桑坦德銀行墨西哥分行

拉吉夫·基恩 新興市場(chǎng)基金

股票代碼：不適用

地區(qū)：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(guò)關(guān)注金磚四國(guó)(巴西、俄羅斯、印度和中國(guó))，卻忽視了墨西哥。該基金2002年以來(lái)平均年化收益率達(dá)到驕人的17%。他認(rèn)為，這是一個(gè)錯(cuò)誤?！澳鞲绲脑鲩L(zhǎng)已有約兩年超過(guò)巴西，”他說(shuō)?！斑@是個(gè)非常不錯(cuò)的市場(chǎng)?！?/p>

????今年秋季當(dāng)西班牙金融巨頭西班牙國(guó)際銀行（Banco Santander）開(kāi)始出售墨西哥業(yè)務(wù)的股票時(shí)，基恩抓住機(jī)會(huì)買(mǎi)入了這只股票。他說(shuō)，該股目前動(dòng)態(tài)市盈率為12倍。他說(shuō)：“這真是只好股票，?！被髦赋?，這家墨西哥銀行擁有2.5%的“巨大”資產(chǎn)回報(bào)率，而且一級(jí)資本金充足率為14%。他說(shuō)：“相比你在美國(guó)或歐洲看到的那些銀行，這家銀行資本金相當(dāng)充足。”墨西哥的金融服務(wù)市場(chǎng)仍處于相對(duì)初期。他指出，私營(yíng)部門(mén)的債務(wù)/GDP比率比巴西低了約50%，很多墨西哥人依然沒(méi)有按揭貸款。因此，基恩預(yù)計(jì)桑坦德銀行墨西哥分行（Grupo Financiero Santander Mexico） 今后幾年的利潤(rùn)增長(zhǎng)可能超過(guò)12%。而且，作為控制墨西哥近四分之三市場(chǎng)的五大銀行之一，基恩表示，這應(yīng)能阻止競(jìng)爭(zhēng)對(duì)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.