Investment Outlook - AXYS Group · UBS: 6.70: Mkt Summary & Highlights ... [12% of TMT ex UTIN]...

Fast Track Forward to

Trades & Movements by Sector Theme of the Week

Melvyn Chung Kai To AXYS Stockbroking Ltd, Bowen Square, Dr Ferrière Street, Port-Louis | BRN C07007947Bhavik Desai Tel (230) 213 3475 | Fax (230) 213 3478 | Email [email protected] | www.axysstockbroking.com

During a relatively quiet week, the‘Santa Claus Rally’ commenced

Trading was marked by the return ofbullish investors on BBCL and TERRA’sacquisition of a substantial stake inUTIN {as announced in late Oct-13}.

Local indices closed at new 52Wk-High s: ALEX-20 a 1,031.93pts (+0.9%),ALCAPEX-12 at 1 348 38pts (+0 3%)

UBS

6.70

Mkt Summary & Highlights

Official List

WoW Movements

ValueLatest Δ WoW

SUN[Rs]

Technical Listings NAVs

50.50 -1.0

Foreign Pariticipation

News Snippets

Share of TMT

FX/MUR Spot Rates

7.22

Domestic FX Market Watch

MDITENL(P)

39.00

6.5 TPL 349

DEM

BBCL

Latest[%]

Leaders

40.10

Currency

22.50

1Yr T-Bill ▬0.93% 1,031.93 -0.33% 30.65

NMHL

MCB

140

16,788-2.5 SBM 20.4

ENLL

BBCL

490.9

0.0% 3.859.53 -0.10 0.00

40,087 UTIN

Volume

18.4

Most Active

Official ListMauritian Yield Curve

Market AnnouncementsDEM

PLIBORDividend Declarations

Earnings:

CIEL 5.2

Δ WoWLaggers

▼

-2.0 9.1

BBCL

792 SBM 17.526.90 -2.2 7.0POLI 7.60

ALEX-20 ▲ USD/MUR

MASC

[# k]-4.5 UTIN

[Rs] [Rs M]

Investment Outlook27-Dec-2013

Equity Equity

1.68 5.0

ENLC

11.50UTIN

7.1

[%]Most

Active

Fixed IncomeMarket IndicesWeekly Prices:

Listed Corporate Bonds

750

850

950

1,050

Inde

x [p

ts]

-3

-2

-1

0

1

Δ% in

USD

/MU

R si

nce

30-J

un-1

2

2.00

2.50

3.00

3.50

4.00

1Yr-

GM

TB [%

]

89%

8%

2% 1%

MSCH

FIN

TL

Others0.7

1.8

0.0 0.1 0.3 0.0

0.5

1.0

1.5

2.0

MSCH FIN TL INVH COND

WoW

Chn

age

[%]

1

Market Indices

MC [Rs bn] ▲ ▲

Δ MC [%] ▲ ▲TO [Rs M] ▲ ▼FP [%] ▼ ▼NFP [Rs M] ▼ ▼PER [x] ▼ ▼DY [%] ▲ ▼PBV [x] ▼ ▲ROE [%] ▲ ▲

L HALCAPEX-12ALEX-20SEM-7Dow Jones IA*Nasdaq*S&P 500*FTSE 100*CAC 40*DAX*All OrdinariesNikkei 225Hang SengBSE 30

Foreign Participation


55.6%

0.31%20-Dec27-Dec

1,348.38

* Previous day's closing prices

16,480

9.0%

14.1% 13.6%55.6%

All SEM Liquid 20

5,324 5,26216,179 15,87023,243


▲

Activity Spread Net Flows

16,1794,167 4,0581,842 1,8106,694

21,080 0.54%1.89%

9,489

22,812

1.18%

▲▲

1.94%

1,344.181,022.41

25.8%

▲

179.11.0

68.245.1

0.014.42.551.09

7.6

270.30.8

564.85.50.6

17.22.681.02

5.9

39.6%1.79%

▲

Key:MC = Mkt Cap.; Δ MC = Change in Mkt Cap,; TO =Turnover; FP = Foreign Participation; NFP = Net ForeignPurchases; PER = Price-Earnings Ratio; DY = Div. Yield;PBV = Price-Book (Net Asset Value) Ratio; ROE = Returnon Equity.

