6 de Abril, 2015 Lo Que Mueve Al Mercado

6 de Abril, 2015 Lo Que Mueve Al Mercado

Lo Que Mueve Al Mercado

6 de Abril, 2015
AMX (MANTENER, PO P$17.0): Propondrá en la próxima Junta de Accionistas la separación de torres
mexicanas
Ha convocado a una Junta Extraordinaria de Accionista para el próximo 17 de abril en la que se incluye la
propuesta para la separación del negocio de torres en México en una nueva empresa llamada "Telesites".
Creemos que esta es una buena noticia para AMX principalmente porque esta transacción les dará valor a los
accionistas, en particular si renta estas torres a terceros, como lo planea hacer. Como hemos mencionado en
comentarios anteriores, estimamos que esta nueva unidad de negocios tendrá un valor de mercado de alrededor
de P$1.50 por acción.

GFNORTE (MANTENER, PO P$93.0): Propondrá la designación de Carlos Hank González como Presidente
del Consejo en la próxima Junta de Accionistas
La Junta Ordinaria de Accionista de GFNorte se llevará a cabo el próximo 24 de abril. Entre las propuestas se
incluye la designación del Sr. Carlos Hank González como presidente del Consejo, el pago de un dividendo (no
se tiene información al respecto) y el monto de la reserva de recompra de acciones.

ANÁLISIS TÉCNICO
El IPC subió 1.09% para cerrar en los 44,203 puntos el miércoles. El IPC subió 1.29% en los tres días hábiles de la
Semana Santa. La banda soporte está en los 43,000 a 42,700 puntos. El IPC está recuperando señales técnicas de
compra.
Equity, Economic, Quantitative and Fixed Income Research Departments
Equity Research
Gustavo Terán Durazo,
CFA
Senior Analysts
Head of EquityResearch
(52) 55 1103-6600 x1193
[email protected]
Martín Lara
Telecommunications, Media and
Financials
(52) 55 1103-6600x1840
[email protected]
Carlos Hermosillo Bernal
Consumption
(52) 55 1103-6600 x4134
[email protected]
Pablo Duarte de León
FIBRAs (REITs)
(52) 55 1103-6600 x4334
[email protected]
Pablo Abraham Peregrina
Mining, Metals, Paper and
Conglomerates
(52) 55 1103-6600x1395
[email protected]
Ramón Ortiz Reyes
Cement, Construction and Concessions
(52) 55 1103-6600 x1835
[email protected]
Federico Robinson Bours
Carrillo
Energy, Chemicals and Industrial
(52) 55 1103-6600 x4127
[email protected]
Juan Ponce
Telecommunications, Media and
Financials
(52) 55 1103-6600x1693
jponce@actinver,com.mx
Enrique Octavio Camargo
Delgado
Energy, Chemicals and Industrial
(52) 55 1103-6600x1836
[email protected]
José Antonio Cebeira
González
Consumption
(52) 55 1103-6600x1394
[email protected]
Mauricio Arellano Sampson
Mining, Metals, Paper Conglomerates ,
Cement, Construction and Concessions
(52) 55 1103-6600 x1835
Junior Analysts
[email protected]
Economic and Quantitative Research
Ismael Capistrán Bolio
Head of Economic and Quantitative
Research
Jaime Ascencio Aguirre
Economy and Markets
Santiago Hernández Morales
Quantitative Research
Roberto Ramírez Ramírez
Quantitative Research
Roberto Galván González
Technical Research
(52) 55 1103-6600 x6636
(52) 55 1103-6600 x1100
(52) 55 1103-6600 x4133
(52) 55 1103-6600x1672
(52) 55 1103 -66000 x5039
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
Fixed Income Research
Araceli Espinosa Elguea
Head of Fixed Income Research
(52) 55 1103 -66000 x6641
[email protected]
Jesús Viveros Hernández
Fixed Income Research
(52) 55 1103 -66000 x6649
[email protected]
Disclaimer
Guide for recommendations on investment in the companies under coverage included or not, in the Mexican
Stock Exchange main Price Index (IPC)

StrongBuywith an extraordinary perspective. According to the analyst, in the next twelve months, the valuations of
stock and/or prospects for the sector are EXTREMELY FAVORABLE

Buy. According to the analyst, in the next twelve months, the stock’s valuation and / or prospects for the sector are
VERY FAVORABLE

