Fast Track Forward to
Trades & Movements by Sector Theme of the Week
Melvyn Chung Kai To AXYS Stockbroking Ltd, 6th Floor, Dias Pier Building, Le Caudan Waterfront, Caudan, Port-Louis, 11307Bhavik Desai Tel (230) 405 4000 | Email [email protected] | www.axysstockbroking.com | BRN C07007948
Mkt SummaryForeign Participation
Forex Mkt Watch
Corporate Bonds
BoM InterventionsETFs/Commodities
This week was marked by extreme marketvolatility.
Government controversially revised the Indo-Mauritian DTA meaning certain decline forseveral Global Business companies.
Spill-over effects are expected on professionaljobs, consumption, and inflation.
SBM incredibly sky-rocketed on Friday followingits announced reverse share split and PAT bump.
Fund NAVs
1Yr T-Bill
-5.3 9.94
NMHL336.00
LFL
891.22▲
4.00
0.00
20.05
Laggers
Share of TMT
BEEP19.2
MFD26.10
4.3
Weekly Insight13-May-2016
Equity Equity
15.50 3.3
LOTO
67.00UTDL
8.1
[%]Share
Turnover
▼ALEX-20
[Rs]
-0.33%
Leaders
TERRA
BEEP
Δ WoWLatest
24.00
0.69
Ratio
19.3
[%]
0.0%
COND — INVHPrices & Spot Rates
[Rs]16.00
Earnings:
IBL-6.7
[bps]
20.7
0.00
FIN — CONS
SBM
▬
14.6
USD/MUR
3.5
Δ WoW
35.920.01%
COND — INVH
22.6MCB
[Rs M]9.5
IBL
149.0 UTIN
-6.1
UTIN
Latest
FIN — CONS
WoW Movements
22.6
3.05
Fixed Income
Most Active
Sov./Interbank Rates
Spot Rates
-2.98
Pref Shares
Value
NITL 34.5PBL
Mkt Comm/Divs
-5.1
News Snippets
Market Indices
SBM -10.6
GAMMA
ENLC
22.6
14.3
Weekly Prices:
Currency
LUX
875
900
925
950
975
Inde
x [p
ts]
-4.5
-3.0
-1.5
0.0
Δ% in
USD
/MU
R si
nce
31-M
ar-1
5
1.00
1.75
2.50
3.25
4.00
1Yr-
GM
TB [%
]
39%
22%
18%
8%
6%7% MSCH
FIN
T&L
INVH
CONS
Others -3.1
-0.5
-2.2
-0.1
0.9
MSCH FIN T&L INVH CONS
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-12 ▼ALEX-20 ▼SEMSI ▼SEMDEX ▼S&P Pan Africa* ▼MSCI Frontier* ▲MSCI World* ▲S&P 500* ▲ESTX Eur 50* ▼FTSE 100* ▼Nikkei 225 ▲MSCI Emerging* ▼S&P Asia 50* ▼Sensex* ▲
Foreign Participation
Melvyn Chung Kai To AXYS Stockbroking Ltd, 6th Floor, Dias Pier Building, Le Caudan Waterfront, Caudan, Port-Louis, 11307Bhavik Desai Tel (230) 405 4000 | Email [email protected] | www.axysstockbroking.com | BRN C07007948
IndicesDY
-7.8%
98.69 99.501,776.64
141.27
13.8
21.1
19.5
10.0
42.1
3.0
0.4%
1.332.77
YTDVal
-0.82%-1.9%
4.2
-9.6%
2.70.86%0.53%
-0.33%
-0.11%0.97
3.3%0.82
6-MayChange
3.7
1.39
YoY-1.23% -3.7%
2.0
-10.7%
-14.9%-12.5%
0.84
1.442.11
2.66
1.50
-0.2
-1.6%
-0.2% -7.8%
0.83
122.2
1.8% -13.9%
Week Ended
1,778.59
891.22
142.1
13-May
6.0
3.27
5.5
-10.2
5.9
15.0
253.3
Weekly Insight
0.82
-0.4
14.0
6.6
166.7
13-May-2016
180.5
3.08
Liquid 20All SEM
-4.7
13-May-16
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.
‒ 52Wk ‒
0.66%
1,288.10 104.5
108.9
-0.82%
1.4%180.2
1 WkAs at
2,050.63
PER1,272.20
894.20 14.0122.2
3.010.5
6.4%
3.3
PBV
1.5
4.1-0.21% -12.2%
-0.7%
-0.17%
10.320.7
-24.4%
2.21,641.16
809.46
25,790
512.49
6,104.19
3,166.5319.5
-1.6%
6,117.25
0.0%2,940.35
2,064.11
3,225.3025,262
806.683.09%
-22.0%-0.34%-1.82%2.09%
16,147
508.11142.43
1.9%
4.6
3.3
-2.7% 1.72
-5.4%
2,935.46
16,646
-3.1% -20.9%
1,649.91
-18.5%19.2
1.16
* Previous day's closing prices
Net FlowsActivity Spread
-4-3
-2
12
MCB SBM CIEL ALTEO CTL
Net
For
eign
pur
chas
es [R
s m]
85
100
115
130
Indi
ces
reba
sed
to 1
00 o
n 3
1-M
ar-2
013
SEM-SI MSCI FM ALEX-20 ALCAPEX-12
46%
17%
15%
9%
7%6%
FIN
MSCH
INVH
COND
DEBT
2
Weekly Insight 13-May-2016
Melvyn Chung Kai To AXYS Stockbroking Ltd, 6th Floor, Dias Pier Building, Le Caudan Waterfront, Caudan, Port-Louis, 11307 Bhavik Desai Tel (230) 213 3475 | Email [email protected] | www.axysstockbroking.com | BRN C07007947
Summary & Highlights Extreme Erraticism This week was marked by extreme market volatility in the midst of minimal foreign participation [only 6%] and of a flood of earnings releases: out of 46 changes, half moved by >2%. Another factor which contributed to volatility was the Government’s controversial decision to revise the Indo-Mauritian DTA. The Capital Gains tax clause has been amendment such that India will be able to enforce it on investments routed through India. Several Global Business sector companies are facing near certain decline with major spill-over effects expected on professional jobs, consumption, government revenue and inflation. In spite of SBM’s Friday’s incredible sky-rocket (+10% WoW), and the generally improved interim Q1-16 PAT, indices reflected the fear of the end of the Indo-Mauritian DTA era: SEMDEX slid to 1,776pts (-0.1%), ALEX 20 to 891pts (-0.3%) and ALCAPEX 12 to 1,272pts (-1.2%).
