Weekly Pan African Monitor - United Capital Plc · May-17 Aug-17 Nov-17 Feb-18 May-18 Gold 100 220...

Weekly Pan African Monitor

Equity Research|Market Indicators|News Updates

May 14th 2018



Source: Bloomberg, United Capital Research *MXFM Index: MSCI FM Frontier Markets

**MXEF Index: MSCI Emerging Market Index

P/E P/B

BRVM: BRVM 10* 215 8.2 -1.4% -1.9% 12.7x 2.3x 6.7%

Egypt: EGX 30 17,155 56.6 -3.8% 14.6% 24.4x 2.4x 2.1%

Ghana: GSE Composite 3,456 4.6 -0.6% 34.0% 74.4x 3.1x 1.2%

Kenya: Nairobi All Share 177 25.4 -1.5% 3.2% 14.1x 2.1x 4.5%

Mauritius: SEMDEX 2,274 10.7 -0.4% 3.2% 16.9x 0.8x na

Morocco: CFG 25 26,980 69.7 -1.4% 4.3% na na na

Nigeria:Nigeria All Share 41,022 40.7 -0.5% 7.3% 11.6x 1.8x 4.0%

South Africa: JSE All Share 58,423 566.0 1.3% -1.9% 17.6x 2.0x 3.3%

Tunisia: Tunis Index 7,366 9.2 3.1% 17.3% 19.1x 2.5x 2.0%

Zimbabwe: Industrial 345 10.0 1.5% 6.6% 31.8x 2.8x 1.9%

Frontier Markets 611 -- -1.4% -4.1% 13.4x 1.9x 3.5%

Emerging Markets 1,164 -- 2.5% 0.5% 15.0x 1.7x 2.7%

GHS BGN Curncy

Currencies (Vs USD) Spot Rate WTD Return MTD Return YTD Return 6M Forward 12M Forward

Egypt EGP:Pound 17.7 0.0% -0.9% -0.2% 18.78 19.8

Ghana GHS:Cedi 4.5 -1.8% 0.2% 1.4% 4.72 5.0

Kenya KES: Shilling 100.4 -0.1% 0.0% 2.9% na na

Mauritius MUR: Rupee 34.5 -0.3% -1.6% -2.8% na na

Morocco MAD: Dirham 9.4 -0.1% -0.5% -0.1% na na

Nigeria NGN: Naira 360.9 0.0% -0.1% -0.2% 373.50 386.3

South Africa ZAR: Rand 12.3 2.0% 1.7% 1.0% 12.55 12.8

Tanzania TZS: Shilling 2,278.3 0.1% -0.4% -1.9% na na

Tunisia TND: Dinar 2.5 -1.2% -1.8% -1.1% na na

Zimbabwe ZWL: Dollar na -- -- -- na na

CO1 ComdtyXAU BGN Curncy

HG1 COMB Comdty

Egypt 17.2% 13.1% 4.1% 17.8% 332.8 4.8% 44.0

Ghana 7.1% 9.6% -2.5% 18.0% 42.7 8.1% 5.5

Kenya 12.6% 3.7% 8.9% 9.5% 70.5 5.0% 7.3

Mauritius 4.5% 3.7% 0.8% 3.5% 12.2 7.8% 6.3

Morocco na 2.5% na 4.1% 103.6 4.1% na

Nigeria 13.5% 13.3% 0.2% 14.0% 404.7 1.9% 47.9

South Africa na 3.8% na 6.5% 295.5 1.5% 49.5

Tanzania 13.9% 3.9% 9.9% 12.0% 47.3 7.7% 5.9

Tunisia 7.6% 7.7% -0.1% 5.8% 42.1 2.1% na

Zimbabwe 17.4% 2.7% 14.7% na 16.6 0.6% 0.4

Latest GDP

Growth

External

Reserves ($'bn)

Annual

GDP ($'bn)Macro/Fixed Income

Bond Yield

(10 yr) Inflation Real Return Policy Rate

Equities Index Level

Market

Cap ($bn)

W/W Return

(Local)

YTD Return

(Local)

Valuation Dividend

Yield

May 14, 2018

Movement of the major equities indices across Africa

0.8

0.9

1.0

1.1

1.2

1.3

May-17 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18

MSCI World S&P 500

FTSE 100 MSCI Africa

Movements in the Global Indices Vs Africa

5

55

105

May-17 Sep-17 Jan-18 May-18

Brent Crude

900

1100

1300

1500

May-17 Aug-17 Nov-17 Feb-18 May-18

Gold

100

220

340

460

May-17 Aug-17 Nov-17 Feb-18 May-18

Copper

0.5

0.7

0.9

1.1

1.3

1.5

1.7

1.9

May-17 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18

Nigeria South Africa Ghana

Kenya BRVM FM

EM



BRVM

Source: Bloomberg, United Capital Research

Economic News

• Chemicals to combat caterpillars help Ivory Coast

cocoa crop: Successes in the battle to reduce plant

-eating caterpillars gave a boost to Ivory Coast’s

April-to-September cocoa mid-crop last week,

though a lack of rain tempered optimism, farmers

said. In the coastal region of San Pedro, farmers said

they received chemicals from the Coffee and

Cocoa Council to fight a caterpillar infestation that

hit cocoa plantations in the world’s top producer last month. Reuters

• Ivory Coast to Name New Government After Ruling-

Coalition Merger: Ivory Coast President Alassane

Ouattara said he plans to name a new government

as soon as his ruling coalition has merged into a

single political party following an accord last month.

The new cabinet is to remain in place until the 2020

presidential elections, state-owned newspaper

Fraternite Matin reported Monday, citing Ouattara,

who spoke last week at a congress of his own party, the Rally of the Republicans. Bloomberg

Corporate News

• Randgold Tumbles as Mounting Gold Mining

Setbacks Hit Production: Randgold Resources Ltd.

fell the most in 18 months in London after a series of

setbacks across its African mines hit both earnings

and gold production. A labor dispute at its Tongon

mine in Ivory Coast means the operation is unlikely

to hit its full-year target, the miner said last week.

Randgold’s new gold mine in the Democratic

Republic of Congo faces uncertainty as the

company joins other producers trying to win

concessions from the government over a new

mining code that threatens profit. Bloomberg

*BRVM 10 Index

** Bloomberg MSCI EFM Africa Index Source: Bloomberg, United Capital Research

* **

0.1

0.3

0.5

0.7

0.9

1.1

1.3

1.5

Ap

r-16

Jun-

16

Aug

-16

Oc

t-16

De

c-1

6

Feb

-17

Ap

r-17

Jun-

17

Aug

-17

Oc

t-17

De

c-1

7

Feb

-18

Ap

r-18

Equity Market Performance

BRVM AFRICA

Index Performance BRVM

Current 215

Week Change -1.4%

Gainers (no) 6.0

Losers (no) 29.0

Market Breadth 0.2

52 wk High 239

52 wk Low 194

YTD -1.9%

Top Gainers Price Change

Uniwax SA 3,160.0 9.0%

Onatel SA 8,500.0 3.7%

TotalFinaElf Cote D'ivoire 2,150.0 1.7%

SETAO 350.0 1.4%

Sonatel 23,750.0 1.0%

Top Losers Price Change

Cie Ivoirienne D Elect 1,480.0 -22.1%

Societe de Limonaderies et Brasseries 77,000.0 -20.7%

Societe Ivoirienne d'Osygne et d'Acetyln 420.0 -20.0%

Bank of Africa/Cote d'Ivoire 3,695.0 -15.9%

Societe Ivoirienne de Coco Rape 2,825.0 -14.4%




Equity Valuations

Consumer Goods

Nestle Cote d'Ivoire 2,700 3,100 1,850 106.7 42.1% 19.0 9.9 70.4

PALMCI 5,490 7,550 3,700 152.0 -0.2% 20.5 1.0 5.2

Sitab-Soc Ivoirienne Tabacs 45,565 91,375 45,565 73.3 -36.7% 13.7 3.4 20.4

Societe Africaine de Plantations d'Hevea 3,800 4,685 2,490 173.9 22.8% 82.8 1.5 1.8

