1

Busier week locallyEuropean financial sector steals the spotlight

• Some of the local earnings releases to take note of this week include:

• Shoprite Holdings (Quarterly Update): Consensus is looking for a 9.3% increase in headline earnings for FY17, which was slightly lower than the result achieved in FY16. Our focus will be on whether the company will sustain strong organic sales growth for SA and non-SA Supermarkets, against a backdrop of stagnant economic growth.

• Harmony Gold (1Q16 Earnings): Production was previously forecast to be 1.09 Moz. for FY17. In a recent update, management announced that gold production had increased by 10% q/q for 1Q16. The company continued to benefit from its currency and gold hedges and experienced strong cash flows. All-in sustaining costs are estimated to come in at approximately US$1100/oz. for FY17.

• Glencore plc (3Q16 Production Update): In its last update, FY16 production guidance was revised downwards for coal and oil, while copper production was revised upwards. The key consideration in this report will be whether the company is on track to attain their revised full year production targets.

• Novus Holdings (Interim Results): In its FY16 results the company reported modest HEPS growth, while revenue fell due to low economic growth and suppressed consumer markets.

• We remain firmly in the 3Q16 US earnings season this week with ~140 S&P 500 companies scheduled to release results. American global pharmaceutical corporation Pfizer and multinational food manufacturer Kellogg will kick of the week with 3Q16 results on Tuesday. Based on Bloomberg estimates, Pfizer is expected to report revenue growth of 7.9% y/y for the quarter with sales figures for two of the pharmaceutical giant’s top four products by revenue, Lyrica and Enrel, have been upwardly revised over the last four weeks, however, margins are anticipated to have come under pressure with consensus pointing towards a drop of 4.2% y/y. Social media giant Facebook, skin care producer Estee Lauder and Prudential are set to release quarterly numbers on Wednesday. Towards the end of the week, investors will look towards coffee company Starbucks and food producer Kraft Heinz scheduled to release results on Thursday. Additional announcements to take note of include sales updates from Ford and Costco

Companies to watch this week

South Africa

SHP Shoprite Holdings Ltd

HAR Harmony Gold Mining Co Ltd

KIO Kumba Iron Ore Ltd

HAR Harmony Gold Mining Co Ltd

NVS Novus Holdings Ltd

SOV Sovereign Food Investments Ltd

WIH Waco International Holdings Ltd

SEP Sephaku Holdings Ltd

Abroad

K US Kellogg Co

PFE US Pfizer Inc

EL US Estee Lauder Cos Inc/The

COST US Costco Wholesale Corp

SBUX US Starbucks Corp

CFR VX Cie Financiere Richemont SA

STAN LN Standard Chartered PLC

RDSA LN Royal Dutch Shell PLC

CSGN VX Credit Suisse Group AG

CBK GR Commerzbank AG

BP/ LN BP PLC

RDSA LN Royal Dutch Shell PLC

7267 JP Honda Motor Co Ltd

7269 JP Suzuki Motor Corp

7272 JP Yamaha Motor Co Ltd

6752 JP Panasonic Corp

6758 JP Sony Corp

31 October 2016

Week Ahead

AnalystsChantal MarxPritu MakanSithembile Bopela

Contact us

Relationship manager: +27 11 282 4561Dealing desk: +27 11 282 8734Website: www.fnbsecurities.co.za

Week Ahead

2

Wholesale. According to Factset, 58% of S&P 500 companies have reported 3Q16 numbers so far with 74% having reported earnings above the mean estimate and 58% having reported sales above the overall expected average. Although better than initially anticipated, the blended earnings decline for 3Q16 is 1.6% to this point. The US has been in a state of corporate recession for three quarters now and this is not expected to dissipate until the first half of the 2017 calendar year.

• In Europe, the financial sector will be in the spotlight this week with the likes of Standard Chartered, Credit Suisse and Commerzbank set to report third quarter numbers. Petroleum giants BP and Royal Dutch Shell and airline operators Deutsche Lufthansa and Air France-KLM are also set to report on quarterly figures. Beauty product producer L’Oreal and the second-largest Coca-Cola anchor bottler Coca-Cola HBC will are set to release third quarter trading updates. Among the SA dual listeds. Anglo–Swiss miner Glencore will release a production update for the quarter and Rupert-family owned luxury goods holding company Cie Financiere Richemont will release first half results. Richemont’s numbers will probably draw a fair amount of attention with positive updates across the sector providing hope for investors following several quarters of disappointing sales from the company.

• In the Asia Pacific region, the focus will be on Japanese vehicle manufacturers Honda Motor, Mazda Motor, Yamaha Motor and Suzuki Motor. Data from the Japan Automobile Manufacturers Association (JAMA) showed that new vehicle registrations in Japan fell 0.5% y/y in September, which combined with sluggish economic growth in the region could result in medium term pressure on the sector. Other exporters to look out for include Panasonic, TDK, Sony and Lenovo. Japanese exporters have come under pressure over the last 12 months a weak US dollar has resulted in the Yen becoming a less competitive currency.

• From a local corporate actions perspective, Tuesday marks the last day to trade in EOH and PSG Group to receive their latest distributions. These counters will trade ex-dividend on Wednesday. Group Five, Shoprite, Fortress Income Fund, Imperial, AVI, Murray & Roberts and Truworths will host AGMs this week.

Company Events Calendar

South AfricaDate Ticker Company Name Event Description Estimate ZAc2016/10/31 AIA Ascension Properties Ltd FY16 Earnings -

