AMX reported a slower but decent set of Q1 numbers yesterday after the close. Both revenue and EBITDA came in line with consensus with Brazil coming in above expectations but Mexico below. Given the slowdown in Mexican trends, the company has announced that capex this year is expected to be ~$6.7bn
No doubt investors are busy fighting fires. But additional to our thoughts from last week we thought it might be helpful to offer 3 further action points for investors in EM & Japanese Telcos that we would be taking in response to market turmoil. Very brief thoughts below.
AMX and Totalplay emerged as the strong performers in Q2, in terms of KPIs (Telmex the highest BB subs again) and financials (TPLAY 16% EBITDA y/y growth). MEGA continued good momentum, slowing perhaps a touch (and with weaker Corporate). Izzy (Televisa) continues to back off from chasing growth and focus more on FCF - helped by a cut in Cable capex (from $630m to $590m, or 22% of sales to 20%) and with deal synergies to come (MXN400m per Q).
AMX reported robust Q2 numbers after close, coming in ~3% ahead of consensus EBITDA. Revenue growth of 4.7% is toward the top of the mid-term guide, EBITDA at 6.9% is ahead. Brazil was the standout business (with Claro likely to be performing ahead of TIM and Vivo) whilst Mexico was solid (though holding price flat isn’t helping near-term revenue momentum)
AMX reported strong Q1 numbers after close, coming in ~2% ahead of consensus revenue and EBITDA. Growth accelerated (to 5% y/y from 3.7% in Q4) coming from Mexico and Brazil, and both fixed and wireless. Brazil EBITDA also saw strong support on the cost side. Capex was down y/y in Q1, in keeping with the FY 24 guide (~$7 billion, down from $8.8 billion in 2023); we expect mid-term capex to be provided at the upcoming May 7th Investor Day, and see potential for consensus estimates to come down he...
AMX reported broadly solid Q3s after close last night, with revenue 1% ahead (supported by a towers sale) while EBITDA slightly missed (0.5%). However, this miss in EBITDA was driven by “Other” which tends to be a little volatile, whilst Mexico, Brazil and Colombia were slightly ahead.
Moody's Investors Service ("Moody's") today assigned a Baa1 rating to America Movil, S.A.B. de C.V.'s ("America Movil") proposed up to MXN20,000 million ($1.1 billion) in senior unsecured notes due 2031. America Movil's existing ratings remain unchanged. The outlook is stable. The proposed notes wi...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Alicorp to Join Good Corporate Governance Index of Lima Stock Exchange for Twelfth Consecutive Year LIMA, Peru, July 11, 2019 (GLOBE NEWSWIRE) -- Alicorp S.A.A. (“the Company” or “Alicorp”) (Lima Stock Exchange: ALICORC1 and ALICORI1) a leading Peruvian CPG and B2B company, announced today that it was selected to join the Good Corporate Governance Index (“IBGC”) of the Lima Stock Exchange (“BVL”) for the twelfth consecutive year. In this index, the BVL and consulting firm EY acknowledged the good corporate practices of major companies listed on the Peruvian capital markets. During a spec...
Alicorp Obtained Second Place in 2019 Latin America Executive Team Ranking LIMA, Peru, July 11, 2019 (GLOBE NEWSWIRE) -- Alicorp S.A.A. (“the Company” or “Alicorp”) (BVL: ALICORC1 and ALICORI1), a leading Peruvian CPG and B2B company, announced that was ranked in second place in the ranking for Latin America Executive Team – MidCap Food & Beverages sector conducted by Institutional Investors magazine. Alicorp’s team was ranked within the top-three companies within the categories of i) “Best CEO”, ii) “Best CFO”, and iii) “Best Investor Relations Program”. To obtain the full results of ...
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