Financials Financials did not dominate trading with MCB [12%] trading between Rs208 (-1.9%) and Rs211 (-0.5%) and registering a VWAP Rs208.77 (-1.5%). SBM [8%] rallied to 65cts (+3.2%) prior to Thursday post-market earnings, then sky-rocketed to 3Mth-High 71cts (+13%) intra-session Friday – its strongest 1-day gain (9%) in 7 years – but closed at a lower 69cts (+9.5%). Although – on a re-stated basis – EPS grew 33% to 2.8cts, the surge could also have been influenced by its announced reverse share split which should improve liquidity and enable swifter price moves from a reduced tick-size. Hurt by the slaying of the DTA, CIM tumbled to 2¾Yr-Low Rs7.20 (-4.0%). Affected by weakened earnings, insurers MUA and SWAN fell to Rs62 (-0.8%) and 21Mth-Low Rs311 (-2.0%).
Travel & Leisure Declines on hotel groups was contrary to expectations given that they unilaterally reported improved domestic Rev/Room. NMHL plunged the worst to 3½Mth-Low Rs20.05 (-6.7%) seemingly bogged down by its troubles in Morocco. LUX [8%] and SUN who were both affected by renovation costs in Maldivian properties also lost ground to Rs58.75 (-1.3%) and Rs35.10 (-0.6%) respectively. CHSL – whose domestic margins were under pressure but improved overseas – shed 50cts to Rs33.50 (-1.5%) while HTLS inched up to Rs32.55 (+0.2%). LOTO whose PAT was boosted by a lower prize pay-out ratio surged to Rs4 (+8.1%) – a level it has not breached in >5Mths – while MK fell back to Rs13 (-3.7%) on continued media reports suggesting “hedging losses”.
Multi-Sector Conglomerates/Holdings Multi-Sector Holdings were this week’s most active stocks led by unusual suspect UTIN which witnessed a cross of 2.2M shares at 2Yr-Low Rs10 (-3.8%) after having said that its delayed re-structuring plans would be finalised this July. IBL [11%] traded at VWAP Rs118.73 (+0.2%) and closed at a higher Rs120 (+1.3%) seemingly in anticipation of the exchange ratio for its merger into GML. TERRA [1.3%] – who reported a positive EPS in Q1 for the 1st time in >7yrs – dropped to Rs30.30 (-1.3%). Dragged down by its poor domestic performance, ALTEO retreated to 4Yr-Low Rs26 (-3.7%) and ROGE – who only recently acquired two Global Business companies – dropped to Rs26.95 (-1.5%). GAMMA whose earnings were not comparable
following the acquisition of Holcim’s cement business, surged to 4Wk-High Rs24 (+4.4%) on meagre vols.
Consumer Staples | Discretionary Among consumer stocks, PBL [6%] – who has not yet declared its customary div. in mid-May – dominated trading at VWAP Rs355.74 (-0.6%) but tumbled to 10Mth-Low Rs336 (-6.2%) followed by CTL which cascaded down to Rs39 (-2.0%), both seemingly on the back of their tightened margins. Also closing in the red were: LFL at Rs26.10 (-5.1%) on apparent profit taking, and INNO & CMPL in tandem with weaker EPS to Rs40.55 (-1.1%) and Rs12.25 (-1.2%). Highly illiquid ABC slipped to Rs84.75 (-0.3%) while ahead of its earnings release VEM closed in the green at Rs91.50 (+1.1%). ENLC jumped to Rs15.50 (+3.3%) ahead and in spite of disappointing financials.
Materials | Industrial UBP retreated to Rs82.50 (-0.6%) on some 32k shares traded throughout the week. MFD – who has yet to declare its highly anticipated 2nd dividend – dived to 22Mth-Low Rs9.94 (-5.3%).
Property Property stocks were moderately active but among the most volatile. BLFE plummeted to fresh All-Time Low Rs2.85 (-3.1%) and ASCE whose earnings were not comparable following acquisition of additional stake in Bagaprop retreated to Rs13 (-2.3%) while UTDL surged to 6Wk-High Rs67 (+3.5%). CAUD which inched up by 1-cent to Rs1.21 announced its intent to raise Rs1bn through a rights issue for an – as yet – undisclosed purpose. We believe that – this is where – its majority shareholder, PAD will redeploy proceeds [~Rs660M] from its jackpot sale of NMHL shares to the ENL Group earlier this Feb.
Financials Investment Holdings – albeit stickier – also moved erratically like the rest of the SEM. CIEL and MDIT improved to Rs6.28 (+0.6%) and Rs4 (+1.5%) respectively, while ENL(P) plunged to 21Mth-Low Rs24.90 (-2.7%). POLI and NITL also closed in negative territory at Rs5.42 (-1.1%) and Rs33.50 (-0.6%); however, it was BEEP who registered the most stunning of drops as it nose-dived to Rs16 (-11%).
Fixed Income Among fixed income securities, MCB 08/23 [R+1.35%] was the only one to register noteworthy exchanges with Rs4M worth trading at YTM 5.04% (-15bps) followed by newcomer CBVA 10/20 [R+1.1%] at YTM 5.37% (±0%) and UBP 10/18 [R+1.2%] at YTM 5.44% (-4bps). As for Pref. Shares, TPL(P) and ENLL(P) who declared their divs. earlier this week traded with respective DY of 4.21% (-39bps) and 6.67% (+3bps) respectively. Gold (NGLD) units were also traded during the week at Rs427.20 (+1.3%) per 1/100 t.oz.
3
Market Announcements
Dividend Declarations
COMPANY
UBP ▲LMLC ▲LMLC(P) ▬LUX ▲LFL ▬LFL(P) ▬TPL ▲TPL(P) ▲PIM ▼MUA ▬ENLL ▬ENLL(P) ▬IBL ▬POLI ▬VEM ▲MOR ▬
Melvyn Chung Kai To AXYS Stockbroking Ltd, 6th Floor, Dias Pier Building, Le Caudan Waterfront, Caudan, Port-Louis, 11307Bhavik Desai Tel (230) 405 4000 | Email [email protected] | www.axysstockbroking.com | BRN C07007948
State Bank of Mauritius Holdings Ltd (SBMH)SBMH’s board advised a reverse share split at the ratio of 10:1 where for even ten shares held, one share will be issued to shareholders post the reverseshare split. Fractional shares will not be issued, instead they will be sold and proceeds will be distributed.
Omnicane Limited (OMNI) Omni’s board advised the set-up of a multi-currency medium term note program pursuant to which Omni may issue more than one series of secured andunsecured notes up to Rs3B. The proceeds will be used to refinance existing short term debts deployed to Omnicane’s projects and for repayment of shortterm banking facilities.
Caudan Development Limited (CAUD)Subject to the approval of the regulatory authorities and the shareholders at forthcoming meeting, CAUD’s board of director has recommended theadoption of a new constitution, a bonus issue of 0.22 for every ordinary share and the rights issue on a 1-1 ratio.
ALTEO Limited (ALTEO)The Registrar of Companies has issued the certificate of amalgamation taking effect on June 1, 2016 of ALTEO with Ferney Aquaculture Limited, a wholly-owned subsidiary of ALTEO.
Mainland Real Estate Ltd (MLND)The SEM’s LEC has approved the listing of Mainland Real Estate Ltd which aims to invest in global real estate assets and companies. On the 1st day oftrading, i.e. May 23rd 2016, 3,350 ordinary shares will be made available for trading at an indicative price of GDP 2.00 per share.
