In Chile, a lack of air cargo space could translate to a 15.4% drop in salmon and trout exports in 2021. In terms of numbers, that translates at about 130,000 metric tons-140,000t of fresh fish trimmed off Chile’s exports. In the penultimate week of 2020, the average price that US buyers pay for Chilean salmon is set to rise.
The Colombian Electric Interconnection (ISA) announced its commitment to Chile by investing $4.85 billion in its different businesses until 2023. In the energy business, investments in the coming years are estimated to be $2.2 billion.
The Minister of Agriculture, Antonio Walker, announced a compensation bonus for at least 600 farmers in the communes of Curacaví and María Pinto. These areas were affected by the collapse of one of the tunnels of the Las Mercedes canal, which resulted in the interruption of the normal flow of water in at least 16,000 hectares of crops. The bond will depend on the size of the affected land.
H&M announced the addition of two stores in Chile. One in Puerto Montt and the other in Valdivia. As a result, by 2021, the company will have 19 stores in Chile. Joaqim Pereira (the new country sales manager for Chile, Peru & Uruguay) said that while H&M plans to close a number of stores in 2021, none of them are in Chile.
Banco de Chile now have 9 analysts covering the stock. The analyst consensus points to a rating of ‘Hold’. The target price ranges between 23 and 16.9 with a mean TP of 20.16. Given that the stocks previous close was at 20.01 this would imply there is a potential upside of 7%. The 50 day MA is 18.05 and the 200 day MA is 17.56. The company has a market capitalisation of $9,990 million.