Covering the Mexican Economy, Actinver Research

Actinver

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.

Equity Bottom-Up

Grupo Aeroportuario Cen-Adr / Equity Bottom-Up

<ul><li>OMA posted results better than expected.</li><li>Total EBITDA came in at P$2.4 Bn (+4% above our estimate and the consensus) with a 4% YoY contraction.</li><li>The EBITDA margin was 75.4%, 408 bps lower than 3Q23 (and 89 bps above our estimate).</li></ul>

OMA posted results better than expected.Total EBITDA came in at P$2.4 Bn (+4% above our estimate and the consensus) with a 4% YoY contraction.The EBITDA margin was 75.4%, 408 bps lower than 3Q23 (and 89 bps above our estimate).

OMAB US - Actinver Research - OMA: Better-than-expected 3Q24 results (Quick View)

Global Mobility/Transport, Equity Long-Short

Mohshin Aziz

Thematic (Sector/Industry)

<ul>
<li>We mapped the impact of Russia-Ukraine war on aviation companies and compared it against the current Israel-Hamas war. The trends are uncannily similar </li>
<li>Downside pressure lasts for two weeks, followed by a recovery. This suggests good short-term trading opportunities  </li>
<li>Stocks that exhibits deep value are <a href="https://www.smartkarma.com/entities/us-global-jets-etf" target="_blank" data-smartkarma-citation="entities:32756:1" rel="noopener">US Global Jets ETF (JETS US)</a>, <a href="https://www.smartkarma.com/entities/grupo-aeroportuario-cen-adr" target="_blank" data-smartkarma-citation="entities:28565:1" rel="noopener">Grupo Aeroportuario Cen-Adr (OMAB US), </a><a href="https://www.smartkarma.com/entities/grupo-aeroport-del-sureste-b" target="_blank" data-smartkarma-citation="entities:27377:1" rel="noopener">Grupo Aeroport Del Sureste-B (ASURB MM), and Aeroportua Del Pacifica (GAPB MM)</a>
</li>
</ul>


We mapped the impact of Russia-Ukraine war on aviation companies and compared it against the current Israel-Hamas war. The trends are uncannily similar 
Downside pressure lasts for two weeks, followed by a recovery. This suggests good short-term trading opportunities  
Stocks that exhibits deep value are US Global Jets ETF (JETS US), Grupo Aeroportuario Cen-Adr (OMAB US), Grupo Aeroport Del Sureste-B (ASURB MM), and Aeroportua Del Pacifica (GAPB MM)



The Cockpit View: The Effect of War and Geopolitics on Aviation Companies

Grupo Aeroportuario del Pacifi / Equity Bottom-Up

<ul><li>Mexican Air transport sector posted positive quarterly results.</li><li>The company’s efforts to contain costs and a better tariff environment compared to 3Q23 resulted in margin expansions.</li><li> VOLAR reported the most robust results at the operating level, beating our estimates, with EBITDAR growing double-digit.</li></ul>

Mexican Air transport sector posted positive quarterly results.The company’s efforts to contain costs and a better tariff environment compared to 3Q23 resulted in margin expansions. VOLAR reported the most robust results at the operating level, beating our estimates, with EBITDAR growing double-digit.

Actinver Research - Air Transport post 3Q24: Positive Results. The Margin Expansion Continues

<ul><li>During the last decades, the airport industry has proven to be resilient, having a traffic recovery from previous local or global crises such as September 11, in the EE.UU., SARS, and the financial crisis.</li><li>The COVID-19 pandemic was not the exception, and now the traffic recovery is within its traffic recovery corridor worldwide, reaching the pre-pandemic levels.</li><li> Although we expect 3Q24 quarterly results to be negatively impacted by total traffic contraction, overall total EBITDA will rise 15% YoY, mainly explained by a positive performance on VOLAR, ASUR, and GAP’s results.</li></ul>

During the last decades, the airport industry has proven to be resilient, having a traffic recovery from previous local or global crises such as September 11, in the EE.UU., SARS, and the financial crisis.The COVID-19 pandemic was not the exception, and now the traffic recovery is within its traffic recovery corridor worldwide, reaching the pre-pandemic levels. Although we expect 3Q24 quarterly results to be negatively impacted by total traffic contraction, overall total EBITDA will rise 15% YoY, mainly explained by a positive performance on VOLAR, ASUR, and GAP’s results.