AfrAsia Special Opportunities Fund (ASOF)ASOF’s directors resolved to temporarily suspend the calculation of the net asset value, subscriptions and redemptions of the Fund with immediate effectdue to a state of affairs.
Tadvest Ltd (TADV)Tad’s board agreed on the acquisition of Echo Prime Properties B.V funded by a combination of cash and debt taking effect by end of June 2016. IBL’s boardbelieves the acquisition will provide geographic diversification and more stability in the long-term.
Delta Africa Property Holdings Ltd (DELP)Delta Africa’s board advised a change of name to “Mara Delta Property Holdings Limited” registered at Mauritius Registrar of Companies on 11 May 2016.
1.85 1.85 0.0% 11-May-16 26-May-16 14-Jun-16 Fin 20.15 0.15 0.0% 12-May-16 27-May-16 16-Jun-16 Int 2
0.75 0.75 0.0% 11-May-16 26-May-16 17-Jun-16 Int 20.66 0.66 0.0% 11-May-16 26-May-16 31-Jul-16 Fin 2
2.00 2.50 -20.0% 05-May-16 01-Jun-16 30-Jun-16 Fin 2
1.20 1.20 0.0% 04-May-16 19-May-16 28-Jun-16 Fin 1
16.00 8.00 100.0% 06-May-16 23-May-16 28-Jun-16 Fin 11
Fin 1Fin
04-May-16
02-May-16 16-May-16
1.20 1.20 0.0% 19-May-16 28-Jun-16
24-Jun-16 Fin
11-May-16 26-May-16 31-Jul-16
Weekly Insight13-May-2016
03-May-16 18-May-16 27-Jun-16
06-May-16 23-May-16 28-Jun-16
1.15 1.00 15.0% Fin 1
Freq. p.a.Current Previous Ex-Div. Pay DateDiv/Div DeclarationKey Dates PropertiesDividend
TypeChange
3.00
20.00 20.00 0.0% 03-May-16 18-May-16 27-Jun-16 Fin 1
0.05 — N/A
12.75 9.1%8.00 7.00 14.3% Fin 1
0.35 0.35 0.0% 13-May-16 30-May-16 30-Jun-16 Fin 21.00 0.90 11.1% 13-May-16 30-May-16 23-Jun-16 Int 4
19-May-16 23-Jun-16
04-May-16
2.80 2.80 0.0% Fin 1
4
Stock Movements — FIN, T&L, MSCH, & CONS
MCB ▼SBM ▲ABCB ▬CIM ▼FINC ▬MEI ▲MUA ▼SWAN ▼SWANL ▬CMBI ▬NMHL ▼LUX ▼SUN ▼CHSL ▼HTLS ▲TPL ▬SCT ▬MOLI ▬MK ▼LOTO ▲ASL ▼ALTEO ▼TERRA ▼OMNI ▬MEDL ▬IBL ▲ROGE ▼ENLL ▲HML ▬GAMMA ▲EUDC ▬UTIN ▼INNO ▼MOR ▬PBL ▼PHIN ▬QBL ▬UNSE ▬CSE ▬LFL ▼LMLC ▬MIL ▬SAIL ▬MCOS ▬GOLI ▬CMPL ▼
Melvyn Chung Kai To AXYS Stockbroking Ltd, 6th Floor, Dias Pier Building, Le Caudan Waterfront, Caudan, Port-Louis, 11307Bhavik Desai Tel (230) 405 4000 | Email [email protected] | www.axysstockbroking.com | BRN C07007948
13.5
10.862.00
— 5.0%
—
27.35
4.00
2.2
3.7
26.00 3.1
00
1.3
1.9
210.00
6.3%
-16.1%
—
0.0 6.43.0
32.55
20.05
32.55
—
11.6
20.00
-21.6%
0.9
1.1
-3.7%
18.1
15.9
13.6%0.5
0.659.50
47.00
-1.0%
22.6
—
-22.6%
33.50
212.00
317.25
0.8
23.0024.00
22.62.7
118.50-2%
62.50
1,100
20.00
1.617.50 17.50
—
10.4
15.5
-13.6%
0.3
N/A
33.50
— 0.3
118.75
1.7
-4.0%
13.00
208.75
83.00
3.1
36.8
3.70
M.S
ecto
r Con
glom
erat
e/Ho
ldin
g
10.40
-1.6%
27.15
47.00
—
34.3%
13.00
-5% 153
34.00
41.8013.50
—
-4.3%
-15.4%
67.00
—
-16.3%
Trav
el &
Lei
sure
—
26.8%
11.9%
26.9513.2%19.2
15.7
-1.3%
10.0%
—
—5.00
30.00-2.0%
26.1026.10
—
60.00
—3.7
-12%
18.2%0.0%
185.00
15.00
84.00
0.7
-9%3.5
43.8084.00
-7.7%
22.6
0.5
43.90
30.70 2.7%30.30
2.9%
9.1
2.9%
4.6
-17.2%
312.00 3.9
1.6
18.2%
-4.5%
-9.7%
41.80
60.00
-16.8%
0.0 0.0%
8.3
244
38.4
10.5%
5.10
—
10.2
-21.1%
225.00 —
-16.7%
3.91
8.3
8.615.00 -3.8%
0.5
0.012.40
14.7
923.00
9.6%0.03
-5.4%
—
0.3
58.50
—
0.198.00 30.50.6%
0.0%
923.00
12.25
40.6540.55
358.00
17.3%
0.4%
—
-4.6%0.5
—
0.03
0.0%—
1.80.0
2.7—
9.720.001.7%
Cons
umer
Sta
ples
185.0027.50
185.00
60.00
1.3-12.3%
41.00
16.24.4%0.1 6.3
1.1
4.6
20.00 -4.8%18.0
0.0%
-35.5%
8.4%
—
—
7.04
98.00-40.0%
6.7%
336.00-4.3%
0.6
30.30
—
—
— 0.0%
16.8
27.00
2.3
0.67
10.00
15.5
-4.4%0.5
0.5
1.7
3.7
120.00
59.258.220.45
-26.5%10.00
VWAP
—
1.3
—
98.00
5.4
0.4
0.0%
10.7
35.10
82.75
5.78
-8.1%32.50
15.2%
-26.0%
-5.3%
0.2
1.6
35.10
-7.0% 0.8
60.00
43.753.2
— 0.3
9.8% 12.4
-20.5%
1.0
-20.0%
355.75
3.8
58.75
1,100—
4.2
-27.4%
DY3.8
Change
0.4
1.2
—
7.4020.00
14.317.50
10.0
SecurityPBV ROE
22.8N/A-2.8%0.63
Weekly Insight
L ‒ 52Wk ‒ H
7.9
13-May-2016
PER0.8%
Week Ended
Fina
ncia
l
4.00.4
0.82.8
29.8
3.0
311.00
0.51.57.507.20
0.69
1.0
YTD
-9.5%
YoYAs at
1,100
1.3
4.4
Val.13-May
13-May-16
15.2
-17.4%
—
6.8
4.9
0.4
5.3%
0.5
0.867.7
60.00
3.5
0.72.613.3
16.4
