Equity Research
Actinver delivers one of Mexico’s broadest and most data-driven equity research platforms, powered by award-winning analysts, deep sector expertise, and nationwide on-the-ground access. Supported by leading economic and political analysis, we provide high-conviction, actionable investment ideas that help institutional investors navigate Mexico’s markets with clarity and confidence.
Grupo Cementos de Chihuahua (GCC) 4Q25
GCC posted positive results, better than our estimates and the consensus at the EBITDA level. Cement volumes during the quarter showed a positive recovery, increasing 6% on average. On the other hand, total EBITDA increased by a solid 17% YoY, implying an EBITDA margin expansion of 334 bps, reaching a 39.6% level (better than our 38.0% estimate, and higher th...
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Dropping GMXT’s Coverage
Today, we are dropping our GMXT’s coverage following the delisting of the company’s shares in the Mexican Stock Exchange (BMV) and the Registro Nacional de Valores (RNV), which took place on January 15, 2026. Background In GMXT’s extraordinary shareholders meeting held on June 27, 2025, its shareholders approved the delisting of the company’s shares in the ...
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Despite a Challenging Environment, Profits May Have Improved Significantly
Positive results potentially maintaining a recovery trend. The companies efforts to optimize its asset portfolio continue, resulting in positive results, which will help to partially mitigate cement demand contraction, which remains negatively affected by higher interest rates (hurting cement demand performance in the residential sector). In the US, the housi...
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Kimberly-Clark de Mexico 4Q25
Sales grew in line with our expectations, while EBITDA margin improved solidly amid FX tailwinds. Revenues of P$14.06bn were 2.1% higher YoY, fairly in line with our estimates, with Consumer growing 5%, while Away from Home (amid inventory adjustments) and Exports (due to lower hard roll volumes) declined 10% and 26%, respectively. Margins were above our more c...
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Kimberly-Clark de Mexico: 4Q25 Preview
Amid a more favorable FX backdrop, we are revising our estimates modestly upward ahead of results. After a year marked by significant FX volatility and hedge-related pressures, the scenario into 4Q25 has shifted meaningfully. Following the sharp depreciation observed at the beginning of last year —when the MXN moved from the high-mid teens and closed the quar...
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Real Estate Update: Fibra Monterrey
Last week Friday (1/13/25), Fibra Monterrey announced that it has called a holders’ meeting to propose a significant increase in the maximum authorized amount of its issuance program, raising it to P$70 billion from P$20 billion. This change would allow the number of outstanding CBFIs to increase to up to 6,136 million from 1,753 million. The company clarifie...
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Mexico Equity Research: 2026 Key Themes
For 2026, we analyze the following main themes: 1) USMCA and its impact on investment; 2) World Cup and its impact across industries; 3) MX macro conditions and where Consumers might continue spending; 4) Construction, public investment and interest rates; 5) E-commerce, logistics and Real Estate; 6) Data centers and AI; 7) Overall state of the U.S. economy and i...
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Carried 2.8 million PAX in December
VOLAR carried 2.8 million PAX in December 2025, implying a 7% YoY growth. Domestic PAX increased 6% YoY, while international PAX advanced 12% YoY. On the other hand, capacity in December (ASMs) came in 10% higher YoY (+4% domestic, +17% int). In 2025, ASMs increased 6%, slightly below VOLAR’s 2025 guidance of +7% YoY. Total RPMs in December were up 5% year-o...
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OMA: Positive PAX performance in December
OMA's consolidated passenger traffic maintains its positive trend, with a 7% year-over-year (YoY) growth in December (compared to +3% in November 2025 and above our +6% YoY estimate), reaching 2.7 million users. This positive performance is supported by a gradual recovery in capacity (after the P&W engine recall) and explained by the opening of 10 new rou...
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ASUR: December traffic remained flat YoY
Total passenger traffic reached 6.8 million users in December 2025, a 0.4% gain compared to December 2024, still having mixed results and below our +1.5% YoY estimate. Domestic passenger traffic (PAX) showed a 0.1% year-over-year gain, while international passenger numbers reported a 0.8% year-over-year expansion. On an accumulative basis, during 4Q25, ASUR’s...
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