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WEEKLY REPORT
February 12th, 2018
CONTACT The IPSA Index posted a 4.8% WoW decrease at 5,549pts. The increases of the week were
Equity Research Team only CAP (+1.7%), SQM-B (+0.6%), and SK (+0.3%). Meanwhile, the largest decreases were
estudiosbice@bice.cl Forus (-9.1%), LTM (-9.0%), and Vapores (-8.7%).
+(562) 2692 3481
Last week, the short-selling stock position showed a 3.4% WoW decrease to CL$
74,590Mn. The highest increases were led by Cencosud (CL$ 1,365Mn), Itaucorp (CL$
648Mn) and Enel Gx (CL$531Mn). On the other hand, the most relevant drops were CMPC
(CL$ 1,451Mn), followed by Copec (CL$ 1,093Mn) and Falabella (CL$ 987Mn). At the end of
last week, the highest short-selling stock positions measured by trading days were Chile,
Concha y Toro, and Nueva Polar.
The margin trading stock position showed a 1.4% WoW increase to CL$ 305,603Mn. We
highlight relevant increases in Vapores (CL$ 4,622Mn), CAP (CL$ 2,749Mn), and Sonda (CL$
2,100Mn). On the other hand, the largest drops were Oro Blanco (CL$ 1,708Mn), Parauco
(CL$ 1.687), and Itaucorp (CL$ 1,366Mn). At the end of last week, the highest margin trad-
ing stock positions were SQM-B, Vapores, and Itaucorp.
Only La Polar with insider trading last week. We highlight (i) net investment in La Polar
(CL$ 2,452Mn) carried out by “Rentas ST Ltda.”, and “Rentas VC y CIA.” (Controlling Share-
holder).
Regarding ETF, we observed 7.1% destruction in ECH quotas last week (% of AUM), while
accruing 11.5% destruction YTD, and 4.1% destruction LTM.
350,000 300,000
300,000
250,000
250,000
200,000
200,000
150,000
150,000
100,000
100,000
50,000 50,000
0 0
Jan/13
Jan/15
Jan/17
Jan/11
Oct/14
Oct/16
May/15
May/17
Nov/11
Nov/13
Dec/15
Dec/17
Jul/16
Apr/11
Jun/12
Apr/13
Jun/14
Sep/12
Aug/11
Aug/13
Aug/15
Aug/17
Mar/12
Mar/14
Mar/16
position measured by trading CHILE 15,336 15,570 16,375 15,725 15,525 2.8
CONCHATORO 1,219 1,062 1,347 1,831 1,761 2.1
days were Chile, Concha y Toro
NUEVAPOLAR 256 239 408 1,503 1,494 2.0
and Nueva Polar. ENTEL 2,211 2,202 2,479 2,706 2,665 1.7
ITAUCORP 1,679 1,884 2,547 3,933 4,430 1.6
CAP 6,473 6,385 5,093 5,766 5,775 1.6
COPEC 7,125 6,182 6,513 10,742 9,197 1.5
CENCOSUD 7,768 7,883 9,751 10,407 11,479 1.3
PARAUCO 1,572 2,357 2,572 2,304 2,301 1.1
IAM 2,004 2,032 1,550 1,572 1,765 1.0
BCI 2,271 1,996 2,242 3,058 3,428 0.8
RIPLEY 16 16 817 1,404 1,332 0.7
ECL 584 697 724 617 672 0.6
AESGENER 204 145 258 367 362 0.6
FALABELLA 7,551 5,592 5,759 6,916 5,701 0.5
BSANTANDER 1,636 2,621 2,493 1,565 1,456 0.3
CMPC 3 23 0 2,784 1,190 0.2
ENELGXCH 0 68 41 221 844 0.2
SONDA 1,044 123 1 211 358 0.2
MULTIFOODS 0 0 0 16 50 0.2
SM-CHILE B 311 343 314 337 360 0.2
FORUS 59 90 114 142 138 0.2
CCU 329 304 429 431 413 0.2
BESALCO 457 453 304 258 174 0.1
COLBUN 90 102 107 211 154 0.1
TOTAL 61,408 59,117 63,865 77,168 74,549 1.5
Source: Santiago Stock Exchange, BICE Inversiones
in ECH quotas last week. Chile 496 -7.1% -11.6% -17.3% -5.4% -11.5% -4.1%
Brasil 8,022 0.4% 0.4% 10.3% 17.7% 0.4% 35.8%
Colombia 101 0.0% 9.1% 3.8% 7.6% 5.7% -2.8%
México 967 -7.9% 0.6% -10.2% -15.9% -10.5% -73.2%
Perú 180 0.0% 0.0% -20.4% 0.1% 2.2% -43.9%
World 8,389 1.8% -0.3% 6.6% 7.6% -0.3% 16.0%
EM 40,300 -1.4% 3.4% 8.1% 10.5% 5.8% 19.5%
Latam 1,561 0.0% 4.1% -2.1% 24.3% 3.0% 28.4%
USA 253,424 -7.7% -2.3% 3.6% 1.2% -1.9% 2.5%
Europe 2,804 0.0% -4.6% -10.2% -10.1% -6.4% 6.7%
Asia (ex Japan) 4,692 -3.4% -1.0% 7.1% 9.6% 0.5% 37.1%
Japan 21,062 1.2% 5.8% 16.3% 22.6% 12.3% 15.3%
China 4,136 2.9% 7.1% 16.0% 16.7% 7.2% 15.6%
Money Market 9,074 4.4% 13.2% 32.8% 44.7% 12.8% 78.8%
Develop Gov. 7,988 -2.1% -2.3% 9.5% 9.6% 5.6% 13.8%
Inv. Grade 34,592 -3.8% -7.0% -9.8% -5.9% -8.8% 14.4%
High Yield 15,370 6.7% -8.1% -14.7% -14.1% -10.9% -10.8%
EM Corp Debt 4,997 3.0% 2.3% 4.6% 9.2% 2.4% 26.5%
Inf. Linked 225 1.7% 1.7% 1.9% -13.5% 7.0% -9.6%
Source: Bloomberg, BICE Inversiones
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EQUITY RESEARCH - CHILE
WEEKLY REPORT
February 12th, 2018
4
RESEARCH TEAM
Agustín Alvarez M.
Head of Research
agustin.alvarez@bice.cl
+(562) 2692 2576
5
This report has been prepared solely for the purpose of providing information to customers of BICE Inversiones Cor-
redores de Bolsa S.A. This report is not a solicitation or an offer to buy or sell stocks, bonds or other instruments men-
tioned in it. This information and where it is based has been obtained from public information sources on our best
knowledge and that according to our belief seems reliable. However, this does not guarantee that they are accurate or
complete. The forecasts and estimates presented in this report have been prepared with the best information and tools
available, but this does not guarantee that they will be fulfilled. All opinions and expressions contained in this report may
be modified at any time without notice. BICE Inversiones Corredores de Bolsa S.A. and any company or person related to
it and its controlling shareholders may at any time have short and long term investments in any of the instruments men-
tioned in this report or related with companies or markets mentioned and can buy or sell those same instruments.
BICE Inversiones Corredores de Bolsa S.A. could eventually recommend purchases and / or sales of shares for trading
positions. Such actions could be incorporated into other recommended portfolios. The projections and estimates present-
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must make its own assessment based on their personal situation, investment strategy, risk tolerance, tax situation, etc.
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