Mexico’s Unifin Gains Most Since May IPO as UBS Says Buy SharesCarolina Wilson
Mexican equipment leaser Unifin Financiera SAB rallied the most since its May initial public offering after UBS AG recommended buying the stock.
The Swiss bank began coverage this week, saying in a research note that the company is “one of the most profitable financials globally.” The company raised 3.14 billion pesos ($200 million) in a market debut that ended a six-month drought in Latin American IPOs.
The company’s shares gained for a third straight day, rising 5.4 percent to 35.85 pesos at 1:46 p.m. in Mexico City. The benchmark IPC stock index increased 0.8 percent.
“While stock liquidity remains a concern, we think the growth profile of the company warrants a buy,” Frederic De Mariz, an analyst at UBS, wrote in the note. The bank was an underwriter of the IPO.
Mexico City-based Unifin provides leases of equipment including aircraft, construction machinery and X-ray machines. UBS began covering the company about a week after Interacciones Casa de Bolsa, which also started with a buy rating.
Now that there is more coverage of Unifin, investors are realizing its potential, Enrique Mendoza, an analyst at Interacciones Casa de Bolsa, said in a phone interview from Mexico City.
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