9.1%

16.5% 14.8%

0.93% 23.5% 23.7%

1.86% 27.4%

Indices

▲▲

▲

ChangeWeek Ended— 52Wk

0.99%

2.69% 40.8%

1 Wk YTD 52 Wks

▲▲

▲ 2,090.90 2,072.16

6,5854,218 4,177

1,031.9322.9% 23.1%

1.64% 24.6%

0.90% 20.7% 21.0%

31.3% 29.9%

21,194

23.9%9,336

1.66% 13.0% 12.4%

2.6% 2.5%▲▲

85

100

115

130

145

160

Indi

ces

reba

sed

to 1

00 o

n 3

0-Se

p-20

10

SEM-7 S&P 500ALEX-20 ALCAPEX-12

39%

37%

15%

3% 2% 4%

MCBSBMNMHLALTEOCTL

-7

-0 -1

8

1

-8

-4

0

4

8

MCB SBM NMHL ALTEO CTL

Net

For

eign

pur

chas

es [R

s m

2

Investment Outlook 27-Dec-2013

Melvyn Chung Kai To AXYS Stockbroking Ltd, Bowen Square, Dr Ferrière Street, Port-Louis | BRN C07007947 Bhavik Desai Tel (230) 213 3475 | Fax (230) 213 3478 | Email [email protected] | www.axysstockbroking.com

Summary & Highlights Santa Claus Rally In what was a relatively quiet week, the local bourse commenced its ‘Santa Claus Rally’ and was marked by the return of bullish investors on BBCL and TERRA’s acquisition of a substantial stake in UTIN {as announced in late Oct-13}. Foreign participation expectedly plunged to 5.5% given the festive end of year period. Local indices – like their foreign counterparts – closed at new 52Wk-Highs: ALEX-20 a 1,031.93pts (+0.9%), ALCAPEX-12 at 1,348.38pts (+0.3%), and the SEMDEX at 2,090.90pts (+0.9%).

Finance Excluding the change in shareholding at UIL [39.5M crossed at Rs12.25 (+13.4%)], banks dominated 57% of this week’s turnover. While MCB improved to yet another new All-Time High Rs211 (+0.7%), SBM which traded at VWAP Rs1.044 (+0.4%) crept up to Rs1.05 (+1.0%) on very low-vol. {Friday’s VWAP was (+0.0%)}. BBCL sky-rocketed to 6Mth-Rs1.0401High Rs7.22 (+18%) following the re-emergence of bullish investors conducting market buy-outs: 792k shares were exchanged at VWAP Rs6.54 (+7.2%) throughout the week. A thinly traded volatile CIM peaked at Rs8.16 (+2.0%) mid-week only to slide to Rs8.14 (+1.8%) on Friday, while MUA recouped 25cts to Rs123.

Travel & Leisure Although NMHL [12% of TMT ex UTIN] closed unmoved WoW at , its VWAP stood at a lower Rs88.07 (-0.5%). Rs88.50SUN fell sharply to Rs40.10 (-4.5%) following its recent low-vol. surge, and biz. hotel operator, TPL declined to Rs6.70 (-2.0%). LUX at Rs39.35 (+0.3%) was the only major hotelier to buck trends by closing in positive territory. Trading on Air Mauritius eased off to just 15k shares at an unchanged

. Rs16

Multi-Sector Conglomerates | Holdings Trading among MSCH was heavily skewed towards the cross of 39.5M [26% of its shareholding] UTIN shares at Rs12.25 (+13.4%) on Christmas Eve but closed at a lower Rs11.50 (+6.5%). In stark contrast to other Multi-Sector counters which all closed in the green, TERRA which acquired the

significant stake in UTIN [as announced in Oct-13] inched lower by 10cts to 18Wk-Low Rs38.80. ALTEO inched higher by 5cts to Rs37.40 {10cts shy of ATH}, OMNI picked up Rs1 to Record High Rs89, IBL improved by Rs1 to All-Time High Rs102, ROGE jumped by Rs3 to 4Wk-High Rs199, EUDC moved higher by 20cts to another new record high Rs14.95, and CIEL picked up another 2cts to Rs4.09 on the eve of its special meeting {however, DRIL held steady at }. Rs5.98

Consumer Staples | Discretionary PBL at has yet to trade since announcing the sale Rs185.25of its stake in its Malagasy brewery in spite of bids having been placed at a higher Rs190 (+2.6%). An Ex-Div INNO climbed to Rs52 (+2.6%), LFL moved up to Rs21.65 (+3.1%) and ENLC jumped to Rs22.50 (+7.1%) while CTL inched marginally down to Rs25.40 (-0.2%).

