Weekly Insight -...

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

Ratio

58.0

9.8

Weekly Prices:

Currency

ENLL

Corporate Bonds

News Snippets

[%]

445.2

Fund NAVs

BoM Interventions

Foreign Participation

14.90

Earnings:

CIEL-7.3

[bps]

20.7

FIN — CONS

Pref SharesMarket Indices

Weekly Insight24-Jun-2016

Equity Equity

28.00 4.9

OMNI

26.75ALTEO

8.1

[%]Share

Turnover

▲ALEX-20

[Rs]

0.19%

Leaders

1.69

5.6

USD/MUR36.52

ROGE

0.03

-2.3

GOLI -8.0

Fixed Income

LOTO

877.98▲

66.50NGLD

Forex Mkt Watch

MFD13.7

BMHL4.21

-2.6

0.22

10.20

Laggers

37.3

Sov./Interbank Rates

Latest

4.9

Δ WoW

0.61%

50.0

ABC-6.0 ABCB

2.87

Most Active

Mauritian equities were buoyant with indicespeaking at 5Wk-Highs until UK’s referendum.

The world awoke shell-shocked to find outthat the British had voted in favour of leaving the European Union.

The resulting uncertainty and chaos pushedvolatility in markets to levels not seen in years.

A global bloodbath ensued with turbulencepoised to persist.

10.0

COND — INVH

ABCB1,708.8 MCBCMBI

Share of TMT

Spot Rates

CIEL

BEEP

Δ WoWLatest

451.00

Mkt Summary

▲

58.7[Rs M]

0.17

1Yr T-Bill

26.10

UTIN38.70

Value

14.6

6.3%

COND — INVHPrices & Spot Rates

[Rs]

FIN — CONS

WoW Movements

SBM

CTL

Mkt Comm/Divs

ETFs/Commodities

865

895

925

955

985

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 [%

]

62%10%

9%

7%5%

7% FIN

DEBT

MSCH

INVH

T&L

Others -0.4 -0.7

4.2

1.9

0.6

FIN DEBT MSCH INVH T&L

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


3.5%

1,691.76

5.6%

-7.4%7.75%

15,434 -21.8%6.51%

-7.6% 4.4

0.4

13.8

40.4

5.9

2.3%0.81

26,525

1.38

2,113.32

2.817.8

13.8

As at

2,077.99

PER1,259.99

PBV

10.7

5.9

3,037.86

16,238

All SEM

-35.2

164.4

24-Jun-2016

10.8

-1.6% -10.6%

1,756.090.98

0.82

96.7

-0.8% -13.6%

877.98

110.1

24-Jun

3.53

1.70%

1,264.03 80.6

101.4

7.33%

2.1%15.4

1 Wk YTDVal

-43.7

0.3

Indices

250.8

Weekly Insight

0.81

‒ 52Wk ‒

Liquid 20

Change 24-Jun-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.

27.9208.7

3.24

876.29 13.896.7

3.110.7

13.5%

YoY-0.32% -6.1%

2.21.46799.78

1.432.16

27,002

6,338.10

99.34 -3.7%

20.22.83

513.8821.4

-16.0%

3.7

0.9%

-15.9%19.6

1.23

2.2

-2.6%

0.2%

5,950.48

2.4%

2.81

-14.7%

1.262,819.30

3,269.944.46%

DY

-5.3%

0.15%-3.0%

4.3

1.0% 1.71

-2.77%3.91%

0.19%

0.63%

3.5

1,628.13

140.37

99.19

17-Jun

1,745.12

* Previous day's closing prices

Net FlowsActivity Spread

-14.6%

45.3

3.11.5

835.435.21%

-15.9%

499.66150.66

14.7

-11.6%

2.7

4.0%

0.83

Week Ended

3,382.5519.5

3.44%1.80%

4.6

-12

-4

8 1

-34

MCB CIEL MUA09/24

ENLL SBM

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

61%13%

8%

8%5% 5%

FIN

INVH

MSCH

DEBT

T&L

2

Weekly Insight 24-Jun-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 Shell-Shocked! Mauritian equities were buoyant with indices peaking at 5Wk-Highs until UK’s referendum. Then, the world awoke shell-shocked to find out that the British had voted in favour of leaving the European Union. The resulting uncertainty and chaos pushed volatility in markets to levels not seen in years. Friday was a bloodbath across the globe and with a headless UK, turbulence is poised to persist. On a weekly basis, TMT stood at Rs209M with a foreign participation of 28%. ALCAPEX 12 slid to 1,259.99pts (-0.3%) while ALEX 20 and SEMDEX edged up to 877.98pts (+0.2%) and 1,756.09pts (+0.6%).