Societe des Caoutchoucs de Grand-Bereby 3,895 5,700 3,415 150.7 -7.3% 8.1 1.4 18.2

Societe De Distribution Automobile en Co 183,995 392,910 181,500 52.7 -36.2% 14.6 3.3 22.3

Societe de Limonaderies et Brasseries 77,000 168,000 76,900 227.0 -38.4% 4.5 1.2 29.1

Unilever Cote d'Ivoire 8,000 15,000 6,500 23.1 -5.9% na na na

Uniwax SA 3,160 5,200 2,700 117.4 -26.0% 16.3 3.0 18.1

Energy

Shell Cote D Ivoire 1,050 1,900 740 118.5 16.7% 15.1 3.0 20.6

TotalFinaElf Cote D'ivoire 2,150 3,140 1,700 242.4 -22.7% 15.6 4.0 27.1

Financials

Bank of Africa - Benin 5,100 11,000 5,050 184.0 -31.5% 6.4 1.5 24.0

Bank of Africa - Burkina Faso 5,195 11,500 4,995 204.7 -27.3% 9.9 2.1 25.4

Bank of Africa/Cote d'Ivoire 3,695 8,900 3,450 132.3 -24.6% 7.3 2.0 28.7

Bank of Africa/Niger 4,600 7,692 3,680 107.1 -7.1% 9.1 2.0 23.2

BICICI 7,030 10,300 6,400 209.8 -17.2% 9.9 2.3 23.1

SCBCI 13,000 16,000 10,005 724.3 12.6% 11.4 3.0 30.9

Societe Africain de Credit Auto 7,000 11,715 6,800 4.1 -35.8% na 0.3 -6.7

Ecobank Transnational Inc 22 24 16 949.5 29.4% na na -14.6

Industrials

Bernabe 2,805 6,600 2,145 33.3 -9.5% 8.8 1.4 16.2

Bollore Africa Logistics SAS 3,595 5,000 3,135 350.5 -28.0% 14.9 6.4 45.2

Comptoir Francais Afrique 625 900 315 203.0 58.2% 27.7 5.3 19.1

Movis Cote d'Ivoire 3,085 4,100 2,775 4.6 -3.7% na na na

Servair Abidjan 1,670 3,000 1,040 32.6 -16.5% 18.4 4.3 na

Societe Ivoirienne DE Cable 1,650 2,100 870 17.5 49.3% 16.5 1.8 11.5

Materials

CROWN SIEM 14,200 28,505 13,000 16.0 2.3% 18862.2 1729.5 8.8

Filature Tissages Sacs SA 4,800 5,500 3,250 121.2 -2.5% 27.6 2.0 6.6

Societe Ivoirienne d'Osygne et d'Acetyln 420 880 390 6.6 5.0% 53.1 0.3 16.5

Societe Multinationale de Bitumes 13,500 20,500 7,620 47.1 77.2% 3.8 150.3 na

Utilities

Cie Ivoirienne D Elect 1,480 3,625 1,480 148.4 -29.5% 41.7 4.4 8.6

SODECI 3,975 6,773 2,890 64.1 -32.7% 13139.8 2716.5 24.4

Telecommunication

Onatel SA 8,500 10,500 6,200 517.6 -11.1% 12.0 3.0 24.2

Sonatel 23,750 24,995 20,445 4253.3 1.1% 17.1 4.3 34.2

Societe Ivoirienne de Coco Rape 2,825 6,750 2,825 3.0 -28.5% 8.4 0.9 na

SETAO 350 490 167 8.4 94.4% 4.2 na na

NEI CI 775 835 35 17.7 1994.6% na 42.4 -85.2

TRITURAF 490 490 490 0.9 0.0% na na na

P/BV (x) ROE (%)Price

52-Week

High

52-Week

Low

MKT. CAP

(US$MN) YTD Return P/E (x)



Egypt


*EGX 30 Index

* **

Economic News

• S&P Raises Egypt’s Sovereign Credit Rating To B

From B-: S&P raises Egypt’s sovereign credit rating

to b from b-; lowers outlook to stable from positive.

It says Egypt was upgraded to ‘b’ on improving

macroeconomic fundamentals; outlook stable as

more competitive exchange rate, rising domestic

gas production, increasing exports helping to improve Egypt’s current account deficit. Reuters

• Egypt signs MOU with China's GCL for $2bn solar

panel factory: China’s GCL Group has signed a

memorandum of understanding (MOU) with Egypt’s

ministry of military production to build a solar panel

facility at a cost of up to $2 billion, state-run newspaper Al-Ahram reported last week. Reuters

