corporate presentation · kallpa securities sab kallpa securities s.a.b. is an investment boutique...
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August 2013
T R A D I N G – C O R P O R A T E F I N A N C E – E Q U I T Y R E S E A R C H - A S S E T M A N A G E M E N T
CORPORATE PRESENTATION
This document has been prepared exclusively to be accompanied by an oral presentation and does not hold any publication and/or communication rights. This document is strictly confidential. The person receiving this document agrees that neither they nor their representatives, directors, agents or employees may copy, reproduce or distribute to third parties this document, either in whole or in part, without prior written consent of KALLPA Securities Sociedad Agente de Bolsa S.A.
KALLPA SECURITIES SAB
KALLPA SECURITIES S.A.B. is an investment boutique :
o Equity and Fixed Income Sales &Trading
o Equity Research
o Capital Markets
o Corporate Finance
o Portfolio Management
Inception Beginning of operations •Over 2,859 clients, • 25 employees, •Peruvian, US and Canadian trading platforms
Board of Directors KALLPA SECURITIES S.A.B:
o Alberto Arispe : MBA with 8 years experience in investment banking in New York.
o Enrique Hernández : Former CEO, director and business manager of several SABs in Peru.
o Ricardo Carrión : Outstanding professional, emphasis on capital markets and corporate finance.
o Elizabeth Cueva : MBA with 16 years of operational experience in SABs in Peru.
o Pablo Berckholtz : Lawyer, company director, partner in Echecopar’s Law Firm, an expert in finance.
o Andrés Robles : MBA with 16 years of investment banking experience in Peru and USA.
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Av. La Encalada 1388 Of. 802 – Surco Phone: (511) 630-7500 Fax: (511) 638-5136
Web Site: www.kallpasab.com Email: [email protected]
June 2008
October 2008 TODAY
BUSINESS UNITS
KALLPA Securities S.A.B has three business units:
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Av. La Encalada 1388 Of. 802 – Surco Phone: (511) 630-7500 Fax: (511) 638-5136
Web Site: www.kallpasab.com Email: [email protected]
Investment Analysis - Equity Research.
Portfolio Management.
Purchase / Sales of securities to institutional investors in Peru and abroad.
Purchase / Sales of securities to retail
investors in Peru and abroad.
Placement of equities / bonds in primary markets.
Repurchase of equities in the secondary market.
Sales & Trading Corporate Finance and Capital Markets
Arranger of Capital Markets products (commercial papers, bonds and equity instruments).
Consulting and advisory in Capital Markets
(Listing in stock exchanges, stocks buyouts). Business Analysis and Enterprise Valuation.
Advising on M&A.
Financial Consulting.
Focus on Investment Banking activities and
Corporate Finance.
Standard Advisory
Enterprise Analysis Portfolio Manager Letters Technical Analysis Model Portfolios
Premium Advisory
Intra Day Technical Analysis Stock Carpet Analysis through Video Monthly Conference Calls Financial Planning:
Applicative sheets
Institutional Advisory
Advice on the portfolio managers election
Review and evaluation of current portfolios
Presence in Committee and Board of Directors
Asset Management
Discretionary Portfolios Global Portfolios Detailed monthly reports Training (loyalty)
Wealth Management
Integral Financial Planning Investments Advisory in real
and financial sectors Advice on the portfolio
managers election Trust Management for
private persons Family Office
Institutional Asset Mgmt
Discretionary investments Portfolio Structure Trust Management Detailed monthly reports for
the Manager Training in investments Presence in Committee and
Board of Directors
Web Page Personal Finance
Sta
nd
ard
Se
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Institutional Portfolio
Av. La Encalada 1388 Of. 802 – Surco Phone: (511) 630-7500 Fax: (511) 638-5136
Web Site: www.kallpasab.com Email: [email protected]
BUSINESS UNITS
Also, KALLPA SAB has its Asset Management business.
