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Cemex Latam May Gain 27 Percent on Colombian Demand, HSBC Says

Cemex Latam Holdings SA, a cement maker with operations in Central and South America, may surge 27 percent in the coming year as demand increases in Colombia, the source of more than half of sales, HSBC Holdings Plc said.

Cemex Latam, based in Bogota, has the potential to reach 16,300 pesos in the next 12 months, HSBC analysts led by Francisco Suarez wrote in a note dated yesterday. The shares rose 0.3 percent today to 12,840 pesos at the close of trading in Bogota.

The company will be able to “selectively expand” its cement capacity in Colombia, where overall industry output is expected to grow as much as 5.9 percent, according to the analysts. Such additions should help the company to fend off competitors in the market, including Jona, Switzerland-based Holcim Ltd. and Medellin-based Cementos Argos SA.

The shares have the “most significant upside potential” among peers, because it trades at a discount and is a “likely” candidate for inclusion in stock indexes, which could attract more investors, according to the report.

Cemex Latam is trading at 14 times estimated 2013 earnings, compared with 44 times for Cementos Argos, according to a separate report from the analysts yesterday.

The company’s shares have surged 13 percent this year after Bogota-based brokerage Correval SA said Jan. 3 they would be included in Colombia’s benchmark Colcap index.

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