-7.8%
—
8.00.721.50
0.5
0.5
0.8
1.30.7
62.25
54.6
—
0.1
—
30.00
5.005.78
47.20
22.55 13.8
—
1,375
12.4
26.10
—
15.00
7.04
26.10
4.3225.00
4.60.7
2.1
0.6
0.4194
26.35
1.5
6-May
-1.6%
-28.0%0.3%
103
0.0
193
1.5
-5.6%67.00 0.467.00
-29.8%
0.0%
546
3.1
1.5
1.9
26.15
-3.7%
23.6%
4.9
5.7
0.9
2.2
0.0
14.6
0.3
83.004.8
35.30
— —
20.4
8.9
—
2.1
58.6
0.0
8.7
9.47.1
0.7
0.9
1.0
2.2
-24.6%
4.6
5.315.7
10.60.6
5.9
3.2
10.19.8
10.6
0.3
3.6
1.3
11.0
4.39.8
0.1
8.75.4
19.4% 7.8
3.8
8.82.1—
0.30.0% 23.7
-20.7%
0.0
— —
— 12.25 —
5
Stock Movements — COND, PROP, GBL1, MAT, IND, ENGY, HLTH, COMM & INVH
CTL ▼VEM ▲ENLC ▲ABC ▼RHT ▬UBS ▬ACC ▬MSIL ▬ASCE ▼ASCE(B) ▬BLFE ▼CAUD ▲CIMO ▬NOVUS ▬APL ▼COVI ▬UTDL ▲ROCK ▬SAREF ▬ALPL ▬DELP ▬GFP ▬NFPL ▬STBR ▬TADV ▬UBP ▼MCFI ▬CHEM ▬BYCH ▬GAZ ▬PIM ▲PCCL ▬MFD ▼FORT ▬
Eng
SHUMBA ▬
Hlth MASC ▬
Com
BTEL ▬CIEL ▲MDIT ▲POLI ▼NITL ▼PAD ▬BMHL ▬ENL(P) ▼BEEP ▼ASTO ▬DALE ▬
Melvyn Chung Kai To AXYS Stockbroking Ltd, 6th Floor, Dias Pier Building, Le Caudan Waterfront, Caudan, Port-Louis, 11307Bhavik Desai Tel (230) 405 4000 | Email [email protected] | www.axysstockbroking.com | BRN C07007948
2.37
—
—
0.0%
PER
27.00
Indu
str
10.3
N/A
—
—1.16
——
9.94
5.50
0.0%
13.1
Mat
eria
ls
—
5.9%
-58.0%
16.4%3.6%5.50
—
—
—
36.8
1.74
60.50
—
39.875.00
GBL
1 Pr
oper
ty — -15.4%
—1.74
2.0
0.10
0.0%5.11.16
2.0-21.2%-10.0%
9.6%
-37.7%-9.6%
—
16.50
-8.3%
— -32.4%
50.00
5.0
4.20
—
0.5
N/A
14.8
0.066.5
83.00
1.00 —1.20
27.10.0%
Prop
erty
7.50—
2.37
-26.1%
37.35
15.50
9.94-17.8%
9.94
1.21
-10.7%
64.75—
1.20
Week Ended
-1.7%
— —
-4.5%
—
82.75
— — 0.0%
153.00
—
13-May
0.2%
5.27.7
13-May-16PBV
3.4 16.0
As at
Weekly Insight
39.80
Cons
umer
Dis
cret
iona
ry
0.1
9.0
Val.
90.5039.00 5.7
YTD DY
37.35
6-May
-15.5%
3.9
4.8-30.7%
Change
85.00
15.6%
59.8 0.81.0 6.10.25.42
-8.5%
—
0.9—
1.00
24.15
89.00
17.90
1.3
0.6
-20.2%
0.00.5
33.50 33.50
4.00
1.7
204
6.5
0.0
17.816.00
— —
2.72.80 —1.00
0.0% 13.8%—
0.213.8%
—
Inve
stm
ent H
oldi
ng
2.80
16.40
6.2
0.5
0.3
5.48-15.2%
3.0
2.5
0.6
—
6.28
5.42
0.0% N/A
4.20
2.30 16.1
26.00
5.1
7.50
1.1
— — 1.0—
-16.6%
-6.3%5.7%
1.6
—
—
60.00
0.3
3.94
-7.8% -15.0%
7.32.9
-11.8%
-31.4%
64.7%
-24.2%
0.0%27.8%
10.50
—0.0%
0.5
75.1
0.79.3-15.0%
7.50
0.06
88.00
25.6034.5
4.9
-14.0%
3.1
2.4—
17.00-25.0%
6.24—
-14.5%
16.00.1 -4.0%
—
33.70
75.00
24.3
2.30
0.0%1.00
6.660.0050.00
0.10
5.5108.1%
0.9082.50
0.90
1.20
16.7-11.9%
—
16.50 —
0.2
9.94148.00
17.00
12.7
3.1
7.50.0% 0.0%
—
1.3
—
4.1
3.2
597.9
—
2.0
0.7
—7.12.0
— 0.8
— 2.6
-13.2% 14.4
1.1
1.0
4.0
2.1
—
—
6.7
26.002.8
24.9026.00
7.9148.00
3.0 0.3—
—
89.000.8%
-2.2%
— 6.28 -4.8%
3.0-87.4%—
-16.7% 2.9
—
—
3.96
2.0
17.0
21.4
1.1
4.55.7
—
0.1
ROE
0.4—
1.8
0.9
—
14.615.0
-10.0%
—
12.2
91.25
0.1
0.2
—
102
0.9
1.1
1.1
—
1.1
1.5
-0.6%
—
7.7%— —
1.5
3.6
1.0
1.25.5%
3.4
— 0.0% — —0.1
6260.0%
0.6
27.0027.00
15.00
39.55
84.75
—
-0.5%-5.2%
—
0.0—
YoY
15.95.6
7.5
6.8%
1.4—
1.8-0.3%15.05
153.00
0.0%
-1.3%
17.13.2
12.50
-8.5%
—
66.00
—
13-May-2016
Security
84.75
91.50
0.7
0.4
0.9
—
VWAP
31.60
—7.8
—
-13.6%
L ‒ 52Wk ‒ H
3.6
—
7.6
39.5
— 0.9
-8.9%
0.1
21.4%2.942.85
—
0.6
0.6
3.5
2.60.5
-30.0%
0.4-8.8% — —
0.80.0 1.6
-10.7% 2.3% 0.4
5.5
—
—
15.7-1.8%
0.56.00
67.00
444.25 444.25
—
0.8
0.7
866
2.6 4.6
— —
23.8
—
7.0
31.60
— 0.4
0.4
-6.2%
2.8%8.6
0.3
5.63.91.7
—
13.3012.50
0.0%
—-2.5%
6.00 0.3
13.00
5.0% 2.7
2.88 -22.8% -43.0%
10.00 70.8N/A
5.0%7.50
13.00
1.20
6
Results for Quarter ended Mar 31st 2016
Result commentsMCB ▲SBM ▲ABCB ▲CIM ▼FINC ▼MEI ▲MUA ▼SWAN ▼SWANL ▲
NMHL ▼LUX ▲SUN ▲CHSL ▲HTLS ▲TPL ▲SCT ▲MOLI ▲LOTO ▲ASL ▲
ALTEO ▼TERRA ▲OMNI ▬MEDL ▲IBL ▲ROGE ▲ENLL ▲HML ▲GAMMA ▲EUDC ▼UTIN ▲
INNO ▼MOR ▼PBL ▼PHIN ▼QBL ▲UNSE ▲CSE ▲LFL ▲LMLC ▼MIL ▼SAIL ▲MCOS ▬GOLI ▬CMPL ▲
Melvyn Chung Kai To AXYS Stockbroking Ltd, 6th Floor, Dias Pier Building, Le Caudan Waterfront, Caudan, Port-Louis, 11307Bhavik Desai Tel (230) 405 4000 | Email [email protected] | www.axysstockbroking.com | BRN C07007948
Net Prem ↑ 16% to Rs684M, however near 3x jump in Prop PBT did not outweigh Rs11M losses in Casualty fr Rs48 prof.