Financials Foreign selling pressure on blue-chip banks drove them into negative territory: MCB shed Rs1 to Rs212 [28% of TMT; NFS Rs34M] and SBM 1ct to 64cts. Tuesday’s session was marked by three off-the-board domestic crosses totaling 3.1M shares in ABCB at Rs17 (-5.6%) – i.e. 4.1% of total shareholding. However, the stock traded at a flat Rs18 (±0%) on the main board. NBFI counters recovered from recent lows: CIM to Rs6.84 (+3.3%), FINC to Rs18.70 (+1.1%). Insurer MUA was appreciably traded at Rs63 (+1.6%) while SWAN pursued its slide to near 2Yr-Low Rs303 (-1.0%).

Travel& Leisure Hoteliers, who experienced investor inflows throughout the week, experienced reversals on Friday following the UK’s vote to leave which may affect tourist arrivals and receipts. NMHL which traded at VWAP Rs20.46 (+0.3%) closed unaltered at Rs20.40, LUX dropped to Rs57.25 (-2.1%) and SUN which peaked at 5Wk-High Rs34 (+1.5%) intra-week, closed at Rs33.75 (+0.7%). MK and LOTO remained volatile closing at respective Rs12.50 (-1.6%) and Rs4.21 (-2.3%) respectively.

Multi-Sector Conglomerate/Holding UTIN was the only MSCH to closed in the red. Having renewed with momentum, surging to 14Wk-High Rs12.60 (+14.5%) on market buy-outs during the week, UTIN plunged to Rs10.20 (-7.3%) on slim exchanges as a

consequence of the wide bid/ask spread. EUDC – which maintained its dividend – was highly traded at a flat Rs15. Climbers inlude: OMNI at 5Wk-High Rs66.50 (+8.1%), ALTEO at 7Wk-High Rs26.75 (+4.9%), ROGE – seemingly boosted by its improved final div – at 3Mth-High Rs28 (+4.9%), MEDL at Rs57.75 (+0.9%), TERRA at 4Wk-High Rs29.50 (+0.9%) and IBL at Rs125 (+0.8%).

Consumer Staples | Discretionary Consumer stocks experienced mixed fates. PBL improved to 4½Mth-High Rs365 (+2.4%) while parent company PHIN slid to Rs220 (-0.9%). MOR picked up 15cts to Rs26, VEM 50cts to 5Mth-High Rs97, ENLC Rs1.50 to Rs13.50 while CTL shed 45cts on its Ex-Div. Ref. Price to Rs38.70. FAIL Group companies LFL and LMLC jumped to respective 5Wk-High Rs25.75 (+3.0%) and fresh Record High Rs192 (+3.8%). Property │ Materials │ Industrials On slim vols, property companies BLFE and APL improved to respective Rs2.10 (+2.4%) and Rs10.10 (+1.0%). UBP remained appreciably traded at Rs80 (±0%). MFD registered large crosses at Rs9.98 (+0.4) but closed at 6Wk-High Rs10.25 (+3.1%).

Investment Holdings Foreign investors continued to provide resistance on CIEL at Rs6.20 (+1.0%), which finished the week a tick lower. Other movers included: ENL(P) – in line with subsidiaries – at Rs24.75 (+3.1%), MDIT at Rs3.95 (+1.8%), POLI at Rs5.40 (+0.7%), BMHL at Rs26.10 (-2.6%) and BEEP at 6Wk-Low Rs14.90 (-8.0%).

Fixed Income │ETFs Foreign investors sold some 450k NMHL(P) shares at DY 6% (+16bps). On the debt market, Rs3M worth of MCB 08/23 [R+1.35%] changed hands at an average YTM 5.22% (+28bps) and Rs1.2M of MUA 09/24 [R+1.85%] at YTM 5.39% (+24bps). Like elsewhere, we witnessed local investors flock to safe havens like Gold: 10k NGLD units traded at Rs451 (+5.6%) per centi-t.oz, i.e. its highest in nearly 2Yrs.

