All notes
Every note we have published, newest first. Each one takes a single stock on the Mexican exchange and makes one argument, with every number linked to its source.
November 2026
- Walmex: traffic stops falling, profit doesn't
Net profit fell 6.1% in the third quarter even as Mexican store visits held steady for the first time in nine quarters. Next year's wage bill is already on management's mind.
October 2026
- América Móvil: revenue growth hides subscriber loss
Telcel’s Q3 revenue rose 6.6% while shedding 2.9 M prepaid lines; the stock is up 24.2% YTD but still 3.6% below its 12‑month peak.
- América Móvil: 2.9 million prepaid lines gone, and revenue kept growing
Telcel lost lines in the third quarter while its cellular revenue rose 6.6%. The real question is how many of those lines were ever paying.
- Cemex: a 55% profit jump on 12% EBITDA growth
Net profit reached $407 million in the third quarter. Operating results rose far less, Mexico did most of the work and EBITDA in the United States fell.
- América Móvil: a 7.5% jump that only returns the stock to July
Third-quarter revenue rose 7.6% and the share led the IPC on the day, yet it still sits 0.4% below where it traded three months ago.
- América Móvil: the clean-up that isn't finished
Profit rose 7% and debt fell, but Telcel has about 3 million fewer prepaid lines than a year ago. With nearly four in ten Mexican lines still unregistered ten weeks before the deadline, the registry is a cost that hasn't arrived yet.
- Cemex: a Mexican boom, measured in dollars
Cemex raised its profit forecast in July and the stock has fallen 11.5% since. Its own report explains part of the gap: in pesos, Mexico grew a lot less than the dollar figures suggest.
- Fibra Uno: a 12-month high, still a third below its own valuation
Mexico's largest property trust is up 24.5% in a year and pays out almost every peso it earns. Its price is the highest in twelve months, and still 34% under the net asset value Fibra Uno reports for itself.
- Walmex: fewer shoppers, bigger receipts, and a rally that showed up early
Mexico's largest retailer is getting fewer visits and charging more per visit. The stock has bounced 10.6% from its September low anyway, on thin volume, a week before results.