2016/10/31 CND Conduit Capital Ltd FY16 Earnings -

2016/10/31 SOV Sovereign Food Investments Ltd 1H17 Earnings -

2016/10/31 WIH Waco International Holdings Ltd FY16 Earnings -

2016/10/31 GBI Gold Brands Investments Ltd 1H17 Earnings -

2016/10/31 HUL Hulisani Ltd 1H17 Earnings -

2016/10/31 SHP Shoprite Holdings Ltd 1Q17 Operating Update -

2016/11/01 RBA RBA Holdings Ltd 1H16 Earnings -

2016/11/01 WSL Wescoal Holdings Ltd 1H17 Earnings -

2016/11/01 CRG Cargo Carriers Ltd 1H17 Earnings -

2016/11/01 SNV Santova Ltd 1H17 Earnings -

2016/11/02 OCT Octodec Investments Ltd FY16 Earnings 2.803

2016/11/02 TSX Trans Hex Group Ltd 1H17 Earnings -

2016/11/02 BSS BSI Steel Ltd 1H17 Earnings -

2016/11/03 MIX MiX Telematics Ltd 1H17 Earnings -

2016/11/03 ISB Insimbi Refractory and Alloy Supplies Ltd 1H17 Earnings -

2016/11/03 MAS Masonite Africa Ltd 1H16 Earnings -

2016/11/03 HAR Harmony Gold Mining Co Ltd 1Q17 Earnings -

2016/11/03 ESR Esor Ltd 1H17 Earnings -

2016/11/03 SEP Sephaku Holdings Ltd 1H17 Earnings -

2016/11/03 WEA WG Wearne Ltd 1H17 Earnings -

2016/11/03 MMG MICROmega Holdings Ltd 1H17 Earnings -

2016/11/03 ING Ingenuity Property Investments Ltd FY16 Earnings -

2016/11/03 AFT Afrimat Ltd 1H17 Earnings -

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2016/11/03 NVS Novus Holdings Ltd 1H16 Earnings -

2016/11/03 NVS Novus Holdings Ltd 1H17 Earnings -

2016/11/03 GLN Glencore PLC 3Q16 Production Report -

2016/11/04 PPE Purple Group Ltd FY16 Earnings -

2016/11/04 RACP RECM & Calibre Ltd 1H17 Earnings -

2016/11/04 CFR Cie Financiere Richemont SA 1H17 Earnings 1.123

SSADate Ticker Company Name Event Description Estimate LC2016/10/31 INTBREW NL International Breweries PLC 1Q17 Earnings -

2016/10/31 AVONCROW NL Avon Crowncaps & Containers 1Q17 Earnings -

2016/10/31 FIRSTALU NL First Aluminium Nigeria PLC 3Q16 Earnings -

2016/10/31 INTBREW NL International Breweries PLC 2Q17 Earnings -

2016/10/31 AVONCROW NL Avon Crowncaps & Containers 2Q17 Earnings -

2016/10/31 NIGERINS NL Niger Insurance PLC 2Q16 Earnings -

2016/10/31 REDSTARE NL Red Star Express PLC 2Q17 Earnings -2016/10/31 GUINNESS NL Guinness Nigeria PLC 1Q17 Earnings -0.03

2016/10/31 ASHAKACE NL Ashaka Cem PLC 3Q16 Earnings -

2016/10/31 ACCESS NL Access Bank PLC 3Q16 Earnings 0.7

2016/10/31 PKL GN Pioneer Kitchenware Ltd 1Q16 Earnings -

2016/10/31 UTB GN UT Bank Ltd 2Q16 Earnings -

2016/10/31 PKL GN Pioneer Kitchenware Ltd 2Q16 Earnings -

2016/10/31 ALW GN Aluworks Ghana Ltd 1Q16 Earnings -

2016/10/31 UTB GN UT Bank Ltd 1Q16 Earnings -

2016/10/31 GGBL GN Guinness Ghana Breweries Ltd 1Q17 Earnings -

2016/10/31 CLYD GN Clydestone Ghana Ltd 3Q16 Earnings -

2016/10/31 SWL GN Sam - Woode Ltd 2Q16 Earnings -

2016/10/31 SPL GN Starwin Products Ltd 3Q16 Earnings -

2016/10/31 ALW GN Aluworks Ghana Ltd 3Q16 Earnings -

2016/10/31 CIC KN CIC Insurance Group Ltd 1H16 Earnings -

2016/10/31 TKNL KN Total Kenya Ltd 1H16 Earnings -

2016/10/31 HAFR KN Home Afrika Ltd 1H16 Earnings -

2016/10/31 KUR KN Kurwitu Ventures Ltd 1H16 Earnings -

2016/10/31 KNCB KN KCB Group Ltd 3Q16 Earnings -

2016/10/31 TWIGA TZ Tanzania Portland Cement Co Ltd 1H16 Earnings -

2016/10/31 SWISSPOR TZ Swissport Tanzania Ltd 1H16 Earnings -

2016/10/31 CRDB TZ CRDB Bank PLC 3Q16 Earnings -

2016/10/31 LAFA ZL Lafarge Cement Zambia PLC 1H16 Earnings -

2016/10/31 ZCCM ZL ZCCM Investments Holdings PLC FY16 Earnings -

2016/10/31 ZANACO ZL Zambia National Commercial Bank PLC 3Q16 Earnings -

2016/10/31 SCBB BG Standard Chartered Bank Botswana Ltd 1H16 Earnings -

2016/11/01 TOURIST NL Tourist Co of Nigeria PLC FY16 Earnings -

2016/11/01 SCB GN Standard Chartered Bank Ghana Ltd 3Q16 Earnings -

2016/11/02 TRIPPLEG NL Tripple GEE and Co PLC 1Q17 Earnings -

2016/11/02 ACADEMY NL Academy Press 1Q17 Earnings -

2016/11/02 RAKUNITY NL Rak Unity Petroleum Co PLC 1Q17 Earnings -

2016/11/02 CCNN NL Cement Co Northern Nigeria PLC 3Q16 Earnings -

2016/11/02 MORISON NL Morison Industries PLC 3Q16 Earnings -

2016/11/02 WAPCO NL Lafarge Africa PLC 3Q16 Earnings -

Week Ahead

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SSADate Ticker Company Name Event Description Estimate LC2016/11/02 BOCGAS NL BOC Gases PLC 3Q16 Earnings -