Premiums grew 5% to Rs239M coupled with improved underwriting surplus foll. disposal of Leasing subsidiary.1.86
0.57
Qtr Ended
13-May-2016
Loans (+4%) & Depos (+20%) → LDR of 40%. NII marg ↑ fr 6.9% to 8.9% → NII of Rs71M (+42%) + Core CIR ↓ fr 83% to 59%!
Ex. windfall gains fr PAD's sale of NMHL. NII of Rs2.2bn (+9%), NFCI of Rs720M (-12%) likely fr ↓ trade fin fees, CIR ↓ fr 49% to 46%.
25
Despite Rev ↑ to Rs1.1bn (+15%), ↑ competition → op. marg. ↓ fr 3.8% to 1.8% + Fin Cost ↑ 2x.
0.24
L to P
Rev. ↑ mainly on the back of Eng. Drop in Fin & Seafd prof offset by gains in Commerce and Eng. Retail flat.
Net Prem ↑ 19% to Rs283M; however higher claims ratio and amounts → Underwtg surplus of Rs113M (-17%).
* Adj for non-recurrent items, unrealised fair value gains, and discontinued operations
1.54
Poorer Mauritian sugar perf. offset by new Kenyan ops. Delayed sig of title deeds meant Property recorded losses.
Hilton expectedly returned to profits having recorded its highest Rev/Rm of €206 in more than 7yrs.
2.37
NII marg of 7.5% (fr 6.5%) → NII of Rs1.1bn (+18%). NFCI of Rs285M (+32%) due to diversification. Restated Q1-15 CIR ↓ 42% to 40%.
5.7633
% Δ
0.46 -25
0.46
-1.24
L to P
Net Prem ↑ 22% to Rs885M while Invmt Inc ↓ 5% to Rs477M. Life Surplus stood lower at Rs540M.
20
0.83
Sugar op. losses reduced by Rs4M coupled with improved performance by SCT.
— —Not yet released. Expected on or by May 15th 2016.
Rev ↑ by 20% to Rs221 → smaller Op. Losses of Rs13M (Q1:15: Rs18M).
0.86
22
0.39 -1.19
L to P
-0.11
0.10
Cyc. prop inc ↓ offset by Hosp. cluster: Casela gains traction with local + Substantial ↑ in Sugar ops.
Not comp. foll. merger with ENIT. Please see notes of ROGE & ASCE. Sugar profits doubled in-line with SIFB compensation.
-0.16
0.36 0.73 -50 Mtian ops improved but Moroccan losses ↑. Restated Q2-15 boosted by Fin Rev & Tax credits.
— -0.88
4.35 -6.2 Despite 10% Rev ↑, MUR's depreciation dragged local marg. ↓ fr 8% to 6% but largely offset by gains in Reunion.
0.42 -0.03 L to P Bev sales ↑ to Rs225M (+16%) → EBT of Rs11M against a break even Q1-15.
2.13 11
Mtian results boosted by Rev/Rm ↑ of 11%; while Mdves hurt by part closure for refurb. → op. marg ↓ fr 30% to 25%.
0.10
-253.38
1st Profitable Q1 in >7yrs. Rev ↑ 14% to Rs800M driven by “brands”. PAT ↑ on the back of a 33% drop in sugar losses.
1.87406
2.38
4.53
0.028
0.57
0.021
1.2
13.24
5.83
0.61
11
2,779
0.00
0.02
0.08
Marked ↑ in both Mtian Occ. & Room rates but not comp. as Four Seasons now subs + Mdives closed for Refurb.
51
CHSL's holding. Please see note above.
3,386 Turnover grew by 14% to Rs162M boosted by ↑ Occ. rate of Ebene hotel + ↑ Food & Bev. income.
2.14
0.11
1.48
0.23
1.2
Not yet released. Expected on or by May 15th 2016.
-1.98 45
0.02 478 Rev/Rm on par @ €134. ↑ Occ. Rate → Op. Marg. ↑ fr 10% to 17%.
-0.55
Inc fr inv. ↑ 2x to Rs10M offset by loss on disposal. Inv. Pfolio on par, except Mat apparently hurt by GAZ's mkt perf.
0.05
—
-7.44
A 49% ↑ in Football betting to Rs32M → Rs10M ↑ in EBITDA to Rs9M.
0.24
0.16
139
EPS boosted by turnaround in Seychelles assocs. Op. marg. in Mtius ↓ fr 39% to 32% while Mdives on par at ~28%.
0.52 0.44 19 Prop. & Fin Svcs not comp due to acquisitons. Hotels, i.e. VLH, fared better while slow villas sales → Real-Estate losses.
3.56 3.86 -7.6
—
—
Rev & assocs flat QoQ. Poor Tech & Eng. segmt perfs. offset by Chemical arm. (See MCFI, CHEM & BYCH)
0.19-0.08
-0.38
L to P0.01
28
L to P
0.34
-9.31
Op. profit ↑ Rs8.4M (+63%) boosted by Metal/Plastic container ops; but EPS affected by absence of invmt income.
-1.16
Not yet released. Expected on or by May 15th 2016.
0.21
-27
PBL's holding. Please see note above.
Weekly Insight
Adj. EPS*QoQ
Mar-15 Mar-14
0.00
0.35-0.300.17
In spite of a 4% drop in Revenue to Rs125M, both Manufacturing & trading segmts returned to profits.
-10 Att Prof ↓ > PAT ↓. Bevs & Hosp Rev ↑ 16%, but Bevs PAT ↓ by ~Rs4M offset by Hosp PAT ↑ by Rs4M.
Not comparable due to acquisition/conso of Holcim + Contracting segments turned around.
