1. Healthcare

January 30, 2015
Daily Colombian Equities Bulletin
COLCAP
1,389.0
%Day
-1.34%
466,010
TOTAL TURNOVER COP MM
191.07
TOTAL TURNOVER( USD MM)
UP
4
DOWN
14
UNCHANGED
Highlights of the Day
Index
COLCAP
Best performers
Canacol
Conconcreto
PfGrupoAval
Worst performers
Pf Cemargos
Exito
Cemargos
Most traded
PfBancolombia
PfGrupoAval
Ecopetrol
Others
Brent
Vix
S&P 500
COP
%Day
Px Min
Day
Px Max
Day
Volumen
COP MM
Volumen
USD MM
% YTD
1,389.0
-1.3%
1,389
1409.5
410,688
168.4
-8.2%
6,900
1,370
1,285
10.4%
5.4%
2.4%
6,360
1,300
1,255
6,900
1,370
1,285
6,765.4
503.9
52,638.2
2.77
0.21
21.58
38.0%
-5.5%
0.4%
8,600
25,000
9,200
-5.5%
-4.9%
-4.2%
8,600
25,000
9,200
9,200
26,000
9,600
11,853
16,755
7,508
4.86
6.87
3.08
-10.9%
-14.4%
-9.8%
28,880
1,285
1,955
1.6%
2.4%
-0.5%
27,800
1,255
1,950
28,880
1,285
2,015
106,066.0
52,638.2
49,083.0
43.49
21.58
20.12
0.8%
0.4%
-6.0%
52.4
21.0
1,995.0
2,439.0
6.7%
11.8%
-1.3%
1.1%
48.8
19.2
1,993.4
2,459.0
53.1
22.2
2,023.3
2,425.0
Last Px
Today, total turnover reached USD 191 mm pushed by negotiations of PfBancolombia (USD 43 mm), PfGrupoAval (USD
22 mm) and Ecopetrol (USD 20 mm). The Colcap index closed at 1,389 points, equivalent to a daily change of -1.34%.
The best performers were Canacol (+10.40%), Conconcreto (+5.38%) and PfGrupoAval (+2.39%). On the other hand, the
worst performers were Pf Cemargos (-5.49%), Exito (-4.94%) and Cemargos (-4.17%).
% Ytd - Colcap
-8.6%
9.2%
-3.1%
2.6%
Dividend Calendary
Ex-Dvd
26-01-15
26-01-15
26-01-15
09-02-15
23-02-15
23-02-15
09-03-15
Company
Banco de Bogotá
Corficolombiana
Grupo Aval
Nutresa
Banco de Bogotá
Grupo Aval
Nutresa
Payment Day
02-02-15
02-02-15
02-02-15
16-02-15
02-03-15
02-03-15
16-03-15
Value
210.00
57.00
4.80
36.00
210.00
4.80
36.00
Payment
Cash
Cash
Cash
Cash
Cash
Cash
Cash
Canacol
PfAviancaHoldings
PfBancolombia
PfGrupoAval
Isagen
Cemex Latam
Corficolombiana
Ecopetrol
Banco de Bogota
EEB
PfDavivienda
Grupo Argos
Cemargos
Nutresa
PfGrupoSura
BVC
Celsia
ISA
Exito
Pacific Rubiales
Cemex Latam
Grupo Argos
Celsia
Exito
Cemargos
EEB
ISA
PfGrupoSura
Nutresa
Grupo Sura
Banco de Bogota
Bancolombia
Corficolombiana
PfAviancaHoldings
PFBancolombia
Isagen*
PfGrupoAval
Pacific Rubiales
Ecopetrol
COLCAP
% Colcap
1.9%
10.1%
2.5%
5.5%
6.4%
2.3%
3.7%
11.9%
6.6%
0.0%
2.6%
0.0%
3.1%
0.6%
10.6%
2.5%
2.1%
4.5%
11.4%
38.0%
8.0%
0.8%
0.4%
-2.7%
-4.9%
-5.6%
-6.0%
-6.0%
-7.1%
-8.8%
-9.7%
-9.8%
-10.8%
-11.9%
-11.9%
-12.3%
-13.1%
-14.4%
-63.9%
Pacific Rubiales
Ecopetrol
