,2

ISA $8.920 0,2% -0,2% 20,9% $3.276 13,5x 10,1x 14,5x 1,3x 8,1 10,4 8,4 2,3

NUTRESA $25.100 0,8% 0,0% 12,1% $3.857 29,2x 20,8x 26,3x 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


-6% -4% -2% 0% 2% 4% 6% 8% 10% 12% 14%

POMALCA

UNACEM

MINSUR

CONTINENTAL

#N/A

RELAPASA

TREVALI MINING

CASA GRANDE

BUENAVENTURA

VOLCAN

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

AUSTRAL

INV. CENTENARIO

EDEGEL

SOUTHERN COPPER

MINERA IRL

ACEROS AREQUIPA-INV

GRAÑA Y MONTERO

ATACOCHA

BUENAVENTURA

VOLCAN

11



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



ACEROS AREQUIPA-COM $0,70 0,0% 0,0% 48,9% $236 8,3x 3,1x - 0,4x 4,2 5,2 - 3,6

ACEROS AREQUIPA-INV $0,62 5,1% 3,3% 136,6% $236 8,3x 3,1x - 0,4x 4,2 5,2 - 4,2

ALICORP $6,45 3,2% 0,0% 12,1% $1.597 29,3x 30,1x 18,6x 2,5x 9,9 7,5 11,9 0,8

ATACOCHA $0,30 5,0% 5,0% 192,1% $83 - - - 1,5x -2,8 -38,6 -32,3 -

AUSTRAL $1,25 3,3% 0,0% -23,3% $99 - - - 0,6x -9,2 -0,7 - -

BACKUS $13,93 0,1% 0,1% 12,7% $5.630 1,7x 1,4x - 1,0x 53,2 66,1 - 6,4

BUENAVENTURA $12,40 9,5% 4,2% 198,8% $2.894 - - 28,6x - -2,2 -10,0 2,4 -

CASA GRANDE $6,12 8,3% 5,5% 85,8% $149 11,1x 2,9x - 0,4x 4,6 7,5 - 6,9

CERRO VERDE $18,55 3,0% 0,2% 27,9% $1.918 22,2x 152,5x 17,4x 1,4x 8,5 0,7 9,3 -

CONTINENTAL $3,50 -0,6% 4,2% 53,3% $4.649 10,7x 7,2x - 2,6x 25,3 23,5 - 4,0

CREDICORP $154,0 4,8% -0,1% 59,9% $12.048 15,1x 8,0x 12,1x - 17,9 20,6 19,6 1,5

EDEGEL $2,65 1,9% 2,7% -1,4% $2.062 15,1x 14,5x - 2,4x 21,6 18,7 - 2,9

EDELNOR $5,64 1,6% 1,3% 17,5% $1.059 12,1x 9,5x - 2,4x 23,1 22,2 - 3,5

EL BROCAL $5,60 0,0% 0,0% 21,8% $232 11,3x - - 0,6x 6,4 -20,3 -6,7 -

ENGIE ENERGIA PERU $8,40 0,6% 0,0% 5,3% $1.519 14,8x 7,9x 10,7x 1,7x 18,7 20,8 21,4 3,6

FERREYCORP $1,56 0,6% 0,0% 21,6% $506 17,2x 7,9x 6,4x 0,9x 6,0 10,2 12,0 5,7

GRAÑA Y MONTERO $4,76 4,6% 2,6% 144,2% $904 15,2x 13,6x 13,6x 1,2x 11,7 3,6 7,2 1,0