Materials | Health Construction companies moved in opposite directions: UBP moved up by Rs1 to Rs95 while GAMMA edged lower by 20cts to Rs35. MASC – in typical fashion – swung upwards to Rs1.68 (+5.0%) on some 10k shares.

Property In its final pre-amalgamation week of trading, BLFE surged to a new record high Rs9.14 (+2.0%) while ENLL gave up 50cts to Rs50.50 and related-company ASCE slipped to Rs1,400 (-0.7%) on a min. trade of 100 shares.

Investment Holdings This week’s only appreciably traded INVH was MDIT at VWAP Rs5.99 (+0.5%). All of POLI at ATH Rs7.60 (+7.0%), PAD at 6Mth-High Rs83 (+1.2%) and NITL at Rs40.60 (+0.7%) also rode the buoyant up-wave to new highs. Soon to be withdrawn and wound-up UFL at Rs9.20 (+4.1%) also soared into unchartered territory.

3

Market/Company Announcements

Dividend Declarations

COMPANY

ROGE ▲CTL ▲MEDL ▬MEDL(P) ▬EUDC ▲ALMA ▼BRIL ▲MSH ▲MSH(P) ▲ALTEO ▲MASC ▬CMPL ▲DRIL ▬HML ▬OMNI ▼SBM ▲


Dividend Key Dates Properties

The Mauritius Commercial Bank Limited (MCB')At its special shareholder meeting held on Dec 27th, shareholders approved: 1. Cancellation of its Treasury Shares 2. Cancellation of its Employee Share Option Scheme

3. Approved the share swap between MCB and the new “MCB Group Ltd” in the ratio of one new MCB GroupLtd share for every MCB share held by its shareholdersA petition will be presented to court to sanction the Scheme of Arrangement.

Gamma Civic Ltd (GAMMA)As part of its share buy-back, GAMMA purchased no shares during the month of Nov-13, which brings thenumber of shares GAMMA may buy back unchanged at 6.7M, and leaves the total number of shares boughtback till date at zero.

NinetyEast Timaeus Capital Fund PCC (NTCF)NTCF, a GBL1, has changed its name to Timaeus Capital Fund PCC.

TypeChange

Current Previous Div/Div Declaration Ex-Div. Pay Date

Int 20.02 0.00 N/A 15-Nov-13

Freq. p.a.


0.75 0.50 50% 12-Dec-13 30-Dec-13 20-Jan-14 Int 2

2.10 2.25 -7% 12-Dec-13 30-Dec-13 31-Jan-14 Int 2

0.60 0.60 0% 12-Dec-13 30-Dec-13 31-Jan-14 Int 2

3.00 – N/A 12-Dec-13 30-Dec-13 20-Jan-14 Int 2

0.35 0.30 17% 12-Dec-13 30-Dec-13 31-Jan-14 Int 2

52.00 47.00 11% 12-Dec-13 30-Dec-13 31-Jan-14 Int 242.00 38.40 9% 12-Dec-13 30-Dec-13 31-Jan-14 Int 2

2

0.60 0.60 0% 12-Dec-13 30-Dec-13 31-Jan-14 Int 2

42.00 38.40 9% 12-Dec-13 30-Dec-13 31-Jan-14 Int 2

0.01 0% 16-Dec-13 07-Jan-14 24-Jan-14 Int 20.50 0.45 11% 18-Dec-13 07-Jan-14 25-Jan-14 Fin 1

0.35 0.30 17% 16-Dec-13 31-Dec-13 20-Jan-14 Int0.01

0.04 0.04 0% 18-Dec-13 07-Jan-14 24-Jan-14 Int 23.00 3.00 0% 18-Dec-13 07-Jan-14 25-Jan-14 Fin 12.75 3.75 -27% 19-Dec-13 10-Mar-14 26-Mar-14 Fin 1