BVC
Corficolombiana
EEB
PfGrupoAval
Banco de Bogota
ISA
Isagen
PfBancolombia
PfDavivienda
Celsia
Exito
PfAviancaHoldings
PfGrupoSura
Cemargos
Nutresa
Grupo Argos
23.3%
13.3%
7.7%
6.7%
4.1%
3.8%
3.6%
2.9%
2.8%
2.7%
2.5%
2.2%
2.1%
2.0%
2.0%
1.8%
1.7%
1.2%
P/E - Colcap
Stance Against our Target Prices
Name
Yield - Colcap
Last px
15,220
18,520
5,150
25,000
9,200
1,580
7,500
34,800
25,500
35,400
62,120
27,460
37,060
3,695
28,880
2,885
1,285
5,450
1,955
1,389
TargetPx
2015YE
Last Px vs Target Px
Last Update
44.55%
36.07%
33.01%
31.60%
30.43%
29.75%
29.33%
25.86%
25.29%
23.73%
20.09%
18.72%
15.22%
13.67%
12.88%
11.61%
7.39%
22,000
25,200
6,850
32,900
12,000
2,050
9,700
43,800
31,950
43,800
74,600
32,600
42,700
4,200
32,600
3,220
1,380
OVERWEIGHT
Under review
Under review
Under review
Under review
Under review
Under review
1,790
OVERWEIGHT
OVERWEIGHT
NEUTRAL
NEUTRAL
NEUTRAL
NEUTRAL
UNDERWEIGHT
UNDERWEIGHT
UNDERWEIGHT
UNDERWEIGHT
UNDERWEIGHT
UNDERWEIGHT
UNDERWEIGHT
UNDERWEIGHT
UNDERWEIGHT
UNDERWEIGHT
28.9%
27-10-14
27-11-14
30-10-14
06-11-14
31-10-14
19-12-14
18-11-14
27-11-14
11-10-14
27-11-14
28-08-14
27-11-14
10-09-14
10-12-14
27-11-14
09-12-14
28-08-14
28-10-14
28-10-14
PfGrupoSura
Exito
Grupo Argos
Nutresa
Isagen
Cemex Latam
EEB
BVC
PfGrupoAval
ISA
PfBancolombia
Canacol
Banco de Bogota
Corficolombiana
PfAviancaHoldings
PfDavivienda
Celsia
Ecopetrol
Pacific Rubiales
P/BV - Colcap
27.5
24.1
23.9
22.6
18.6
18.4
17.2
15.2
15.0
14.8
14.8
14.5
14.3
13.8
11.4
11.2
10.9
7.5
2.2
BVC
Cemex Latam
Isagen
Corficolombiana
Banco de Bogota
PfBancolombia
PfDavivienda
Cemargos
Nutresa
EEB
Exito
PfAviancaHoldings
PfGrupoAval
Ecopetrol
ISA
Celsia
Grupo Argos
PfGrupoSura
Canacol
Pacific Rubiales
3.6
2.8
1.9
1.9
1.9
1.7
1.7
1.7
1.5
1.5
1.4
1.3
1.2
1.2
1.1
1.1
1.0
0.9
0.7
0.2
28.9%
Figures in COP; Source: Bloomberg;* Valuation Multiples;**Target Price under revision;Calculations and Analysis: Corredores Asociados
This report was elaborated by Equity Capital Markets Research Department. Davivienda Corredores does not take responsibility for the decisions derived from the information and analysis hereby presented. Such decisions and its consequences are solely investor responsibility. Data here
presented has informational purposes and have been taken from public reliable sources. Corredores Davivienda does not guarantee its accuracy. Total or partial reproduction of this document is not permitted without previous and explicit authorization from Davivienda Corredores.