2016/11/02 TOURIST NL Tourist Co of Nigeria PLC 1Q17 Earnings -

2016/11/02 CONTINSU NL Continental Reinsurance PLC 3Q16 Earnings -

2016/11/02 CHAMS NL Chams PLC 3Q16 Earnings -

2016/11/02 ETRAN NL E-Tranzact International PLC 3Q16 Earnings -

2016/11/02 TRIPPLEG NL Tripple GEE and Co PLC 2Q17 Earnings -

2016/11/02 ACADEMY NL Academy Press 2Q17 Earnings -

2016/11/02 MLC GN Mechanical Lloyd Co Ltd 3Q16 Earnings -

2016/11/02 UNIL GN Unilever Ghana Ltd 3Q16 Earnings -

2016/11/02 UTB GN UT Bank Ltd 3Q16 Earnings -

2016/11/02 AYRTN GN Ayrton Drug Manufacturing Ltd 1Q17 Earnings -

2016/11/02 EQBNK KN Equity Group Holdings Ltd/Kenya 3Q16 Earnings -

2016/11/02 FURN BG Furniture Mart FY16 Earnings -

2016/11/02 LLR BG Letlole La Rona Ltd FY16 Earnings -

2016/11/03 TRANSCOR NL Transnational Corp of Nigeria PLC 3Q16 Earnings -

2016/11/03 STERLNBA NL Sterling Bank PLC 3Q16 Earnings -

2016/11/03 NNFM NL Northern Nigeria Flour Mills PLC 2Q17 Earnings -

2016/11/03 ETERNA NL Eterna PLC 3Q16 Earnings -

2016/11/03 CAVERTON NL Caverton Offshore Support Group 3Q16 Earnings -

2016/11/03 SKYEBANK NL Skye Bank PLC 3Q16 Earnings -

2016/11/03 GCB GN Ghana Commercial Bank Ltd 3Q16 Earnings -

2016/11/03 KPLL KN Kenya Power & Lighting Ltd FY16 Earnings 5.025

2016/11/03 AGR NW Agra Ltd FY16 Earnings -

2016/11/04 NIGERINS NL Niger Insurance PLC 3Q16 Earnings -

2016/11/04 ELLAHLAK NL Ellah Lakes PLC FY16 Earnings -

2016/11/04 SAFCOM KN Safaricom Ltd 1H17 Earnings -

2016/11/04 TTO SJ Trustco Group Holdings Ltd 1H16 Earnings -

United StatesDate Ticker Company Name Event Description Estimate LC2016/10/31 D US Dominion Resources Inc/VA 3Q16 Earnings 1.075

2016/10/31 L US Loews Corp 3Q16 Earnings 0.687

2016/10/31 WMB US Williams Cos Inc/The 3Q16 Earnings 0.174

2016/10/31 CAH US Cardinal Health Inc 1Q17 Earnings 1.206

2016/10/31 ROP US Roper Technologies Inc 3Q16 Earnings 1.614

2016/10/31 AMG US Affiliated Managers Group Inc 3Q16 Earnings 3

2016/10/31 NEE US NextEra Energy Inc 3Q16 Earnings 1.669

2016/10/31 PEG US Public Service Enterprise Group Inc 3Q16 Earnings 0.839

2016/10/31 SO US Southern Co/The 3Q16 Earnings 1.177

2016/10/31 ZBH US Zimmer Biomet Holdings Inc 3Q16 Earnings 1.791

2016/10/31 APC US Anadarko Petroleum Corp 3Q16 Earnings -0.59

2016/10/31 TSO US Tesoro Corp 3Q16 Earnings 1.425

2016/10/31 VNO US Vornado Realty Trust 3Q16 Earnings 1.273

2016/10/31 GGP US General Growth Properties Inc 3Q16 Earnings 0.354

2016/11/01 AEP US American Electric Power Co Inc 3Q16 Earnings 1.221

2016/11/01 CMI US Cummins Inc 3Q16 Earnings 1.956

2016/11/01 EMR US Emerson Electric Co 4Q16 Earnings 0.893

2016/11/01 HCP US HCP Inc 3Q16 Earnings 0.707

2016/11/01 NI US NiSource Inc 3Q16 Earnings 0.072

Week Ahead

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United StatesDate Ticker Company Name Event Description Estimate LC2016/11/01 PPL US PPL Corp 3Q16 Earnings 0.583