• Egypt's core inflation increases to 11.62% in April -

C.bank: Egypt’s core inflation increased marginally

to 11.62% year-on-year in April from 11.59% in

March, the central bank said last week. Inflation

jumped after Egypt devalued its currency in

November 2016. It reached a record high in July on

the back of energy subsidy cuts but has gradually eased since then. Reuters

Corporate News

• Global Telecom To Increase $100 Mln In Revolving

Credit Facility: Global Telecom Holding Board

authorized Co’s temporary entry into $100 million

increase in revolving credit facility agreement with

Veon Holdings. Reuters

• Egypt passes law regulating Uber, Careem

ride-sharing services: Egypt’s parliament passed a

law on Monday regulating ride-sharing apps Uber

and Careem, potentially ending a lawsuit that

could shut them down in one of their biggest mar-

kets but imposing new fees and data sharing re-

quirements. Reuters

• Egypt approves oil exploration deal with Italy's Eni,

Egyptian firm Tharwa: Egypt has approved an ex-

ploration agreement with Italy’s Eni and the Egyp-

tian Tharwa company to search for oil and gas in

the Mediterranean off the coast of Northern Sinai,

the Egyptian oil minister said last week. Reuters

0.5

0.7

0.9

1.1

1.3

1.5

1.7

1.9

2.1

2.3

2.5

Ap

r-16

Jun-1

6

Aug

-16

Oc

t-16

De

c-1

6

Feb

-17

Ap

r-17

Jun-1

7

Aug

-17

Oc

t-17

De

c-1

7

Feb

-18

Ap

r-18


EGYPT AFRICA

Index Performance EGYPT

Current 17,155

Week Change -3.8%

Gainers (no) 3.0

Losers (no) 26.0

Market Breadth 0.1

52 wk High 18,414

52 wk Low 12,648

YTD 14.6%


Global Telecom Holding SAE 5.2 8.4%

Telecom Egypt Co 16.0 2.3%

EL Shams Housing & Urbanization SAE 6.9 1.8%


Eastern Tobacco 180.3 -9.7%

Egypt for Poultry 2.7 -9.1%

Arabian Cement Co 7.7 -6.7%

ElSwedy Electric Co 224.4 -6.0%

Commercial International Bank Egypt SAE 87.8 -5.7%




Equity Valuations

Consumer Goods

Arab Cotton Ginning 6.0 7.0 4.2 89.1 4.2% 6.6 0.9 1427.0%

Eastern Tobacco 175.1 226.0 77.2 2949.9 16.9% 16.4 5.3 3930.3%

Egypt for Poultry 2.8 3.3 2.2 6.7 25.0% 60.6 1.4 157.0%

Juhayna Food Industries 13.3 14.0 6.6 700.4 25.8% 56.7 5.5 949.4%

Oriental Weavers 14.9 20.0 14.3 371.0 -10.2% 9.7 0.9 889.6%

Financials

Arab Real Estate Investment Co SAE 0.7 0.9 0.6 9.3 -4.3% 15.6 0.5 322.7%

Arabia Investments Development Financial 0.7 1.2 0.7 28.3 -3.9% na na na

Beltone Financial Holding Co SAE 14.8 16.5 8.8 140.7 15.4% 272.7 5.7 208.6%

Commercial International Bank Egypt SAE 88.5 96.5 72.0 5773.0 14.4% 14.9 3.7 2763.5%

Egypt Kuwait Holding Co SAE 1.1 1.2 0.6 63.8 30.6% 10.8 2.4 2745.5%

Egyptian Financial Group-Hermes Holding 25.5 27.5 19.5 880.0 8.3% 14.2 1.1 897.5%

Egyptians for Housing & Development Co 3.4 6.2 2.9 17.5 -30.3% 15.6 0.9 615.9%

EL Shams Housing & Urbanization SAE 7.1 10.0 2.9 48.4 -17.0% 8.5 2.9 2891.1%

Heliopolis Co for Housing and Constructi 32.5 40.0 23.7 811.3 -7.7% 52.5 33.3 6067.3%

Medinet Nasr Housing 11.7 14.9 9.4 653.9 10.4% 15.7 2.4 4175.2%

Palm Hills Developments SAE 4.8 5.8 2.8 624.9 23.6% 14.4 1.7 1246.9%

Pioneers Holding for Financial Investmen 8.3 11.6 7.4 336.5 1.0% 9.3 1.1 1201.4%

Prime Holding for Financial Investments 4.4 5.2 3.6 17.9 -6.4% 9.7 0.7 725.0%

Six of October Development & Investment 25.5 30.2 13.2 490.1 33.5% 14.5 2.0 1469.4%

Talaat Moustafa Group 12.3 14.9 7.3 1427.4 25.7% 19.2 0.9 479.2%

Industrial

Egyptian Electrical Cables 0.9 1.0 0.7 26.7 0.0% 29.1 1.0 351.0%

ElSwedy Electric Co 229.0 258.5 80.2 2808.4 55.3% 7.8 3.7 5198.9%

Materials

Arabian Cement Co 8.1 10.8 6.8 172.9 6.6% 14.6 2.4 1675.3%

Ezz Steel 28.5 30.8 16.0 869.3 37.1% na 2.8 -2496.7%

South Valley Cement 4.9 6.2 3.7 132.1 -4.5% 113.5 0.7 582.5%

Telecommunication

Global Telecom Holding SAE 5.1 7.8 4.5 1362.5 -30.4% na na na

Orascom Telecom Media And Technology Hol 0.8 0.9 0.6 241.5 13.9% 9.7 0.9 901.9%

Telecom Egypt Co 15.8 17.5 9.6 1512.5 17.6% 17.6 1.1 585.9%


52-Week

High

52-Week

Low

MKT. CAP

(US$MN)

YTD

Return P/E (x)



Ghana


Economic News

• Ghana Sells $2 Billion Bonds as Bids Exceed Supply

Fourfold: Demand for Ghana’s $2 billion of Eurobonds

exceeded supply four times as the West African

country convinced investors about its economic

turnaround story, the Ministry of Finance said. Ghana

got more than $8 billion of bids after marketing the

debt in the U.S. and London, the ministry said in

emailed statement last week. President Nana Akufo-

Addo, who took office last year, has sought to rein in

the fiscal deficit to help lower 14-year-high interest

rates that are hampering businesses. The economy

grew at the fastest pace in five years in 2017. Bloomberg

• Ghana inflation drops to 9.6% in April -statistics office:

Ghana’s annual consumer price inflation fell sharply

to 9.6 percent in April from 10.4 percent the previous

month, the statistics office said last week. The major

commodity exporter is seeking to narrow inflation to 8

percent, plus or minus two percentage points by

June under a $918 million credit programme with the

International Monetary Fund which is in its final year. Reuters

Corporate News

• Aker Energy to apply in H2 to develop Ghana oilfield:

Aker ASA CEO Oeyvind Eriksen said Aker Energy

intends to submit plan for development of ultra

deepwater Tano Cape three points block off Ghana

in H2 2018. It’s set to investigate the possibility of

developing the block in Ghana in combination with a neighbouring block. Reuters

• Bank Owner Sees Scope for Deals as Ghana Cleans

Up Its Lenders: One of Ghana’s biggest lenders is

ready to pick over the bones of its peers should the

country’s push to strengthen the industry provide

opportunities to buy banking assets or make

full-blown acquisitions. The nation’s banking regulator

is trying to bolster a sector beset by bad loans and

poor governance, curbing the availability of credit in

Africa’s third-fastest growing economy. The West

African nation’s 35 licensed lenders have until the

end of this year to raise their minimum capital levels

more than threefold to 400 million cedis ($90 million). Bloomberg

*GSE Composite Index

** Bloomberg MSCI EFM Africa Index

* **

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

2.0

Ap

r-16

Jun-1

6

Aug

-16

Oc

t-16

De

c-1

6

Feb

-17

Ap

r-17

Jun-1

7

Aug

-17

Oc

t-17

De

c-1

7

Feb

-18

Ap

r-18


GHANA AFRICA

Index Performance GHANA

Current 3455.8

Week Change -0.6%

Gainers (no) 2.0

Losers (no) 5.0

Market Breadth 0.4

52 wk High 3536.2

52 wk Low 1899.3

YTD 34.0%


Ghana Commercial Bank Ltd 6 0.8%

Benso Oil Palm Plantation Ltd 7 0.6%


CAL Bank Ltd 2 -5.3%

Societe Generale Ghana Ltd 2 -4.2%

Ghana Oil Co Ltd 5 -3.3%

Enterprise Group Ltd/Ghana 4 -2.0%

Total Petroleum Ghana Ltd 6 -1.7%




Equity Valuations

Consumer Goods

Benso Oil Palm Plantation Ltd 7.2 7.3 3.5 56.4 18.1% 20.0 3.8 20.7

FAN Milk Ltd 17.4 20.0 11.5 452.6 -1.8% 51.0 8.7 18.8

Guinness Ghana Breweries Ltd 2.5 2.6 1.4 172.3 21.4% 304.0 2.9 1.0

Mechanical Lloyd Co Ltd 0.1 0.1 0.1 1.3 100.0% na 0.2 -12.0

Produce Buying Co Ltd 0.0 0.1 0.0 4.3 -33.3% na 0.2 na

PZ Cussons Ghana Ltd 0.4 0.4 0.2 15.8 110.0% 32.0 3.8 9.9

Unilever Ghana Ltd 17.5 17.5 8.9 245.1 36.3% 11.1 10.3 58.7

Financials

CAL Bank Ltd 1.8 2.1 0.8 221.2 66.7% 6.3 1.5 25.7

Ecobank Transnational Inc 0.2 0.3 0.1 1,188.2 37.5% 6.6 0.6 10.3

Ghana Commercial Bank Ltd 6.4 7.5 3.9 380.1 26.7% 10.4 1.6 15.2

Ghana Oil Co Ltd 4.7 5.1 1.4 409.2 73.2% na 5.0 na

HFC Bank Ghana Ltd 1.3 1.4 0.4 89.9 -7.9% 8.8 2.6 -1.9

SIC Insurance Co Ltd 0.4 0.4 0.1 18.4 320.0% na 0.8 na

Societe Generale Ghana Ltd 2.3 2.4 0.6 258.0 227.2% 70.3 2.7 4.3

Standard Chartered Bank Ghana Ltd 34.8 40.0 15.7 900.8 37.8% 20.8 4.7 25.4

Total Petroleum Ghana Ltd 5.9 6.0 2.2 147.9 67.1% 17.2 3.7 na


52-Week

High

52-Week

Low

MKT. CAP

(US$MN)

YTD

Return P/E (x)