4

Weekly Official List Movements

SEMDEXMCB ASBM HBBCL SCIMFINCMEIMUASWAN

NMHL RSUN RLUX RMKASL

ALTEO* ATERRA BOMNI HIBL AROGE RHML

INNOPBL BMORGOLICMPL

VEMMSMENLC

MCFIUBPGAMMAPIM

ENLL AMERITCAUDROCKSAREFUTDL

MDITNITLPOLIPADBMHLDALE


100.00

0.25.2

-8.5%

88.50 57.2%

18.1%

152.00

22.5%

92.0%

-4.4%

-4.2%

198.25

58.4%

21.50

88.50

42.00

94.25

1.420.4

52-Wk

27.5%68.9

1.04 3.81.7165.00

8.1

1.5

As atPER

37.35

122.75—

60.1%6.10

56.00

300.00

1.05

100.00

8.705.90 2547.22

—4.1%

8.00

14.6

18.50

-6.0%-9.5%

123.00300.00 —

9.1

-8.5%

31.3%16.9%

17.5

31.3%—1.8 4.1%

1.04

88.00

196.00101.75

2.7

111.00

5.3%

115.00

28.00

40.10

8.10

38.80

185.00

2.8%

69.4%

102.00

45.3% 45.3%142.9%

37.7089.00

38.0%—

33.6%

41.80

-7.3%

0.4

0.2

50.75

0.04

16.00

6.2

▬▬

N/A33.3%

-36.4%

-2.4%

▲

▬

52.00

▬

7.00

—

—0.0

185.25

—0.1

7.6%

8.1021.00

20.1%

108.00

3.5

2.9

42.50

24.4

23.00

—

0.7

2.5

10.00

32.8%

8.0%

19.3014.3%

29.6

105.00

0.07

4.5

3.5

0.0

0.0322.2

12.5

-4.4%

22.5%-4.2%

26.8

179.00

130.00

212.005.0

11.9

33.3%

6.6%

27.10 24.6

34.30

7.00

73.00

36.8

187.00

0.98 —

87.24.45

7.00

0.61.4

37.20

5.00—

0.091.3

— 0.0 —

5.3 5.2

60.5013.9

12.50

26.9

1.00

25.70

11.5%

82.50

—

0.5

43.80

6.006.9

2.5

15.09.5

24.912.6

—65.00

1.5

16.5

0.3

0.8

0.4

3.5

4.2

1.3

2.3

—

3.055.8

5.1

0.0%

—

34.8

0.77.0

25.8—

29.90

1.35

—

28.00

0.0

1.11.20

22.90

7.00

9.9

0.1538.1

2.4

4.2 0.73.2

77.0038.50

51.50

100.00

0.6

88.50

1.1

0.9—

6.2

0.0

0.8

4.1

—

133.00

—

0.6 2.2

3.82.3

0.72.8

1.16.0

9.5

—

1.0 8.6

—

12.4

15.70

10.0

73.50

10.10.4

1.7

2.99.0

2.7

31.4

76.00

2.9

2.8

2.1

0.0

18.7

15.1

1.10.71.3

0.5

9.0

4.20.72.131.60

63.16.1

13.1

10.1

4.6

2.5

1.4 15.2

1.631.5

290.00115.00

27.3027.5

62.00

LowVal.VWAP

14.9

YTD1.1

1.3

9.10.86▲

42.216.9%60.1%

22.0%

18.50

21.3%

0.0

2,090.9

3.019.01,729 6.020.7%

20-Dec PBV

11.2211.002,072.2

27.5%

21.8

3.6

43.0092.00

16.30

38.0

127.00

2.1

15.802.7 2.5

6.4

19.00

0.6

1.276.00

5.051.63.5

0.5

5.40.3

4.00.0

100.00

—

123.00

39.80

141.00

10.10

17.1

5.320.60 1.5

4.55▲

97.5%

34.5%

0.7

0.6

1.4

3.70

9.9

6.0097.5%

67.9%

25.9%-45.7%

67.9% 7.60

235.000.4

2.734.5% 96

3.425.9%1.884.00

11.5%

6.6%

5.98 5.9640.60

0.3

—

72.50

40.30

83.00 82.00

-45.7%

7.60

▬

235.00

7.10

8.14

27-Dec

211.00 209.50

123.00

58.5%

19.9%0.2

1.7 142.9%

95.00

▬

14.3%

20.1%

1.058.95

35.10

24.00

▬

▲ 8.14

▬

27.05

▲

▲

101.00▲

18.50

0.0

16.00

102.00

340.00

200.00

21.0%

52.00

37.50

8.0%

2.3%17.7%

38.0%

-14.3%

-7.3%

0.0

0.1

5.50 5.50 — —

▼

▬

88.50

9.00

▼▬

24.00

—

28.00

38.90

0.04

69.4%

2.3

19.9%

-14.3%

1.3% 1.3%

92.0%0.0%

0.0

38.90

▬▲

24.500.7

16.10

DYChange

72.50

235.00

0.2

Fina

ncia

lM

ater

ials

Prop

erty

—

—

▲

27.00

39.35

▼

▬

▬

—1.13

▲▲

2.1 34.9%

▲

▬

0.3

108.00

▲

▬3.80 —

6.0040.55

40.10

Official Mkt

210.75

Inve

stm

ent H

oldi

ng

▼

—

Week Ended

7.24

—

0.1

50.75

▲

▬

▬

185.25

—

89.00

37.40 37.40

0.1

▲

▬

▲

199.00

0.0

—

22.50

0.0

▲

35.20

50.50

0.0

77.00

39.25

152.00

94.0035.00

—

39.30

0.5

3.80

10.0%33.0%

1.13

—

2,091

N/A33.0%

High

0.0 1.0

-2.4%

▲ 6.54

115.00

27-Dec-13ROEYoY

15.4

1.1

58.4%

34.9%

Con.

Sta

ples

Con.

Dis

c.

88.00

▬

82.25

77.00

1.30

2.6

Trav

el &

Lei

sure

Mul

ti-se

ctor

Con

g.