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VOLUME TRADED IN LSE (PEN)
January 1 to August 30, 2013 Market share (%)
1 CONTINENTAL BOLSA S.A.B. 3,980,832,306.59 23.61
2 LARRAIN VIAL SAB S.A 3,190,608,081.57 18.92
3 CREDIBOLSA S.A.B. 2,656,739,243.93 15.76
4 CELFIN CAPITAL S.A. SAB 1,768,075,061.20 10.49
5 INTELIGO S.A.B. 1,730,949,015.50 10.27
6 SCOTIA BOLSA S.A.B. 987,429,585.44 5.86
7 SEMINARIO y CIA. S.A.B. 796,888,181.52 4.73
8 KALLPA SAB S.A. 494,375,757.98 2.93
9 COMPASS GROUP SAB S.A. 175,101,416.00 1.04
10 GRUPO CORIL S.A.B. 158,948,266.89 0.94
11 NCF BOLSA SAB S.A. 140,174,369.17 0.83
12 ANDES SECURITIES SAB S.A.C. 122,457,980.29 0.73
13 PROM E INV. INVESTA S.A.B. 112,312,757.81 0.67
14 MGS y ASOCIADOS S.A.B. 101,188,925.49 0.60
15 MAGOT S.A.B. S.A.C. 85,893,255.78 0.51
16 CARTISA PERU S.A.B. 81,331,802.25 0.48
17 INVERSION y DESARROLLO S.A.B. 81,163,743.39 0.48
18 MBA Lazard SAB S.A. 52,567,581.19 0.31
19 GPI VALORES SA SAB 51,989,127.13 0.31
20 PROVALOR S.A.B. 45,717,527.24 0.27
21 CA PERU SAB SAC 21,282,161.48 0.13
22 BNB VALORES PERU SOLFIN SAB 14,044,637.72 0.08
23 TRADEK S.A. S.A.B. 10,683,874.17 0.06
16,860,754,659.73
RANKING SABs PERU 2013
6
Av. La Encalada 1388 Of. 802 – Surco Phone: (511) 630-7500 Fax: (511) 638-5136
Web Site: www.kallpasab.com Email: [email protected]
Source: SMV
KALLPA SAB – Sustained Growth 2008 – 2012
Source: SMV
Av. La Encalada 1388 Of. 802 – Surco Phone: (511) 630-7500 Fax: (511) 638-5136
Web Site: www.kallpasab.com Email: [email protected]
1 CREDIBOLSA SAB 5,881,045,853
2 CONTINENTAL BOLSA SAB 5,666,432,143
3 SAB SEMINARIO & CIA. 2,034,175,305
4 SCOTIA BOLSA SAB 1,838,393,638
5 INVESTA SAB 631,634,470
6 MGS & ASOC. SAB 610,428,250
7 MAGOT & ASOC. SAB 572,703,394
8 INVERSION Y DESAR. SAB 494,560,519
9 ANDES SECURITIES SAB 471,125,364
10 CELFIN CAPITAL SAB 460,599,596
11 SAB CARTISA PERU 331,674,199
12 COMPASS GROUP SAB 327,414,072
13 KALLPA SECURITIES SAB 303,109,118
14 GRUPO CORIL SAB 279,326,551
15 INTELIGO 244,750,795
16 PROVALOR SAB 102,428,479
17 LATINOAMERICANA SAB 101,592,135
18 CITICORP PERU SAB 31,305,194
19 GRUPO PRIVADO SAB 15,255,340
20 INTERCAPITAL SAB 11,886,504
Monto Negociado 2009 - (S/.)