2016/11/01 MLM US Martin Marietta Materials Inc 3Q16 Earnings 2.632

2016/11/01 IRM US Iron Mountain Inc 3Q16 Earnings 0.567

2016/11/01 AME US AMETEK Inc 3Q16 Earnings 0.551

2016/11/01 COH US Coach Inc 1Q17 Earnings 0.446

2016/11/01 FIS US Fidelity National Information Services Inc

3Q16 Earnings 0.975

2016/11/01 ETN US Eaton Corp PLC 3Q16 Earnings 1.147

2016/11/01 HRS US Harris Corp 1Q17 Earnings 1.338

2016/11/01 PFE US Pfizer Inc 3Q16 Earnings 0.619

2016/11/01 TAP US Molson Coors Brewing Co 3Q16 Earnings 1.052

2016/11/01 XYL US Xylem Inc/NY 3Q16 Earnings 0.533

2016/11/01 ADM US Archer-Daniels-Midland Co 3Q16 Earnings 0.462

2016/11/01 OXY US Occidental Petroleum Corp 3Q16 Earnings -0.112

2016/11/01 MOS US Mosaic Co/The 3Q16 Earnings 0.102

2016/11/01 DISCA US Discovery Communications Inc 3Q16 Earnings 0.432

2016/11/01 LYB US LyondellBasell Industries NV 3Q16 Earnings 2.327

2016/11/01 ICE US Intercontinental Exchange Inc 3Q16 Earnings 3.22

2016/11/01 K US Kellogg Co 3Q16 Earnings 0.872

2016/11/01 PBI US Pitney Bowes Inc 3Q16 Earnings 0.46

2016/11/01 ECL US Ecolab Inc 3Q16 Earnings 1.28

2016/11/01 F US Ford Motor Co October 2016 Sales and Revenue Release -

2016/11/01 FTR US Frontier Communications Corp 3Q16 Earnings -0.035

2016/11/01 WU US Western Union Co/The 3Q16 Earnings 0.444

2016/11/01 NFX US Newfield Exploration Co 3Q16 Earnings 0.242

2016/11/01 ILMN US Illumina Inc 3Q16 Earnings 0.848

2016/11/01 ES US Eversource Energy 3Q16 Earnings 0.807

2016/11/01 DVN US Devon Energy Corp 3Q16 Earnings 0.057

2016/11/01 NBL US Noble Energy Inc 3Q16 Earnings -0.233

2016/11/01 OKE US ONEOK Inc 3Q16 Earnings 0.439

2016/11/01 EIX US Edison International 3Q16 Earnings 1.279

2016/11/01 CERN US Cerner Corp 3Q16 Earnings 0.603

2016/11/01 EA US Electronic Arts Inc 2Q17 Earnings 0.43

2016/11/01 GILD US Gilead Sciences Inc 3Q16 Earnings 2.842

2016/11/01 PXD US Pioneer Natural Resources Co 3Q16 Earnings 0.151

2016/11/01 DNB US Dun & Bradstreet Corp/The 3Q16 Earnings 1.736

2016/11/01 VRSK US Verisk Analytics Inc 3Q16 Earnings 0.747

2016/11/01 WYNN US Wynn Resorts Ltd 3Q16 Earnings 0.725

2016/11/02 ADP US Automatic Data Processing Inc 1Q17 Earnings 0.759

2016/11/02 CLX US Clorox Co/The 1Q17 Earnings 1.418

2016/11/02 TGNA US TEGNA Inc 3Q16 Earnings 0.586

2016/11/02 HST US Host Hotels & Resorts Inc 3Q16 Earnings 0.361

2016/11/02 VMC US Vulcan Materials Co 3Q16 Earnings 1.11

2016/11/02 HCN US Welltower Inc 3Q16 Earnings 1.149

2016/11/02 HSIC US Henry Schein Inc 3Q16 Earnings 1.654

2016/11/02 SE US Spectra Energy Corp 3Q16 Earnings 0.257

2016/11/02 TEL US TE Connectivity Ltd 4Q16 Earnings 1.202

2016/11/02 ZTS US Zoetis Inc 3Q16 Earnings 0.468

2016/11/02 ANTM US Anthem Inc 3Q16 Earnings 2.466

2016/11/02 ABC US AmerisourceBergen Corp 4Q16 Earnings 1.229

2016/11/02 EL US Estee Lauder Cos Inc/The 1Q17 Earnings 0.797

Week Ahead

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United StatesDate Ticker Company Name Event Description Estimate LC2016/11/02 DLPH US Delphi Automotive PLC 3Q16 Earnings 1.429

2016/11/02 TWX US Time Warner Inc 3Q16 Earnings 1.358

2016/11/02 AGN US Allergan plc 3Q16 Earnings 3.584

2016/11/02 SRE US Sempra Energy 3Q16 Earnings 0.953

2016/11/02 FOXA US Twenty-First Century Fox Inc 1Q17 Earnings 0.444

2016/11/02 FB US Facebook Inc 3Q16 Earnings 0.974

2016/11/02 ALL US Allstate Corp/The 3Q16 Earnings 1.255

2016/11/02 AIG US American International Group Inc 3Q16 Earnings 1.196

2016/11/02 CTL US CenturyLink Inc 3Q16 Earnings 0.547

2016/11/02 FRT US Federal Realty Investment Trust 3Q16 Earnings 1.423

2016/11/02 FMC US FMC Corp 3Q16 Earnings 0.589

2016/11/02 LNC US Lincoln National Corp 3Q16 Earnings 1.614

2016/11/02 MRO US Marathon Oil Corp 3Q16 Earnings -0.193

2016/11/02 HOLX US Hologic Inc 4Q16 Earnings 0.498

2016/11/02 QCOM US QUALCOMM Inc 4Q16 Earnings 1.125

2016/11/02 WFM US Whole Foods Market Inc 4Q16 Earnings 0.236

2016/11/02 RIG US Transocean Ltd 3Q16 Earnings 0.149

2016/11/02 PRU US Prudential Financial Inc 3Q16 Earnings 2.49

2016/11/02 DVA US DaVita Inc 3Q16 Earnings 0.934

2016/11/02 MET US MetLife Inc 3Q16 Earnings 1.128

2016/11/02 XEC US Cimarex Energy Co 3Q16 Earnings 0.37

2016/11/02 EQIX US Equinix Inc 3Q16 Earnings 3.173

2016/11/02 CF US CF Industries Holdings Inc 3Q16 Earnings -0.025

2016/11/02 FSLR US First Solar Inc 3Q16 Earnings 0.764

2016/11/02 AWK US American Water Works Co Inc 3Q16 Earnings 1.017

2016/11/03 COST US Costco Wholesale Corp October 2016 Sales and Revenue Release -

2016/11/02 ALK US Alaska Air Group Inc October 2016 Traffic Results -

2016/11/02 MCHP US Microchip Technology Inc 2Q17 Earnings 0.871

2016/11/02 DAL US Delta Air Lines Inc October 2016 Traffic Results -

2016/11/03 BLL US Ball Corp 3Q16 Earnings 0.934

2016/11/03 PNW US Pinnacle West Capital Corp 3Q16 Earnings 2.413

2016/11/03 CHK US Chesapeake Energy Corp 3Q16 Earnings -0.035

2016/11/03 LVLT US Level 3 Communications Inc 3Q16 Earnings 0.417

2016/11/03 PWR US Quanta Services Inc 3Q16 Earnings 0.548

2016/11/03 BDX US Becton Dickinson and Co 4Q16 Earnings 2.085

2016/11/03 CI US Cigna Corp 3Q16 Earnings 1.905

2016/11/03 CHD US Church & Dwight Co Inc 3Q16 Earnings 0.468

2016/11/03 SPGI US S&P Global Inc 3Q16 Earnings 1.337

2016/11/03 APA US Apache Corp 3Q16 Earnings -0.144

2016/11/03 HAR US Harman International Industries Inc 1Q17 Earnings 1.529

2016/11/03 CHTR US Charter Communications Inc 3Q16 Earnings 0.714

2016/11/03 QRVO US Qorvo Inc 2Q17 Earnings 1.41

2016/11/03 SBUX US Starbucks Corp 4Q16 Earnings 0.548

2016/11/03 SYMC US Symantec Corp 2Q17 Earnings 0.201

2016/11/03 CBS US CBS Corp 3Q16 Earnings 0.982

2016/11/03 ED US Consolidated Edison Inc 3Q16 Earnings 1.472

2016/11/03 EOG US EOG Resources Inc 3Q16 Earnings -0.31

2016/11/03 MSI US Motorola Solutions Inc 3Q16 Earnings 1.204

2016/11/03 LNT US Alliant Energy Corp 3Q16 Earnings 0.908

2016/11/03 SWKS US Skyworks Solutions Inc 4Q16 Earnings 1.43

2016/11/03 ATVI US Activision Blizzard Inc 3Q16 Earnings 0.424

Week Ahead

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United StatesDate Ticker Company Name Event Description Estimate LC2016/11/03 MHK US Mohawk Industries Inc 3Q16 Earnings 3.455