0.0

▬235.00

▬1.30

152.00

51.75

27.00

28.00

7.0051.00

1.137.00

▼

5

Weekly DEM Movements

DEMEXANGLO

CHSL SHTLSMOLISCT HTPL

CIELMEDLEUDCUTIN

PHINVITALQBLCSE AUNSE RSODIALFLLMLCMILMCOSSAIL

CTLABCACCMSILRHTUBS

BYCHCHEMGAZPCCL

FORTMFRE

ASCEBLFECIMOCOVI

BTEL

MASC

DRILENL(P)ENITFIDESUFLALMABRILMSH


—

1.5

0.0

49.6

1.9 14.2

6.4

1.40.7

0.6

0.6

9.0

43.80

3.2

N/A 9.15 6.15

0.0

0.0

—

1.1

1.91.25

5.6

▬

▬—

9.20

5.9827.05

98.25 2.01.5

48.2% 4.05

101.00

—2,130

21.5

-6.8%Inve

stm

ent H

oldi

ng

-23.6%——

19.101.4

▬2,700

1.62

10.8

2.4

145.00

16.2

24.9%

High

52.00

14.90

0.70

22.3% 139.00

57.6%

15.8%

20.4%

42.6057.00

32.00

25.70

19.8%

4.95

2.3

—

12.1

2.6

1.4

1.1

0.80.0

48.5

2.6

28.7

423.00 0.519.6

3.6

0.6

0.3

3.8

3.1

9.5

13.3

9.3

0.6

—

0.7

29.0

23.10

6.713.6

1.5

0.0

0.5

14.2

5.90

5.2

15.0

—

1.9

5.6

4.2

14.5%23.2%

13.5

7.427.30

0.5

1.3

52.00

49.2043.7%

-2.5%

0.4

15.6

8.5%

123.00

14.00

5.3

13.8

4.4

—

143.000.0

0.0

▬

1.1

1.529

43.7

7.5

2,8302,940

6.7%6.7%0.9

15.027.60

4.0163.00

0.7

1.5

1.5

6.9

41.50

14.6

1.2

41.3%

0.0

-10%

0.9

7.00

43.1

42.8

0.140.9%

0.1

815.00

42.00

4.7

32.3

—16.7%

33.0024.50

21.2%

13.3%

23.25.2

—

21.70

—

128.00

0.0

0.60.0

8.80-22.9%

9.8%24.70 19.20

8.00.8

40.00

1.0

1.8

35.30

—

27-Dec-13

4.80

DY

2.6—

—

0.033.4

18.50

10.2

As at52-WkROE

0.9

21.42.7

6.40

0.0

Low17.9%

9.6

16.10

0.8

—

1.20.0 —0.8

2.2

PBVPER18.1%

8.3%

Change

6.3%

173.96650.00

7.00-5.7%

60.9%

8.3%

6.3%

39.6%

4.9%21.4%43.7%

11.50

0.0

31.5037.40

-5.7%

YoY

50.0%

52.36.7

8.00

0.7

12.4600.00

19.0060.9%

—166.00

124.00

4.10

7.1%

1.316.2

—

1.0

—2.2

17.06.1

118.1

0.62.65

—0.03.8115.00 23.6

0.8

0.06.9

80

0.5

8.070.50

1.5

0.12

3.3

-10.3%9.40 7.10

155.00

0.721.4%

10.80

