Covering the Mexican Economy, Actinver Research

Actinver

Our product offering is based on award winning forecasts and a deep understanding of artificial intelligence tools. 
We cover the Mexican economy with in-depth sector and state knowledge, as well as the integration with the U.S., providing high added value studies. 
To provide comprehensive coverage, we analyze the main macroeconomic variables, sectors, indexes and market information. 
Through solid statistical and computational tools we generate targeted investment strategies for clients with advanced investment profiles such as pension funds, hedge funds and others.

Covering the Mexican Economy

Actinver Research

Actinver is a mexican leading financial group, that generates well being for individuals and companies through advisory services that provides investment management to maintain and grow their wealth.

Macroeconomics

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<li>We are updating our models ahead of 4Q24 Results; we downgrade Gruma to Underperform (from Market Perform), while slightly raising our PT to P$380 (from P$377).</li>
<li>While FX remains a relevant factor for the company (reporting in USD, with most of the sales originated in the U.S., where margins are higher FY25), we see limited upside at current levels.</li>
<li>We are keeping our other ratings unchanged, with some adjustments to PTs, mostly to the upside, as FX benefits a relevant proportion of our covered Consumer companies that have exposure in the U.S. Within our Supermarkets coverage, we continue to prefer Chedraui, and Beverage companies AC, KOF, FEMSA and Becle within Food &amp; Bev.</li>
</ul>


We are updating our models ahead of 4Q24 Results; we downgrade Gruma to Underperform (from Market Perform), while slightly raising our PT to P$380 (from P$377).
While FX remains a relevant factor for the company (reporting in USD, with most of the sales originated in the U.S., where margins are higher FY25), we see limited upside at current levels.
We are keeping our other ratings unchanged, with some adjustments to PTs, mostly to the upside, as FX benefits a relevant proportion of our covered Consumer companies that have exposure in the U.S. Within our Supermarkets coverage, we continue to prefer Chedraui, and Beverage companies AC, KOF, FEMSA and Becle within Food &amp; Bev.


Actinver Research - Mexico Equity Research: 4Q24 Preview