2016/11/03 MTD US Mettler-Toledo International Inc 3Q16 Earnings 3.661

2016/11/03 FLR US Fluor Corp 3Q16 Earnings 0.887

2016/11/03 KHC US Kraft Heinz Co/The 3Q16 Earnings 0.744

2016/11/03 MNST US Monster Beverage Corp 3Q16 Earnings 1.125

2016/11/03 LUK US Leucadia National Corp 3Q16 Earnings 0.43

2016/11/03 LB US L Brands Inc October 2016 Sales and Revenue Release -

2016/11/04 PCG US PG&E Corp 3Q16 Earnings 1.093

2016/11/04 AES US AES Corp/VA 3Q16 Earnings 0.329

2016/11/04 REGN US Regeneron Pharmaceuticals Inc 3Q16 Earnings 2.683

2016/11/04 XRAY US DENTSPLY SIRONA Inc 3Q16 Earnings 0.631

2016/11/04 FE US FirstEnergy Corp 3Q16 Earnings 0.779

2016/11/04 AEE US Ameren Corp 3Q16 Earnings 1.374

2016/11/04 WLTW US Willis Towers Watson PLC 3Q16 Earnings 1.06

2016/11/04 NRG US NRG Energy Inc 3Q16 Earnings 0.803

2016/11/04 CNP US CenterPoint Energy Inc 3Q16 Earnings 0.367

2016/11/04 DUK US Duke Energy Corp 3Q16 Earnings 1.572

2016/11/04 FAST US Fastenal Co October 2016 Sales and Revenue Release -

2016/11/04 HUM US Humana Inc 3Q16 Earnings 3.021

EuropeDate Ticker Company Name Event Description Estimate

LC2016/10/31 CNHI US CNH Industrial NV 3Q16 Earnings 0.048

2016/10/31 WPP LN WPP PLC 3Q16 Sales and Revenue Release -

2016/10/31 CEY LN Centamin PLC 3Q16 Earnings 0.054

2016/11/01 ORK NO Orkla ASA 3Q16 Earnings 1.13

2016/11/01 NRE1V FH Nokian Renkaat OYJ 3Q16 Earnings 0.45

2016/11/01 BP/ LN BP PLC 3Q16 Earnings 0.041

2016/11/01 RDSA LN Royal Dutch Shell PLC 3Q16 Earnings 0.253

2016/11/01 STAN LN Standard Chartered PLC 3Q16 Sales and Revenue Release -

2016/11/01 WEIR LN Weir Group PLC/The 3Q16 Interim Management Statement -

2016/11/01 STAN LN Standard Chartered PLC 3Q16 Interim Management Statement -

2016/11/01 SHP LN Shire PLC 3Q16 Earnings 1.063

2016/11/01 STAN LN Standard Chartered PLC 3Q16 Earnings -

2016/11/01 WEIR LN Weir Group PLC/The 3Q16 Interim Management Statement -

2016/11/01 DSV DC DSV A/S 3Q16 Earnings 3.456

2016/11/01 MONY LN Moneysupermarket.com Group PLC 3Q16 Earnings -

2016/11/01 PNDORA DC Pandora A/S 3Q16 Earnings 11.313

2016/11/02 MHG NO Marine Harvest ASA 3Q16 Earnings 0.288

2016/11/02 LHA GR Deutsche Lufthansa AG 3Q16 Earnings 1.26

2016/11/02 BOSS GR HUGO BOSS AG 3Q16 Earnings 1.207

2016/11/02 LUPE SS Lundin Petroleum AB 3Q16 Earnings 0.243

2016/11/02 UNIB SS Unibet Group PLC 3Q16 Earnings 0.092

2016/11/02 TDC DC TDC A/S 3Q16 Earnings 0.728

2016/11/02 SKG ID Smurfit Kappa Group PLC 3Q16 Earnings 0.593

2016/11/02 GAS SM Gas Natural SDG SA 3Q16 Earnings 0.32

2016/11/02 BARN SW Barry Callebaut AG FY16 Earnings 41.212

2016/11/02 INDV LN Indivior PLC 3Q16 Earnings 0.06

Week Ahead

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EuropeDate Ticker Company Name Event Description Estimate