—

46.3%46.3%

——39.6%

51.00-10.3%

11.50

59.00

0.0 6.90

68.00

35.3%

4.9%

490.9

4.07

57.6%

7.1%

—

0.8

6.51.0

4.24.4

12.2%

0.7

44.5057.50

0.3

925.00186.00

0.9 1.6

14.8

4.4

1.6

—13.118.70

0.054.743.20

170.00

38.4

5.5-23.6%

4.6

34.80

2,130

106.00

489.00

1,1701,450

14.7%2,700

14.7%

——11.8

0.298.50 2.99.5 1.1

24.90

0.40.7

1.2

7.5—

0.9

58.8

-6.8% 2,45089.00—

2,130

▲ 9.20

1.68

▬8.98 0.4 85.6% 85.6%

50.00

5.98

102.00102.00

—

8.84

9.24

1.60

▬ —

▬

▬

Hlth -2.5%

10.8%

64.00

0.026.90

48.2%

▲ 9.14 8.961,410

▬

50.00 50.000.7

5.98

43.7% 50.50

6.00

▬18.5%

0.0%

Ind.

Com

.

92.0098.25

40.9%27.50▼

18.5%9.8%

64.00

9.90

0.0%

140.00

2.05

170.007.00

0.0%

98.25

1,400 0.1

Prop

erty 8.98 0.3

▲

▬

Con.

Dis

cret

iona

ry

▬

128.25

Mat

eria

ls

——

50.00

0.1

7.00

—

23.2%

8.5%

40.00

135.00

35.00

▬ —

33.05

170.00 —

▬

22.50

▬

—

—

—

—41.3%

▬

155.00

135.00

128.25

135.00

——

▬

▬

▬

▬

0.170.17▲

170.00

▼

35.00▼

▬▬

155.00▬▬

39.00

▼

▬

163.00

64.00

0.1

—

10.8%

—

0.0

0.0%

50.00

170.00

—

14.5%

163.00

—

1,400

33.0512.2%

10.80

18.7%

16.7%

489.00

0.0-8.9%22.50

10.80

7.00

9.24489.00

31.7531.75

39.00

923.0057.50

52.0052.00

57.50

— —

25.5525.40

13.3%

14.6%

0.033.0542.9%

-73.8%

923.00

—

25.45-10.4%

— —

—

170.00

11.00 -22.9%

—

163.00

0.0

—

—

0.0

—

22.3%

19.8%24.9%

20.4%

—

0.17

1.5

21.2%

-8.9%

42.9%

68.0014.75

6.84

7.98

—-10.3%

6.70

0.2

0.6

—

4.08

Week Ended

-10.3%

50.0%

YTD

——

4.09

▲ 14.75

—31.50

27-Dec 20-Dec

124.25

0.0

—

DEM

▬

124.25

Cons

umer

Sta

ples

▬

-73.8%21.65

6.70▬

68.00

Trav

el &

Lei

sure 37.00

650.00 —

▬ 31.50

▬

VWAP

11.50

42.00

Val.

21.65

495.9

▬

21.00

14.9512.25

51.007.98

6.60 6.60

▬▬

▲

▲

▲ 173.96

▼

—

37.00

650.00

—

42.00

▬

M-s

ec. H

ldg.

