Coca-Cola FEMSA, S.A.B de C.V. (KOF) reported strong growth in revenues during 4Q 09, above our estimate, driven by strong growth in volumes and Average Selling Price (ASP). In addition, operating and adjusted1 net margin were above our estimate due to due to lower-than-anticipated operating expenses and net interest expenses, as a percentage of revenues, partially offset by a higher-thanexpected effective tax rate....

Going forward, we expect revenues from the Mexico division to be driven by increased volumes from the Coca-Cola brand (which carries higher Average selling price), further augmented by an increase in ASP. In addition, we expect revenues to be further bolstered by robust growth in volumes from Jugos Del Valle. Furthermore, we expect revenues from the Latincentro division to post robust growth, driven by increased volumes due to expansion of the Brisa brand in Colombia and the…

Coca-Cola FEMSA, S.A.B de C.V. (KOF) reported strong growth in revenues during 3Q 09, above our estimate, driven by strong growth in volumes and Average Selling Price (ASP). In addition, adjusted net margin was above our estimate due to lower-than-anticipated net interest expenses. Going forward, we believe revenue growth will be supported by strong volume growth and increased ASP. In addition, since the results were broadly above our estimates, we expect to revise our estimates…