3

Market Announcements

News Snippets

http://www.bbc.com/news/business-36636853

Dividend Declarations

COMPANY

ASCE(P) ▲INNO ▬ROGE ▲EUDC ▬MEDL ▲NOVUS ▲ALTEO ▬RHT ▬FINC ▬MCB ▲


Bharat Telecom Ltd (BTEL)The board advised its re-organisation was purely from an economic perspective that leaded to various key activities outsourcing andautomated several tasks. These re-structuration resulted in a lay off 30% of its workforce that were conducted in accordance withprevailing relevant legislations.

Rockcastle Global Real Estate Co Ltd (ROCK)ROCK’s board advised the company is pursuing its negotiations about material property acquisitions that could potentially impact its shareprice. It has already concluded two acquisitions, namely Forum Liberec Shopping Centre (Czech Republic) and Platan Shopping Centre(Poland).

4.00 3.75 6.7% 24-Jun-16 12-Jul-16 29-Jul-16 Int 2

0.45 0.45 0.0% 23-Jun-16 11-Jul-16 20-Jul-16 Fin 20.55 0.55 0.0% 23-Jun-16 11-Jul-16 17-Aug-16 Fin 20.60 0.60 0.0% 24-Jun-16 12-Jul-16 28-Jul-16 Fin 1

Fin 20.80 0.60 33.3% 22-Jun-16 11-Jul-16 15-Sep-16 Fin 20.27 0.24 12.5% 23-Jun-16 11-Jul-16 26-Jul-16 Fin 2

At first glance, the numbers suggest that the impact of Brexit on the Mauritian economy – if any – will be small as we do not anticipatechanges in access to the UK market for Mauritian enterprises. The immediate impact will be felt at micro-level by UK-dependent exportersand hoteliers following the GBP’s plunge to 30Yr-Low. Please see the preliminary impact analysis we sent to you on Friday for moredetails.

The pound has fallen further in trading in Asia on Monday, adding to Friday's record one-day decline. Sterling was trading at about $1.34,down 2.6% from Friday's close. Against the euro it was trading at €1.2145, down 1.4%. On Friday the pound had its biggest one-day fallagainst the dollar, at one stage sinking as low as $1.3236. Chancellor George Osborne said the UK was ready to face the future "from aposition of strength". He also indicated there would be no immediate emergency Budget. Mr Osborne said there would still need to be an"adjustment" in the UK economy, but added it was "perfectly sensible to wait for a new prime minister" before taking any such action. OnSunday night Christine Lagarde, head of the International Monetary Fund, said that the UK's vote to leave the European Union had caughtthe financial markets by surprise. But despite that, there had been "no panic" and the markets were "under control". Stock marketsplunged on Friday, with more than $2tn (£1.5tn) wiped off the value of global stock markets, according to Standard and Poor's Dow JonesIndices. That was the biggest one-day loss in market value - even greater than the value wiped out following the collapse of LehmanBrothers during the 2008 financial crisis, Standard and Poor's calculated. The chancellor's statement on Monday comes amid forecasts offurther falls for the pound. Jeremy Cook, chief economist at World First, said: "We are still looking for another 10% fall for the poundagainst the dollar in the coming months as data confirms the economic slowdown and monetary policy expectations increase."

Weekly Insight

PropertiesFreq. p.a.

