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Alejandra Obregón Martínez

Vice President and Research Associate at Morgan Stanley

Mexico City, CDMX, MX

Alejandra Obregón Martínez is a Vice President and Research Associate at Morgan Stanley specializing in industrials and commodities research with a focus on Latin American markets. She has provided analysis on companies such as Nemak SAB de CV and contributed to sector-oriented thematic research, including areas like water access and efficiency solutions. Obregón Martínez began her career at Morgan Stanley, progressively advancing to her current role, and has been featured on earnings calls and published research as early as 2021, signaling several years of relevant industry experience. Her professional credentials include roles as a lead contributor to Morgan Stanley research publications, but specific securities licenses, performance metrics, or external rankings are not publicly documented.

Alejandra Obregón Martínez's questions to Vesta Real Estate Corporation, S.A.B. de C.V. (VTMX) leadership

Question · Q3 2025

Alejandra Obregon Martinez questioned Vesta's energy strategy, specifically how electricity supply is evolving with new government utility plans for industrial real estate. She also asked about the investment in Associates Line and its future role.

Answer

CEO Lorenzo Dominique Berho highlighted Vesta's proactive approach to anticipating client energy needs and collaborating with the government on industrial park support initiatives. He explained that Associates on Energy represents renewable energy investments, such as solar panels, aligning with Vesta's Route 2030 sustainability goals.

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Question · Q3 2025

Alejandra Obregon Martinez asked about the role of electricity in Vesta's plans, specifically how new government utility packages for industrial real estate might help. She also inquired about the traction of Vesta's energy investments in Associates Line.

Answer

CEO Lorenzo Dominique Berho emphasized the importance of anticipating client energy requirements and Vesta's close collaboration with the government and industrial park associations to ensure adequate energy supply. He expressed positivity about government support packages and Vesta's proactive investment in energy infrastructure during park and building development. He clarified that investments in Associates on Energy are for renewable energy, including a recent closing in Monterrey, aligning with Vesta's Route 2030 strategy to incorporate solar panels and other renewables into its portfolio.

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Question · Q2 2025

Alejandra Obregón Martínez of Morgan Stanley asked about Vesta's priorities for its regional footprint and which markets have the most room for new starts, considering its land bank.

Answer

CEO Lorenzo Dominique Berho Carranza emphasized that the immediate priority is leasing up existing vacant space in markets like Monterrey, Ciudad Juarez, Queretaro, and Tijuana, as this has a direct impact on revenue. Looking forward, he identified Mexico City and Guadalajara, where Vesta recently acquired land, as the markets they currently like the most for future development once the time is right.

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Question · Q2 2025

Alejandra Obregón Martínez from Morgan Stanley inquired about Vesta's priorities regarding its regional footprint and which markets are best positioned for new development starts, considering all internal and external factors.

Answer

CEO Lorenzo Dominique Berho Carranza clarified that the immediate priority is leasing up existing vacant space in key markets like Monterrey, Ciudad Juarez, and Tijuana, as this provides the most direct revenue impact. For future growth, the focus is on markets with recently acquired land, such as Mexico City and Guadalajara, where development will commence when the timing is optimal.

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Question · Q2 2025

Inquired about the company's priorities for its regional footprint, asking which markets have the most room for new development starts once market conditions are right.

Answer

The company's immediate priority is to lease up existing vacant space in markets like Monterrey, Ciudad Juarez, Queretaro, and Tijuana, as this directly impacts revenue. For future growth, the markets they favor most are where they recently acquired land, specifically Mexico City and Guadalajara. The focus is on leasing first, then development.

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Alejandra Obregón Martínez's questions to CEMEX SAB DE CV (CX) leadership

Question · Q2 2025

Alejandra Obregón Martínez from Morgan Stanley inquired about the primary levers for free cash flow generation, asking about the expected cadence and which areas—such as profitability, working capital, CapEx discipline, or asset sales—would provide the biggest unlocks.

Answer

CEO Jaime Muguiro detailed a multi-pronged approach, highlighting that CapEx reduction, cost savings from Project Cutting Edge, and incremental EBITDA from existing projects will be immediate drivers. He noted that working capital is already efficient, while portfolio rebalancing of underperforming micro-market assets will be a longer-term lever. He also pointed to reduced interest expenses as a significant contributor.

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