I honestly have mixed feelings about writing on stocks like FEMSA (NYSE:FMX). On one hand, I don't like "talking my book" (that is, writing about stocks I own). On the other hand, this Mexican triple play in beer, Coke, and convenience stores is well worth talking about.

FEMSA's second quarter was another solid performance. Sales rose 13%, EBITDA rose almost 9%, and profits were up 22%, as the company saw growth in all three of its operating segments.

Revenue growth was strongest in the company's Oxxo convenience store business. Revenue grew 23% overall and was up nearly 10% on a same-store basis, with more than 4,000 stores now open. Those are comps that even fast-growing Pantry (NASDAQ:PTRY) can't quite match, and there are still plenty of growth opportunities, both within Mexico and in other Latin American countries.

Performance on the beverage side was not quite as robust. Sales at Coca-Cola FEMSA (NYSE:KOF) were up about 4%, and operating income was nearly flat, as margins fell a bit. The beer group did better, with revenue growth of more than 10% and income from continuing operations up about 19%. The company gained a little share in the domestic market, but saw more sluggish performance with exports.

All in all, I'm still quite comfortable holding these shares, and I continue to believe that they're undervalued. Unlike Anheuser-Busch (NYSE:BUD) and Molson Coors (NYSE:TAP), stagnant volume demand is not a major problem. What's more, while the company does have to be somewhat concerned with competition from GrupoModelo, SABMiller, and AmBev (NYSE:ABV), it also has a turnaround opportunity underway with Kaiser in Brazil.

For Fools who don't have a lot of experience in investing in foreign companies, FEMSA might be a good place to start. The company operates businesses that are easy to understand, and it's relatively shareholder-friendly. In fact, I'd go so far as to say that FEMSA offers up better and more detailed financial information than many American companies. On the flip side, it still operates in an emerging market, and when investors turn sour on that theme, this stock gets hit, too. If you can look past that volatility, though, this could prove to be a very interesting long-term opportunity.

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Fool contributor Stephen Simpson owns shares of FEMSA and SABMiller, but has no financial interest in any other stocks mentioned (that means he's neither long nor short the shares). Anheuser-Busch is a Motley Fool Inside Value pick. The Fool has a disclosure policy.