The World in Pictures


President Donald Trump waves while boarding Air Force One as he departs Thursday, May 21, 2020, at Andrews Air Force Base, Md. Trump will visit a Ypsilanti, Mich., Ford plant that has been converted to making personal protection and medical equipment. (21/05/20)
Russian President Vladimir Putin chairs a meeting on the situation of agriculture and the food industry amid the coronavirus crisis, via teleconference at Novo-Ogaryovo residence, outside in Moscow, Russia, Wednesday, May 20, 2020. (21/05/20)
German Chancellor Angela Merkel arrives to address a press conference following a meeting with international economic and financial organisations at the Chancellery in Berlin, Germany, Wednesday May 20, 2020 on the effects of the coronavirus pandemic. (20/05/20)
President Donald Trump speaks during a Cabinet Meeting in the East Room of the White House, Tuesday, May 19, 2020, in Washington. (19/05/20)
Russian President Vladimir Putin attends a video conference with officials from the southern province of Dagestan at the Novo-Ogaryovo residence outside Moscow, Russia, Monday, May 18, 2020. Putin pledged to provide additional federal assistance to Dagestan to help cope with the coronavirus outbreak. (18/05/20)
German Chancellor Angela Merkel speaks during a press conference following a joint video conference with French President Macron in Berlin, Germany, Monday, May 18, 2020. (18/05/20)
Russian President Vladimir Putin takes part in a video conference on the opening of medical facilities for COVID-19 patients built by the military across the country in the Novo-Ogaryovo residence outside Moscow, Russia, Friday, May 15, 2020. The Russian Defense Ministry built 16 hospitals with a total capacity of 1,600 patients. (15/05/20)
U.S. Air Force Space Command, Chief Master Sgt. Roger Towberman, right, holds the flag as President Donald Trump walks to the other side, during the presentation of the Space Force Flag in the Oval Office of the White House, Friday, May 15, 2020, in Washington. Secretary of the Air Force Barbara Barrett stands far left. (15/05/20)
President Donald Trump speaks with reporters on the South Lawn of the White House as he departs on Marine One, Thursday, May 14, 2020, in Washington. Trump is en route to Allentown, Pa. (14/05/2020)
Russian President Vladimir Putin attends a meeting on the genetic technologies development via teleconference at the Novo-Ogaryovo residence outside Moscow, Russia, Thursday, May 14, 2020. (14/05/2020)
German Chancellor Angela Merkel takes questions as part of a meeting of the German federal parliament, Bundestag, at the Reichstag building in Berlin, Germany, Wednesday, May 13, 2020. (13/05/20)
Britain´s Prime Minister Boris Johnson leaves 10 Downing Street to attend the weekly Prime Ministers´ Questions session, in parliament in London, Wednesday, May 13, 2020. (13/05/20)
Russian President Vladimir Putin, addresses the nation via video conference at the Novo-Ogaryovo residence outside Moscow, Russia, Monday, May 11, 2020. Putin, speaking in a televised address to the nation Monday, said that it will be up to the governors of Russia's far-flung to determine what industrial plants could reopen starting Tuesday. He emphasized that it's essential to preserve jobs and keep the economy running provided that workers strictly observe sanitary norms. (11/05/20)
Turkish President Recep Tayyip Erdogan, listens during a teleconference with his cabinet in Istanbul, Monday, May 11, 2020. Erdogan announced a new four-day curfew to stem infections, that includes the weekend and a public holiday on May 19. The country has opted to impose short weekend curfews, instead of full lockdowns, fearing their possible negative effects on the already troubled economy. (11/05/20)
President Donald Trump speaks during a meeting with Republican lawmakers, in the State Dining Room of the White House, Friday, May 8, 2020, in Washington. (08/05/2020)
German Chancellor Angela Merkel attends a wreath laying ceremony to mark the 75th anniversary of the end of World War Two, at the Neue Wache Memorial in Berlin, Germany, May 8, 2020. (08/05/2020)
French Prime Minister Edouard Philippe speaks on the coronavirus measures after the weekly cabinet meeting during a press conference at the Hotel Matignon in Paris, Thursday, May 7, 2020. (07/05/20)
Russian President Vladimir Putin attends a meeting on the transport system development via video conference at the Novo-Ogaryovo residence outside Moscow, Russia, Thursday, May 7, 2020. (07/05/20)
Russian President Vladimir Putin attends a meeting on the implementation of measures to support the economy via video conference at the Novo-Ogaryovo residence outside Moscow, Russia, Wednesday, May 6, 2020. (06/05/20)
Bavarian Governor Markus Soeder and German Chancellor Angela Merkel address the media during a joint press conference in Berlin, Germany, Wednesday, May 6, 2020. (06/05/20)
Images Source: AP bootstrap carousel

Actinver's Favorites


  • The largest and most diversified Mx REIT. Defensive operations and exposure to U.S. dollar (30% of rental income). Highly benefited by the lower rate cycle. The Trust has 643 properties, a solid tenant base, and a prudent capital structure with a healthy debt profile. Attractive valuation trading at a 53% implied discount vs. book net asset value (NAV). Annual dividend 2020E of 8% (temporary 50% payout).