20,409,840,919
1 INTELIGO 5,334,644,761
2 CONTINENTAL BOLSA SAB 4,983,156,357
3 CREDIBOLSA SAB 4,471,840,303
4 SCOTIA BOLSA SAB 2,826,675,081
5 SAB SEMINARIO & CIA. 2,312,067,162
6 CELFIN CAPITAL SAB 2,013,645,009
7 CITICORP PERU SAB 1,366,329,626
8 MGS & ASOC. SAB 1,042,057,908
9 INVESTA SAB 556,992,295
10 COMPASS GROUP SAB 483,977,790
11 KALLPA SECURITIES SAB 452,072,231
12 ANDES SECURITIES SAB 399,516,208
13 INVERSION Y DESAR. SAB 361,001,164
14 GRUPO PRIVADO SAB 345,961,736
15 MAGOT & ASOC. SAB 341,635,925
16 PROVALOR SAB 306,721,436
17 SAB CARTISA PERU 296,596,319
18 GRUPO CORIL SAB 286,232,782
19 LATINOAMERICANA SAB 74,281,533
20 NCF SAB S.A. 24,141,344
21 TRADEK S.A. SAB 11,557,152
22 INTERCAPITAL SAB 4,899,631
23 BNB VALORES PERU SOLFIN SAB 3,857,487
Monto Negociado 2010 - (S/.)
28,299,861,240
Volume traded 2009 (S/.) Volume traded 2010 (S/.) Volume traded 2011 (S/.) Volume traded 2012 (S/.)
Volume traded in the BVL (PEN)
8
Million (S/.)
18% of our volume corresponds to institutional investors.
82% of our volume corresponds to retail investors.
Kallpa SAB grew of the position 14 of 18 SABs in 2008 to the position 8 of 25 SABs in volume traded in the BVL at the conclusion of 2012.
Volume traded in Lima Stock Exchange
KALLPA SAB´S GROWTH IN THE MARKET 2008-2013
Av. La Encalada 1388 Of. 802 – Surco Phone: (511) 630-7500 Fax: (511) 638-5136
Web Site: www.kallpasab.com Email: [email protected]
Source: SMV
139
303
452
1,041
1,248
494*
0
200
400
600
800
1,000
1,200
1,400
2008 2009 2010 2011 2012 2013*
Volume Traded in LSE
117
736 850
1,501
2,065
1,013
0
500
1,000
1,500
2,000
2,500
2008 2009 2010 2011 2012 2013*
International
LSE
KALLPA SAB - Total Volume Traded
Trading abroad represents, in average, 26% of volume traded.
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Av. La Encalada 1388 Of. 802 – Surco Phone: (511) 630-7500 Fax: (511) 638-5136
Web Site: www.kallpasab.com Email: [email protected]
Million S/.
(*) Value to 08-30-2012
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Av. La Encalada 1388 Of. 802 – Surco Phone: (511) 630-7500 Fax: (511) 638-5136
Web Site: www.kallpasab.com Email: [email protected]
KALLPA SAB – Assets in our Custody
Client´s assets include equities, bonds and cash.
(*) Value to 08-30-2013
$ 4.04
$ 27.94
$ 146.70
$ 124.29
$ 250.80
$ 214,46
$0
$50
$100
$150
$200
$250
$300
2008 2009 2010 2011 2012 2013*
Millions (US$) Assets in our custody (In millions US$)
RETURN ON EQUITY (ROE) 2012
11
Av. La Encalada 1388 Of. 802 – Surco Phone: (511) 630-7500 Fax: (511) 638-5136
Web Site: www.kallpasab.com Email: [email protected]
Source: SMV
-10% -5% 0% 5% 10% 15% 20% 25% 30% 35%
GPI VALORES S.A.B.
KALLPA SECURITIES S.A.B.
NCF BOLSA S.A.B.
CREDIBOLSA S.A.B.
GRUPO CORIL S.A.B.
CONTINENTAL BOLSA S.A.B.
SEMINARIO Y Cia. S.A.B.
SCOTIA S.A.B.
INTELIGO S.A.B.
COMPASS GROUP S.A.B.
LARRAIN VIAL S.A.B.
CELFIN CAPITAL S.A.B.
30.0%
21.6%
16.8%
14.1%
12.2%
11.6%
11.5%
8.4%
2.2%
1.5%
-4.9%
-7.3%
KALLPA SECURITIES S.A.B.