Neutral. According to the analyst, in the next twelve months, the valuation of stock and / or sector ARE NEUTRAL
OR FAVORABLE but with a similar perspective to the IPC

Belowmarket. According to the analyst, in the next twelve months, the valuation of stock and / or sector outlook ARE
NOT POSITIVE

Sell. According to the analyst, in the next twelve months, the valuation of stock and / or sector outlook ARE
NEGATIVE, or likely to worsen

In reviewwith positive outlook

In review with negative or unfavorable perspective
ImportantStatements.
a)
Of theAnalysts:
“The analysts in charge of producing the Analysis Reports:
Jaime Ascencio Aguirre; Mauricio Arellano Sampson; Enrique Octavio Camargo Delgado; Ismael Capistrán Bolio; José Antonio Cebeira
González, Pablo Enrique Duarte de León; Araceli Espinosa Elguea; Roberto Galván González; Ana Cecilia González Rodríguez; Carlos
Hermosillo Bernal; Santiago Hernández Morales; Martín Roberto Lara Poo; Ramón Ortiz Reyes; Pablo Abraham Peregrina; Juan Enrique
Ponce Luiña; Federico Robinson Bours Carrillo; Gustavo Adolfo Terán Durazo; Jesús Viveros Hernández, declare”:
b)
1.
"All points of view about the issuers under coverage correspond exclusively to the responsible analyst and authentically reflect his
vision. All recommendations made by analysts are prepared independently of any institution, including the institution where the
services are provided or companies belonging to the same financial or business group. The compensation scheme is not based or
related, directly or indirectly, with any specific recommendation and the remunerationis only received from the entity which the
analysts provide their services.
2.
"None of the analysts with coverage of the issuers mentioned in this report holds any office, position or commission at issuers
underhis coverage, or any of the people who are part of the Business Group or consortium to which they belong. They have
neither held any position during the twelve months prior to the preparation of this report. "
3.
"Recommendations on issuers, made by the analyst who covers them, are based on public information and there is no guarantee
of their assertiveness regarding the performance that is actually observed in the values object of the recommendation"
4.
"Analysts maintain investments subject to their analysis reports on the following issuers: AC, ALFA, ALPEK, ALSEA,
AMX,AZTECA, CEMEX, CHDRAUI, FEMSA, FIBRAMQ, FINDEP, FUNO, GENTERA, GFREGIO, GRUMA, ICA, IENOVA, KOF,
LAB, LIVEPOL, MEXCHEM, OHLMEX,POCHTEC, TLEVISA,SORIANA, SPORTS, VESTA, WALMEX.
On Actinver Casa de Bolsa, S.A. de C.V. Grupo Financiero Actinver
1.
Actinver Casa de Bolsa, S.A. de C.V. GrupoFinanciero Actinver, under any circumstance shall ensure the sense of the
recommendations contained in the reports of analysis to ensure future business relationship.
2.
All Actinver Casa de Bolsa, SA de C.V. GrupoFinanciero Actinver business units can explore and do business with any company
mentioned in documents of analysis. All compensation for services given in the past or in the future, received by Actinver Casa de
Bolsa, SA de C.V. GrupoFinanciero Actinver by any company mentioned in this report has not had and will not have any effect on
the compensation paid to the analysts. However, just like any other employee of Actinver Group and its subsidiaries, the
compensation being enjoyed by our analysts will be affected by the profitability gained by Actinver Group and its subsidiaries.
3.
At the end of each of the previous three months, Actinver Casa de Bolsa, SA de C.V. Actinver Financial Group, has not held any
investments directly or indirectly in securities or financial derivatives, whose underlying are Securities subject of the analysis
reports, representing one percent or more of its portfolio of securities, investment portfolio, outstanding of the Securities or the
underlying value of the question, except for the following: * AEROMEX, BOLSA A, FINN 13, FSHOP 13, SMARTRC14.
4.
Certain directors and officers of Actinver Casa de Bolsa, SA de C.V. GrupoFinanciero Actinver occupy a similar position at the
following issuers: AEROMEX, MASECA, AZTECA, ALSEA, FINN, MAXCOM, SPORTS, FSHOP and FUNO.
This report will be distributed to all persons who meet the profile to acquire the type of values that is recommended in its content.
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