2025-06-09-花旗集团-墨西哥股票策略_墨西哥市场每周简报_2025年6月9日_11页_222kb

Mexico Equity Strategy, 09 June 2025

• Key News & Strategy Views:

  • CB Liquidity Flash Update: TGA drawdowns are expected to sustain bank reserves this summer.
  • EMFX Factor Model Update: June review highlights emerging market factors.
  • Global Inflation Monitor: Pressures remain contained.
  • EUReka Model Whitepaper: Focuses on correlation models for trading strategies.

• Buybacks (Till June 4, 2025):
  AMX withdrew PHP 788mn, Elektra PHP 232mn, Walmex PHP 217mn, Femsa PHP 173mn, Gruma PHP 156mn.

• Citi Research:

  • May Equity Flows: Buybacks and institutional positioning updated.
  • Data First Take: Airline alliances vary in strategic efficiency.
  • Diversified Banks (April): Resilient ROEs, growth decelerating.
  • Citi Mexico Expectations Survey: GDP expectations stable at 0.10%; inflation adjusted upwards.

• Market News Highlights:

  • Economic Outlook: No change in GDP forecast; upward pressure on inflation noted.
  • Commodity Market: Oil prices rise amid positive US jobs data.
  • Political Affairs: President Sheinbaum endorses Alfonso Glatt; Judicial power questioned in political discourse.
  • Social Policy: Government avoids fuel subsidies, sparking public discontent.

• Market Activity & M&A:

  • Grupo Televisa shares acquired by Millennium Management.

• Coverage Focus:
  Analysis of Mexico's financial and consumer sectors, focusing on key firms like Gruma, Femsa, and Grupo Mexico.

Disclaimer:
Legal disclosures related to Citi's potential conflicts, proprietary positions, and research independence are applicable to all research products.