24-Jun-2016

ChangeTypePrevious Ex-Div.Current

Dividend

Fin0.45

0.54 3.7%

30-Jun-1616-May-16 28-Jun-16

0.40 0.40 0.0% 22-Jun-16 11-Jul-16 15-Sep-16

— N/A 20-Jun-16 05-Jul-16 25-Aug-16

0.56

Pay DateDiv/Div DeclarationKey Dates

11-Jul-16 29-Jul-16 Fin 21.00 1.00 0.0%

1Fin 2

21-Jun-16

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 ▬


—8.50

4.0

4.2

0.30.0%

—

9.7-5.9%

0.4—

19.5—

1.8

1.0

1.9

0.8%

8.50 -52.8%-45.0%

8.75.4

31.5% 8.1

4.2

82.22.4—

—

9.8

— 23.7

—

4.73.2

0.81.5

0.5

0.84.9

7.3

0.9

2.2

2.9

0.0

2.6

15.7

-15.1%

—

25.90

4.6

— 0.2

4.9-6.0%

4.0

177.6

20.3

8.9

1.7

-17.7%

2.0

-12%2.2

23.5

11.2

0.7

54.6

3.7

3.1

1930.9

1.9

0.10.7

139

-22.5%0.3

30.5

1.2

11.0

—

5.014.4

17.5

-4.7%

39.75

17.6

124.50

-10.2%

57.25

— -21.1%

12.05

0.2

57.25

10.19.8

-5.3%

83.50

5.7—

2.3%

8.80.8

2.6

-14.8%

-13%

58.6

2.0

0.0

8.7

9.47.1

0.7

0.82.2

7.2

8.022.80

3.0

10.60.6

—

3.8

58.004.31

-13.0%

3.9 1.2

5.9

-3.8%

—

0.4

9.4%

0.5

—

-9.5%-10.1%62.00

0.5

529

-6%

0.3

-20.5%

0.1

2.3

1.1

0.6

—

5.0

—

8.01.5

0.714.7

0.76.0

—

15.4

—

-9.1% 15.536.9

1.2

1,415

0.3

0.8

3.1

—

—

-21.5%

DY3.9

Change

2.9%

3.2 0.5

PBV

12.9%N/A 0.9

3.9

1.6

1.113.5

1.3

6.66

3.7

—

1.5

0.0%—

1.3

— 0.0%

20.2%2.9

0.3

-16.7%

-3.8%

24618.55

-27.8%

—

—

2.0

0.0

1.6

-15.8%

-24.2%2.0

10.128.4

0105

2.9

-11.1%

1.863.00

0.65

62.00

5.0%

24-Jun-16

-16.3%

16.4

-6.9%11.7

4.0

4.758.0

-7.0%

0.7

0.30.1

0.2

—

8.66.62

-27.9%1,050

7.9

0.4

10.7

1.3ROE

22.81.4

1.010.8

-29.7%

—

12.4

—

0.70.6

0.65

10.20

15.1

-11.2%0.5

0.5

1.7

3.8

125.00

58.00

0.14.4

98.00-40.0%

13.6%

365.00-6.4%

0.2

55.50

22.7%

—

Cons

umer

Sta

ples

192.00

55.50

-2.8%

25.00

0.0%188.75

—20.10

0.0%

-6.5%

30.00

—

10.0

12.3%

—

0.5%923.00

22.90 13.223.00

19.1-19.0%

32.00

61.50

-8.8%

11.00

-5.3%

27.75

7.50

3.2%

28.00

13.6%

-9.9%

39.75

66.50

-25.0%

0.3

5.60

12.1

0.0

1.7

222.00364.50

25.850.2

-28.6%

81.8%

5.00

31.80 15.2

5.00

9.6%0.0

—

40.00

1.4%

220.00

0.03

30.00

4.0%0.1

0.0% 18.0—

356.50

0.02

M.S

ecto

r Con

glom

erat

e/Ho

ldin

g

1.4%

25.5026.75

20.10

25.75185.00

0.0

4.21

29.50

—

220.00

-0.8%

923.00

26.00

7.50

25.75

—

98.00

39.50

29.50

60.00 71.4%

—

0.198.00

19.6%

124.002%

15.00-11.5%0.1

0.8 3.5%

40.00

15.00

20.4

26.70

57.75 2.4-5.0%

0.03

-2.0%

—

39.75

2.929.25

15.00

83.50

17.9%0.5

4.5

0.0%—

0.4

26.00

Week Ended

24-Jun-2016

58.7213.00

24-Jun

212.50

— 0.0%5.005.60

60.00

0.0

00

41.80

32.80

12.70

303.75

-1.0%

12.50

20.40

-2.8%

83.75

0.0

6.84

0.64

17.2%

12.504.27

20.45

18.50

58.50

N/A-9.9%

-14.1%

32.00

41.80

-1.4%

1,050

-16.2%

—

57.25

5.60

-10.3%33.7033.50

20.40

33.7532.80

2.6

VWAP

Weekly Insight

PER

83.7534.4

18.00 7.09.3

17.10

17-Jun

212.00 1.8%

Fina

ncia

l

Security

1,050306.00

63.00

18.70

0.0

18.00

303.00

Trav

el &

Lei

sure

Val. YTD YoYL ‒ 52Wk ‒ H15.28.4

9.8

3.3%

As at

4.5

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 ▬MLND ▬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 ▬


