3 Mexico Manufacturing Stocks Riding The Shift From China To North America

US tariffs on Chinese goods are reshaping global supply chains, and Mexico sits close to the center of that shift. With manufacturers and importers looking for alternatives, some Mexico industrial and manufacturing stocks now sit closer to key trade flows and cross border demand. That can create fresh opportunities as well as new risks, depending on how each company is positioned. This article looks at 3 stocks from our Mexico Industrial and Manufacturing Stocks screener that appear positively exposed to this trade diversion trend. It is intended to help you decide whether they deserve a closer look or a spot on your watchlist.

Grupo Carso. de (BMV:GCARSO A1)

Overview: Grupo Carso is a diversified Mexican conglomerate that runs retail chains like Sanborns and Sears, manufactures cables, telecom equipment and automotive harnesses under Condumex, builds infrastructure and housing, and is active in energy projects including hydrocarbons, pipelines and geothermal across Mexico and several international regions.

Operations: Grupo Carso generates most of its revenue from Commercial at MX$74.9b, Industrial at MX$50.5b, Infrastructure and Construction at MX$27.8b, plus Elementia and Zamajal, with the bulk of sales coming from Mexico at MX$140.4b and additional contribution from North America and Central and South America and the Caribbean.

Market Cap: MX$281.3b

Grupo Carso is notable in the nearshoring context because it connects several key pieces of the Mexico US supply chain, from cables and telecom gear to infrastructure and energy projects that support factories and data centers. Recent earnings have declined and margins are about 4%. Analysts have published expectations of double digit earnings growth and a steady dividend. This profile can appeal to investors who want exposure to Mexico’s manufacturing shift and who can accept volatility and a premium P/E. Key considerations include the impact of rising labor costs, a thinner construction backlog and funding risk, and whether current pricing already reflects tariff driven opportunities.

Grupo Carso’s shrinking margins and premium P/E could be masking a very different earnings path ahead, especially with nearshoring in play. It is worth unpacking the analyst forecasts for Grupo Carso. de to see what the market might be missing

Grupo Traxión. de (BMV:TRAXION A)

Overview: Grupo Traxión is a Mexico City based transport and logistics company that moves goods and people, running cargo trucking, warehousing, parcel delivery, technology enabled logistics services, and personnel, school and tourism transportation across Mexico and parts of Latin America.

Operations: Grupo Traxión generates most of its revenue from Logistics and Technology at MX$16.9b, followed by Mobility of Personnel at MX$11.1b and Mobility of Cargo at MX$7.6b, with almost all sales coming from Mexico at MX$32.9b and a smaller contribution from the US at MX$2.7b.

Market Cap: MX$5.7b

Grupo Traxión sits squarely in the nearshoring story, handling cross border and domestic logistics that help US clients shift sourcing from China into Mexico. The Solistica acquisition broadens its client base and cross border reach at a time when US tariffs are pushing more volume through Mexico. At the same time, profit margins are thin at about 1%, interest costs are not well covered, and the business leans on debt funded expansion and road based logistics, which can amplify volatility. The current share price sits well below some valuation estimates, so the key question is whether that discount fairly reflects these financial and operational risks.

Grupo Traxión’s thin margins and debt funded growth could be hiding a bigger story around tariff driven freight and logistics demand. Before deciding whether the discount is justified, review the 2 key rewards and 3 important warning signs (2 are major!)

Kuo. de (BMV:KUO B)

Overview: Kuo, S.A.B. de C.V. is a Mexico City based industrial group that makes consumer foods and beverages, plastics and chemical products such as synthetic rubber and polymers, and a wide range of automotive transmissions and components sold across Mexico, the US, Europe and Asia.

Operations: Kuo generates most of its revenue from Consumer at approximately MX$32.4b and Industrial at about MX$18.7b, with smaller contributions from KUO and Others and adjustments from deletions and joint venture terminations, and sells primarily into Mexico at around MX$17.9b and the US and Canada at about MX$9.2b.

Market Cap: MX$22.6b

Grupo KUO sits directly in the slipstream of US tariffs on China, supplying auto parts, chemicals and electronics related products from Mexico into North American supply chains at a time when importers are actively shifting sourcing. The company has recently moved into profitability. Revenue is forecast to grow 16.61% per year. However, returns on equity remain low at 2.3%, and the dividend yield of 3.96% is not well supported by earnings. A P/E of 55.1x and illiquid trading suggest investors are already paying up for growth while carrying liquidity and governance risks. The Q1 2026 results, with revenue and net income both down sharply year on year, make it even more important to understand whether KUO’s manufacturing footprint justifies those trade offs.

Grupo KUO’s high P/E and recent profit shift suggest the market may be pricing the story on headlines rather than details, so it is worth reading the analyst forecasts for Kuo. de to see what could be driving that gap

The three stocks covered here are only a starting point, and the full Mexico Industrial and Manufacturing Stocks screener surfaces 5 more Mexico industrial and manufacturing companies with equally compelling nearshoring and supply chain narratives. Use Simply Wall St to identify, filter and analyze the exact catalysts, financial traits and storylines that matter to you, so you can focus on the opportunities in this theme that best match your own highest conviction ideas.

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If Kuo. de or any of these companies sound like a great opportunity, register for FREE with Simply Wall St and add your companies to a Watchlist to monitor the share price against the fair value the ideal entry point. Once you've made your move, manage your holdings with our Portfolio Command Center that filters out the noise to deliver only the most critical, actionable updates. Throughout your journey, our Community allows you to filter the best ideas from thousands of investor perspectives. By uncovering hidden catalysts and risks early, you'll accelerate your decision-making and stay one step ahead of the market.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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