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Historical ROE
The equity of Kallpa SAB has grown significantly since its inception because 100% of the profits have been reinvested in the company.
Return on Equity - Kallpa SAB
RO
E (%
)
KALLPA SAB’s RETURNS (2008-2012)
Av. La Encalada 1388 Of. 802 – Surco Phone: (511) 630-7500 Fax: (511) 638-5136
Web Site: www.kallpasab.com Email: [email protected]
Source: KALLPA
-3.0%
33.5%
63.1%
45.1%
21.6%
-10%
0%
10%
20%
30%
40%
50%
60%
70%
2008 2009 2010 2011 2012
COMPETITIVE ADVANTAGES
Kallpa Securities SAB's success in recent years is due to:
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Av. La Encalada 1388 Of. 802 – Surco Phone: (511) 630-7500 Fax: (511) 638-5136
Web Site: www.kallpasab.com Email: [email protected]
- It is one of the few brokerage whose shareholders are managers of the company.
- Independent brokerage house, untied to any business group.
- One of the few brokerage houses with an equity research department and only brokerage with Equity Research of junior mining companies.
- One of the few SABs with a division dedicated exclusively to capital market deals, specialized in valuation, and financial advisory.
- Kallpa Securities is sponsor of 13 out of 17 junior mining companies listed in the Venture Exchange of the Lima Stock Exchange.
KALLPA SAB - Equity Research Coverage
Kallpa´s Equity Research Team covers 18 companies that trade in the Lima Stock Exchange.
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Av. La Encalada 1388 Of. 802 – Surco Phone: (511) 630-7500 Fax: (511) 638-5136
Web Site: www.kallpasab.com Email: [email protected]
GRAMONC1 VOLCABC1 FERREYC1
PML BROCALC1
TV
ALICORC1
CVERDEC1
BAP
SUE
RIO SCCO
15
15
Watchlist’s performance 2010 – 2013 114.48%
INCA’s performance 2010 – 2013 9.01%
Source: Bloomberg, Kallpa SAB Closing prices as of 08/30/13 Exchange rate: 2.8090
Kallpa Securities SAB recommends to invest in equity considering a fundamental analysis. The Watchlist is a portfolio with eight equity stocks that our Research team likes the most.
Perf. 2010 2011 2012 2013
Watchlist 130.56% -1.35% 27.78% -25.91%
INCA 56.67% -21.23% 6.60% -17.13% -50%
0%
50%
100%
150%
200%
250%
ene-
10
abr-
10
jul-
10
oct
-10
ene-
11
abr-
11
jul-
11
oct
-11
ene-
12
abr-
12
jul-
12
oct
-12
ene-
13
abr-
13
jul-
13
Watchlist vs. INCA 2010 - 2013
%C. Base
% INCA
Accumulated Watchlist: 114.5% Accumulated INCA: 9.0%
Stock # Shares Buy
price Initial
weight Initial Portfolio
- USD Closing
price Final Portfolio -
USD % YTD
RIO 7,468 5.04 12.5% 37,641 2.61 19,493 -48.2%
BAP 262 143.61 12.5% 37,641 122.50 32,108 -14.7%
BVN 1,070 35.17 12.5% 37,641 12.39 13,261 -64.8%
PML 60,712 0.62 12.5% 37,641 0.36 21,856 -41.9%
TV 35,849 1.05 12.5% 37,641 0.66 23,660 -37.1%
GRAMONC1 10,036 9.57 12.5% 37,641 10.85 38,764 3.0%
ALICORC1 11,712 8.20 12.5% 37,641 9.54 39,778 5.7%
FERREYC1 52,482 1.83 12.5% 37,641 1.83 34,191 -9.2%
Total 100.00% 301,130 223,110
Av. La Encalada 1388 Of. 802 – Surco Phone: (511) 630-7500 Fax: (511) 638-5136
Web Site: www.kallpasab.com Email: [email protected]
Watchlist: Kallpa SAB’s recommended portfolio – 08/30/2013
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KALLPA SAB: Number 1 in mining industry juniors in Peru
Leading SAB in primary placements in the Peruvian junior mining market.
