Colbun IPSA’s Surprise in the second quarter
Overall, there were no major surprises on results of the companies that comprise the benchmark for the Santiago Stock Exchange.
The slowdown has been a cross-cutting issue for the last time; however, it was not an effect that was markedly present in the results of companies that make up the IPSA which until Friday reported its second quarter results (more than 94% weight in the benchmark). In fact, one could say that what has been reported in general has been aligned to market estimates.
It has been evident that the results have not had a strong impact on the stock. An example of this was Ripley, who after rising 2% in morning as a result of its Q2 results, finally closed up only 0.55%.
But if we had to look for surprises in the IPSA for the period, these could concentrate on two things: Colbún, on the positive side and CAP on the negative edge. For the utility, its performance was positively affected by the implementation of Angostura hydroelectric plant. “It was hoped that they had a relatively good quarter,” said Francisco Errandonea, from Santander GBM, who adds that the party is not hydro, “generated at lower prices than we had estimated. It’s probably one of the biggest positive surprises in the quarter”.
On the opposite side was CAP, which surprised with their numbers down in almost all lines during the period. “The concern of the results of CAP is that apparently is not a point of the quarter, and the numbers are likely to come forward a little below what we thought,” said Errandonea.
Looking ahead, the market is estimated that in terms of results for the third quarter effects will be harder this time were more timidly, as the exchange rate, variations in international prices and the slowdown. Therefore, the third quarter of the year would be better predictor with greater certainty how the hand will come in 2015.
Source: Pulso