Fin.

——

▬

173.196.4

144.8118.4

2.9

0.5

0.6

0.02.2

1.6


6

SEM Debt Securities

MCB Repo+1.35%LUX 9% ConvertibleUBP Repo+1.2%UTIN Repo+3%OMNI 7.15% [Rs k]OMNI 5.7% [Rs k]

Fixed Income Instruments

Moody's Credit Rating: Baa1

Overnight [% p.a.]1 Week [% p.a.]* Assumes conversion into equity in Dec-14; and factors for conversion discount and dilution


5.9%▼ 5.5% 101.87 100.00 105.36 105.14

12.7710.7%

105.33

YTD in bps20-Dec-2013-2.12%

1,050

1,1361,000

27-Dec-20132.77 129

5.7%

6.3%

@ Par

7.2%

5.4%

105.95

5.3%

▲ 16.1%

5.6%

106.14

@ Par1,030

Debentures

Week Ended

▼

▲

4.8%

3.6%

YTM @ FV

4.2%

▼ 5.3%

4.5%

11.02 10.00 12.15

132

103.77

AXYS Fair Valuation

99.85

1,002 1,000

27-Dec

100.00

Change

16.0% 3.6%

7.1%

4.8%

27-Dec

▼ 3.48 -2.79%3.58▼

PLIBOR

▼2.7%

YTD

61.1%

1,130@ Par27-Dec

3.9%

20-DecSettlement Price

1,103

YTM

100.00

87.2%

103.04

1 Week2.83

7.1%

27-Dec5.8% 6.0%

YTM Week Ended


1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

INte

rest

Rat

e [%

]

PLIBOR 1-Day PLIBOR 1-Wk Tbill 91-Day

3.9

5.7

6.7

2

4

6

8

10

0 5 10 15

Sove

reig

n Yi

elds

[%

]

Instrument Maturity [Yrs]

Poly. (Current)

Poly. (Previous)Current Prev. Yr

-500

0

500

1,000

1,500

-100

0

100

200

300

Sep-12 Nov-12 Jan-13 Mar-13 May-13 Jul-13 Sep-13 Nov-13

LUX CB YTM

premium

over Risk Free [bps] YT

M p

rem

ium

ove

r Ris

k Fr

ee [

bps]

MCB Repo+1.35% UBP Repo+1.2%

UTIN Repo+3% LUX 9% CB*

7

Forex Rates

L HUSD / MUREUR / MURGBP / MURZAR / MURAUD / MUR

Domestic FX Market Watch


30.65 30.75 -0.33% -1.3% -1.3%41.98

0.12% 0.0% 0.3%

Week Ended Change27-Dec 20-Dec 1 Wk — 52Wk

27.36 27.403.01 3.01 0.00%

97.3 39.02

▬

2.1%50.20 50.14

USD

310.0 28.56 40.48

▲

Currencies

▼

Dec -2013Q3-2013H1-2013201220112010

41.24 19.3 30.14 32.4 6.8 30.76 62.8 40.54

161.5 30.68 215.7 395.2

YTD 52 Wks

40.36

40.49

-18.9% -18.9%▼

Periods

The Bank of Mauritius intervened dailyon the domestic foreign exchangemarket during the week ended Dec27th 2013 purchasing $19M at VWAPRs30.18 and €7.1M at VWAP Rs41.33.

1,125.4 30.06 446.6 40.20

Qty [M] Price [Rs] Qty [M] Price [Rs]

219.5 31.7

-0.15% -15.7% -15.6%

29.97

31.83

0.32% 2.3%

EUR

41.84▲

19.8


85

90

95

100

105

Inde

x =

100

on

30-

Jun-

2010

USD EUR GBP

38

39

40

41

42

43

30.50

30.75

31.00

31.25

31.50

31.75

MU

R per EUR M

UR

per U

SD

BoM Interventions USD EUR ECB derived EUR

ORR Start

8

SEM Listed Fund Net Asset Values

Africa Sustainability Fund (ASF)

CIEL Investment Ltd (CIEL)

Evisa Investments Ltd (EIL)

Fidelis Opportunity Fund PCC - Focus Cell 2 (FOF)

Global Diversified Fund PCC - Cell No. 1 (GDF)

