Daily Colombian Equities Bulletin and Fundamentals 6-3-14
June 4, 2014 (www.investorideas.com newswire) The Colcap index closed at 1,679 points (+1.20%). Total turnover reached USD 259 bn. The best performers were PfGrupoArgos (+3.38%), Exito (+3.02%) and PfBancolombia (+2.94%). On the other hand, the worst performers were PfDavivienda (-3.46%), CemexLatam (-2.52%) and Isagen (-1.57%).
We update our Target Price to COP 1,340/share, an upside of 3.08% from today's close price, and a recommendation to Hold.
Isagen | EEB
On May 30, 2014, Empresa de Energia de Bogota filed an appeal against the Ministry of Finance and Public Credit to defend its right to participate, under equal conditions, in the process to buy 57.61% of Nation's shares in Isagen and requests the suspension of the process until the competent authority conducts a trial challenging the legality of Superintendency' resolutions, which conditioned the company's participation in the sell process. A judge of the Administrative Tribunal of Cundinamarca has received the action and will have 10 working days from today to submit its report in the first instance. After this term, three judges should vote whether to approve it or not.
Source: EEB | La Republica
Fitch Ratings has reaffirmed Interconexion Electrica SA's (ISA) BBB rating at an international level and maintained the stable outlook. At national level was ratified the AAA rating. According to Fitch, these ratings reflects the strong financial profile of the company characterized by stable and predictable cash flows, comfortable liquidity levels and adequate credit metrics, which they expect to maintain stable in a medium term. Source: Superfinanciera
Grupo Sura announces that, as of June 3, 2014, the company's ordinary shares shall become fully de-materialized in nature, and therefore all hardcopy certificates shall lose force and effect. Consequently, any future trades or amendments to the rights inherent to such securities shall be recorded electronically by the Deposito Centralizado de Valores de Colombia - Deceval (the Colombian Centralizaed Securities Depository). The company's preferred, non-voting shares have been circulating in a de-materialized format since they were issued in November 2011. Source: Superfinanciera
Bancolombia | Nutresa
Bancolombia and Nutresa were introduced among the 10 companies with the biggest mergers and acquisitions in Latin America during 2013. Bancolombia purchased Hsbc Panama for USD 2.2 billion and Nutresa the Chilean Tresmontes Lucchetti for USD 758 million, as shown in the list prepared by the Economic Commission for Latin America and the Caribbean (ECLAC). Source: La Republica
According to the Aeronautica Civil, between January and April 2014, Colombian airports mobilized 9,434 million passengers, +7.63% YoY. In this period, 2,977 million people mobilized to and from foreign countries, +11.4% YoY, while in the domestic market, 6,457 million passenger were mobilized, an increase of 6% YoY.
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Additional info regarding BC Residents and global Investors: Effective September 15 2008 - all BC investors should review all OTC and Pink sheet listed companies for adherence in new disclosure filings and filing appropriate documents with Sedar. Read for more info: http://www.bcsc.bc.ca/release.aspx?id=6894. Global investors must adhere to regulations of each country.