0.7

-1.0%

70.00 — 2.0

0.5

2.17.5

26.100.6

5.40

—

0.1

4.0

16.10

—N/A

5.5108.1%

13.6

—

24.75

-85.4%

0.1

4.6

7.1

—

23.8

—

1.023.6

6.8

0.0%

16.2

—

—

0.0

-19.0% -8.6% 0.3

5.5

0.1

-2.4%

0.0

5.1

3.8

—

1.1

1.1

—

1.1

1.4

—

-14.8%

—

—

1.5

3.8

——

—

1.2

14.1

6.7%-1.0%

3.6%3.7

5.5%

12.00

—

2.5

4.0

3.3

2.7

—

15.6

0.6

16.2

5.6 0.9

-0.5%-5.2%

9.538.70

10.10

Change

0.0%

0.0%

-43.1%

15.0

-23.5%-2.0%

16.3

2.0

0.90

1.7

1.01.8

0.3

— 1.0

-8.1%

—

-2.8%2.05

0.4

-3.6%

0.3

5.0%

—

1.8

-11.2%

4.55.4

—

0.1

ROE

0.3—

0.9

—

39.5

-55.3%—

7.218.9

3.9

8.0

-11.5%

PERYoY

0.9

0.6

-14.7%

10.47.9

—

—

—

0.4

3.8

—

1.0

5.4

0.3

0.5

N/A

3.2

5.7

2.7

866

—

—

1

5.892

0.8

0.0% — —

4.3

2.1

-8.8%

9.98

—

-0.6%

—

2.7%

—

26.15 1.720.5

14.90

0.4%

3.8

5.0

0.6

36.6 2.0

0.7

25.8

7.7

0.5 3.515.7

37.25.8

4.3

27.1

2.10

2.60.5

6.0%

—

0.80.2

1.0016.20

89.50 0.60.8

1.0 6.1

0.6

— -8.3% -18.9%

— 0.0% N/A— 0.0% 13.8% —

—

Inve

stm

ent H

oldi

ng 2.9

5.0

-15.1%

3.2

6.142.8

6.18

58.9-16.9%

75.5-5.8%6.1%

2.80

15.20

13.7

0.5

0.3

5.36-16.5%

0.3

0.026.80

0.3

22.33.91

17.0-25.8%

0.5

—

—

—

34.6

1.00

24.75

89.50

— — 2.80 —

3.0

-1.6%33.00 33.00

3.950.1

-26.9% 1.1

— —

5.38

2.61.0

6.012.7

3.1

1.3

3.1

597.9

— 2.20

33.00

0.7

-8.3%— —

6.5

—

-13.9%3.88

89.50

24.00

60.00

—

1.1

-4.3%

0.6

-25.0%

0.4

5.9%12.8

0.8

0.0%

14.7-33.3%

50.00

—9.94

—

7.5015.4

——

—

9.3-12.4%

—

-14.5%

15.53.1

— 3.2

148.00

2.20

— 6.20 -6.4%

50.00

0.10

7.50

148.000.10

-11.8%

—

0.0% 0.0%

2.4—

16.45-26.8%

—

53.4%

2.92.0

0.7

N/A

1.23

-14.3%

26.50

—-9.1%

—31.60

0.0% N/A

80.00

1.00

DY

4.08.4

24-Jun-16PBV

0.6 16.0

As at

0.0%

96.75

Val.

