Corporate Presentation

Transcription

1 T R A D I N G C O R P O R A T E F I N A N C E R E S E A R C H A S S E T M A N A G E M E N T December 2015 The content of this documents is only informative and referential.

2 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.

3 Kallpa Securities SAB June 2008 October 2008 Today KALLPA SECURITIES S.A.B. is an investment boutique : o Global Sales & Trading o Equity Research o Capital Markets o Corporate Finance o Inception Asset Management Beginning of Operations Over 4,000 clients, Over 30 employees, Peruvian, US and Canadian trading platforms Board of Directors KALLPA SECURITIES S.A.B: o Alberto Arispe: MBA with 8 years of experience in investment banking in New York. o Ricardo Carrión: Outstanding professional, emphasis on capital markets and corporate finance. o Elizabeth Cueva: MBA with 16 years of experience as COO in brokers in Peru. o Andrés Robles: Independent director, MBA, experience in investment banking in the US. o Pablo Berckholtz: Independent director, managing director of Estudio Echecopar. o Emilio Saba: Independent director, succesful businessman. 3

4 Business Units KALLPA SECURITIES SAB I. Global Markets II. Asset Management III. Capital Markets IV. Corporate Finance Sales Trading Research Operations Portfolio Management Sales Wealth Management Personal Finance Public Offerings Private Offerings Debt structuring services Advisory Mergers and Acquisitions Valuations Project Assessment Financial Advisory 4

5 Kallpa Securities SAB I. Global Markets 5

6 Peruvian brokers ranking - Equities TRADED VOLUME IN EQUITIES (PEN) From January 1 st to December 31 st 2015 Market Share (%) 1 CREDICORP CAPITAL SAB 3,442,899, % 2 BTG PACTUAL PERU SAB 1,944,238, % 3 INTELIGO SAB 1,637,570, % 4 SCOTIA BOLSA SAB 1,319,036, % 5 SEMINARIO y CIA. SAB 1,121,858, % 6 LARRAIN VIAL SAB 877,797, % 7 CONTINENTAL BOLSA SAB 525,939, % 8 KALLPA SECURITIES SAB 476,242, % 9 DIVISO BOLSA SAB 173,778, % 10 GRUPO CORIL SAB 127,070, % 11 INVERSION Y DESARROLLO SAB 107,367, % 12 PUENTE SAB 74,036, % 13 INVESTA SAB 60,147, % 14 ADCAP SECURITIES PERU SAB 59,230, % 15 MAGOT SAB 52,060, % 16 SAB CARTISA PERU 45,590, % 17 GPI VALORES SAB 44,144, % 18 PROVALOR SAB 27,365, % 19 COMPASS GROUP SAB 17,499, % 20 RENTA4 SAB 10,821, % 21 BNB VALORES PERU SOLFIN SAB 9,244, % 22 CA PERU SAB 6,397, % 23 TRADEK SAB 4,671, % 24 CITICORP PERU SAB % TOTAL 12,165,010, Source: SMV 6

7 Peruvian brokers ranking Fixed Income TRADED VOLUME IN FIXED INCOME (PEN) From January 1 st to December 31 st 2015 Market Share (%) 1 CREDICORP CAPITAL SAB 2,108,043, % 2 SCOTIA BOLSA SAB 973,517, % 3 CONTINENTAL BOLSA SAB 766,822, % 4 DIVISO BOLSA SAB 580,186, % 5 INTELIGO SAB 529,643, % 6 KALLPA SECURITIES SAB 434,178, % 7 ADCAP SECURITIES PERU SAB 351,886, % 8 SEMINARIO y CIA. SAB 289,684, % 9 BTG PACTUAL PERU SAB 204,633, % 10 PUENTE SAB 138,771, % 11 INVERSION Y DESARROLLO SAB 66,617, % 12 SAB CARTISA PERU 29,155, % 13 GRUPO CORIL SAB 12,723, % 14 BNB VALORES PERU SOLFIN SAB 7,198, % 15 RENTA4 SAB 7,056, % 16 GPI VALORES SAB 2,480, % TOTAL 6,502,599, % Source: SMV 7