6.2
Glob Biz prof ↓ 35% to Rs58M. Cons Fin & Prop results similar. Foll sale of Retail ops, Inv Rev halved.-23
Cons
umer
Sta
ples
M
ulti-
Sect
or C
ongl
omer
ate/
Hold
ing
Trav
el &
Lei
sure
Fina
ncia
l
0.09 0.21 -56 Excludes assoc. PAD's Rs368M windfall gains on sale of NMH shares. EBT halved due to ↑ dep. and fin. charges.
1.90 1.74 9.3
4.08
Ticket sales ↓ 22% affected by absence of Quick Win and Ads. PAT boosted by ↓ prize pay-out ratio to 48.5%.
-0.33
P to L0.27
P to L
-3.62
-0.04
0.58
0.20 0.25143
0.02
-7.27 -8.62 16 Despite a smaller sugar income due to timing diff., agri losses decreased by ~Rs11M.
1.50 0.91 64 ↑ Mtian + Mada sales → Rev (+16%). Low comm. prices → op. marg. ↑ from 6.9% to 7.3% + Assoc LMLC perf good.
-0.10 0.54 P to L Turnover for the flour miller fell to Rs451M (-8%) coupled with operating margins of 2.6% against 3.7% in Q1-15.
-8.75 1.86 P to L Increased competition foll. elim. of tariffs on SADC/COMESA imports → Rev ↓ (-12%) → Op. losses.
7
Results for Quarter ended Mar 31st 2016
Result commentsCTL ▼VEM ▲ENLC ▼ABC ▲RHT ▼UBS ▬ACC ▬MSIL ▬
ASCE ▲BLFE ▬CAUD ▲CIMO ▲NOVUS ▬APL ▬COVI ▬UTDL ▲
ROCK ▼SAREF ▼DELP ▲GFP ▼NFPL ▲TADV ▲
UBP ▲MCFI ▲CHEM ▲BYCH ▲GAZ ▲PIM ▼PCCL ▬
MFD ▬FORT ▲
SHUMBA ▲
MASC ▲
CIEL ▬MDIT ▬POLI ▲NITL ▲PAD ▲BMHL ▼ENL(P) ▬BEEP ▼ASTO ▲
Melvyn Chung Kai To AXYS Stockbroking Ltd, 6th Floor, Dias Pier Building, Le Caudan Waterfront, Caudan, Port-Louis, 11307Bhavik Desai Tel (230) 405 4000 | Email [email protected] | www.axysstockbroking.com | BRN C07007948
Weekly Insight13-May-2016
Adj. EPS*Qtr Ended QoQ
Mar-15 Mar-14 % Δ
Cons
umer
Dis
cret
iona
ry 0.57 0.91 -37 New ops set up in Mada → Knits [Rev.: Rs946M (+24%)] op. losses of Rs5M + Woven op. marg ↓ fr 11% to 9%.
3.10 2.57 20 Top line ↓ related to Oil prices. PAT boosted by non-reg sgmt driven by bunkering & bunker oil activities.
-0.32 -0.28 -14.0 Q3-15 Op. prof. restated fr Rs7M to Rs9M. Marg. ↑ in auto seg + ↓ Corp costs outweighed by poor Manfacturing.
3.70 2.24 65 Car sales Rev ↑ by 5% to Rs461M + Op. Marg improved from 3.4% to 4.5% + Assocs ↑ 2.5x.
— -3.49 — Not yet released. Expected on or by May 15th 2016.
— -3.53 — Not yet released. Expected on or by May 15th 2016.
— 0.96 — Not yet released. Expected on or by May 15th 2016.
0.13 0.13 3.0 Not Comp. ↑ stake in Bagaprop. EBIT ↑ 3x to rs153M offset by 4.5x ↑ FIn. Cost to Rs79M + Refurb.
— -0.13 — Not yet released. Expected on or by May 15th 2016.
0.000 L to P Maiden Q1 reporting. Rental income of £5.7M translates to PAT of £2.8M
0.032 -0.001 L to P Maiden Q1 reporting. PAT essentially stems from Finance Income of $1.4M.
-0.39 -0.65 40 Core cons. Mat. Rev ↑ to Rs395M (+6%) + op. marg. ↑ to 8% fr 5.5%. Retail seg. losses ↓, but loss @ assocs ↑ 2x.
0.020 -0.061 L to P Rental income for Q1 stood at just under $7M. Op. profits offset by FX losses and Fin Costs.
-0.004 0.000 P to L
6.21 6.5
0.018
Underperformed v/s benchmarks but income turned positive from being negative in Q1-15.
1.34 0.94 42 Income from investments doubled to Rs25M; however expenses ↑ & FV losses on invmts.
0.26 0.13 99
— 0.19 — Not yet released. Expected on or by May 15th 2016.
-7.98 -21.46 63 Q1 Rev surged to Rs174M (+72%) → reduction in op. losses from Rs38M to Rs9M.
0.21 Op. losses fell from $329k to $279k, however, the unexpected PAT stemmed from $298k in Fin. Income.
— 0.18 —
-81 Construction Mat sales fell 15% to Rs21M + Admin exp ↑ amid div. in specie dist. + accentuated losses at Radisson hotels.
0.63 0.15 323 Poor “Tyre” and “Industrial” segment sales (Rev ↓ 13%) mitigated by efficiency gains → op. marg. of 6% against 2%.
-0.06 -0.16 65 QoQ financials similar. Small increase in rev → CIR improvement from 107% to 105.5%.
1.32 1.06 24 Boosted by improved sales of liquid N2, O2, & Noble gases, Rev ↑ by 5% to Rs28M & Op. margin ↑ to 17% fr 13%.
-0.16 0.07 P to L In spite of Turnover ↑ to Rs56M (+11%), PIM made op. losses due to ↑ prod. & emp. exp. + CapEx invmts.
0.00 L to P
Not yet released. Expected on or by May 15th 2016.
-6.7 Halving of dividend income part offset by improved performance of associates.
-0.04 — Not yet released. Expected on or by May 15th 2016.
0.06 -0.05 L to P
* Adj for non-recurrent items, unrealised fair value gains, and discontinued operations
—
Excludes windfall gains on sale of NMHL shares. Op. Marg ↑ fr 4% to 7.5% + Assocs ↑ to Rs29M (+63%).
— 0.18 — Not yet released. Expected on or by May 15th 2016. Related to CTL, SUN, ALTEO and MASC.
0.57 0.62
Prop
erty
GBL
1 Pr
oper
tyM
ater
ials
0.105 0.106 -1.5
-1.23
ENHL
THIn
vest
men
t Hol
ding
-0.55 0.37 P to L Both Revenue & Op. Prof. ↓ by ~Rs9M from the absence of investment income during Q1-16 although bus. ops broke even.
0.001 0.000 847 Rev. quasi-flat QoQ, however ↑ op. marg of 14% against 11% in Q1-15 offset by tax charge v/s credit in Q1-15.
1.66 -0.44 L to P Not comparable. QoQ revenue stood higher by Rs20M boosted by disposal of non-core assets.
