We are reiterating our recommendation on Fomento (FMX) shares given its relative immunity from the global economic downturn. Being a producer of a low-cost, daily use product, and focused on domestic markets, FMX is less exposed to the global economic downturn.

We are also optimistic about the joint venture between Jugos del Valle and the Coca-Cola company. The company has been successful in boosting its Brazilian business and the Oxxo stores
continue to grow fast.

Our baseline outlook reflects continued economic growth in Latin America. We consider Latin America to be one of the most attractive areas for the beverage industry, due to
positive demographics.

Zacks Investment Research
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