8 Kallpa SAB Volume Traded Volume Traded 2012 (PEN) Volume Traded 2013 (PEN) Volume Traded 2014 (PEN) Volume Traded 2015 (PEN) 1 CONTINENTAL BOLSA SAB 10,500,938,353 2 CREDICORP CAPITAL SAB 5,399,357,746 3 INTELIGO SAB 2,861,630,859 4 SCOTIA BOLSA SAB 2,801,641,649 5 BTG PACTUAL PERU SAB 2,602,163,994 6 LARRAIN VIAL SAB 1,910,192,013 7 SEMINARIO y CIA. SAB 1,405,964,942 8 KALLPA SECURITIES SAB 1,248,108,133 9 GRUPO CORIL SAB 523,450, DIVISO BOLSA SAB 397,051, COMPASS GROUP SAB 360,845, SAB CARTISA PERU 348,426, INVERSION Y DESARROLLO SAB 290,710, GPI VALORES SAB 262,725, ADCAP SECURITIES PERU SAB 254,927, MGS & ASOCIADOS SAB 251,465, INVESTA SAB 247,551, MAGOT SAB 204,177, PUENTE SAB 164,194, PROVALOR SAB 61,214, LATINOAMERICANA S.A.B. 37,272, BNB VALORES PERU SOLFIN SAB 19,388, Otros 21,995,332 TOTAL 32,175,394,473 Source: SMV MONTOS NEGOCIADOS (S/) MONTOS NEGOCIADOS (S/) 1 CONTINENTAL BOLSA SAB 4,576,363,088 2 LARRAIN VIAL SAB 3,748,667,178 3 CREDICORP CAPITAL SAB 3,601,103,745 4 INTELIGO SAB 2,473,136,390 5 BTG PACTUAL PERU SAB 1,834,413,269 6 SCOTIA BOLSA SAB 1,569,048,248 7 SEMINARIO y CIA. SAB 1,183,898,350 8 KALLPA SECURITIES SAB 653,681,605 9 BTG PACTUAL PERU SAB 369,515, CITICORP PERU SAB 340,919, COMPASS GROUP SAB 221,434, GRUPO CORIL SAB 220,613, DIVISO BOLSA SAB 177,260, ADCAP SECURITIES PERU SAB 157,412, INVESTA SAB 138,079, MGS & ASOCIADOS SAB 117,993, MAGOT SAB 110,614, SAB CARTISA PERU 110,188, INVERSION Y DESARROLLO SAB 104,793, PUENTE SAB 80,774, GPI VALORES SAB 69,426, PROVALOR SAB 68,019, Otros 56,983,559 TOTAL 21,984,341,033 MONTOS NEGOCIADOS (S/) 1 CREDICORP CAPITAL SAB 9,338,308,398 2 BTG PACTUAL PERU SAB 2,224,120,993 3 SCOTIA BOLSA SAB 2,077,190,708 4 INTELIGO SAB 2,024,613,710 5 SEMINARIO y CIA. SAB 1,790,170,732 6 LARRAIN VIAL SAB 1,400,194,067 7 CONTINENTAL BOLSA SAB 669,415,415 8 KALLPA SECURITIES SAB 593,202,705 9 PUENTE SAB 415,255, DIVISO BOLSA SAB 236,843, ADCAP SECURITIES PERU SAB 233,759, INVESTA SAB 156,815, INVERSION Y DESARROLLO SAB 139,283, GRUPO CORIL SAB 136,600, GPI VALORES SAB 101,778, MAGOT SAB 95,461, COMPASS GROUP SAB 71,725, SAB CARTISA PERU 71,359, PROVALOR SAB 37,139, BNB VALORES PERU SOLFIN SAB 17,159, CA PERU SAB 14,464, TRADEK SAB 9,764, Otros 4,981,034 TOTAL 21,859,611,135 MONTOS NEGOCIADOS (S/) 1 CREDICORP CAPITAL SAB 3,442,899,646 2 BTG PACTUAL PERU SAB 1,944,238,637 3 INTELIGO SAB 1,637,570,544 4 SCOTIA BOLSA SAB 1,319,036,526 5 SEMINARIO y CIA. SAB 1,121,858,673 6 LARRAIN VIAL SAB 877,797,748 7 CONTINENTAL BOLSA SAB 525,939,002 8 KALLPA SECURITIES SAB 476,242,994 9 DIVISO BOLSA SAB 173,778, GRUPO CORIL SAB 127,070, INVERSION Y DESARROLLO SAB 107,367, PUENTE SAB 74,036, INVESTA SAB 60,147, ADCAP SECURITIES PERU SAB 59,230, MAGOT SAB 52,060, SAB CARTISA PERU 45,590, GPI VALORES SAB 44,144, PROVALOR SAB 27,365, COMPASS GROUP SAB 17,499, RENTA4 SAB 10,821, BNB VALORES PERU SOLFIN SAB 9,244, CA PERU SAB 6,397, Otros 4,672,030 TOTAL 12,165,010,835 8

9 Kallpa SAB Client s Assets USD MM 350 Assets in our custody Client s assets include equities, bonds, at market price, and cash Source: Kallpa SAB 9

10 Kallpa SAB - Sustained growth in the market Historical Amounts Traded in Equities Trade Volume in the BVL In 2015, 35% of our volume corresponds to Institutional Investors (Pension Funds, Peruvian and International Funds) PEN MM 1,400 1,200 1,000 1,041 1,248 65% of our volume corresponds to retail investors Source: SMV

11 Total Traded Volume PEN MM Total Traded Volume 2,500 2,000 2,065 Internacional 1,500 1,501 1,445 1,639 1,606 BVL 1, Trading in foreign exchanges represented 20% of Traded Volume in * As of September 30th Source: Kallpa SAB 11

12 Kallpa SAB: Equity Research Kallpa s Equity Research Team covers 20 companies that trade in the BVL. GRAMONC1 VOLCABC1 FERREYC1 TV CVERDEC1 INRETC1 BVN ALICORC1 BROCALC1 BAP MINSURI1 SCCO 12

