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Grupo TMM - ADR (TMM)

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Grupo TMM S.A.B. (TMM) is one of the largest integrated logistics and transportation companies in Mexico. The firm, through its subsidiaries, provides maritime services, land transportation services, integrated logistics services and ports and terminals management to international and domestic clients throughout Mexico.

Despite the global recession in 2009, TMM continues to record solid EBITDA growth. The firm is committed to modernizing its fleet, which will in turn maximize margins. TMM's offshore and product tanker fleet generally work with long and medium-term contracts which has the effect of predictable cash flows.

Through participation in profitable niche markets complimented by predictable revenues and cash flows through medium and long-term contracts at its Maritime division, TMM appears poised for long-term growth. We reiterate our Outperform recommendation.

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