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Daily Colombian Equities Bulletin and Fundamentals 3-26-14

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March 27, 2014 ( newswire) Latam markets were mixed as Bovespa in Brazil decreased 0.45% and Chilean IPSA index decreased 0.29%. The local COLCAP index closed at 1646.01 pts., equivalent to a 0.43% increase; the total traded volume reached COP 279,463 million (~142 USD MM). The best performers were Fabricato (+21.43%), BVC (+2.43%) and EEB (+1.95%). On the other hand, the worst performers were Mineros (-3.86%), Pfcorficol (-3.08%) and Occidente (-0.92%). The most traded shares today were Celsia, Ecopetrol and PfBancolombia.

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We had a busy day in terms of shareholders annual meetings. So far, we think dividend payments are interesting in terms of YoY growth and yields. Besides, it is important to highlight the positive performance that has taken place in the Colombian markets: currency has advanced 70 pesos, local currency public debt has rallied, and since February 3 the Colcap index has advanced 13.7%, which tranlates to a year to date advance of 2.47% and the highest close of the year so far (1,646 points).

Ecopetrol´s shareholders general assembly approved the proposal to pay minority shareholders their dividend in a single installment on April 28 of COP 260/share, equivalent to a dividend yield of 6.79%. The remainder of the dividend payment to the Nation will be done in 8 installments, starting on July. With the recent gains in the Colombian Peso, it's possible that the Government might change their former view of monetizing some of those payments.

Avianca's shareholders general assembly approved an annual dividend of COP 75/share, which will be payable in one installment no later than April 25. The dividend yield at yesterday's close price is 1.8%. On the other hand, Avianca has until April 10 to reach an agreement in the negotiations with the Colombian Association of Civil Aviators (Acdac), which brings together 419 of a total of 982 pilots who are asking wage settlements by the airline.

Grupo Argos' shareholders general assembly approved a dividend of COP 248 per ordinary and preferred share, payable in cash in four quarterly installments of COP 62/share from April 2014 to January 2015 between the 9 and 20 of each month. This corresponds to a dividend yield at today's price of 1.23%.

Isagen's shareholders general assembly approved an ordinary dividend of COP 74/share and an extraordinary dividend of COP 5.7/share for a total dividend of COP 79.7/share, payable in a single installment on April 30, 2014. The dividend registered an annual increase of 15% from the previous year and is equivalent to a dividend yield of 2.4%.

Promigas' shareholders approved the profit distribution project, which includes an extraordinary dividend of 1 share for every 85 shares subscribed to March 25, 2014 to a price of COP 4,770/share (COP 56.11/share). Furthermore, it was approved an ordinary dividend of COP 14/share, payable monthly between April and September (COP 84/share) and an extraordinary dividend of COP 47/share, for a total dividend payable in cash of COP 131/share, and equivalent to a dividend yield of 3.9%.

Colombia's retail confidence on February was of 21.9 pts, lower than the prior figure of 24.0 pts registered on January.

International News

In the US, markets were negative as the S&P 500 decreased 0.70% and the DJIA decreased 0.60%.

In the US, durable goods in February grew 2.2% MoM, higher than expected by analysts (+0.8% MoM) and higher than the revised decreased in January (-1.3% MoM).

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