1
January 30, 2015
Daily Colombian Equities Bulletin
Name
last Px
Oil & Gas
Canacol
Ecopetrol
Pacific Rubiales
6,900
1,955
5,450
Banco de Bogota
Bancolombia
BVC
Corficolombiana
Occidente
PfBancolombia
Pfcorficol
PfDavivienda
62,120
27,460
18.5
37,060
40,020
28,880
35,020
25,620
Grupo Argos
Grupo sura
Grupo Aval
PfGrupoAval
PfGrupoSura
PFGrupoArgos
Valorem
18,520
35,400
1,245
1,285
34,800
18,520
388
PfAviancaHoldings
3,695
Celsia
EEB
ISA
Isagen
5,150
1,580
7,500
2,885
Exito
Nutresa
25,000
25,500
Carvajal Empaques
Pf Cemargos
Cemargos
Cemex Latam
Enka
Tablemac
2,460
8,600
9,200
15,220
11.80
8.00
% Day
Odinsa
Conconcreto
El Condor
6,800
1,370
1,600
0.0%
10.4%
-0.5%
0.0%
0.0%
-3.5%
0.0%
-4.1%
-1.7%
0.0%
1.6%
0.0%
-1.4%
0.0%
-3.5%
1.1%
0.0%
2.4%
-0.3%
-1.5%
2.1%
0.8%
0.8%
0.0%
-3.2%
-1.3%
-3.1%
-2.5%
0.0%
-4.9%
-3.0%
0.0%
0.0%
-5.5%
-4.2%
-1.8%
0.0%
0.0%
-3.2%
-3.2%
0.0%
0.0%
5.4%
0.0%
Mineros
1,995
Fabricato
Volume
COP MM
Volume
USD MM
Px
Max Day
Px
Min Day
P/E
P/BV
Yield
Volatility*
ROE
Cap. COP Bn
% Month
%YTD
0.0%
38.0%
-6.0%
-63.9%
0.0%
-6.0%
-0.7%
-11.9%
-5.6%
-4.7%
0.8%
-7.8%
-8.8%
0.0%
-9.7%
-11.5%
-4.6%
0.4%
-11.9%
-7.4%
0.8%
8.0%
8.0%
0.0%
-12.3%
-7.1%
-13.1%
-2.7%
0.0%
-14.4%
-10.8%
0.0%
0.0%
11.7%
-9.8%
-4.9%
-6.3%
-4.2%
-11.2%
-11.2%
0.0%
-13.9%
-5.5%
-3.0%
Average Daily Volume
USD 000 (6M)
Max 52
Weeks
1.725
9.940
5.336
15,200
4,025
41,520
2,955
1,750
5,260
59.84
46.56
21.33
0.610
1.890
0.219
1.575
0.195
7.794
0.116
2.272
73,369
30,200
24.6
41,252
42,540
31,300
38,000
32,500
62,120
21,100
18.0
31,951
38,500
22,000
29,430
20,380
47.68
54.40
43.46
48.14
25.91
54.73
47.00
42.79
2.332
3.855
0.286
5.704
2.506
1.578
0.067
24,180
44,800
1,460
1,470
44,000
24,000
390
16,800
29,600
1,130
1,130
30,460
16,800
250
50.30
39.07
44.17
48.31
41.98
46.70
43.86
1.237
4,405
3,150
59.42
0.948
0.600
0.904
1.268
6,620
1,770
9,801
3,365
4,890
1,330
7,190
2,630
45.26
42.32
44.92
53.93
2.295
1.669
33,280
29,500
24,400
23,400
45.02
43.17
0.020
2.146
1.308
2.684
0.048
0.006
3,095
11,800
12,580
20,300
14.30
8.20
1,970
8,420
8,200
12,760
8.50
6.50
58.61
45.05
54.69
43.90
40.61
55.96
0.208
580
370
41.62
0.115
0.157
0.106
8,710
1,560
1,690
6,500
1,290
1,040
33.75
25.29
46.94
Min 52
Weeks
RSI
299
504
141
0.1
0.2
0.1
6,800
1,370
1,600
6,800
1,300
1,600
15.0
24.0
16.7
1.6
1.2
1.5
3.2%
1.6%
2.1%
10.5%
5.0%
8.7%
43.9
32.1
24.6
1.2
1.2
1.0
0.0%
38.0%
-6.0%
-63.9%
0.0%
-6.0%
-0.7%
-11.9%
-5.6%
-4.7%
0.8%
-7.8%
-8.8%
0.0%
-9.7%
-11.5%
-4.6%
0.4%
-11.9%
-7.4%
0.8%
8.0%
8.0%
0.0%
-12.3%
-7.1%
-13.1%
-2.7%
0.0%
-14.4%
-10.8%
0.0%
0.0%
-10.9%
-9.8%
-4.9%
-6.3%
0.0%
-11.2%
-11.2%
0.0%
-13.9%
-5.5%
-3.0%
0.0%
21
0.0
1,995
1,995
12.0
0.9
8.5%
7.5%
49.4
0.5
-16.9%
-16.9%
0.162
3,145
1,995
30.60
11
0.0%
159
0.1
11
11
0.1
0.0%
-14.3%
66.4
0.1
-3.6%
-3.6%
0.018
ICOLCAP
HCOLSEL
14,259
13,251
0.1%
0.4%
0.7
0.7
14,259
13,251
14,200
13,251
0.0
0.0
0.0%
0.0%
0.0%
0.0%
23.7
34.5
2.3
0.1
-6.2%
-6.0%
-6.2%
-12.0%
2.956
0.725
11