0.44 -0.15 L to P Rev ↑ to Rs179M (+44%) boosted by local & reg. sales. Op. losses ↓ + Fin cost turnaround → EPS growth.
0.04 0.02 121 Boosted by improved bed uptake & increasingly complex surgeries, Rev ↑ 32% to Rs214M + Op. Marg ↑ fr 8.5% to 13%.
— 0.25 — ENL Group's holding co. Related to ENLL, ENLC, ROGE and ASCE.
-2.21-0.01 -0.01 54 Maiden Q1 reporting. FV gains on portfolio and divs. insufficient to cover admin. exp.
Mat
eria
Improved Occ rate → 18% Rental Inc ↑ to Rs4.8M → Op. Prof ↑ to Rs2.2M (+10%)
— 0.12 — Not yet released. Expected on or by May 15th 2016.
— 0.00 — Not yet released. Expected on or by May 15th 2016.
— -1.44 — Not yet released. Expected on or by May 15th 2016.
0.006 P to L FV Gains ↓ 60% → Op. Prof ↓ to $900k (-42%) coupled with 2x ↑ Fin Cost (Divs). Nigerian vacancies ↑.
Drop in Divs & FV gains offset by rental from newly acquired direct holdings in Europe + absence of FX losses.
-0.139
Rental income stable at £20k, however, admin exp + FX losses hurt profitability.
6.61
8
Preference Shares with Fixed Dividends
NMHL(P) ▬ENLL(P) ▲ASCE(P) ▬TPL(P) ▼LFL(P) ▬LMLC(P) ▬TREVO(P) ▬
Debt Securities
OMNI 08/17 [7.15%] ▼NMHL 07/17 [€3.50%] ▲LUX 12/17 [9.00%] ▲NMHL 07/18 [R+1.35%] ▼UBP 10/18 [R+1.20%] ▼ABCM 01/19 [6.00%] ▼NMHL 07/19 [R+1.85%] ▼UIL 01/20 [R+2.35%] ▼CBVA 10/20 [R+1.10%] ▲CBVA 10/20 [R+1.60%] ▼MCB 08/23 [R+1.35%] ▼SBM 03/24 [R+1.35%] ▼MUA 09/24 [R+1.85%] ▼ASCE 06/25 [6.00%] ▼
Melvyn Chung Kai To AXYS Stockbroking Ltd, 6th Floor, Dias Pier Building, Le Caudan Waterfront, Caudan, Port-Louis, 11307Bhavik Desai Tel (230) 405 4000 | Email [email protected] | www.axysstockbroking.com | BRN C07007948
27-Oct-16 5.36% 5.36% 3.63% 6.75% 27-Oct-20 102.42 108.87
27-Oct-16 5.37% 5.37% 4.22% 3.50% 27-Oct-20 102.90 107.02
—
7.0%
NextCoupon
<15-May-17
13.00
<15-May-17
<30-Jun-17 13.20
33
@ Par
DY Wk Ended
290.70 350.00
6.00% 6.00% Rs13.2 ≥30-Jun-20
Weekly Insight
6.64% -47
0.1116.28
7.0% 42.0042.00
0 —
<15-May-17
Pref Share
99.07
6.79%
101.47
112.21
6.50%
1.92%5.21%
15.71%
10-Sep-16
17-Jul-173.50%
107.91
100.83
31-Dec-17
6.00%5.60%
2.73%
2.96%
17-Jul-193.50%
6.78%
5.19%
5.85%
9.00%
5.55%
5.19%
10-Mar-24
109.92
15.92% 2.31%
102.91
114.50
110.05
24-Sep-245.44%
101.97
104.06
5.48%
109.16
15-Jul-16 6.00%
08-Aug-23
5.59%
4.01%
6.09%
6.00%
3.58%
105.82
112.31
102.03
103.71
2.97%
6.10%
108.03
112.72
24-Sep-16
28-Jan-17 5.82% 2.69%
31-Oct-18
5.04%
4.83% 30-Jun-256.00%
08-Aug-16
16-Aug-17
Maturity6-May
YTM @ FV
30-Jun-16
31-Jan-20
4.82%
30-Jun-16
4.07%
5.44%
31-Jul-16
15-Jul-16
Fair Val
YTM
Redemption
4.80%
-36 —
6.0% 16.334.60%
—
-41
Setmt
4.21%
17.44Rs100 on Wind-Up
12.0%4.80%
Rs11.99 ≥31-Jan-18
Rs100 on Wind-Up
-42 25.00
—
YTM Week Ended
Rs40 ≥01-Dec-15
5.89% 15
0
5.89%
R13 on Wind-Up —
13-May
12.63
<15-May-17
11.35
103.010.64%
13-May @ Par
0.00
— —
7.15%16-Jun-16
6.0%
-69
190.00
5.56%
3.12%
3.99%
5.71%
30-Sep-16
7.00%
Debenture
27-Jan-19
6.56%
101.64
5.44%
17-Jul-18
101.82
105.99
6.00%
6.75%
15-Jul-16
6.57%
5.83%
110.27
<16-Jul-16
Rs10 on Wind-Up
8.0%
NextDividend
-31
191.75
Fair Val VWAP13-May LCPYTD11.20
44 0.16.67%
101.95
13-May-2016
DY Change [bps]
7.00%
5.71% 20.0%
0.511.20
6-May YoY Val.
366
212
1,266
210188
218 228257
113 112
-7
311
-81
Premium to Risk Free [bps]>999
9
Fixed Income Instruments
Moody's Credit Rating: Baa1
Overnight [% p.a.]1 Week [% p.a.]
