Latin Finance - May/June 2011 - 1

Contents
May/June 2011

BRAZILIAN CORPORATE FOCUS

12 Investing in companies targeting Brazil’s growing middle-class has been like shooting ﬁsh in a barrel. As multiples climb and growth matures, investors will have to be more selective.

PERU BEVERAGE MARKET

20 A rising tide is lifting all boats as competition and GDP growth are growing Peru’s beer market. SABMiller is ﬁghting to maintain its dominant market-share.

PERU HEALTHCARE

24 M&A activity in Peru’s healthcare industry is heating up. The expansion of state-sponsored healthcare insurance will be a major factor.

12 Brazilian Corporate Focus

Peru Beverage Market 20

MEXICAN CORPORATE OUTLOOK

28 The government insists it has security well in hand. But Mexican companies are saying security costs are a growing concern for their bottom line.

CORPORATE SUSTAINABILITY

34 As more money goes towards funds dedicated to CSR and corporate governance, transparency is becoming increasingly important.

CENTAM TELECOM

37 The explosive growth in Central America’s mobile telecom market is starting to slow. Three major players are looking for new ways to steal market-share from their competitors.

24 Peru Healthcare

Corporate Sustainability 34

PANAMA OUTLOOK

41 The country is facing growing pains amid a huge infrastructure spending initiative and doubts about its deﬁcit targets. Its leaders hope to make it the Singapore of LatAm.

CARIBBEAN INVESTOR REPORT

45 The slow rebound of developed markets is still weighing on tourism spending. Most countries in the region remain highly indebted. 47 Trinidad & Tobago is still looking at a deﬁcit. But rising energy prices are likely to help this oil exporter.

37 CentAm Telecom

Panama Outlook 41

Who said that?
“This is a fundamental ﬂaw in the legislation, but the government is making a lot of money from what we pay in taxes so no one wants to touch it.”
See page 22

LatinFinance® (USPS 004-662), (ISSN 1048-535X) is published bimonthly by Latin American Financial Publications, Inc., 1101 Brickell Avenue, Suite N1200, Miami, Florida USA. Periodicals postage paid at Miami, FL and at additional mailing ofﬁces. POSTMASTER: SEND ADDRESS CHANGES TO: 1101 Brickell Avenue, Suite N1200, Miami, Florida USA Copyright© 2011 Latin American Financial Publications, Inc. All rights reserved. Reproduction in whole or in part of any text, photograph, or illustration without written permission from the publisher is strictly prohibited. Title is protected through a trademark registration with the US Patent Ofﬁce. LatinFinance Roundtables and Special Reports are underwritten by sponsors, although the magazine’s editors retain control over the content of these articles to ensure their objectivity and independence.

May/June 2011

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Latin Finance - May/June 2011

Table of Contents for the Digital Edition of Latin Finance - May/June 2011

Latin Finance - May/June 2011
Contents
Brazilian Corporate Focus
Peru Beverage Market
Peru Healthcare
Mexican Corporate Outlook
Corporate Sustainability
Centam Telecom
Panama Outlook
Caribbean Investor Report
Latin Finance - May/June 2011 - Latin Finance - May/June 2011
Latin Finance - May/June 2011 - Cover2
Latin Finance - May/June 2011 - Contents
Latin Finance - May/June 2011 - 2
Latin Finance - May/June 2011 - 3
Latin Finance - May/June 2011 - 4
Latin Finance - May/June 2011 - 5
Latin Finance - May/June 2011 - 6
Latin Finance - May/June 2011 - 7
Latin Finance - May/June 2011 - 8
Latin Finance - May/June 2011 - 9
Latin Finance - May/June 2011 - 10
Latin Finance - May/June 2011 - 11
Latin Finance - May/June 2011 - Brazilian Corporate Focus
Latin Finance - May/June 2011 - 13
Latin Finance - May/June 2011 - 14
Latin Finance - May/June 2011 - 15
Latin Finance - May/June 2011 - 16
Latin Finance - May/June 2011 - 17
Latin Finance - May/June 2011 - 18
Latin Finance - May/June 2011 - 19
Latin Finance - May/June 2011 - Peru Beverage Market
Latin Finance - May/June 2011 - 21
Latin Finance - May/June 2011 - 22
Latin Finance - May/June 2011 - 23
Latin Finance - May/June 2011 - Peru Healthcare
Latin Finance - May/June 2011 - 25
Latin Finance - May/June 2011 - 26
Latin Finance - May/June 2011 - 27
Latin Finance - May/June 2011 - Mexican Corporate Outlook
Latin Finance - May/June 2011 - 29
Latin Finance - May/June 2011 - 30
Latin Finance - May/June 2011 - 31
Latin Finance - May/June 2011 - 32
Latin Finance - May/June 2011 - 33
Latin Finance - May/June 2011 - Corporate Sustainability
Latin Finance - May/June 2011 - 35
Latin Finance - May/June 2011 - 36
Latin Finance - May/June 2011 - Centam Telecom
Latin Finance - May/June 2011 - 38
Latin Finance - May/June 2011 - 39
Latin Finance - May/June 2011 - 40
Latin Finance - May/June 2011 - Panama Outlook
Latin Finance - May/June 2011 - 42
Latin Finance - May/June 2011 - 43
Latin Finance - May/June 2011 - 44
Latin Finance - May/June 2011 - Caribbean Investor Report
Latin Finance - May/June 2011 - 46
Latin Finance - May/June 2011 - 47
Latin Finance - May/June 2011 - 48
Latin Finance - May/June 2011 - Cover3
Latin Finance - May/June 2011 - Cover4
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