Viva Mexican Stocks

As measured by the iShares MSCI Mexico Investable Market Index Fund

, Mexican equities are enjoying some good times in 20012. The $1.4 billion ETF has jumped almost 20 percent year-to-date. While EWW represents an easy avenue for investors to gain south-of-the-border exposure, those that prefer single stocks will need to do a little more digging. When it comes to Mexican equities, the name many American investors are most familiar with is telecommunications giant America Movil

. America Movil is EWW largest holding and the largest mobile phone carrier in Latin America. With a yield of just 1.3 percent, America Movil also is not a credible alternative to AT&T

and Verizon

for income investors. The good news is that Mexico is home to a fair amount of stellar performers, some of which are listed on U.S. exchanges.

Although oil prices have slipped recently, crude is still pricey on a historical basis. That makes investing in airlines a risky proposition. Not to mention, many airlines are not exactly dividend dynamos. Both of those factors increase the allure of a stock such as Grupo Aeroportuario del Centro Norte. The company is akin to a master limited partnership of the airline business. Grupo Aeroportuario del Centro Norte is not an airline. Rather, it operates 13 airports in Monterrey, Acapulco, Mazatlan, Zihuatanejo, Chihuahua, Culiacan, Durango, San Luis Potosi, Tampico, Torreon, Zacatecas, Ciudad Juarez, and Reynosa. The stock is beholden to passenger traffic through its airports (the higher the better), but investors are compensated for taking on the risk of this small-cap name to the tune of a 15.5 percent yield. On the basis of price-to-earnings (14.1 as of July) and return on equity (11 percent over the trailing 12 months), Grupo Aeroportuario is attractively valued relative to its peers.

Coca Cola FEMSA is one of the dominant Latin American sellers of beer and soft drinks with distribution centers in Mexico, Guatemala, Nicaragua, Costa Rica, Panama, Colombia, Venezuela, Brazil, and Argentina. Noteworthy is the fact that the company is looking to extend its reach beyond its home region. Earlier this year, Coca Cola Femsa made an

in an effort to bolster its Asian footprint. The bull case for Coca Cola Femsa revolves a sound financial position, tolerable debt levels

. The red flag is easy to spot. A forward P/E of 101.5 means the shares would be vulnerable to even a slightly disappointing earnings report or forecast. Avoid the stock if it falls below $125 until it finds support at $115. A yield of 1.5 percent is nothing to write home about, but it is worth noting that Coca Cola Femsa has a lower beta than the S&P 500.