Kenya


Economic News

• Kenya's fiscal deficit seen dropping to 5.7% of GDP

in 2018/19: Kenya’s budget deficit is expected to

drop to 5.7% of GDP in its 2018/19 (July-June) fiscal

year from 7.2% this fiscal year, budget estimates sent

to parliament by the Treasury showed last week. The

East African nation has been under pressure from

bodies such as the International Monetary Fund to

cut its gaping budget deficit, which peaked at 9.1%

of economic output in the 2016/17 fiscal year. Reuters

Corporate News

• Kenya's Safaricom expects EBIT to jump 7-12% in

FY19: Kenya’s largest telecoms operator Safaricom

said last week that it expects its earnings before

interest and taxation (EBIT) to rise by 7-12% in its

financial year to next March. Chief Financial Officer

Sateesh Kamath told an investor briefing the

company had exceeded its EBIT guidance for its

year to the end of March 2018, posting an EBIT of

79.3 billion shillings ($789.45 million), higher than the

initial guidance of 71-75 billion shillings. Reuters

• Maximus International To Set Up Wholly-Owned Unit

In Nairobi: The company intimate investors that the

Company is in process of setting up its Wholly

Owned Subsidiary in Nairobi (Kenya) and that the

said WOS has plans, amongst others, to distribute

and market products of the Manufacturers from

India, Africa and other countries. These products

would be marketed in East as well as rest of Africa. Reuters

*Nairobi All Share Index


* **

0.5

0.6

0.7

0.8

0.9

1

1.1

1.2

1.3

1.4

1.5

Ap

r-16

Jun-

16

Aug

-16

Oc

t-16

De

c-1

6

Feb

-17

Ap

r-17

Jun-

17

Aug

-17

Oc

t-17

De

c-1

7

Feb

-18

Ap

r-18


KENYA AFRICA

Index Performance KENYA

Current 176.7

Week Change -1.5%

Gainers (no) 15.0

Losers (no) 27.0

Market Breadth 0.6

52 wk High 196.6

52 wk Low 137.1

YTD 3.2%


CIC Insurance Group Ltd 5.2 7.3%

Mumias Sugar Co Ltd 0.9 6.3%

Eaagads Ltd 19.1 5.5%

NIC Bank Ltd 38.3 5.5%

Olympia Capital Holdings Ltd 3.0 5.4%


ARM Cement Ltd 6.3 -21.4%

TransCentury Ltd 4.5 -9.1%

British American Tobacco Kenya Ltd 600.0 -7.7%

Centum Investment Co Ltd 37.8 -7.4%

Crown Paints Kenya Ltd 80.0 -5.9%




Equity Valuations `

Consumer Goods

British American Tobacco Kenya Ltd 602.0 879.0 600.0 600.1 -20.8% 18.0 7.7 40.1

Car & General Kenya Ltd 28.8 29.0 16.0 11.5 36.9% 16.8 0.4 2.2

Eaagads Ltd 21.0 28.0 17.5 6.7 -7.7% 37.5 0.8 2.3

East African Breweries Ltd 252.0 272.0 220.0 1,986.4 5.9% 32.1 21.6 61.1

Eveready East Africa Ltd 2.0 3.6 1.8 4.2 -16.7% 1.6 0.8 51.6

Mumias Sugar Co Ltd 0.9 1.4 0.7 13.0 -22.7% na 1.7 -160.3

Nation Media Group Ltd 108.0 125.0 95.0 203.0 -6.9% 15.6 3.0 17.0

Sameer Africa Ltd 2.4 3.2 2.1 6.7 -14.3% 48 0.4 0.7

SASINI Ltd 25.0 32.0 22.5 56.8 -15.3% 16.4 0.5 2.8

Scan Group Ltd 17.5 25.3 14.6 66.1 -7.9% 14.6 0.7 5.2

Standard Group Ltd 34.3 39.5 27.0 27.9 -7.4% na 1.7 -12.1

TPS Eastern Africa Ltd 34.0 37.8 20.8 61.7 4.6% 94.4 0.7 0.8

Uchumi Supermarkets Ltd 2.0 5.0 1.8 7.3 -56.5% na 1.0 -167.8

Williamson Tea Kenya Ltd 155.0 209.0 145.0 27.1 -2.5% na 0.5 -3.8

Energy

Total Kenya Ltd 35.0 36.5 20.0 219.6 48.9% 8.0 0.3 9.5

Financials

Barclays Bank of Kenya Ltd 11.7 13.5 7.8 633.5 21.9% 9.2 1.4 16.0

British-American Investments Co Kenya Lt 14.3 16.0 10.1 276.3 7.1% 51.3 1.2 2.6

Centum Investment Co Ltd 37.5 48.3 35.0 248.7 -14.3% 3.8 0.7 23.5

CFC Stanbic Holdings Ltd 90.0 95.0 62.5 354.7 11.1% 8.3 0.8 10.4

CIC Insurance Group Ltd 5.2 7.1 3.5 134.3 -8.0% 28.6 1.8 6.4

Co-operative Bank of Kenya Ltd/The 18.6 20.0 12.8 1,084.9 15.9% 10.2 1.6 17.5

Diamond Trust Bank Kenya Ltd 205.0 220.0 127.0 571.4 6.8% 8.6 1.2 14.4

Equity Group Holdings Ltd/Kenya 52.0 57.0 32.3 1,956.1 30.8% 10.4 2.1 21.7

Housing Finance Co of Kenya Ltd 10.0 12.2 8.2 38.4 5.2% 30.8 0.3 1.1

I&M Holdings Ltd/Kenya 125.0 130.0 90.0 515.1 -1.6% 7.6 1.1 16.6

Jubilee Holdings Ltd 531.0 550.0 390.0 383.6 6.4% 9.8 1.6 18.1

Kenya Reinsurance Corp Ltd 18.0 23.3 16.5 125.6 -0.6% 3.5 0.5 13.6

Liberty Kenya Holdings Ltd 13.1 15.0 8.1 69.7 7.0% 8.5 1.0 12.2

Nairobi Securities Exchange Ltd 19.2 25.0 12.6 49.7 -2.5% 23.0 2.5 11.2

National Bank of Kenya Ltd 7.2 12.1 6.0 24.3 -23.0% 4.9 0.2 -1.9

NIC Bank Ltd 37.5 40.8 22.7 263.1 22.2% 6.2 0.8 13.7

Pan Africa Insurance Holdings Ltd 24.0 31.0 22.5 34.4 -13.5% 114.3 0.9 0.8

Standard Chartered Bank Kenya Ltd 211.0 260.0 179.0 722.5 1.4% 10.3 1.6 15.4

Industrials na

East African Cables Ltd 4.8 7.2 4.1 12.1 -11.9% na 0.6 -20.4

Kenya Airways Ltd 11.0 18.5 3.9 163.3 -36.2% na na na

Olympia Capital Holdings Ltd 2.8 3.9 2.2 1.1 -20.0% 4.3 0.1 3.3

TransCentury Ltd 4.5 8.9 4.2 16.8 -25.0% na 1.5 -140.1

Materials na

ARM Cement Ltd 6.4 23.5 5.9 60.8 -51.2% na 0.2 -18.4

Bamburi Cement Co Ltd 176.0 200.0 160.0 636.8 -2.2% 37.6 2.2 7.1

BOC Kenya Ltd 90.0 110.0 84.0 17.5 -15.9% 44.6 1.2 2.5

Carbacid Investments Ltd 11.5 14.4 11.3 29.2 -5.3% 8.3 1.0 12.6

Crown Paints Kenya Ltd 80.0 88.0 51.0 56.8 0.0% 25.5 3.6 9.0

East African Portland Cement Co Ltd 24.0 35.0 22.5 21.5 -11.1% na 0.1 -8.4

Telecommunication

Safaricom Ltd 27.3 33.5 20.0 10,883.0 1.9% 19.8 8.8 47.8

Utilities

Kenya Electricity Generating Co Ltd 8.1 10.2 6.3 529.2 -5.8% 2.1 0.3 4.7

Kenya Power & Lighting Ltd 6.9 12.0 6.4 133.2 -24.7% 2.2 0.2 8.5

Umeme Ltd 10.9 16.0 10.2 176.5 -18.7% na na 5.9


52-Week

High

52-Week

Low

MKT. CAP

(US$MN)

YTD

Return P/E (x)



Mauritius


Economic News

• Mauritius 2017 FDI jumps 28% yr/yr - central bank:

Foreign direct investment (FDI) in Mauritius grew fast-

er in 2017 than earlier reported, driven by inflows into

real estate, revised central bank data showed last

week. The Bank of Mauritius said in a statement FDI

grew 28% year-on-year to 17.49 billion rupees

($507.69 million). Last month the bank put the figure

at 14.22 billion rupees in 2017 compared with 13.64

billion in 2016. Foreign investment in real estate led

with 8.79 billion rupees, followed by financial and

insurance activities with 6.58 billion, up from an

earlier estimate of 3.32 billion, the central bank said. Reuters

• Mauritius inflation falls to 3.7% in April: Mauritius’ year

-on-year inflation rate declined to 3.7% in April from

6.7% in the previous month, the statistics office said

last week. The decline was mainly due to a

reduction in prices of housing, water, electricity, gas and other fuels, it said. Reuters

Corporate News

• Greenbay Plans To Declare 0,2885 Eur Cents Per

Share Dividend: Greenbay achieved 0,2854 eur

cents of distributable earnings per share for first half

of 2018 financial year. The board intends to declare

a dividend of 0,2885 eur cents per share for six

months ended march 2018. It increased its net asset

value per share from 8,66 eur cents at march 2017 to

8,82 eur cents at march 2018, an increase of 1,8%.

Greenbay’s dividends are forecast to increase by

25% per year for 2018 and 2019 financial years. Reuters

*SEMDEX


* **

0.4

0.6

0.8

1

1.2

1.4

Ap

r-16

Jun-

16

Aug

-16

Oc

t-16

De

c-1

6

Feb

-17

Ap

r-17

Jun-

17

Aug

-17

Oc

t-17

De

c-1

7

Feb

-18

Ap

r-18


MAURITIUS AFRICA

Index Performance MAURITIUS

Current 2274.2

Week Change -0.4%

Gainers (no) 4.0

Losers (no) 7.0

Market Breadth 0.6

52 wk High 2310.0

52 wk Low 2040.4

YTD 3.2%


BlueLife Ltd 2.7 19.5%

Gamma Civic Ltd 39.7 0.5%

Vivo Energy Mauritius Ltd 139.5 0.4%

SBM Holdings Ltd 7.7 0.3%


Sun Resorts Ltd/Mauritius 49.8 -0.9%

New Mauritius Hotels Ltd 24.3 -0.8%

Fincorp Investment Ltd 26.7 -0.7%

MCB Group Ltd 280.0 -0.7%

ENL Land Ltd 42.0 -0.5%




Equity Valuations Price

52-Week

High

52-Week

Low

MKT. CAP

(US$MN)

YTD

Return P/E (x) P/BV (x) ROE (%)

