The Colombian shares market registered an average valuation of 15%last year and in the first 40 days of 2025 it is winning 10%, with several titles above 20%.
According to Bancolombia Capital, this good moment for the local market could be maintained.
(Read here: ‘Difficult times’: the challenging start of 2025 for the Colombian economy)
It emphasizes that “There are a greater number of associated catalysts, such as change in the economic and political cycle; the discount that local actions exhibit against their history and regional peers; an attractive dividend profitability (estimated at 7.7%); The improvement in the volumes of January and that, foreigners and AFPS were the main buyers of actions that belong to the MSCI Colcap index; And, the relevant facts that will take place in the coming months, such as the evolution of the Bancolombia Group to Grupo Cibst, the Sura Group and Grupo Argos split and the continuation of the repurchase programs ”.
The top picks portfolio (recommended) Bancolombia Capital began 2025 with changes in its composition and weighting of its assets.
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Corficolombiana and Isa leave the portfolio and, instead, PF Aval and PF Grupo Sura enter.
The firm said that in the run of 2025, the recommended asset portfolio has presented an valuation of 10.4%, 75 Basic points (PB) higher than the Colcap, and 328 PB greater than the eligible asset basket (7.1%).
For its part, in the survey that in January fedesarrollo and the Colombian stock market, the favorite title was the preferential action of Bancolombia when selected by 42.9% of the analysts. The data increased in relation to December last year, when it was selected by 33.3% of respondents.
This is followed by the action of the Argos Group (35.7%), the preferential action of Davivienda (35.7%) and the action of Cementos Argos. Occupying the fifth place, on the other hand, the titles of the Bogotá Energy Group (GEB), and the preferential action of the Aval Group were located, being chosen by 28.6% of the participants.
Fedesarrollo also stressed that in the first month of 2025, “An increase in appetite was observed for the actions of the financial and energy sectors, compared to the previous month, and a decrease in appetite for the actions of the Holdings, Construction and Petroleum sectors.”
Colombia Stock Exchange.
For the certified financial analyst, Andrés Moreno Jaramillo, despite the price increases that have registered most of the COLCAP index shares, These are below the book value.
He recalled that in the case of banks, in 2005 the actions were negotiated three times at their book value and Today the two of Bancolombia are traveled at once and considered that the banks could be negotiated in the bag at 1.5 times.
In the case of Ecopetrol, he said that the action will continue volatile by different internal junctures related to political, administrative and economic issues and international factors. “Today A is at the price of 17 years ago”Moreno Jaramillo considered.
Last Friday, February 7, the main actions in the run of the year are concronreto,
Holman Rodríguez
Portfolio