LC2016/11/02 OERL SW OC Oerlikon Corp AG 3Q16 Trading Update -

2016/11/02 GEN DC Genmab A/S 3Q16 Earnings 2.2

2016/11/02 QGEN US QIAGEN NV 3Q16 Earnings 0.275

2016/11/02 GLB ID Glanbia PLC 3Q16 Sales and Revenue Release -

2016/11/02 NXT LN Next PLC 3Q16 Trading Statement -

2016/11/02 PSN LN Persimmon PLC 3Q16 Trading Statement -

2016/11/02 WKL NA Wolters Kluwer NV 3Q16 Trading Update -

2016/11/02 COLOB DC Coloplast A/S FY16 Earnings 17.674

2016/11/03 OERL SW OC Oerlikon Corp AG 3Q16 Earnings -

2016/11/02 OERL SW OC Oerlikon Corp AG 3Q16 Trading Update -

2016/11/02 SYDB DC Sydbank A/S 3Q16 Earnings 5.355

2016/11/02 MAERSKB DC

AP Moller - Maersk A/S 3Q16 Earnings 21.7

2016/11/02 LUN DC H Lundbeck A/S 3Q16 Earnings 1.073

2016/11/02 SY1 GR Symrise AG 3Q16 Earnings 0.618

2016/11/02 ISS DC ISS A/S 3Q16 Earnings 4.224

2016/11/02 JE/ LN Just Eat PLC 3Q16 Sales and Revenue Release -

2016/11/03 CSGN VX Credit Suisse Group AG 3Q16 Earnings 0.121

2016/11/03 DSM NA Koninklijke DSM NV 3Q16 Earnings 0.806

2016/11/03 HOT GR HOCHTIEF AG 3Q16 Earnings 1.19

2016/11/03 KOMB CP Komercni banka as 3Q16 Earnings 16.78

2016/11/03 AF FP Air France-KLM 3Q16 Earnings 2.177

2016/11/03 ADS GR adidas AG 3Q16 Earnings 1.92

2016/11/03 VIE FP Veolia Environnement SA 3Q16 Sales and Revenue Release -

2016/11/03 RSA LN RSA Insurance Group PLC 3Q16 Interim Management Statement -

2016/11/03 BEI GR Beiersdorf AG 3Q16 Earnings 1.065

2016/11/03 RRS LN Randgold Resources Ltd 3Q16 Earnings 0.835

2016/11/03 CCH LN Coca-Cola HBC AG 3Q16 Trading Update -

2016/11/03 SAMPO FH Sampo Oyj 3Q16 Earnings 0.659

2016/11/03 RSA LN RSA Insurance Group PLC 3Q16 Trading Update -

2016/11/03 RGU LN Regus PLC 3Q16 Trading Statement -

2016/11/03 MRW LN Wm Morrison Supermarkets PLC 3Q16 Trading Statement -

2016/11/03 SDR LN Schroders PLC 3Q16 Interim Management Statement -

2016/11/03 CCH LN Coca-Cola HBC AG 3Q16 Trading Update -

2016/11/03 REP SM Repsol SA 3Q16 Earnings 0.258

2016/11/03 SN/ LN Smith & Nephew PLC 3Q16 Trading Report -

2016/11/03 SN/ LN Smith & Nephew PLC 3Q16 Trading Report -

2016/11/03 EDP PL EDP - Energias de Portugal SA 3Q16 Earnings 0.035

2016/11/03 OR FP L'Oreal SA 3Q16 Sales and Revenue Release -

2016/11/03 DEC FP JCDecaux SA 3Q16 Sales and Revenue Release -

2016/11/03 TEN IM Tenaris SA 3Q16 Earnings -0.013

2016/11/03 CRDA LN Croda International PLC 3Q16 Trading Update -

2016/11/03 HWDN LN Howden Joinery Group PLC 3Q16 Trading Update -

2016/11/03 MRW LN Wm Morrison Supermarkets PLC 3Q16 Trading Statement -

2016/11/03 SDR LN Schroders PLC 3Q16 Earnings -

2016/11/03 SDR LN Schroders PLC 3Q16 Interim Management Statement -

2016/11/03 TATE LN Tate & Lyle PLC 1H17 Earnings 0.212

2016/11/03 GLE FP Societe Generale SA 3Q16 Earnings 1.16

2016/11/03 INGA NA ING Groep NV 3Q16 Earnings 0.295

2016/11/03 BEI GR Beiersdorf AG 3Q16 Sales and Revenue Release -

Week Ahead

9

EuropeDate Ticker Company Name Event Description Estimate

LC2016/11/03 FPE GR FUCHS PETROLUB SE 3Q16 Earnings 0.478

2016/11/03 SPR GR Axel Springer SE 3Q16 Earnings 0.45

2016/11/03 GN DC GN Store Nord A/S 3Q16 Earnings 1.711

2016/11/03 LDO IM Leonardo-Finmeccanica SpA 3Q16 Earnings 0.22

2016/11/03 RMS FP Hermes International 3Q16 Sales and Revenue Release -

2016/11/03 FDR FP Fonciere Des Regions 3Q16 Sales and Revenue Release -

2016/11/03 UBI FP Ubisoft Entertainment SA 1H17 Earnings -0.6

2016/11/03 GLEN LN Glencore PLC 3Q16 Production Report -

2016/11/03 FRA GR Fraport AG Frankfurt Airport Services Worldwide

3Q16 Earnings 1.865

2016/11/03 PSM GR ProSiebenSat.1 Media SE 3Q16 Earnings 0.42

2016/11/03 SCMN VX Swisscom AG 3Q16 Earnings 7.915

2016/11/03 ISAT LN Inmarsat PLC 3Q16 Earnings 0.155

2016/11/03 VIE FP Veolia Environnement SA 3Q16 Earnings 0.04

2016/11/03 BALDB SS Fastighets AB Balder 3Q16 Earnings 2.952

2016/11/03 DLG GR Dialog Semiconductor PLC 3Q16 Earnings 0.647

2016/11/03 ORP FP Orpea 3Q16 Sales and Revenue Release -

2016/11/03 VNA GR Vonovia SE 3Q16 Earnings 0.405

2016/11/03 RGU LN Regus PLC 3Q16 Trading Statement -

2016/11/03 DUFN VX Dufry AG 3Q16 Earnings 2.4

2016/11/03 PTEC LN Playtech Plc 3Q16 Earnings -

2016/11/03 SREN VX Swiss Re AG 3Q16 Earnings 2.87

2016/11/04 CFR VX Cie Financiere Richemont SA 1H17 Earnings 1.123

2016/11/04 SCHA NO Schibsted ASA 3Q16 Earnings 0.895

2016/11/04 EVK GR Evonik Industries AG 3Q16 Earnings 0.46

2016/11/04 EBS AV Erste Group Bank AG 3Q16 Earnings 0.7

2016/11/04 PPB ID Paddy Power Betfair PLC 3Q16 Trading Update -

2016/11/04 AMS SM Amadeus IT Group SA 3Q16 Earnings 0.503

2016/11/04 PPB ID Paddy Power Betfair PLC 3Q16 Trading Update -

2016/11/04 GBLB BB Groupe Bruxelles Lambert SA 3Q16 Earnings -

2016/11/04 IAG LN International Consolidated Airlines Group SA

October 2016 Traffic Statistics -

2016/11/04 BMW GR Bayerische Motoren Werke AG 3Q16 Earnings 2.323

2016/11/04 CBK GR Commerzbank AG 3Q16 Earnings 0.135

2016/11/04 LHN VX LafargeHolcim Ltd 3Q16 Earnings 1

2016/11/04 TIT IM Telecom Italia SpA/Milano 3Q16 Earnings 0.01

2016/11/04 PARG SW Pargesa Holding SA 3Q16 Earnings -

2016/11/04 ISP IM Intesa Sanpaolo SpA 3Q16 Earnings 0.041

2016/11/04 DAI GR Daimler AG October 2016 Sales and Revenue Release -

2016/11/04 ANDR AV ANDRITZ AG 3Q16 Earnings 0.788

2016/11/04 TRN IM Terna Rete Elettrica Nazionale SpA 3Q16 Earnings 0.07

2016/10/27 KGX GR KION Group AG 3Q16 Earnings 0.743

Asia PacificDate Ticker Company Name Event Description Estimate LC2016/10/31 9104 JP Mitsui OSK Lines Ltd 1H17 Earnings -