  • Leading telecommunications provider with presence in 25 countries; high exposure to Mexico and Brazil. Solid subscriber base with 280 M wireless customers and 81 M in fixed services. Positive short-term impact from increasing internet demand in homes due to Covid-19 pandemic. Operating strength and solid financial position. Appealing valuation at 4.8x EV/EBITDA 2020E, below peers.

  • One of the largest conglomerates in Mexico has a partially defensive business model against the current health crisis due to Oxxo stores, pharmacies (YZA) and gas stations (Oxxo Gas). Finally, it has a nearly 50% stake in Coca Cola FEMSA, KOF, the largest bottler of the Coca-Cola system in the world, in terms of volume.

  • Mostly an industrial Mx REIT (northern region). It has 252 properties and 3.2 M SQM of GLA. Exposed to the most defensive types of assets, with income in U.S. dollars and long-term maturities. Impact on income from COVID-19 offset by exchange rate. Strongly benefitted by the lower rate cycle and T-MEC. Prudent debt profile. Attractive valuation and dividend yield (9% E).

  • The largest pure play industrial Mx REIT with 97% of its income in U.S. dollars. It has managed to grow its portfolio 3.6x since 2013, reaching 289 properties. Institutionally managed and advised; efficient structure. Prepared to face the coronavirus health crisis with ample financial liquidity (>US$200 M in cash). Trades at a 25% discount vs. market net asset value (NAV); sound 9%E dividend yield.

  • Financial group, second largest. 1,100 branches, 8,500 ATM and 25 million clients. To face COVID-19: i) credit cards only for 5% of loans; ii) deposit base, 43% are non-interest bearing; iii) CAR 19.0% & CET1 12.2%; iv) LCR 120%; v) well positioned for lower interest rates, 39% of loans at fixed rates; vi) diversification, non-bank subsidiaries 40% of profits; vii) advanced in digital transformation.

  • A diversified Mx RIET (industrial and offices) with high corporate governance standards and proven execution. Highly defensive, with contracts in U.S. Dollars (75% of total), benefited by the lower rate cycle, and offers a sound dividend yield of 11%E. Well positioned to face the health crisis with ample financial liquidity and conservative debt profile. Strong relationship with tenants.

  • The second largest bottler in Latin America in terms of volume, about 40% of the company's revenues are dollarized. The company's portfolio is highly resilient in the current environment of a health crisis, since only 9% of revenues are related to restaurants. It is a proven success story in terms of mergers and acquisitions.

  • Orbia is a petrochemical company, focused mainly on the infrastructure, telecommunications, and agriculture sectors through three subsidiaries. At current prices, you are paying only for the Vinyl business, while you are getting for free the Fluent and Fluor businesses, which generate practically 70% of the consolidated EBITDA. Oil impacts 15% of EBITDA.

  • The third-largest self-service retailer in Mexico and the only one with presence in the United States. Defensive and prepared to offset the economic impact resulted from the sanitary crisis through USD generation (42% of revenues). It has a healthy balance sheet, with the option to refinance its short-term obligations. Trades at a 31% discount vs. its replacement value.

  • Fast organic growth, loans +23.2% CAGR 1999-2019. Highly profitable 2.7% ROA 20.0% ROE. To face COVID-19: 90% of portfolio has collateral, low exposure to large tickets, low sensitivity to cuts in rates 10 bps in NIM for 100 bps. Advanced in digital transformation. Stock price similar to 2013 levels despite both Regional's earnings and credit portfolio are now almost three times higher.

  • Market leader cement company. Geographical footprint range from northern Mexico (Chihuahua), extends throughout the center of the US, reaching Alberta in Canada. Construction in the US and Mexico is considered as an essential activity (with less impact due to Covid-19). Solid balance sheet (1.0x Net Debt/EBITDA). Asset replacement value is 2x higher vs. current price.

  • The largest rail operator in Mexico with presence in US. Land logistics industry plays a crucial role to face Covid-19 health crisis. Sectors such as industrial and automotive were negatively affected, while those linked to food and services have increased volume demand. USMCA will have a positive impact on GMXT’s operations. A cash dividend payment worth P$0.15 /share will be paid on May 26.

  • Alfa is a conglomerate focused on consumption, petrochemicals, automotive, and telecommunications, all of whose businesses, excluding NEMAK, are considered essential products and/or services in this contingency. At current prices, you are buying Sigma at a ~40% discount, and the rest of the subsidiaries, completely for free.

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