Leading SAB listing junior mining companies in the Lima Stock Exchange.
Leading SAB sponsoring junior mining companies in the Lima Stock Exchange.
Leading SAB in arbitrage operations in the Peruvian market.
Leading SAB promoting the junior mining industry in Peru.
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Av. La Encalada 1388 Of. 802 – Surco Phone: (511) 630-7500 Fax: (511) 638-5136
Web Site: www.kallpasab.com Email: [email protected]
KALLPA SAB – Primary Offerings
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Av. La Encalada 1388 Of. 802 – Surco Phone: (511) 630-7500 Fax: (511) 638-5136
Web Site: www.kallpasab.com Email: [email protected]
- Kallpa Securities is the leader in equity primary private placements among junior mining companies in Peru.
- In 2010-2013 Kallpa SAB placed US$ 100 mn among Peruvian investors.
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Av. La Encalada 1388 Of. 802 – Surco Phone: (511) 630-7500 Fax: (511) 638-5136
Web Site: www.kallpasab.com Email: [email protected]
Kallpa Securities SAB is sponsor of 13 junior mining companies and advisor of 5 companies that list in LSE mainboard.
KALLPA SAB – Achievements
ORGANIZATION CHART
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Av. La Encalada 1388 Of. 802 – Surco Phone: (511) 630-7500 Fax: (511) 638-5136
Web Site: www.kallpasab.com Email: [email protected]
CEO
Managing Director-Sales & Trading
Trading Desk
Chacarilla Sales Desk
South Region Sales Desk (Arequipa & Tacna)
Managing Director-Capital Markets
Managing Director-Corporate Finance
Equity Research Portfolio
Management
COO
Operations
Accounting
IT
Administration
Controller Compliance Officer
TEAM
Trading
Research and Investments
Operations
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Av. La Encalada 1388 Of. 802 – Surco Phone: (511) 630-7500 Fax: (511) 638-5136
Web Site: www.kallpasab.com Email: [email protected]
• Enrique Hernández
• Eduardo Fernandini
• Javier Frisancho
• Jorge Rodriguez
• Alberto Arispe
• Ricardo Carrión
• Marco Contreras
• Edder Castro
• Humberto León
• Elizabeth Cueva
• Alan Noa
• Ramiro Misari
• Mariano Bazán
• Diego García
Sales
Customer Service
• Flavia Reyes
• Daniel Berger
• Hernando Pastor
• Jesús Molina Contreras
• Gerson Del Pozo
LONG TERM VIEW
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Av. La Encalada 1388 Of. 802 – Surco Phone: (511) 630-7500 Fax: (511) 638-5136
Web Site: www.kallpasab.com Email: [email protected]
Brokerage Firm
Investment Banking
Asset Management
Private Banking
Long Term
Brokerage House
TODAY
Asset Management
Brokerage House
June 2008
KALLPA SECURITIES SAB
Elizabeth Cueva
Av. La Encalada 1388 – Oficina 802 – Edificio Centro Empresarial Polo Hunt I
Managing Director – Trading [email protected] (511) 630 7515 (51) 9 9647 2318
Managing Director – Corporate Finance [email protected] (511) 630 7526 (51) 9 9347 9320
Contact Information
COO [email protected] (511) 630 7521 (51) 9 9007 4174
Enrique Hernández
Ricardo Carrión
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Av. La Encalada 1388 Of. 802 – Surco Phone: (511) 630-7500 Fax: (511) 638-5136
Web Site: www.kallpasab.com Email: [email protected]
The content of this documents is only informative and referential
T R A D I N G – C O R P O R A T E F I N A N C E – E Q U I T Y R E S E A R C H - A S S E T M A N A G E M E N T