2016/10/31 9107 JP Kawasaki Kisen Kaisha Ltd 1H17 Earnings -

2016/10/31 9101 JP Nippon Yusen KK 1H17 Earnings -

Week Ahead

10

Asia PacificDate Ticker Company Name Event Description Estimate LC2016/10/31 4523 JP Eisai Co Ltd 1H17 Earnings 89.5

2016/10/31 9301 JP Mitsubishi Logistics Corp 1H17 Earnings -

2016/10/31 9062 JP Nippon Express Co Ltd 1H17 Earnings -

2016/10/31 4507 JP Shionogi & Co Ltd 1H17 Earnings 72.5

2016/10/31 4568 JP Daiichi Sankyo Co Ltd 1H17 Earnings 86.6

2016/10/31 6503 JP Mitsubishi Electric Corp 1H17 Earnings -

2016/10/31 9007 JP Odakyu Electric Railway Co Ltd 1H17 Earnings -

2016/10/31 7011 JP Mitsubishi Heavy Industries Ltd 1H17 Earnings -

2016/10/31 9009 JP Keisei Electric Railway Co Ltd 1H17 Earnings -

2016/10/31 9001 JP Tobu Railway Co Ltd 1H17 Earnings -

2016/10/31 7267 JP Honda Motor Co Ltd 1H17 Earnings 146.798

2016/10/31 6971 JP Kyocera Corp 1H17 Earnings 91.59

2016/10/31 6752 JP Panasonic Corp 1H17 Earnings -

2016/10/31 9202 JP ANA Holdings Inc 1H17 Earnings -

2016/10/31 5201 JP Asahi Glass Co Ltd 3Q16 Earnings 5.767

2016/10/31 6954 JP FANUC Corp 1H17 Earnings 313

2016/10/31 2503 JP Kirin Holdings Co Ltd 3Q16 Earnings 23.02

2016/10/31 4902 JP Konica Minolta Inc 1H17 Earnings 30.3

2016/10/31 6508 JP Meidensha Corp 1H17 Earnings -17.63

2016/10/31 6701 JP NEC Corp 1H17 Earnings 4.62

2016/10/31 5214 JP Nippon Electric Glass Co Ltd 3Q16 Earnings 7.697

2016/10/31 6302 JP Sumitomo Heavy Industries Ltd 1H17 Earnings 15.8

2016/10/31 5332 JP TOTO Ltd 1H17 Earnings 88.68

2016/10/31 9064 JP Yamato Holdings Co Ltd 1H17 Earnings -

2016/10/31 2914 JP Japan Tobacco Inc 3Q16 Earnings 83.635

2016/10/31 6103 JP OKUMA Corp 1H17 Earnings -

2016/10/31 5406 JP Kobe Steel Ltd 1H17 Earnings -

2016/10/31 6988 JP Nitto Denko Corp 1H17 Earnings 138.01

2016/10/31 6674 JP GS Yuasa Corp 1H17 Earnings 8.7

2016/10/31 9501 JP Tokyo Electric Power Co Holdings Inc 1H17 Earnings -

2016/10/31 6762 JP TDK Corp 1H17 Earnings 244.97

2016/10/31 ORG AU Origin Energy Ltd September 2016 Production Report -

2016/10/31 IFN AU Infigen Energy 1Q17 Production Results -

2016/11/01 3407 JP Asahi Kasei Corp 1H17 Earnings -

2016/11/01 4183 JP Mitsui Chemicals Inc 1H17 Earnings -

2016/11/01 8053 JP Sumitomo Corp 1H17 Earnings -

2016/11/01 7013 JP IHI Corp 1H17 Earnings 3.8

2016/11/01 2871 JP Nichirei Corp 1H17 Earnings -

2016/11/01 9008 JP Keio Corp 1H17 Earnings -

2016/11/01 4042 JP Tosoh Corp 1H17 Earnings -

2016/11/01 6758 JP Sony Corp 1H17 Earnings -

2016/11/01 2801 JP Kikkoman Corp 1H17 Earnings -

2016/11/01 2282 JP NH Foods Ltd 1H17 Earnings 62.14

2016/11/01 6471 JP NSK Ltd 1H17 Earnings -

2016/11/01 5401 JP Nippon Steel & Sumitomo Metal Corp 1H17 Earnings -

2016/11/01 4004 JP Showa Denko KK 3Q16 Earnings -

2016/11/01 5802 JP Sumitomo Electric Industries Ltd 1H17 Earnings -

2016/11/01 4689 JP Yahoo Japan Corp 1H17 Earnings -

2016/11/01 4208 JP Ube Industries Ltd 1H17 Earnings -

2016/11/01 6841 JP Yokogawa Electric Corp 1H17 Earnings 60.9

Week Ahead

11

Asia PacificDate Ticker Company Name Event Description Estimate LC2016/11/01 9433 JP KDDI Corp 1H17 Earnings 120.2

2016/11/01 6472 JP NTN Corp 1H17 Earnings -

2016/11/01 IRM US Iron Mountain Inc 3Q16 Earnings 0.567

2016/11/02 2768 JP Sojitz Corp 1H17 Earnings -

2016/11/02 7270 JP Fuji Heavy Industries Ltd 1H17 Earnings 221.207

2016/11/02 8001 JP ITOCHU Corp 1H17 Earnings -

2016/11/02 3863 JP Nippon Paper Industries Co Ltd 1H17 Earnings -

2016/11/02 8031 JP Mitsui & Co Ltd 1H17 Earnings -

2016/11/02 2502 JP Asahi Group Holdings Ltd 3Q16 Earnings 66.505

2016/11/02 6952 JP Casio Computer Co Ltd 1H17 Earnings -

2016/11/02 5801 JP Furukawa Electric Co Ltd 1H17 Earnings -

2016/11/02 7261 JP Mazda Motor Corp 1H17 Earnings 93.16

2016/11/02 6479 JP Minebea Co Ltd 1H17 Earnings 28.03

2016/11/02 6767 JP Mitsumi Electric Co Ltd 1H17 Earnings -

2016/11/02 2501 JP Sapporo Holdings Ltd 3Q16 Earnings 38.13

2016/11/02 5301 JP Tokai Carbon Co Ltd 3Q16 Earnings -

2016/11/02 7272 JP Yamaha Motor Co Ltd 3Q16 Earnings 40.548

2016/11/02 7272 JP Yamaha Motor Co Ltd 3Q16 Earnings -

2016/11/02 8303 JP Shinsei Bank Ltd 1H17 Earnings 8.69

2016/11/02 8303 JP Shinsei Bank Ltd 1H17 Earnings 5.22

2016/11/02 7733 JP Olympus Corp 1H17 Earnings 81.8

2016/11/02 9412 JP SKY Perfect JSAT Holdings Inc 1H17 Earnings -

2016/11/02 9983 JP Fast Retailing Co Ltd October 2016 Sales and Revenue Release -