— -57.8%

13.50

10.10

1.74

-3.0%

5.00

0.065.0

4.18

-28.2%16.45

—

5.8%

636

-5.4%

—

1.8%17-Jun YTDVWAP

2.8

6.5

——

8.5

—

24-Jun-2016

SecurityL ‒ 52Wk ‒ H

16.450.3

—

0.0%-5.9%80.0080.00

0.90

12.35

—

0.6%

60.75

—

13.70

153.0015.6%

—

1.16

—

31.00

444.25

31.60 0.0

—

60.75

—

2.26

37.35

—

1.23

13.30 -35.3%

41.15

—

-26.4%

—

12.3512.00

—

2.021.7%

60.75—6.00

10.00

—

0.1

8.00

Indu

str

0.0%

-10.8%

6.3%

-38.0%-15.7%

—

16.10

444.25

—

37.35

Mat

eria

ls

—

4.18

1.20

GBL

1 Pr

oper

ty

60.00

0.06

70.00

10.25

5.00

0.0%

0.0

—

—

153.00Cons

umer

Dis

cret

iona

ryPr

oper

ty

8.00

—

-15.3%

1.00—

5.0%

1.202.00 2.00 — —

5.6

2.26

-17.8%

84.75

0.2%

—26.5085.50

97.00

6.00

24-Jun

—

-18.9%

Weekly Insight

40.35

85.50

—

1.74

-1.7%

-9.1%

96.50

5.11.16

Week Ended

6

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%] ▼EVACO 06/21 [R+3.00%] ▼MCB 08/23 [R+1.35%] ▲SBM 03/24 [R+1.35%] ▼MUA 09/24 [R+1.85%] ▲ASCE 06/25 [6.00%] ▼


15-Sep-16 6.03% 6.04% 7.40% 16-Jun-21 105.24 116.983.36%

7.00%

5.71% 20.0%

4.5

-11

Fair Val VWAP24-Jun

11.00

63 — 7.07%

5.52%

7.00%

Debenture

27-Jan-19

<16-Jul-16

6.28%

102.44

5.43%

17-Jul-18

Rs10 on Wind-Up

8.0%

6

102.51

106.75

6.00%

6.75%

5.84% 26

111.30

6.00%

R13 on Wind-Up —

24-Jun

12.33

<15-May-17

11.35

100.252.31%

24-Jun @ Par

0.00

— —

7.15%16-Dec-16

6.0%

-69

193.00

3.14%

2.81%

102.61

5.71%

30-Sep-16

5.78%

Fair Val

YTM

Redemption

5.00%

-58 —

6.0% 16.054.15%

—

-48

Setmt

4.15%

19.08Rs100 on Wind-Up

12.0%5.00%

Rs0 ≥31-Jan-18

Rs100 on Wind-Up

24.00

15-Jul-16

—

YTM Week Ended

0

30-Jun-16

3.69%

5.15%

31-Jul-16

15-Jul-16

5.79%

6.29%

5.46% 6.75%

YTM @ FV

31-Jan-20

40.70% 1.24%

13.00

30-Jun-16

16-Aug-17

Maturity17-Jun

3.62%

5.45%

2.06%

31-Oct-18

5.22%

4.78% 30-Jun-256.00%

08-Aug-16

103.60

112.26

24-Sep-245.39%

103.44

105.46

5.44%

111.28

15-Jul-16 6.00%

08-Aug-23

5.07%

3.65%

5.23%

6.00%

2.78%

107.07

113.93

104.96

103.19

2.32%

5.24%

109.38

114.93

24-Sep-16

28-Jan-17

4.78%

27-Oct-16

99.48

6.96%

104.89

113.24

6.50%

1.02%5.37%

39.59%

10-Sep-16

17-Jul-173.50%

105.19

101.40

31-Dec-17

6.00%5.07%

2.15%

2.42%

17-Jul-193.50%

6.95%

5.34%

5.85%

9.00%

5.51%

4.84%

10-Mar-24

111.39

116.83

317.97 350.00

6.00% 6.00% Rs13.2 ≥30-Jun-20

Weekly Insight

7.07% -6

— 127.19

7.0% — 39.60

0 —

<15-May-17

Pref Share

Rs40 ≥01-Dec-15

LCPYTD

24-Jun-2016

DY

11.00

17-Jun YoY Val.@ Par

DY Wk Ended

<15-May-17

<30-Jun-17 13.20

NextDividend

-7 —

Change [bps]