13,409
13,409
12,490
23.09
43.05
43.05
40.65
Colcap
1,389
-1.3%
1,746
1,711
410,688
19
18,000
18,000
16,225
22.8
294.5
-8.2%
-8.2%
1,787
1,342
42.47
ETB
450
6,765
49,083
6,349
2.8
20.1
2.6
6,900
2,015
5,960
6,360
1,950
5,340
14.5
7.5
2.2
0.7
1.2
0.2
0.0%
13.3%
23.3%
5.1%
15.7%
7.6%
135.9
46.7
121.2
0.7
80.4
1.7
9,609
7,858
951
14,265
36
106,066
152
10,580
3.9
3.2
0.4
5.8
0.0
43.5
0.1
4.3
64,300
27,460
19.5
37,820
40,020
28,880
35,020
26,100
62,120
26,820
18.5
37,060
40,020
27,800
35,020
25,620
14.3
14.0
15.2
13.8
12.8
14.8
13.1
11.2
1.9
1.7
3.6
1.9
1.6
1.7
1.8
1.7
3.6%
2.8%
7.7%
6.7%
3.6%
2.7%
7.0%
2.5%
12.9%
11.8%
23.4%
13.7%
12.7%
11.8%
13.7%
15.4%
23.5
26.7
34.1
24.6
13.7
25.4
29.9
41.6
19.1
26.4
0.3
7.7
6.2
27.8
7.3
11.4
29,583
27,991
391
52,638
23,494
1,450
57
12.1
11.5
0.2
21.6
9.6
0.6
0.0
19,000
35,400
1,245
1,285
35,300
18,800
388
18,520
34,780
1,245
1,255
34,800
18,260
388
23.9
27.9
14.6
15.0
27.5
23.9
16.1
1.0
0.9
1.2
1.2
0.9
1.0
0.7
1.2%
1.1%
4.0%
3.8%
2.0%
1.2%
1.1%
4.0%
3.2%
8.3%
8.3%
3.2%
4.0%
4.4%
37.4
30.3
33.6
26.9
27.4
41.9
23.1
14.5
20.4
23.1
23.8
20.0
14.5
1.0
14,898
6.1
3,695
3,635
11.4
1.3
2.0%
11.5%
28.1
3.7
6,519
6,496
8,328
7,937
2.7
2.7
3.4
3.3
5,270
1,600
7,750
2,960
5,150
1,580
7,500
2,880
10.9
17.2
14.8
18.6
1.1
1.5
1.1
1.9
2.2%
4.1%
2.9%
2.8%
9.8%
8.5%
7.5%
10.3%
34.0
28.2
42.5
24.2
3.7
14.5
8.3
7.9
16,755
16,389
6.9
6.7
26,000
26,300
25,000
25,500
24.1
22.6
1.4
1.5
2.1%
1.7%
5.9%
4.6%
33.9
25.8
11.2
11.7
0
.
7,508
17,428
67
195
0.0
4.9
3.1
7.1
0.0
0.1
2,460
9,200
9,600
15,600
12
8
2,460
8,600
9,200
15,220
12
8
13.5
0.7
1.6
1.7
2.8
0.3
0.8
8.1%
2.7%
1.8%
0.0%
0.0%
1.3%
-1.3%
3.6%
3.6%
15.3%
-0.7%
6.0%
61.9
32.2
36.4
35.7
28.7
67.0
0.3
11.7
12.5
8.5
0.1
0.3
222
0.1
465
450
7.4
0.5
3.9%
6.5%
40.9
1.6
168.4
1,409
1,389
37.2
40.2
18.4
0.0
0.0
15.8
1.3
3.5%
0
Source: Bloomberg; %Week last 5 week days; %Month last 30 week days
Research & Strategy
Director
Equity Analyst
Equity Analyst
Equity Analyst
Equity Analyst
Quantitative Specialist
Fixed Income Specialist
Francisco Chaves
Laura Salamanca
Katherine Ortiz
Gustavo Rodriguez
Juan Sebastián Jauregui
William Florez
Vanessa Santrich
(1) 312 3300 Ext. 92220
(1) 312 3300 Ext. 92110
(1) 312 3300 Ext. 92134
(1) 3123300 Ext. 92324
(1) 3123300 Ext. 92212
(1) 312 3300 Ext. 92178
(1) 312 3300 Ext. 92192
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
This report was elaborated by Equity Capital Markets Research Department. Corredores Davivienda S.A. does
not take responsibility for the decisions derived from the information and analysis hereby presented. Such
decisions and its consequences are solely investor responsibility. Data here presented has informational
purposes and have been taken from public reliable sources. Corredores Davivienda does not guarantee its
accuracy. Total or partial reproduction of this document is not permitted without previous and explicit
authorization from Corredores Davivienda S.A.