2016/11/02 CSR AU CSR Ltd 1H17 Earnings 0.16

2016/11/02 388 HK Hong Kong Exchanges & Clearing Ltd 3Q16 Earnings 1.27

2016/11/03 BTT AU BT Investment Management Ltd FY16 Earnings 0.489

2016/11/03 ANZ AU Australia & New Zealand Banking Group Ltd

FY16 Earnings 2.066

2016/11/03 992 HK Lenovo Group Ltd 2Q17 Earnings 0

2016/11/03 2388 HK BOC Hong Kong Holdings Ltd 3Q16 Earnings -

2016/11/04 1332 JP Nippon Suisan Kaisha Ltd 1H17 Earnings -

2016/11/04 4021 JP Nissan Chemical Industries Ltd 1H17 Earnings -

2016/11/04 8058 JP Mitsubishi Corp 1H17 Earnings -

2016/11/04 8002 JP Marubeni Corp 1H17 Earnings -

2016/11/04 7004 JP Hitachi Zosen Corp 1H17 Earnings -

2016/11/04 8252 JP Marui Group Co Ltd 1H17 Earnings -

2016/11/04 7269 JP Suzuki Motor Corp 1H17 Earnings 159.6

2016/11/04 2432 JP DeNA Co Ltd 1H17 Earnings -

2016/11/04 5413 JP Nisshin Steel Co Ltd 1H17 Earnings -

2016/11/04 9613 JP NTT Data Corp 1H17 Earnings 69.52

2016/11/04 ORI AU Orica Ltd FY16 Earnings 1.049

2016/11/04 2018 HK AAC Technologies Holdings Inc 3Q16 Earnings 0.864

SA DividendsTicker Company Name LDT Ex Date Pay Date Type AmountBAWP Barloworld Ltd Preference Share 2016/10/25 2016/10/26 2016/10/31 Regular Cash ZAc 6

BCF Bowler Metcalf 2016/10/25 2016/10/26 2016/10/31 Final ZAc 18.4

COM Comair Ltd 2016/10/25 2016/10/26 2016/10/31 Final ZAc 11

KST PSG Konsult Ltd 2016/10/25 2016/10/26 2016/10/31 Interim ZAc 5.1

RLF Rolfes Holdings Ltd 2016/10/25 2016/10/26 2016/10/31 Final ZAc 6

Week Ahead

12

TLM Telemasters Holdings Ltd 2016/10/25 2016/10/26 2016/10/31 Interim ZAc 0.5

MSP MAS Real Estate Inc 2016/10/25 2016/10/26 2016/11/02 Final EUR 0.0223

EOH EOH Holdings Ltd 2016/11/01 2016/11/02 2016/11/07 Final ZAc 158

EQU Equites Property Fund Ltd 2016/11/01 2016/11/02 2016/11/07 Interim ZAc 54.44282

NRL Newpark REIT LTD 2016/11/01 2016/11/02 2016/11/07 Interim ZAc 24.99884

ORE Orion Real Estate Ltd 2016/11/01 2016/11/02 2016/11/07 Regular Cash ZAc 2.35

PHM Phumelela Gaming & Leisure Ltd 2016/11/01 2016/11/02 2016/11/07 Final ZAc 70

PSG PSG Group Ltd 2016/11/01 2016/11/02 2016/11/07 Interim ZAc 125

ALP Atlantic Leaf Properties Ltd 2016/11/01 2016/11/02 2016/11/09 Interim GBP 0.042

Other SA Corporate ActionsDate Ticker Company Name Event Description Detail2016/10/31 AER Amalgamated Electronic

Corporation LtdPay Date Scheme of Arrangement- Option 1 - ZAR3.80 in

exchange per AER tendered; Option 2 - 2 SCP in exchange for every share tendered; Default - Option 2

2016/10/31 AER Amalgamated Electronic Corporation Ltd

Pay Date Interest Payment @ ZAR0.0142 per share

2016/10/31 AER Amalgamated Electronic Corporation Ltd

Withdrawal Date Scheme of Arrangement- Option 1 - ZAR3.80 in exchange per AER tendered; Option 2 - 2 SCP in exchange for every share tendered; Default - Option 2

2016/10/31 GRF Group Five Ltd Meeting AGM

2016/10/31 PIV Pivotal Fund Ltd Meeting AGM

2016/10/31 PPC PPC Ltd Meeting AGM

2016/10/31 RES Resilient REIT Ltd Meeting AGM

2016/10/31 SCV Sacoven PLC Meeting AGM

2016/10/31 SHP Shoprite Holdings Ltd Meeting AGM

2016/11/01 ACT AfroCentric Investment Corp Ltd

Meeting AGM

2016/11/01 EMH E Media Holdings Ltd Meeting AGM

2016/11/01 EMN E Media Holdings Ltd Meeting AGM

2016/11/01 MNK Montauk Holdings Ltd Meeting AGM

2016/11/01 FFA Fortress Income Fund Ltd Meeting AGM

2016/11/01 FFB Fortress Income Fund Ltd Meeting AGM

2016/11/01 DNB Deneb Investments Ltd Meeting AGM

2016/11/01 HCI Hosken Consolidated Investments Ltd

Meeting AGM

2016/11/01 IPL Imperial Holdings Ltd Meeting AGM

2016/11/01 NVE Niveus Investments Ltd Meeting AGM

2016/11/02 JSC Jasco Electronics Holdings Ltd

Meeting AGM

2016/11/02 PPR Putprop Ltd Meeting AGM

2016/11/02 YRK York Timber Holdings Ltd Meeting AGM

2016/11/03 ANS Ansys Ltd Meeting AGM

2016/11/03 AVI AVI Ltd Meeting AGM

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