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.
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Real Estate Update
Industrial real estate companies once again delivered solid operational results in 3Q25, a trend we expect to continue—consistent with the outlook presented in our prior 3Q25 review (link to report). Despite ongoing uncertainty surrounding trade relations and potential tariff scenarios, nationwide vacancy remains low at 5%, according to CBRE, and several ...
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Attractive Yields Supported by a Positive Outlook
Mexico's infrastructure competitiveness remains among the top in Latin America. According to the World Economic Forum, Mexico ranks 49 out of 140 countries in the infrastructure competitiveness index, making it the second Latin American country with the highest rank (Chile ranks 41). On the other hand, the Mexican Federal Government, in its Infrastructure and H...
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Location, Location, Location | Even More Relevant in Retail
Solid fundamentals in DANHOS (Outperform, P$35 PT). Of all the companies in our Real Estate (Industrial, Commercial & Offices), DANHOS has the highest exposure to Mexico City, with 91% of its GLA concentrated in this region. The capital’s dense population, high labor participation, and predominantly working-age demographic support robust consumption a...
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TBBB: Big, Bold, and more than Branding
In the midst of a challenging consumption environment in Mexico, companies have remained competitive by balancing pricing strategies and strict cost control (Consumer Review Post 3Q25 link here). As expected, consumers continue to trade down, supporting strong momentum for private-label products. Within this context, the hard-discount format has accelerated, ...
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Solid Top Line but With EBITDA Margin Contraction
The Mexican transport sector posted another quarterly result with solid top-line performance supported by a better tariff environment and diversified revenues. However, higher labor costs result in a margin contraction. GAP reported the most robust results, with double-digit revenues and EBITDA expansion, followed by OMA. The total EBITDA margin in the transpo...
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Post 3Q25 Update
We continue to observe mixed performance across our Real Estate coverage. Industrial Real Estate companies once again delivered solid operational results —a trend we expect to persist— supported by ongoing development activity, and stable, inflation-linked revenues from their stabilized portfolios. Despite continued uncertainty surrounding trade relat...
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Post 3Q25 Update
Highly cautious expectations were met by mostly resilient results. In our 3Q25 Preview (link here) we had a cautious view on the Consumer sector, with lower expectations vs for other industries at 4% sales growth and 2% EBITDA growth. Nonetheless, 3Q25 Results were fairly resilient, and while top-line growth was lower than expected at 2% — FX, weather, an...
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Although a Challenging Environment, Profits Improved Significantly
We Maintain Our Outperform Ratings Although the environment remained challenging (with still bad weather conditions, higher comps, and weak demand), the Cement companies under coverage posted positive operating results. Total revenues in 3Q25 increased by 5% YoY, while total EBITDA was up 15% YoY (improving also on a QoQ basis +10%). As a result, the implicit...
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