Consumer Goods

Automatic Systems Ltd 75.0 75.0 56.3 7.7 4.2% 9.6 3.4 38.4

ENL Land Ltd 42.2 49.5 40.8 361.5 1.3% 15.2 0.5 3.2

Gamma Civic Ltd 40.0 40.0 24.0 154.3 25.0% 18.3 2.0 9.0

INNODIS Ltd 44.5 45.0 36.0 47.3 4.6% 14.7 1.0 6.8

Lux Island Resorts Ltd 71.0 71.5 57.5 281.9 2.9% 23.1 1.6 6.6

Mauritius Oil Refineries Ltd 30.5 30.5 27.5 29.4 5.9% 23.1 2.6 11.2

New Mauritius Hotels Ltd 24.3 26.7 21.4 384.5 -0.2% na 1.0 -0.6

Phoenix Beverages Ltd 600.0 660.0 430.0 285.7 9.1% 24.4 2.6 11.1

Sun Resorts Ltd/Mauritius 49.8 52.3 38.0 280.5 2.3% na 1.0 na

Energy

Vivo Energy Mauritius Ltd 140.0 146.5 122.0 118.9 -0.7% 15.2 4.3 29.4

Financials na

Belle Mare Holding Ltd 39.5 39.5 29.1 69.1 11.0% na 0.7 -0.3

Caudan Development Ltd 1.1 1.1 1.0 65.4 4.6% 22.9 0.6 2.4

CIEL Ltd 7.2 8.0 7.0 350.3 0.3% 23.4 0.8 3.5

Cim Financial Services Ltd 9.9 11.0 8.9 194.7 -1.7% 28.9 1.1 59.3

ENL Commercial Ltd 14.8 15.0 12.3 12.5 15.6% 113.8 0.6 0.5

Fincorp Investment Ltd 26.7 29.0 23.0 79.9 -1.7% 84.8 0.5 0.6

Mauritius Development Invest Trust Co Lt 4.6 5.0 4.3 56.4 -1.7% 8.5 1.2 15.4

Mauritius Union Assurance Co Ltd/The 65.5 67.0 54.0 85.5 12.9% 10.5 1.2 12.0

MCB Group Ltd 280.0 290.0 238.0 1,935.0 2.6% 9.6 1.4 15.2

National Investment Trust Ltd/Mauritius 24.6 25.9 23.7 19.5 0.4% 29.8 0.7 2.3

POLICY Ltd 6.9 7.4 6.2 45.5 -3.9% na 2.4 -3.7

Promotion & Development Ltd 120.0 127.5 106.0 135.4 -4.8% 67.1 0.4 0.6

SBM Holdings Ltd 7.9 8.0 7.0 691.3 4.8% 7.9 0.9 10.5

Swan Insurance Co Ltd 373.5 377.3 310.0 89.5 9.9% 12.7 1.2 9.6

Terra Mauricia Ltd 27.0 37.0 26.7 177.9 -3.4% 73.1 0.5 0.7

United Docks Ltd 97.0 103.5 60.0 29.7 12.1% 10.9 0.5 4.9

Industrials na

Air Mauritius Ltd 13.0 16.7 13.0 38.5 -11.0% 1.2 0.4 33.3

Harel Mallac & Co Ltd 82.0 87.0 65.0 26.7 -1.2% 5.0 0.7 7.3

Rogers & Co Ltd 33.3 35.0 28.0 243.0 6.4% 17.3 0.8 4.9

Materials

Mauritius Chemical & Fertiliser Industry 18.9 19.6 18.5 12.0 -3.6% 34.9 0.5 1.6

United Basalt Products/The 128.0 137.5 103.0 98.2 8.0% 20.8 1.0 5.4

Utilities

Omnicane Ltd 50.0 69.0 50.0 97.0 -9.1% 14.4 0.4 2.7



Nigeria


Economic News

• Nigeria capital inflow hit $6.3bn in Q1 driven by

foreign investors: Capital inflow into Nigeria rose

almost sixfold in the first quarter compared to a

year ago, following last year’s liberalisation of the

currency for foreign investors and steps to tighten

liquidity to attract offshore funds. Figures released

last week by the National Bureau of Statistics

showed capital inflow had hit $6.3 billion in the

quarter, dominated by offshore portfolio investors

buying local shares and bonds rather than foreign direct investment. Reuters

• Moody's Says Nigeria's Oil-Led Economic Recovery

Supports Modest Improvement In Debt Issuers'

Credit Profiles: Moody’s said Nigeria’s oil-led

recovery supports modest improvement in debt

issuers’ credit profiles. It also said that although

Nigeria’s oil-driven economic recovery will support

credit profiles across various sectors, the impact will be modest. Reuters

Corporate news

• Unilever Nigeria calls shareholder vote over sale of

spreads business: Unilever Nigeria plans to hold

shareholder meeting to vote on the proposed sale

of its Blue Band margarine business, the company

said last week. The brand, made and distributed by

Unilever Nigeria in the west African country, is being

sold by parent Unilever as part of the 6.8 billion euro

($8.1 billion) sale of its Flora Food Group spreads arm to private equity firm KKR. Reuters

