Overview de Renta Variable de Uruguay

Overview de Renta Variable de Uruguay
Septiembre 3, 2014
“Las compañías industriales de Uruguay podrían ser
afectadas por la desaceleración de Argentina y Brasil”
Las compañías industriales de Uruguay podrían ser afectadas
por la desaceleración económica de Argentina y Brasil…
La desaceleración económica que están experimentando Argentina y
Brasil podría afectar las perspectivas de Uruguay a través de los
volúmenes exportados. No obstante, el tipo de cambio real multilateral
de Uruguay ganó competitividad luego de la reciente depreciación de
su moneda y la apreciación del real brasileño. Según los datos de
comercio exterior de Uruguay XXI, las ventas a Brasil cayeron -1,5%
a/a y a la Argentina -16,7% a/a en lo que va del año. En este contexto,
el Índice de Volumen Físico de la industria manufacturera (sin incluir
la refinación) disminuyó -2,5% a/a en el 2T14. La mayoría de los
rubros mostró caídas interanuales en su producción, pero Madera,
Papel e Imprentas logró un crecimiento de +4,2% a/a. Por su parte,
las expectativas empresariales se mantienen en terreno negativo. No
obstante, debido a la menor volatilidad financiera global y debido al
ingreso de la nueva producción de la planta de celulosa Montes del
Plata, el Banco Central de Uruguay espera que la economía crezca
+2,7% y +3% en 2014 y 2015, respectivamente.
Figura 1: la mayoría de los rubros industriales mostró variaciones
interanuales negativas en su producción, pero Madera, Papel e Imprentas
logró un crecimiento de +4,2% a/a
Madera, Papel e Imprentas
Var% a/a
4,2%
0,5%
2T14
Productos Metálicos, Maquinaria y
Equipo
0,1%
3,6%
1S14
Industria sin refinería
-2,5%
-3,1%
Químicos y Plásticos
-2,9%
1,0%
Alimentos y Bebidas
-4,1%
-6,2%
Textil, Vestimenta y Cuero
-6,8%
-3,0%
Metálicas básicas y Minerales no
metálicos
-7,8%
-11,1%
-15,0%
-10,0%
-5,0%
0,0%
5,0%
Fuente: Instituto Nacional de Estadísticas de Uruguay
Pamer es el mayor fabricante de cartón corrugado y uno de los
líderes en papel de embalaje de Uruguay…
Pamer se especializa en brindar soluciones de embalaje, siendo el
mayor fabricante de cartón corrugado en Uruguay. Su producción
abarca papeles (embalaje y tissue) y envases de cartón corrugado.
Ver disclaimer en la página 3
Gastón Sempere
Analista de Research
3 de Septiembre, 2014
Overview de Renta Variable de Uruguay
En el segmento de cartón corrugado, la empresa atiende clientes de
diversos mercados de Uruguay y la región: frigorífico, frutícola, lácteo,
entre otros. En particular, en la industria frigorífica, Pamer se destaca
como el principal proveedor de cajas de cartón corrugado, siendo su
principal producto la caja telescópica, resistente a las condiciones de
almacenamiento en cámaras refrigeradas. En la industria frutícola,
Pamer obtuvo la licencia para fabricar bandejas open top bajo el sistema
platform, lo cual permite la apilación de las mismas, satisfaciendo las
condiciones de humedad y refrigeración que requiere el transporte de
fruta fresca. En la industria láctea, el modelo más utilizado es la bandeja
wrap around, para el transporte de envases tetra brick.
En el segmento de papeles, Pamer produce papeles para corrugar,
embalaje y tissue, tanto para uso industrial como doméstico. Es el mayor
productor nacional de papeles reciclados, y el principal consumidor de
fibras recicladas de papel y cartón en Uruguay. Además es el segundo
productor de papel tissue en Uruguay, participando desde hace más de
treinta años en el mercado de papel higiénico y rollos de cocina con las
marcas Suavex, Astoria y Windsor. Por su parte, la línea de embalajes
está compuesta por papeles de diversos tipos, presentados en hojas,
rollos y bobinas jumbo, orientados al mercado de envolturas, bolsas y
corrugadores.
La compañía reportó un aumento de +26,8% a/a en sus ganancias
del 1T14…
La compañía reportó un aumento de +26,8% a/a en sus ganancias del
1T14, hasta UYU 4,7 mn. Los ingresos operativos subieron +29% a/a
(locales plaza +4%, locales exportación indirecta +36% y exportaciones
+27% a/a) y los costos de los bienes vendidos +28% a/a, derivando en
una mejora de +32% a/a en el resultado bruto. No obstante, los gastos
administrativos subieron +38% a/a, reduciendo la mejora en el resultado
operativo a +7,7% a/a. Por su parte, los resultados financieros pasaron
de una pérdida de UYU -0,9 mn a una ganancia de UYU 0,4 mn,
favorecidos principalmente por diferencias de tipo de cambio.
Figura 2: Pamer muestra resultados anuales positivos desde 2009
70
62,0
Resultado neto anual
(UYU mn)
60
46,0
50
35,3
40
37,3
29,8
30
24,7
20
10
2,2
0
-10
-20
-30
-22,4
jun-05
-25,6
jun-06
jun-07
jun-08
Fuente: Reportes de la compañía
2
jun-09
jun-10
jun-11
jun-12
jun-13
3 de Septiembre, 2014
Overview de Renta Variable de Uruguay
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