Compartamos SAB (COMPARC*), the holding company that controls low-income lender Banco Compartamos SA, posted its biggest weekly decline on record after reporting earnings and profit forecasts below estimates.
The shares fell 2.7 percent to 13.79 pesos in Mexico City, extending the weekly decline to 12 percent, the most since the shares were listed in December 2010. The benchmark IPC index of 35 Mexican stocks gained 1 percent this week.
Fourth-quarter net income fell 8.9 percent to 469 million pesos ($36 million), the Mexico City-based company said in a Feb. 27 statement. Compartamos said Feb. 29 that net income would rise between 2 percent and 5 percent this year, implying earnings of as much as 2.1 billion pesos, according to data compiled by Bloomberg. Analysts estimated profit of 2.41 billion pesos in 2012, according to the average of four forecasts.
“More than earnings, the market was disappointed by the guidance,” said Rafael Escobar, an analyst with Mexico City- based Vector Casa de Bolsa SA. Vector cut its rating on the stock to “sell” from “hold.”
Grupo Financiero BBVA Bancomer SA reduced its recommendation to “underperform” from “outperform” yesterday.
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