13 Kallpa Securities SAB II. Asset Management 13

14 High Net Worth Premium Our Services Personal Finance Institutional Portfolio Asset Management Discretionary Portfolios Global Portfolios Detailed monthly reports Training (Loyalty) Institutional Advisory Advice on portfolio management Review and evaluation of current portfolios Wealth Management Institutional Asset Mgmt Integral Financial Planning Investments Advisory in real and financial sectors Advice on the portfolio managers election Trust Management for private persons Family Office Discretionary investments Portfolio Structure Trust Management Detailed monthly reports. Training in investments Presence in Committee and Board of Directors We provide customized services, characterized by a cordial and trusting relationship. In Kallpa Securities S.A.B. we are committed to our clients. 14

15 Our Difference Personalized relationship (+) Personalization Wealth Management Active participation of the client Flexibility in contributions / withdrawals Direct Contact Manager (-) Direct Investment (+) Diversification Analysis of the risk profile Market Risk Management Global Investment Collective funds Level of sophistication Performance Optimization process Permanent evaluation of the portfolio relative to the benchmark Preferential Fees Banking System (-) Reliability Investments Committee with over 15 years experience Investments with the client's name Daily portfolio valuation 15

16 ene-10 jun-10 nov-10 abr-11 sep-11 feb-12 jul-12 dic-12 may-13 oct-13 mar-14 ago-14 ene-15 jun-15 nov-15 Watchlist: Kallpa SAB s recommended portfolio 31/12/ % 200% 150% 100% 50% 0% Watchlist vs.peru Select Watchlist USD Benchmark USD Watchlist acummulated: +27 % Benchmark acummulated: -41 % Kallpa Securities SAB recommends to invest in equities considering fundamental analysis. The Watchlist is a portfolio with eight top picks of our Equity Research team. Watchlist s performance % Benchmark s performance % -50% Perf Watchlist % -1.35% 27.78% % -4.23% % Benchmark 68.42% % 31.54% % -6.34% % Stock # Shares Buy Initial Initial Closing Current price weight Position (USD) price Position (USD) % YTD BAP % 27, , % IFS % 27, , % ALICORC1 11, % 27, , % GRAMONC1 11, % 27, , % ENERSUC1 8, % 27, , % MILPOC1 33, % 27, , % RIO/THO 2, % 27, , % TV 29, % 27, , % Total % 218, , % Source: Bloomberg, Kallpa SAB Closing prices as of 31/12/14 Exchange rate:

17 Kallpa Securities SAB III. Capital Markets 17

18 Kallpa SAB: Number 1 in junior mining industry 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. Presentación Corporativa 18

19 Kallpa SAB: Primary Offerings of shares - Kallpa Securities is the leader in equity primary private placements among junior mining companies in Peru. - In Kallpa SAB placed US$ 100 mn among Peruvian investors. Corporate presentation 19

20 Kallpa SAB - Achievements Kallpa Securities SAB is sponsor of 9 junior mining companies and advisor of 3 companies that list in BVL mainboard. 20

21 Structuring and placement of debt instruments KALLPA SAB arises to provide businesses with consulting services in capital markets as a form of financing not only for large companies or large corporations, but also to the segments of medium and small companies. A DIFFERENT ALTERNATIVE : Analysis and Diagnosis Commercial Papers Corporate Bonds Equity Issuances Advisory on Capital Markets Monitoring Advisory Placement Promotion 21

22 Kallpa SAB: Primary Offerings of fixed income Kallpa SAB is the leader in primary offerings at MAV (Stock Exchange segment for medium-size companies). In the last 3 years, Kallpa SAB has placed US $ 25 MM in fixed income instruments. In December 2015, Kallpa SAB structured and placed the first issuance of corporate bonds in the MAV. 22

23 Kallpa Securities SAB IV. Corporate Finance 23

24 Corporate Finance KALLPA Securities S.A.B has five units in corporate finance : 1) Mergers and Acquisitions Strategic analysis. Identification of potential buyers and sellers. Valuations. Evaluation of offers. Negotiation of terms and conditions 2) Evaluation of financial and capital structure Optimal debt equity ratio. Find funding sources 3) Buying / selling of business units Alignment with strategic goals. Impact on the value of the company. Funding structure. 4) Valuation of companies Independent and expert opinion. Identification of components of value. 5) Financial Restructuring Determining debt capacity. Renegotiation with funding sources Restructuring debt. 24

25 Long Term View June 2008 TODAY Long Term Brokerage Firm Brokerage House Brokerage House Asset Management Investment Banking Asset Management Private Banking 25

26 Kallpa Securities SAB Contact Information Eduardo Fernandini Head Trader (511) (51) Rafael Sánchez Aizcorbe Managing Director - Asset Management rsanchez@kallpasab.com (511) (51) Ricardo Carrión Managing Director Corporate Finance rcarrion@kallpasab.com (511) (51) Marco Contreras Senior Equity Research Analyst mcontreras@kallpasab.com (511) (51) Calle Monterosa 233 Of. 902, Chacarilla, Surco, Lima 33 26

27 T R A D I N G C O R P O R A T E F I N A N C E R E S E A R C H A S S E T M A N A G E M E N T The content of this documents is only informative and referential