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Mexican companies listed on the Latin American Index (Latibex) of the Madrid Stock Exchange, outperform other regional firms and even exceed the performance of the index in 2021.
In the year, TV Azteca has the highest profit with 185.71% return on its shares in the index, trading at a price of 0.05 euros per unit, followed by the Brazilian petrochemical company Braskem with an increase of 126.65%, while América Móvil has gained 50.83% in 2021.
TV Azteca, América Móvil, Alfa (+ 13.51% in the year), Elektra (+ 10.19%) and Banorte (+ 28.21%), are the only Mexican companies listed on the Latibex, along with 11 firms from Brazil, two from Argentina and only one from Peru.
Amin Vera, deputy director of Economic Analysis at Black Wallstreet Capital, explained that “the index is attractive, although many companies have little volume, most of those listed have highly consolidated fundamentals and with great governmental and regulatory protection in Mexico, such as the case of América Móvil ”.
Carlos Slim’s firm is very attractive in both Mexico and Spain, unlike the American AT&T, because it is a safer investment, as it does not have exposure to regulatory changes, or greater competition, and even a serious downtrend. .
On the contrary, “the market volume for a company like TV Azteca, which no longer has fundamentals in Mexico, would have to be very low to have those returns. Specifically, this company has a large amount of demand in the United States that makes it difficult for it to take financing in that country, so it looked for other countries like Spain, “he added.
“For the next 10 years, at least, large-cap companies in the Mexican market will be much more attractive than any Latin American firm, with some exceptions,” said the expert.
Among the companies that also perform well in this index is Usiminas, a Brazilian firm dedicated to the production of steel, which has a yield of 40.44% in the year. Also BBVA Argentina with an increase of 37.10%, the mining company Volcán with 27.35% and Petrobras with a slight increase of 5.61 percent.
Light performance
The Latin American index of the Spanish Stock Exchange is ending 2021 with a slight rise of 3.64%, reaching a level of 2,046.40 points, somewhat lagged by the different risks of the global market, such as inflation and fear of the new cycle of central bank interest rate hike, as well as the development of the Covid-19 pandemic.
This international market, whose origin dates back to 1999, is run by Bolsas y Mercados Españoles (BME) and allows European investors to buy and sell Latin American companies. It currently has 21 companies listed.
After reaching its peak of the year on June 29 at a level of 2,409.40 points, the Latibex index has plummeted 15%, due to the new variants of the coronavirus, as well as fears over the monetary policy decisions of central banks .
“The yield of 3.64% registered by this index is below the return of fixed income of 5.45% for Treasury Certificates at 28 days, an investment that would be 100% safe, so we can say that it is a bad year for the Latibex ”, explained Amín Vera.
Perspectives
By 2022, “the picture looks complex,” said the BWC analyst. The opportunity for the Mexican market and the country’s companies to rebound financially has been in the last three or four years, especially this year.
“Any placement, expansion project, among other strategies, would benefit from the great liquidity environment and especially from the low interest rates both in the United States and in other developed economies. Now the rate hike cycle begins, reducing the attractiveness of the equity market, in general stocks, and those that are most affected are emerging market countries, ”said Vera.
ariel.mendez@eleconomista.mx
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