Empresas ICA, S.A.B. de C.V (Empresas ICA) reported a significant y-o-y increase in 2Q 09 revenues, which also supported the profitability. Moreover, the company’s performance beat market estimates in 2Q 09. Although our common stock target price does not support a HOLD rating at current price levels, and despite the company's strong order book, given the deepening recession in Mexico, we continue to maintain our cautious outlook for the company over the near…

Empresas ICA, S.A.B. de C.V (Empresas ICA) reported a robust y-o-y increase in 1Q 09 revenues, above our expectations, while earnings fell short of our expectations. However, as we continue to believe the company’s healthy construction backlog to drive growth, going forward, we maintain our current BUY rating for Empresas ICA’s common stock. We will reassess our target price and rating in our next…

Empresas ICA, S.A.B. de C.V.’s (Empresas ICA) common stock has declined significantly since our previous update report, dated 07 January 2009, due to the company’s failure to secure a toll road concession contract on 03 March 2009. However, given current price levels and our positive fundamental outlook based on a healthy construction backlog, we believe the company’s overall growth prospects remain strong. Hence, we maintain our BUY rating for the common stock....