NextCoupon

<15-May-17

—

7.0%

27-Oct-20 102.58 110.60

27-Oct-16 5.34% 5.35% 3.75% 3.50% 27-Oct-20 103.51 108.73

426

272

3,786

246227

252

180

265

145 156192

44 1229

-52

Premium to Risk Free [bps]>999

7

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


355.54

2.73%

—

-16.2%

11.23

357.63

481.856.0%

Weekly Insight

1.32

LCP

15,066

1.70

16,015

466.34

Week EndedPLIBOR

24-Jun-2016

24.1%

-6.9%

451.00

-4.51%339.51 -10.9% 434.25

YTD

-1.18%

Wk Ended

1.68

—

ETF & Commodity

0.44%

17-Jun24-Jun

356.06

—52-Wk—

—

12.6%

33.3%

65.8%-5.93%

110.61-21.3%

—

15.0%

10.92

41.52%1.34

2.4%

5.8%

7

4.5

23.2%

117.87

1 Wk

▼

YoY Val.449.06 15.1% 451.00

2.88%

▲

114.73

3.33%

-4.52%

VWAP

5.5%

Change

2.4%

17-Jun-2016

Change

YTD1 Week YTD in bps

428.76

24-Jun-2016

2.9

4.2

5.5

6.3

7.1

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 [$]50

75

100

125

150

175

Inde

x =

100

on 3

1-M

ar-1

5

Sugar [$]

Crude [$]

8

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


40.84

During the week ended Jun 24th 2016, the Bank of Mauritius did not intervene on the domestic foreign exchange market.

36.52

51.690.8%

26.87-19.4%

3%2.39

18.6%

7%

24-Jun-2016

-12.0%0.5%

▼

1 WkWeek Ended

-3.1%▲

Weekly Insight

40.13

26.8824.5%

0.5%

0.0%

-0.01%

—52-Wk Range—

YTD 52 Wks

-4.59%

36.17 3.41%

2.39

2.3%

-8.9%0.3%

0.03%

17-JunChange

▼

▲

49.31

Currency

▲ 34.98

-1.74%6%

57%Wt*

▼

24-Jun

27%36.30 0.61%

-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

13.85 1.28

3.80

14.89

14.57

10.2

15.7

22.1

24.9

15.1 13.8

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]

9

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

Mauritius Development Investment Trust

National Investment Trust

Novare Africa Fund PCC

NinetyEast Timaeus Capital Fund PCC - Cell A

P.O.L.I.C.Y. Ltd

RSJ Prop, PCC

Summit Funds PCC - Balanced Fund (SFPBF)

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


Rs 69.11 70.45 70.45 0.0% -1.6%

▼ Rs 5.21 5.28 5.19 -1.7% -2.8%

—

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.

$

$

▬

1,219

Month Ended

562.45

13.09

28.28

$

$

Official Market Apr-16

Weekly Insight24-Jun-2016

▬

-0.5%

R (ZAR)

2.8%

$ (AUD)

▲

$

2.4%

12.56

▲

541.30

472.97454.91

549.26

▲

▬ 0.98

ChangeYTD

0.9%

749.47655.17

▼

▲

▲

27.23

802.37

€

-1.0%

0.0%

0.0%

0.0%

0.97

0.5%

0.3%

13.9%-5.0%

▬

▼ Rs 3.56 3.53 3.45 -2.3% -7.8%

▼

▲

▬

35.6%

6.00

$

1.00 0.0%

0.0%

-60.9%

▲ 1,170

MtoM

99.66

857.19

6.60

0.97

-2.6%

2.10

30.1833.35

0.0%3.79

121.25

Rs

—

-2.1%

470.02 -2.7%▲

106.69

814.51

99.71

5.72

106.69

$

£

1.00

1.00

$ 99.71

2.09

May-16751.53

1.17

$

▼Mar-16

▲ 4.05

25.65

1.47

$

▼

▼

▬

$

0.0%

▬

▼

151.40

2.3%

—

1,718

-13.5%

0.0%

0%

1.47

2.02

0.0%

-3.4%

—

-9.8%

-3.1%

595.87

0.1%

-0.8%

4.2%

1.52

13.09

€

28.39

$

$

$

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.

2.4%

3.84▲

4.11

125.26 120.95

4.21$

2.3%3.93

$

28.13

-0.2%

0.0%

2.3%

$

▼

25.21 -3.6%

-3.4%

25.75

823.87

-4.2%

$

1.15

0.6%

825.14

▲

-0.4%

6.5%

14.4%

1.00

10

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