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    Francisco Suarez

    Research Analyst at Scotiabank

    Francisco Suarez is the Global Director of Research for LATAM Equities at Scotiabank, specializing in equity research with a strong focus on Latin American markets. He covers leading companies across the LATAM region, leveraging his deep analytical expertise to deliver actionable investment insights, though specific performance metrics and ratings are not publicly available. Suarez brings over a decade of experience in financial analysis, having held senior research roles at several firms, including serving as a Senior Equity Research Analyst at HSBC before joining Scotiabank less than a year ago. He holds advanced professional credentials and is highly regarded for his sectorial acumen and leadership in equity research within the LATAM space.

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

    Francisco Suarez's questions to Vesta Real Estate Corporation, S.A.B. de C.V. (VTMX) leadership • Q2 2025

    Question

    Francisco Suarez of Scotiabank asked if the recent land purchases are 'shovel-ready' and questioned the reason for the sequential and year-over-year decline in energy-related revenues.

    Answer

    CEO Lorenzo Dominique Berho Carranza explained that energy revenue is a pass-through mechanism tied to tenant usage, so fluctuations do not materially impact profitability as they are offset by costs. Regarding the land acquisitions, he confirmed they are in highly desirable locations and ready to be developed soon, though they will still go through Vesta's standard entitlement and permitting process before construction begins.

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    Francisco Suarez's questions to Vesta Real Estate Corporation, S.A.B. de C.V. (VTMX) leadership • Q2 2025

    Question

    Francisco Suarez of Scotiabank followed up on Vesta's land bank, asking if recent purchases are 'shovel-ready' and questioning the reason for the sequential and year-on-year decline in energy-related revenues.

    Answer

    CEO Lorenzo Dominique Berho Carranza clarified that while newly acquired land has the proper zoning, the entitlement and infrastructure process is still required before construction. For energy revenues, he explained it is a pass-through mechanism tied to tenant consumption, meaning fluctuations in revenue are offset by corresponding costs and do not materially affect profitability.

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    Francisco Suarez's questions to Vesta Real Estate Corporation, S.A.B. de C.V. (VTMX) leadership • Q1 2025

    Question

    Francisco Suarez from Scotiabank questioned if Vesta's development strategy will pivot more towards build-to-suit projects and requested an update on the electronics ecosystem in Guadalajara, particularly regarding major tenants.

    Answer

    CEO Lorenzo Dominique Berho Carranza stated that while he cannot comment on specific client plans, the electronics sector is growing, and Vesta is positioned to capture this demand. He affirmed that Vesta will continue to analyze both build-to-suit and speculative development opportunities, noting that spec buildings are key to their strategy in tight markets.

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    Francisco Suarez's questions to Vesta Real Estate Corporation, S.A.B. de C.V. (VTMX) leadership • Q1 2025

    Question

    Francisco Suarez asked if Vesta's development pipeline would shift more towards build-to-suit projects and inquired about the electronics ecosystem in Guadalajara, specifically around Foxconn.

    Answer

    CEO Lorenzo Dominique Berho Carranza confirmed the electronics sector is a key area of interest but could not comment on specific client plans. He stated that Vesta will continue to evaluate both build-to-suit and speculative projects, noting that spec buildings in high-demand markets like Mexico City remain a viable and successful strategy.

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    Francisco Suarez's questions to CEMEX SAB DE CV (CX) leadership

    Francisco Suarez's questions to CEMEX SAB DE CV (CX) leadership • Q2 2025

    Question

    Francisco Suarez from Scotiabank asked if strong pricing and high interest from many players in the U.S. aggregates market could undermine CEMEX's plans to acquire assets at accretive values, and how this risk ties into the new capital allocation model.

    Answer

    CEO Jaime Muguiro acknowledged the competitive M&A environment but expressed confidence in CEMEX's team and network of family-owned players. He emphasized a strict commitment to the new capital allocation discipline, stating that any acquisition must be accretive to FCF per share in year one, have a ROIC above WACC + 100bps, and will not be pursued if returning cash to shareholders offers a better return.

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    Francisco Suarez's questions to CEMEX SAB DE CV (CX) leadership • Q1 2025

    Question

    Francisco Suarez from Scotiabank inquired if 'Project Cutting Edge' is a broader strategic realignment and asked about specific organizational changes and KPIs to align with investor interests.

    Answer

    CEO Jaime Dominguez confirmed the program's broad scope. He announced the introduction of new key performance indicators (KPIs) including EBITA, free cash flow conversion, and ROCE over WACC, which will be applied to all P&L owners. He also noted that executive compensation will be reviewed in the second half of the year to align with these new metrics.

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