Actinver Research - Air Transport: Attractive Valuations Supported Solid Potential Returns (Sector Initiation)

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

Sinopec Engineering Group H / Event-Driven

<ul>
<li>The WisdomTree Emerging Markets SmallCap Dividend Index is a fundamentally weighted index that measures the performance of small cap stocks within Emerging Markets.</li>
<li>The changes at the October rebalance were announced after market close on 4 October with implementation scheduled at the close on 16 October.</li>
<li>There are 8 trading days to implementation and there are a bunch of stocks with over 2x ADV to trade.</li>
</ul>


The WisdomTree Emerging Markets SmallCap Dividend Index is a fundamentally weighted index that measures the performance of small cap stocks within Emerging Markets.
The changes at the October rebalance were announced after market close on 4 October with implementation scheduled at the close on 16 October.
There are 8 trading days to implementation and there are a bunch of stocks with over 2x ADV to trade.


WisdomTree Emerging Markets SmallCap Dividend Index Rebalance: US$1bn to Trade

Mexico

Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMA) operates international airports in the northern and central regions of Mexico. The airports serve Monterrey, Acapulco, Mazatlan, Zihuatanejo and several other regional centers and border cities.

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Grupo Aeroportuario Cen-Adr (OMAB US)

OMAB US - Actinver Research - OMA: Better-than-expected 3Q24 results (Quick View)

OMA posted results better than expected. Total EBITDA came in at P$2.4 Bn (+4% above our estimate and the consensus) with a 4% YoY...

Actinver

The Cockpit View: The Effect of War and Geopolitics on Aviation Companies

Comparing the impact of the Russia-Ukraine war on aviation companies to the current Israel-Hamas war reveals similar trends, suggesting trading...

Mohshin Aziz

Actinver Research - Air Transport post 3Q24: Positive Results. The Margin Expansion Continues

Mexican Air transport sector posted positive quarterly results. The company’s efforts to contain costs and a better tariff environment compared to...

Actinver

Actinver Research - Air Transport: Attractive Valuations Supported Solid Potential Returns (Sector Initiation)

During the last decades, the airport industry has proven to be resilient, having a traffic recovery from previous local or global crises such as...

Actinver

WisdomTree Emerging Markets SmallCap Dividend Index Rebalance: US$1bn to Trade

There are 370 adds/257 deletes for the WisdomTree Emerging Markets SmallCap Dividend Index. Round-trip trade is around US$1bn. There is big impact...

Brian Freitas

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52-week Range

Market Cap (USDm)

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OMAB US - Actinver Research - OMA: Better-than-expected 3Q24 results (Quick View)

OMA posted results better than expected. Total EBITDA came in at P$2.4 Bn (+4% above our estimate and the consensus) with a 4% YoY...

Actinver

The Cockpit View: The Effect of War and Geopolitics on Aviation Companies

​Comparing the impact of the Russia-Ukraine war on aviation companies to the current Israel-Hamas war reveals similar trends, suggesting trading...

Mohshin Aziz

Actinver Research - Air Transport post 3Q24: Positive Results. The Margin Expansion Continues

Mexican Air transport sector posted positive quarterly results. The company’s efforts to contain costs and a better tariff environment compared to...

Actinver

Actinver Research - Air Transport: Attractive Valuations Supported Solid Potential Returns (Sector Initiation)

During the last decades, the airport industry has proven to be resilient, having a traffic recovery from previous local or global crises such as...

Actinver

WisdomTree Emerging Markets SmallCap Dividend Index Rebalance: US$1bn to Trade

There are 370 adds/257 deletes for the WisdomTree Emerging Markets SmallCap Dividend Index. Round-trip trade is around US$1bn. There is big impact...

Brian Freitas

Comparing the impact of the Russia-Ukraine war on aviation companies to the current Israel-Hamas war reveals similar trends, suggesting trading...