Description
Recommendation:
I recommend shorting Bachoco (ticker BACHOCOB.MX; there is also an ADR with the ticker IBA), the #1 chicken producer in Mexico. The thesis here is essentially the same one fiverocks19 laid out in his/her excellent PPC write-up from October of last year: “At a high level, trading the chicken cycle is simple. Go long the chicken names when there is oversupply, chicken companies are losing money, and capacity is beginning to be added to the industry. Go short the chicken names when there is undersupply, chicken companies are raking in profits, and capacity is beginning to be added to the industry.”
Fiverocks19’s thesis is playing out, and the US chicken names have been good shorts so far in 2015. While I still think there is meat on the bone (pun intended) for the PPC and SAFM shorts, Bachoco is my preferred way to play this theme right now. I believe Bachoco is subject to the same cyclical dynamics as PPC and SAFM, but Bachoco has seen less of a correction so far, its multiples have farther to contract, and it is a cheaper/less crowded borrow (although in fairness, Bachoco is less liquid than PPC and SAFM, making it more appropriate for smaller funds). Note that the statistics and ticker in the heading above are for the ADR and are in USD, although the Company reports in Mexican pesos.
Company Description:
Bachoco is the #1 chicken producer in Mexico with 35% share. They also have operations in the U.S. (U.S. is ~25% of Bachoco revenue) where they have 2% share.
Accelerating supply growth is driving a turn in the North American chicken cycle:
I believe US chicken supply production (already up 4.6% in the first half of 2015) is on pace to exceed 5% YoY growth over the next few quarters. Why focus on US chicken production figures when Bachoco is primarily a Mexican producer, you might ask. The simple answer is that we have much more data on US chicken production than we do on Mexican production. That said, the Mexican chicken market historically tracks very closely with the US chicken market, so I think any conclusions we make about the US chicken cycle are likely to be valid for the Mexican cycle as well:
![](data:image/png;base64,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)
Okay, but why then do I expect US chicken production to exceed 5% over the next few quarters? I arrive at this estimate based on the following:
- Through the first half of 2015, pullet placements (leading indicator of hatching egg volume) are up about 6% YoY
- Through the first half of 2015, the percent of US hatching eggs that are exported (most of which are bound for Mexico) is running around 7%, up about 3 percentage points from the 4% levels of the first half of 2014. This suggests that the number of broilers produced for domestic consumption might be 300 bps lower than YoY pullet placement growth suggests:
![](data:image/png;base64,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)
- Through the first half of 2015, broiler weights are up about 2% YoY, suggesting that total meat production will be 200 bps higher than the increase in head count.
- After factoring in the countervailing impacts of increasing hatching egg exports and increasing broiler weights, I think the stats are pointing to 5%+ supply growth in the US chicken market over the coming quarters. The supply growth may be even higher in Mexico given the increase in hatching eggs being sent to that market.
5% supply growth in the chicken market is a big deal. Below is a graph of Bachoco’s LTM EBITDA margins and US broiler production growth. Over the last decade, there have been two instances where US broiler production growth exceeded 5%. In both cases, Bachoco’s EBITDA margins fell below 5% in the year following the period of 5%+ supply growth:![](data:image/png;base64,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)
A return to historical average multiples implies ~25-40% downside:
I expect Bachoco to trade back down to historical average levels or lower in terms of P/B and EV/Sales when the cycle turns:
![](data:image/png;base64,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)
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)
At 1.0x P/B, Bachoco would trade around 45 pesos per share, 42% below the current price. At 0.5x EV/sales (assuming sales of 45 billion pesos, net cash of 12 billion pesos and 600 million shares), Bachoco would trade around 58 pesos per share, 25% below the current price.
Bachoco is a much less crowded short than SAFM and PPC:
![](data:image/png;base64,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)
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)
*Note that IBA figures above are for Bachoco’s ADR. Although I don’t have short interest data for BACHOCOB.MX, I believe the days-to-cover for the Mexican-listed shares is much lower than it is for the ADR.
The fact that Bachoco is a less crowded short provides two advantages. First, the risk of a short squeeze is reduced. Second, Bachoco is cheaper to borrow. Currently at my prime broker, the cost to borrow PPC or SAFM is 3.6%, while the cost to borrow Bachoco (either the ADR or the Mexican-listed shares) is less than 0.6%. While the cost to borrow Bachoco has been steady in my experience, I’ve seen higher figures for PPC and SAFM in recent months.
Risks:
- Mexican chicken market, due to increased consolidation, is more rational with supply increases than US market, resulting in only a modest down-cycle for Bachoco.
- “Everybody” knows the chicken cycle is turning, meaning stock won’t react negatively even if our fundamental thesis plays out.
- Bachoco, with 12 billion pesos of net cash on hand, pursues acquisitions that diversify the company away from chicken.
I do not hold a position with the issuer such as employment, directorship, or consultancy.
I and/or others I advise do not hold a material investment in the issuer's securities.
Catalyst
- Chicken price decreases.
- Future earnings releases showing margin compression.