IFS $30,00 4,5% 0,0% - $1.050 10,2x 6,6x 10,8x 2,4x 23,8 30,4 23,4 4,3

INRETAIL $17,00 4,4% 2,4% 21,4% $516 48,3x 31,8x 21,7x 1,8x 3,9 4,9 7,9 -

INV. CENTENARIO $5,10 0,0% 0,0% -5,4% $324 6,9x 3,7x - 0,7x 14,7 20,4 - 7,8

LUZ DEL SUR $10,60 0,7% 0,9% - $1.544 12,3x 9,6x - 2,6x 24,5 24,3 - 5,3

MILPO $2,19 4,8% 2,3% 40,2% $867 7,1x 10,9x 13,9x 1,4x 17,1 7,2 9,5 2,0

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

MINSUR $1,18 -1,7% 0,0% 136,0% $1.044 20,3x - 9,2x 0,9x 5,1 -40,1 4,0 -

PACASMAYO $5,80 1,2% -1,2% 16,0% $990 14,5x 12,0x 14,8x 1,6x 10,2 11,9 10,7 4,8

PANORO MINERALS $0,14 3,7% 3,7% 77,2% $9 - - - - -4,7 -7,5 -3,6 -

POMALCA $0,22 -3,9% -3,5% 13,3% $22 - 53,1x - 0,1x -0,9 0,2 - -

RELAPASA $0,25 6,1% 3,8% 113,0% $247 - 2,1x 6,8x 0,5x -17,9 4,1 7,7 -

SOUTHERN COPPER $26,4 2,9% -1,5% -0,1% $20.975 15,3x 27,5x 27,7x 3,8x 23,0 14,0 14,0 0,8

TREVALI MINING $0,44 6,6% 1,6% 23,1% $54 - - 13,1x - -2,0 -4,3 4,0 -

UNACEM $2,50 -2,0% -1,2% 49,2% $1.303 15,0x 38,6x 10,0x 1,0x 8,6 1,9 12,8 2,1

VOLCAN $0,63 12,5% 5,0% 231,6% $896 17,3x - 14,8x 0,7x 3,8 -5,4 4,3 -


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

0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20%

TELECOM ARG.

YPF

ALUAR

GF GALICIA

BANCO FRANCES

COME

TRANSENER

CONSULTATIO

EDENOR

SAN MIGUEL

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

ALUAR

COME

TRANSENER

SIDERAR

MOLINOS

YPF

BANCO MACRO

PAMPA ENERGIA

SAN MIGUEL

MIRGOR

13



Argentina Equities Monitor: MAR – Performance and Stock Valuations



ALUAR $9,88 5,4% 2,9% -15,9% $1.843 13,4x 17,6x - 3,6x 14,6 19,0 - 0,5

BANCO MACRO $111 8,6% -1,0% 39,3% $4.278 8,0x 6,6x 11,4x 3,6x 31,8 44,3 32,9 0,4

BANCO FRANCES $105 6,8% 0,3% 15,9% $3.770 8,5x 9,2x 12,4x 3,8x 32,4 38,8 31,2 0,7

COME $3,03 9,0% 3,4% -15,4% $273 0,9x 1,0x - 0,3x 25,3 36,1 - -

CONSULTATIO $37 11,2% 0,5% 10,1% $1.004 9,0x 5,1x - 2,6x 41,3 52,7 - 1,0

EDENOR $13 15,0% 2,3% 8,0% $738 - 8,7x 12,5x 8,6x -211,8 84,5 22,6 -

GF GALICIA $46,5 5,6% 0,8% 26,7% $4.074 6,9x 7,9x 11,2x 3,8x 34,1 42,1 33,5 0,2

MIRGOR $1.440 8,3% 6,0% 166,3% $575 6,7x 4,4x - 6,3x 18,3 57,0 - 0,1

MOLINOS $86,5 8,8% 3,6% 4,2% $1.496 12,8x 13,5x - 6,9x 39,6 55,4 - -

PAMPA ENERGIA $16,9 8,3% 3,4% 45,7% $1.808 7,5x 4,8x 18,2x 3,8x 26,6 45,5 12,8 -

SAN MIGUEL $82,0 17,2% 1,9% 69,3% $325 5,1x 6,4x - 5,2x 29,6 33,4 - 0,1

SIDERAR $7,77 7,9% 4,0% -3,6% $2.212 5,0x 15,1x - 1,4x 28,4 10,8 - 5,4

TELECOM ARG. $56,0 1,1% -0,3% 23,5% $3.752 11,4x 9,2x 12,6x 3,0x 26,8 27,8 22,9 1,3

TRANSENER $7,30 10,6% 3,8% -11,7% $200 9,8x 50,1x 20,9x 5,8x 24,5 10,9 16,0 -

YPF $296 2,9% 2,5% 34,7% $8.038 13,2x 13,4x 10,9x 0,8x 13,0 5,3 8,9 0,4


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


2,9

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 - Actinveredisp/actinver057273.pdf · 3 Chile: Macroeconomic Events and...

Documents

Transcript of Presentación de PowerPoint - Actinveredisp/actinver057273.pdf · 3 Chile: Macroeconomic Events and...