• MTN Nigeria Posts Q1 Subscriber Net Additions Of

2.3Mn: MTN Nigeria reported strong subscriber net

additions of 2,3 million. In Q1 of 2018, MTN Nigeria,

increased naira service revenue by 14,5% year-on-

year. Also, the company had a 62,2% increase in

billed data volumes, active mobile money

customers increased to 2,0 million, data revenue

increased by 73,2% year-on-year, ebitda margin

increased by 332bp to 41,8% and invested n17,9bn in capex in q1 Reuters

*Nigeria All Share Index


* **

0.4

0.6

0.8

1

1.2

1.4

1.6

1.8

2

Ap

r-16

Jun-

16

Aug

-16

Oc

t-16

De

c-1

6

Feb

-17

Ap

r-17

Jun-

17

Aug

-17

Oc

t-17

De

c-1

7

Feb

-18

Ap

r-18


NIGERIA AFRICA

Index Performance NIGERIA

Current 41,022

Week Change -0.5%

Gainers (no) 32.0

Losers (no) 48.0

Market Breadth 0.7

52 wk High 45,322

52 wk Low 27,277

YTD 7.3%


Cement Co Northern Nigeria PLC 29.0 29.8%

Eterna PLC 6.9 20.7%

Linkage Assurance PLC 1.0 11.8%

Okomu Oil Palm PLC 90.0 11.1%

Skye Bank PLC 0.9 10.6%


Niger Insurance PLC 0.2 -14.3%

Japaul Oil & Maritime Services PLC 0.4 -13.0%

UACN Property Development Co PLC 2.2 -12.6%

Unity Bank PLC 1.1 -10.8%

Diamond Bank PLC 1.9 -10.0%




Equity Valuations

Agriculture

Livestock Feeds PLC 0.9 1.2 0.8 7.5 8.4% na 1.1 na

Okomu Oil Palm PLC 90.0 90.0 50.0 238.1 33.0% 9.0 3.1 39.7

Presco PLC 75.6 78.0 48.0 209.7 10.4% 3.1 1.0 39.7

Conglomerates na

Transnational Corp of Nigeria PLC 1.6 2.8 1.1 184.9 12.3% 10.0 1.0 11.2

UAC of Nigeria PLC 17.0 20.4 14.0 135.8 0.6% 27.7 0.7 1.5

Consumer Goods na

Cadbury Nigeria PLC 13.1 18.4 9.4 68.2 -16.4% 61.2 2.1 2.0

Champion Breweries PLC 2.2 3.4 2.0 47.3 4.8% 31.1 2.1 6.5

Tiger Brands Consumer Goods Plc 18.5 24.0 6.5 615.7 -7.5% na 2.1 na

Flour Mills of Nigeria PLC 34.9 39.5 16.6 396.9 20.3% 7.3 0.8 13.1

Honeywell Flour Mill PLC 2.7 3.7 1.2 58.3 26.2% 4.9 0.4 12.5

International Breweries PLC 51.8 69.4 19.0 1,234.9 -5.0% 54.2 12.3 24.6

National Salt Co Nigeria PLC 20.5 24.8 8.1 150.6 10.8% 9.7 4.7 54.6

Nestle Nigeria PLC 1580.0 1615.0 798.0 3,473.3 1.5% 36.9 23.4 73.3

Nigerian Breweries PLC 124.5 193.0 121.6 2,761.1 -7.7% 31.2 5.3 17.4

PZ Cussons Nigeria PLC 22.5 27.3 17.9 247.2 9.0% 21.3 2.2 10.7

Unilever Nigeria PLC 49.9 65.0 31.4 1,066.5 21.7% 26.7 3.6 19.2

Energy na

Conoil PLC 31.8 46.8 26.6 61.2 13.6% 9.2 1.2 12.8

Eterna PLC 6.9 7.0 3.3 25.1 70.7% 4.5 0.7 17.2

Forte Oil PLC 40.0 67.5 36.1 144.5 -8.0% 21.6 3.4 17.6

Mobil Nigeria PLC 188.0 332.0 142.0 188.0 -3.4% 6.7 2.5 30.8

MRS Nigeria PLC 29.8 39.0 0.5 21.0 8.3% 5.5 na na

Oando Plc 8.2 10.1 5.5 281.0 36.1% 10.1 0.6 10.3

SEPLAT Petroleum Development Co Plc 750.0 785.0 336.0 1,224.0 19.8% 3.8 0.8 22.3

Total Nigeria PLC 221.8 282.6 211.4 208.8 -3.5% 10.7 2.5 25.0

Financials na

Access Bank PLC 11.3 13.6 6.9 902.5 7.7% 5.5 0.7 12.7

Africa Prudential Registrars PLC 4.3 5.2 2.6 23.9 1.9% 5.0 1.2 29.8

AIICO Insurance PLC 0.7 0.9 0.5 13.3 32.7% 3.5 0.6 104.2

Continental Reinsurance PLC 1.4 1.9 1.2 41.1 2.1% 4.6 na na

Diamond Bank PLC 1.9 3.7 0.9 122.0 26.7% na 0.2 -5.8

Ecobank Transnational Inc 21.1 21.1 9.2 1,406.9 23.8% 7.0 0.8 -14.6

FBN Holdings Plc 12.3 15.2 3.8 1,219.5 39.2% 8.8 0.7 6.7

FCMB Group Plc 2.5 3.7 1.0 139.5 71.6% 4.8 0.3 5.1

Fidelity Bank PLC 2.5 4.3 0.9 202.5 2.4% 2.0 0.4 10.4

Guaranty Trust Bank PLC 44.3 57.0 28.5 3,611.8 8.6% 7.2 2.5 32.6

Mansard Insurance PLC 2.5 2.9 1.6 71.6 27.5% 12.8 1.3 10.5

NEM Insurance PLC 2.8 2.9 0.9 41.0 68.7% 5.3 1.5 32.4

Skye Bank PLC 0.9 1.6 0.5 36.2 88.0% na 0.1 -33.5

Stanbic IBTC Holdings PLC 49.0 50.1 24.9 1,365.6 18.1% 9.3 2.7 28.9

Sterling Bank PLC 1.6 2.7 0.7 125.4 45.4% 4.7 0.4 9.0

United Capital PLC 3.3 4.6 2.9 54.9 -6.5% 4.5 1.2 28.1

Union Bank of Nigeria PLC 6.8 9.1 4.3 772.3 -13.5% 9.7 0.6 4.6

Unity Bank PLC 1.1 1.9 0.5 34.7 101.9% 10.4 0.1 1.4

Wapic Insurance PLC 0.5 0.8 0.5 18.9 2.0% 14.1 0.4 1.3

Wema Bank PLC 0.9 1.5 0.5 90.9 63.5% 14.3 0.7 na

Zenith Bank PLC 28.9 34.2 16.9 2,516.4 12.7% 4.8 1.2 26.3

Health Care na

Evans Medical PLC 0.5 0.5 0.5 1.0 0.0% na 0.2 -52.7

Fidson Healthcare PLC 5.4 6.0 1.7 22.4 45.4% 25.6 1.2 4.9

GlaxoSmithKline Consumer Nigeria PLC 23.5 35.7 14.7 77.9 8.7% 37.1 1.8 61.2

MAY & Baker Nigeria PLC 2.7 6.1 1.2 7.3 3.8% 7.1 0.9 -1.3

Neimeth International Pharmaceuticals PL 0.7 1.0 0.5 3.4 -4.0% na 1.5 -40.6

Industrials na

Chemical and Allied Products PLC 38.9 38.9 31.4 75.5 14.4% 18.2 12.1 66.2

Dangote Cement PLC 245.0 290.0 162.0 11,578.4 6.5% 21.2 4.9 22.7

Lafarge Africa PLC 41.1 63.4 39.9 988.6 -8.4% na 2.3 -36.8

Portland Paints & Products Nigeria PLC 2.1 2.2 2.0 4.5 -6.8% 9.9 0.6 10.1


52-Week

High

52-Week

Low

MKT. CAP

(US$MN)

YTD

Return P/E (x)



South Africa

Source: Bloomberg, United Capital Research *JSE All Share Index


* **

Economic News

• South Africa's CPI under control but risks remain -

Central bank governor: South Africa’s consumer

price inflation is under control but it is too early for

the central bank to declare victory in its pursuit to

anchor inflation expectations closer to the

midpoint of the 3-6% target range, Governor

Lesetja Kganyago said. South Africa’s CPI slowed

to 3.8% in March, the lowest figure since January

2011, as the end of the worst drought in decades helped push down food prices. Reuters

• South Africa's business confidence index falls

again in April: South Africa’s business confidence

fell for third month in a row in April impacted by

lower merchandise export volumes and new

vehicle sales as well as a weaker rand currency, a

survey showed on last week. The South African

Chamber of Commerce and Industry’s (SACCI)

monthly business confidence index (BCI) fell to

96.0 in April from 97.6 in March, the chamber said in the statement. Reuters

• Historic drought takes toll on South Africa's

vineyards: The worst drought in living memory has

hit vineyards in South Africa’s Western Cape hard,

reducing grape harvests and adding to pressure

on the region’s centuries-old wine industry, officials said last week. Reuters

Corporate news

• JSE Says Nigel Payne Will Step Down From Board:

The JSE Ltd. announced that Nigel Payne will step

down from board as a non-executive director

with effect from 3 August 2018 Reuters

• South Africa's Sun International to offer 25.9 million

shares in rights offer: South African hotel and

casino operator Sun International Ltd said last

week it planned to offer 25.9 million shares in a

rights offer that the firm hopes will raise around 1.5

billion rand ($119 million) to repay debt. Reuters

0.5

0.8

1.1

1.4

Ap

r-16

Jun-

16

Aug

-16

Oc

t-16

De

c-1

6

Feb

-17

Ap

r-17

Jun-

17

Aug

-17

Oc

t-17

De

c-1

7

Feb

-18

Ap

r-18


SA AFRICA

Index Performance SA

Current 58,423

Week Change 1.3%

Gainers (no) 65.0

Losers (no) 81.0

Market Breadth 0.8

52 wk High 61,777

52 wk Low 50,750

YTD -1.9%


Pallinghurst Resources Ltd 299 24.6%

Net 1 UEPS Technologies Inc 12,700 22.4%

Grand Parade Investments Ltd 236 9.8%

MiX Telematics Ltd 921 7.7%

Rebosis Property Fund Ltd 840 6.5%


Lonmin PLC 804 -21.0%

Sibanye Gold Ltd 888 -17.8%

DataTec Ltd 1,907 -16.0%

Niveus Investments Ltd 780 -15.2%

Impala Platinum Holdings Ltd 1,892 -14.5%




Equity Valuations

Consumer Goods

British American Tobacco PLC 63,566.0 96,074.0 60,423.0 118,967.6 -23.4% 2.2 1.4 108.8

Cie Financiere Richemont SA 11,964.0 13,153.0 10,151.0 56,055.2 7.1% na na 11.2

Naspers Ltd 319,125.0 414,299.0 246,328.0 114,461.2 -7.5% 99.4 6.8 25.0

Shoprite Holdings Ltd 24,122.0 28,190.0 19,320.0 11,639.3 9.1% 22.2 5.1 24.7

Tiger Brands Ltd 36,237.0 47,806.0 34,052.0 5,612.6 -21.2% 16.8 3.9 19.3

Woolworths Holdings Ltd/South Africa 6,180.0 7,046.0 5,226.0 5,285.3 -5.4% 16.1 4.9 -17.6

Energy

Sasol Ltd 45,399.0 46,148.0 35,014.0 23,940.0 6.0% 12.0 1.4 8.9

Financials

Barclays Africa Group Ltd 17,896.0 21,000.0 13,493.0 12,379.4 -1.7% 10.4 1.4 13.6