ETFs & Commodities
L HNewGOLD [Rs/coz]▼Gold [Rs/coz] ▼NewPLAT [Rs/coz] ▲Plat. [Rs/coz] ▼Sugar [Rs/t] ▲B.Crude [Rs/L] ▲S&P GIVI SA Top 50 ▲*where coz ≡ centi troy ounce, i.e. ~0.3g; t ≡ tonne = 1,000kg; L ≡ Litre = 100cm 3
Melvyn Chung Kai To AXYS Stockbroking Ltd, 6th Floor, Dias Pier Building, Le Caudan Waterfront, Caudan, Port-Louis, 11307Bhavik Desai Tel (230) 405 4000 | Email [email protected] | www.axysstockbroking.com | BRN C07007948
440.54
13-May-2016 6-May-2016
Change
YTD1 Week
379.91
457.63
383.57
117.47
1 Wk
▼
YoY Val.441.44 18.2% 427.20
6.89%
▼
117.03
-0.30%
-0.21%
VWAP
13.4%
ChangeWk Ended
10.12
18-6.49%1.44
11.0%
6.1%
17
0.0
8.7%
2.0%
6.3%
10.81
YTD in bps
1.82
-27.2%
380.98 19.6%
28.3%
30.9%6.41%
—52-Wk—
-6.1%
147.10
—
-22.7% —
434.25 —
ETF & Commodity
-0.28%
6-May
19.7%
—
YTD13-May
Weekly Insight
1.54-2.67%
LCP
13,296
1.87
12,495
458.99
Week EndedPLIBOR
13-May-2016
17.9%
-6.7%
427.20
1.56%
0.38%
377.69
3.1
4.3
5.5
6.97.1
2.0
3.5
5.0
6.5
0 5 10 15 20So
vere
ign
Yiel
ds [
%]
Instrument Maturity [Yrs]
Log. (Previous)
Poly. (Current)
0.8
1.8
2.8
3.8
Inte
rest
Rat
e [%
]
PLIBOR 1-Day
PLIBOR 1-Wk
Tbill 91-Day
Current
Prev. Yr
85
90
95
100
105
110
Inde
x =
100
on 3
1-M
ar-1
5
NewGold [Rs] Gold [$]70
80
90
100
Inde
x =
100
on 3
1-M
ar-1
5
NewPlat [Rs]
Plat [$]40
60
80
100
120
140
Inde
x =
100
on 3
1-M
ar-1
5
Sugar [$] Crude [$]
10
Forex Rates
L HUSD / MUREUR / MURGBP / MURZAR / MURAUD / MURJPY / MUR*Weight of currency in trade basket used to compute an MUR index (MURX)
Forex Market Watch
*where USDX is the USD Dollar index and MURX is an MUR index computed by AXYS against five peers using the trade basket
Melvyn Chung Kai To AXYS Stockbroking Ltd, 6th Floor, Dias Pier Building, Le Caudan Waterfront, Caudan, Port-Louis, 11307Bhavik Desai Tel (230) 405 4000 | Email [email protected] | www.axysstockbroking.com | BRN C07007948
Wt*
▼
13-May
27%57%
—52-Wk Range—
YTD 52 Wks
▼
▲
51.89
Currency
▼ 33.69
6%
6-May
40.87
26.32
35.92 0.01%-0.24%
2.42
1.4%
33.17
-4.2%
-1.52%
1.5%
-1.18%
Change
10.9%-1.6%
-1.7%
-0.40% -20.0%3%
2.41
8.8%
7%
13-May-2016
-7.0%2.4%
▼
1 WkWeek Ended
-9.0%▼
Weekly Insight
1.4%26.63
40.97
During the week ended May 13th 2016, the Bank of Mauritius did not intervene on the domestic foreign exchange market.
-0.23%
35.92
52.01
-18
-9
0
9
Inde
x =
100
on 3
1-M
ar-2
013
USD EUR GBP
Elections
25
475
925
1,375
1,825
92
94
96
98
100
102
BoM FX purchases [Rs M
]Inde
x =
100
on 3
1-M
ar-1
5
BoM MURX USDX
8.91
11.92
7.18
10.37
15.08
10.42 1.28
3.80
14.89
14.57
10.2
15.7
22.1
24.9
15.1
10.4
2930 31 31
3536
4039
41 41
2011 2012 2013 2014 2015 2016
USD bought [Rs bn]
EUR bought [Rs bn]
USD VWAP [Rs]
EUR VWAP [Rs]
11
SEM Listed Fund Net Asset Values
Africa Sustainability Fund
Bayport Management Ltd
Colina Holdings Ltd
Global Diversified Fund PCC - Cell No. 1
Global Windsor Capital Fund Ltd
Novare Africa Fund PCC
NinetyEast Timaeus Capital Fund PCC - Cell A
P.O.L.I.C.Y. Ltd
RSJ Prop, PCC
Triangle Real Estate India Fund LLC
Universal Golden Fund
AfrAsia Capital Management Ltd
– ACM India Focus Fund
– ACM Aussie Ltd
– ACM European Ltd
– AfrAsia Special Opportunities Fund
– AfrAsia Special Opportunities Fund
Global Investment Opportunities Fund Ltd
– Kotak Indian Growth Fund (Class A)
– Kotak Indian Mid-Cap Fund (Class C)
Imara
– Imara African Opportunities Fund Ltd
– Imara Global Fund Ltd
IPRO Ltd
IPRO Growth Fund Ltd
IPRO African Market Leaders Fund Ltd
Kotak Investment Opportunities Fund Ltd (KIOFL) Class D Shares
– Kotak Indian Infrastructure & Realty Fund (Series 1)
– Kotak Indian Infrastructure & Realty Fund (Series 2)
Select Abbreviations
Disclaimer
Melvyn Chung Kai To AXYS Stockbroking Ltd, 6th Floor, Dias Pier Building, Le Caudan Waterfront, Caudan, Port-Louis, 11307Bhavik Desai Tel (230) 405 4000 | Email [email protected] | www.axysstockbroking.com | BRN C07007948
3.3%
25.65
825.14
-8.1%
$
3.3%
▲
-0.4%
2.2%
0.2%€ 594.65
752
6.00
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.
1.5%
3.79▲
4.05
121.25 125.26
4.11$
1.3%3.84
$
28.28
3.3%
-2.4%
$ 2.8%
$
▼
25.75 -1.5%
ChangeYTD
1.0%
▬
▲
150.50
—
0.7%
1,802
8.9%
-1.0%
0%
1.47
1.92
—
-6.1%
0.6%
-9.5%
-0.5%
0.98$
▲Feb-16
▲ 3.54
25.62
-2.3%3.31
117.12
Rs
-4.5%
0.4%
454.91 -3.3%▲
106.69
857
99.66
107.11
Rs
£
$ 99.71
$
1.5%
12.44
▲
473.59
470.02398.26
541.30
▼
▼
3.3%
595.87
-2.2%
4.1%
-1.1%
1.47
1.15
-1.0%
-2.4%
0.1%
—
0.98
-0.4%
-2.0%
2.02
Apr-16692 19.9%14.1%
▲
▼
7.8%
5.51
$
5.21 -0.4%
0.0%
-56.7%
▼ 1,183
106.69
MtoM
5.23
1.00
99.46
0.97
▲
-0.2%
1.45
2.09
33.3543.17$
151.40
▼
▲
26.65
$
$
$
▼
▲
▲
30.18
823.87
1.00
€
-0.4%
R (ZAR)
0.0%
$
Official Market Mar-16
Weekly Insight13-May-2016
▲
$ (AUD)
▲
$
1,718
AXYS Stockbroking Ltd has issued this document without consideration of the investment objectives, financial situation or particular needsof any individual recipient. AXYS Stockbroking Ltd will not be under any liability for loss or damage of any kind whatsoever arising inconnection with the contents of this document. This document is not, and should not be construed as, an offer to sell or the solicitation ofan offer to purchase or subscribe for any investment. This document has been based on information obtained from sources believed to bereliable but which have not been independently verified. AXYS Stockbroking Ltd makes no guarantee, representation or warranty andaccepts no responsibility or liability as to its accuracy or completeness. AXYS Stockbroking Ltd is a member of the Stock Exchange ofMauritius and is licensed by the Financial Services Commission.
$
$
▲
1,170
Month Ended
549.26
12.56
28.39
▲
-4.6%
12