桑坦德銀行墨西哥分行

拉吉夫·基恩 新興市場基金

股票代碼：不適用

地區：拉丁美洲

????掌管61億美元Virtus Emerging Markets Opportunities基金的拉吉夫·基恩表示，投資者太過關注金磚四國(巴西、俄羅斯、印度和中國)，卻忽視了墨西哥。該基金2002年以來平均年化收益率達到驕人的17%。他認為，這是一個錯誤。“墨西哥的增長已有約兩年超過巴西，”他說。“這是個非常不錯的市場。”

????今年秋季當西班牙金融巨頭西班牙國際銀行（Banco Santander）開始出售墨西哥業務的股票時，基恩抓住機會買入了這只股票。他說，該股目前動態市盈率為12倍。他說：“這真是只好股票，。”基恩指出，這家墨西哥銀行擁有2.5%的“巨大”資產回報率，而且一級資本金充足率為14%。他說：“相比你在美國或歐洲看到的那些銀行，這家銀行資本金相當充足。”墨西哥的金融服務市場仍處于相對初期。他指出，私營部門的債務/GDP比率比巴西低了約50%，很多墨西哥人依然沒有按揭貸款。因此，基恩預計桑坦德銀行墨西哥分行（Grupo Financiero Santander Mexico） 今后幾年的利潤增長可能超過12%。而且，作為控制墨西哥近四分之三市場的五大銀行之一，基恩表示，這應能阻止競爭對手趕上它。

????--M.K.

????譯者：早稻米

Grupo Financiero Santander Mexico

Rajiv Jain?Virtus Virtus Emerging Markets Opportunities

Ticker:?N/A

Around the globe pick:?Latin America

????Investors focus so much on the BRIC countries (Brazil, Russia, India, and China) that they forget Mexico, says Rajiv Jain, whose $6.1 billion?Virtus Emerging Markets Opportunities fund?(HEMZX)?has averaged a blistering 17% a year since 2002. He thinks that's a mistake. "Mexico has been outgrowing Brazil for about two years," he says. "It's a wonderful market to be in."

????When the Spanish financial giant Banco Santander began selling shares of its Mexican division this fall, Jain jumped at the chance to buy the stock, which he says has a forward P/E of 12. "It really is a jewel," he says. Jain points out that the Mexican bank has a "huge" 2.5% return on assets, and its tier-one capital ratio is 14%. "They're a massively well-capitalized bank compared with what you see in the U.S. or Europe," he says. The market for financial services in Mexico is relatively nascent. The private debt-to-GDP ratio is about 50% lower than it is in Brazil, he notes, and many Mexicans still lack mortgages. As a result, Jain thinks Santander Mexico can lift its earnings by more than 12% a year over the next few years. And it's one of five big banks that control three-quarters of the market, Jain says, which should prevent competitors from nipping at its heels.