IPRO Growth Fund Ltd (IGF)

JPT Capital Agrifund (JCA)

Mauritius Development Investment Trust Co Ltd (MDIT)

National Investment Trust Ltd (NIT)

Novare Africa Fund PCC (NAF)

NinetyEast Timaeus Capital Fund PCC - Cell A (NTCF)

P.O.L.I.C.Y. Ltd (POLI)

RSJ Prop, PCC

Theseus Property Fund Ltd (TPFL)

Triangle Real Estate India Fund LLC (TREIF)

AfrAsia Capital Management Ltd (ACML)

– ACM India Focus Fund (AIFF)

– ACM Aussie Ltd (AAL)

– ACM European Ltd (AEL)

Global Investment Opportunities Fund Ltd (GIOF)

– Kotak Indian Growth Fund (Class A)

– Kotak Indian Mid-Cap Fund (Class C)

– Kotak Liquid Fund (Class I)

Imara

– Imara African Opportunities Fund Ltd

– Imara Global Fund Ltd

Lancelot Global PCC

– Commodities Partners International (CPIL)*

Kotak Investment Opportunities Fund Ltd (KIOFL) Class D Shares

– Kotak Indian Infrastructure & Realty Fund (Series 1)

– Kotak Indian Infrastructure & Realty Fund (Series 2)

*NAV provided every Friday. AXYS uses the NAV value closest to month's end

Select Abbreviations

Disclaimer


Sectors:FIN = Financial; TL = Travel & Leisure; MSCH = Multi-Sector Conglomerates & Holdings; CONS = Consumer Staples; COND = Consumer Discretionary; MAT = Materials; IND =Industrials; HLTH = Health; COMM = Communications; PROP = Property; INVH = Investment Holdings; UT = Utilities; GOV = Public Sector; OTH =Other.

80.03

Rs

AXYS Stockbroking Ltd has issued this document without consideration of the investment objectives, financial situation or particular needs of any individualrecipient. AXYS Stockbroking Ltd will not be under any liability for loss or damage of any kind whatsoever arising in connection with the contents of thisdocument. This document is not, and should not be construed as, an offer to sell or the solicitation of an offer to purchase or subscribe for any investment.This document has been based on information obtained from sources believed to be reliable but which have not been independently verified. AXYSStockbroking Ltd makes no guarantee, representation or warranty and accepts no responsibility or liability as to its accuracy or completeness. AXYSStockbroking Ltd is a member of the Stock Exchange of Mauritius and is licensed by the Financial Services Commission.

-3.6%

▲▲

4.80

YTD▼

Month EndedNov-13

69.65 -1.2%

$

-0.2%

-15.4%

0.0%

25.95

1.98

Change

Rs

1,501

-3.5%

Oct-137.0%

5.06

$ 0.75

15.8%

-4.6%

4.37

$

0.08

9.04

-1.1%

104

74.49

1.00

106.98

£

$

979

19.1%

$

Official Market

▲

MtoMSep-13

1.2%

-0.9%

9.7%

£

27.93

4.33

Rs

—

1,029 1,018 -1.1%

1,517

5.4%

9.79 —

1,503

18.8%

-20.1%

13.6%

99.4%

$

1.00

5.1%

—

-0.1%

7.4%

£ 9,071 9,108 9,144

-0.9%

12.2%

0.0%

894

Rs

▼

10.84

0.08

Rs

1.5%

▲

101

▼▼

▲

▼▲ 27.21

▬

0.71$

70.5067.96

895896

▼

▲ 5.52

72.15

27.79

▼ 100

0.4%

1.91

0.72

▼25.04

-1.4%

1.00

▲

271

10.84

1.30 1.33

$ -0.1%

1.99 -0.6%▼0.65

€

0.08

0.0%

0.0%

406

0.72▲

▼

$ (AUD)

17.06

10.84

-12.7%

$▲ 15.8%

2.95

-18.4%

$

$

244

-6.8%

12.1%

17.8217.86

421

22.4%

271

-12.7%

3.16$

2.64 11.7%

—

17.7%

6.8%

-9.6%

▲

0.5%

Rs

—

4.22

▲

2.82

▼$

0.73▼

$

1.35

-3.2%

€

0.8%25.74

▼

375


9

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