EM Growth Vs Value: Maximum Divergence
The nature of the COVID-19 induced sell-off has favoured Aggressive Growth strategies over Value this year. During this period, the divergence in...
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Mexican Banks’ Cost of Risk Assumptions: Banorte Management in Denial?
The top five banks 1Q20 results, as disclosed by the bank regulator, CNBV, show a broad range on cost of risk assumptions In the more conservative...
332 Views
Banorte (GFNORTEO MM) – Reasons to Be Fearful, Part I
Our key take aways from Grupo Financiero Banorte-O (GFNORTEO MF) ’s 1Q20 results are that management are potentially underestimating credit risk...
223 Views
Mexican Banks: Cost of Risk Trends in Focus
The Mexican economic outlook is challenged by the Coronavirus, and with it the weaker oil price and the hit to the domestic tourism...
340 Views
Mexican Banks: Data Trends and Thoughts on 2020 Outlook
We see the Mexican bank system figures, and those of individual banks, at year end 2019, as sub-optimal In essence, loan growth is soft and may...
293 Views