Covering the Mexican Economy, Actinver Research

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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.

Thematic (Sector/Industry)

<ul>
<li>Industrial real estate companies once again delivered solid operational results in 3Q25, a trend we expect to continue—consistent with the outlook presented in our prior 3Q25 review (link to report).</li>
<li>Despite ongoing uncertainty surrounding trade relations and potential tariff scenarios, nationwide vacancy remains low at 5%, according to CBRE, and several markets are beginning to show early signs of stabilization as new construction gradually normalizes.</li>
<li>Within this context, Mexico City continues to stand out as the most resilient market.</li>
</ul>


Industrial real estate companies once again delivered solid operational results in 3Q25, a trend we expect to continue—consistent with the outlook presented in our prior 3Q25 review (link to report).
Despite ongoing uncertainty surrounding trade relations and potential tariff scenarios, nationwide vacancy remains low at 5%, according to CBRE, and several markets are beginning to show early signs of stabilization as new construction gradually normalizes.
Within this context, Mexico City continues to stand out as the most resilient market.


<ul>
<li>Solid fundamentals in DANHOS (Outperform, P$35 PT). Of all the companies in our Real Estate (Industrial, Commercial &amp; Offices), DANHOS has the highest exposure to Mexico City, with 91% of its GLA concentrated in this region.</li>
<li>The capital’s dense population, high labor participation, and predominantly working-age demographic support robust consumption and sustained demand for office, industrial and retail space.</li>
<li>After a period of limited growth, DANHOS reactivated resumed growth at the end of 2023 and now has an attractive pipeline, particularly in industrial real estate, positioned to capture strong demand for logistics space in the Metropolitan Area of Mexico City.</li>
</ul>


Solid fundamentals in DANHOS (Outperform, P$35 PT). Of all the companies in our Real Estate (Industrial, Commercial &amp; Offices), DANHOS has the highest exposure to Mexico City, with 91% of its GLA concentrated in this region.
The capital’s dense population, high labor participation, and predominantly working-age demographic support robust consumption and sustained demand for office, industrial and retail space.
After a period of limited growth, DANHOS reactivated resumed growth at the end of 2023 and now has an attractive pipeline, particularly in industrial real estate, positioned to capture strong demand for logistics space in the Metropolitan Area of Mexico City.


Real Estate: Location, Location, Location— Even More Relevant in Retail

Equity Bottom-Up

Infraestructura Viable  de C / Equity Bottom-Up

Infraestrctura Viable S.A. de C.V. operates as a real estate investment trust that owns and develops industrial space. The Company serves customers in Mexico.

<ul><li>Mexico's infrastructure competitiveness remains among the top in Latin America.</li><li>According to the World Economic Forum, Mexico ranks 49 out of 140 countries in the infrastructure competitiveness index, making it the second Latin American country with the highest rank (Chile ranks 41).</li><li>On the other hand, the Mexican Federal Government, in its Infrastructure and Highway program for the 2025-2030 period, contemplates an investment of.</li></ul>

Mexico's infrastructure competitiveness remains among the top in Latin America.According to the World Economic Forum, Mexico ranks 49 out of 140 countries in the infrastructure competitiveness index, making it the second Latin American country with the highest rank (Chile ranks 41).On the other hand, the Mexican Federal Government, in its Infrastructure and Highway program for the 2025-2030 period, contemplates an investment of.

Infraestructura Viable SA de C - Actinver Research

BBB Foods Inc. operates as a holding company. The Company, through its subsidiaries, retails packaged foods, beverages, tobacco, personal care, house cleaning, and healthcare products. BBB Foods serves customers in Mexico.

<ul><li>In the midst of a challenging consumption environment in Mexico, companies have remained competitive by balancing pricing strategies and strict cost control.</li><li>As expected, consumers continue to trade down, supporting strong momentum for private-label products.</li><li>Within this context, the hard-discount format has accelerated, and Tiendas 3B stands out through strong store openings and solid SSS performance.</li></ul>

In the midst of a challenging consumption environment in Mexico, companies have remained competitive by balancing pricing strategies and strict cost control.As expected, consumers continue to trade down, supporting strong momentum for private-label products.Within this context, the hard-discount format has accelerated, and Tiendas 3B stands out through strong store openings and solid SSS performance.

Actinver Research - TBBB: Big, Bold, and more than Branding (Coverage Initiation)

Macroeconomics

<ul>
<li>During October, exports continued to show solid momentum, expanding 14.2% yearon-year, supported by Mexico’s sustained competitiveness in international trade.</li>
<li>This performance was accompanied by a 15.7% annual rebound in intermediate goods imports, suggesting stronger demand for inputs from the manufacturing sector amid expanding external demand.</li>
<li>The trade balance posted a surplus of USD 606 million in October, outperforming our projection of a USD 455 million deficit and the consensus forecast of a USD 589 million deficit.</li>
</ul>


During October, exports continued to show solid momentum, expanding 14.2% yearon-year, supported by Mexico’s sustained competitiveness in international trade.
This performance was accompanied by a 15.7% annual rebound in intermediate goods imports, suggesting stronger demand for inputs from the manufacturing sector amid expanding external demand.
The trade balance posted a surplus of USD 606 million in October, outperforming our projection of a USD 455 million deficit and the consensus forecast of a USD 589 million deficit.


Actinver Research - Macro Daily: Mexican Exports Grow at the Fastest  Pace of the Year

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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. 
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Covering the Mexican Economy
• Actinver Research

Actinver Research - Real Estate Update

Industrial real estate companies once again delivered solid operational results in 3Q25, a trend we expect to continue—consistent with the outlook...

Actinver

Real Estate: Location, Location, Location— Even More Relevant in Retail

The capital’s dense population, high labor participation, and predominantly working-age demographic support robust consumption and sustained demand...

Actinver

Infraestructura Viable SA de C - Actinver Research

Mexico's infrastructure competitiveness remains among the top in Latin America. According to the World Economic Forum, Mexico ranks 49 out of 140...

Actinver

Actinver Research - TBBB: Big, Bold, and more than Branding (Coverage Initiation)

In the midst of a challenging consumption environment in Mexico, companies have remained competitive by balancing pricing strategies and strict...

Actinver

Actinver Research - Macro Daily: Mexican Exports Grow at the Fastest Pace of the Year

During October, exports continued to show solid momentum, expanding 14.2% yearon-year, supported by Mexico’s sustained competitiveness in...

Actinver