Covering the Mexican Economy, Actinver Research

Actinver

Our product offering is based on award winning forecasts and a deep understanding of artificial intelligence tools. 
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 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.

Macroeconomics

Wal-Mart de Mexico SAB de CV (WALMEX* MM EQUITY)

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<li>Supermarket 2Q24 results were overall mixed vs our estimates, with sales decelerating amid mostly calendar headwinds, and La Comer posting the best SSS and sales performance; all of our 3 covered players still beat the industry and thus continue to gain market share, as expected.</li>
<li>In terms of profitability, the 3 companies were able to post solid gross margin expansion amid efficiencies and product mix, yet SG&amp;A pressure, amid higher labor expenses, offset most of this pressure as expected; Chedraui was the only player able to post a slight EBITDA margin expansion.</li>
<li>Having recently launched our Supermarkets coverage (link to report here), we continue to see Chedraui (Outperform, P$160 PT) as the best positioned supermarket for either consumer trade up or trade down, as well as with a healthy format and geographical diversification.</li>
</ul>


Supermarket 2Q24 results were overall mixed vs our estimates, with sales decelerating amid mostly calendar headwinds, and La Comer posting the best SSS and sales performance; all of our 3 covered players still beat the industry and thus continue to gain market share, as expected.
In terms of profitability, the 3 companies were able to post solid gross margin expansion amid efficiencies and product mix, yet SG&amp;A pressure, amid higher labor expenses, offset most of this pressure as expected; Chedraui was the only player able to post a slight EBITDA margin expansion.
Having recently launched our Supermarkets coverage (link to report here), we continue to see Chedraui (Outperform, P$160 PT) as the best positioned supermarket for either consumer trade up or trade down, as well as with a healthy format and geographical diversification.


Actinver Research - Supermarkets post 2Q24: Sales deceleration with healthy margins (Sector Update)