Capitec Bank Holdings Ltd 86,946.0 109,796.0 70,500.0 8,203.2 -20.8% 22.5 5.4 25.7

FirstRand Ltd 6,566.0 7,725.0 4,642.0 30,053.9 -2.4% 15.0 3.3 23.5

Investec Ltd 9,598.0 10,639.0 8,275.0 7,727.9 7.0% 11.0 1.3 11.3

Investec PLC 9,682.0 10,639.0 8,280.0 7,728.2 7.9% 11.6 1.3 11.3

Nedbank Group Ltd 30,300.0 31,650.0 19,800.0 12,367.9 18.3% 12.4 1.7 14.3

Old Mutual PLC 4,283.0 4,438.0 3,154.0 17,239.2 12.7% 1,182.8 1.6 11.3

RMB Holdings Ltd 7,676.0 9,041.0 5,759.0 8,842.1 -3.0% 13.3 2.5 20.2

Sanlam Ltd 7,882.0 9,849.0 6,328.0 14,355.0 -9.4% 14.5 3.0 19.7

Standard Bank Group Ltd 21,565.0 23,100.0 13,679.0 28,511.3 10.2% 13.1 2.2 17.0

Health Care

Aspen Pharmacare Holdings Ltd 25,560.0 32,750.0 22,987.0 9,519.9 -7.9% 17.0 2.6 14.3

Industrials

Bidvest Group Ltd/The 24,051.0 25,547.0 15,329.0 6,618.6 10.3% 20.5 3.5 22.1

Materials

Anglo American Platinum Ltd 35,475.0 42,000.0 26,513.0 7,804.8 0.4% 23.9 2.3 4.8

Anglo American PLC 30,679.0 31,150.0 15,684.0 32,354.7 20.0% 10.1 1.4 15.1

BHP Billiton PLC 28,552.0 28,677.0 18,500.0 131,136.9 14.0% 26.4 2.2 8.3

Mondi Ltd 33,016.0 37,103.7 27,542.2 13,142.1 7.8% 15.4 2.9 18.9

Mondi PLC 33,149.0 36,868.7 27,645.6 13,141.7 8.5% na na 18.9

Telecommunication

MTN Group Ltd 12,493.0 14,000.0 10,905.0 19,208.2 -8.5% 68.6 2.4 4.5

Vodacom Group Ltd 15,313.0 18,699.0 13,496.0 21,509.1 5.1% 16.6 3.3 23.3


52-Week

High

52-Week

Low

MKT. CAP

(US$MN)

YTD

Return P/E (x)



Tunisia

Economic News

• Trade deficit down 4% end of April (Trade Minister):

he trade balance in the 1ST four months of 2018

recorded a 6-point rise compared to the same

period of 2017, to 73% and a drop of its deficit by 4

points, said last week Trade Minister Omar el Behi.

He pointed out in a statement to TAP correspondent

in the region that Tunisian exports had edged up

32% by the end of April 2018, against 20% of imports

and this thanks to the increase in the food industry, textiles and electrical industries exports. TAP

• Slight improvement of trade balance deficit, end of

April 2018: The trade balance deficit stood at

5,085.4 million dinars (MD) at the end of April 2018,

compared to 5,151.4 MD in the same period of 2017.

Thus, the coverage rate edged up 6.3 points

compared to the 1st four months of 2017 to 2.7%

(against 6.4% in April 2017), announced the National

Institute of Statistics (INS). The trade balance deficit

excluding energy narrowed to 3,398.2 MD and that

of the energy balance to 1,687.2 MD (33.2% of the

total deficit) against 1,384.2 MD during the same period in 2017. TAP

• Olive oil exports jump 180% to 1 356 MTD (ministry):

The value of olive oil exports grew 180% since the

start of the season until April 30. The average export

price rose 12%, the Ministry of Agriculture, Water

Resources and Fisheries, last week said in a press release. TAP

Corporate News

• Tunisair passenger numbers up 2.2% in April: Tunisair

passenger traffic rose 2.2% in April compared to the

same period in 2017, i.e. thirteen consecutive

months of overall activity growth, the national

carrier Thursday said in a press release. Traffic, all

activities included, edged up from 312,955 to 319,

821 passengers. Scheduled traffic increased 2.7% to

reach 302,216 passengers, while additional traffic

climbed 27.2% with passenger numbers standing at

5,098. TAP

Source: Bloomberg, United Capital Research *Tunis Index


* **

0.5

0.6

0.7

0.8

0.9

1

1.1

1.2

1.3

1.4

1.5

Ap

r-16

Jun-

16

Aug

-16

Oc

t-16

De

c-1

6

Feb

-17

Ap

r-17

Jun-

17

Aug

-17

Oc

t-17

De

c-1

7

Feb

-18

Ap

r-18


TUNISIA AFRICA

Index Performance TUNISIA

Current 7,366

Week Change 3.1%

Gainers (no) 28.0

Losers (no) 10.0

Market Breadth 2.8

52 wk High 7,382

52 wk Low 5,666

YTD 17.3%


Societe de Production Agricole Teboulba 1 9.4%

Banque Nationale Agricole 15 8.0%

Telnet Holding 10 7.4%

Ennakl Automobiles 12 7.2%

Tunisie Profiles Aluminium SA 4 7.0%


Servicom SA 2 -4.2%

Amen Bank 27 -4.0%

Societe Electrostar 2 -3.2%

STAR 117 -2.9%

Societe Industrielle d'Appareillage et d 2 -1.2%




Equity Valuations

Consumer Goods

Automobile reseau tunisien et services 7.1 8.7 5.7 109.2 0.0% 14.7% 8.4 1.8 20.5

Elbene Industrie SA 2.9 3.9 2.4 11.4 0.0% -20.4% na 1.5 -16.3

Ennakl Automobiles 11.6 14.7 9.5 139.2 0.0% -7.2% 12.9 2.7 21.3

GIF Filter SA 1.4 1.9 1.4 5.9 0.0% -2.8% na 1.0 -8.6

MONOPRIX 11.5 13.0 8.6 91.9 0.0% 0.5% 81.7 3.7 na

SFBT 20.0 24.5 18.1 1,060.5 0.0% 1.0% 18.8 4.7 24.4

Societe de Production Agricole Teboulba 1.1 1.2 0.6 11.8 0.0% 41.9% na na na

Societe Magasin General 39.3 42.0 25.9 181.2 0.0% -0.5% 43.3 78.2 263.3

SOTUMAG 2.0 2.2 1.7 10.6 0.0% 2.1% 9.4 1.2 13.6

Financials

Amen Bank 26.7 28.0 20.7 284.0 0.0% 9.7% 7.4 0.9 12.0

Arab Tunisian Bank 4.2 4.7 4.0 166.7 0.0% -1.7% 7.6 0.7 9.2

Arab Tunisian Lease 3.3 3.4 2.8 33.4 0.0% 7.8% 7.8 1.0 13.5

Assurances SALIM 26.1 37.5 26.1 27.9 0.0% -22.2% 12.1 1.5 11.6

Attijari Bank 46.0 51.6 29.2 734.5 0.0% 26.4% 13.7 3.3 25.2

Attijari Leasing SA 18.7 19.2 17.0 20.6 0.0% 5.2% 7.4 1.0 14.1

Banque de l'Habitat 20.5 23.0 16.4 392.0 0.0% 10.8% 8.0 1.2 15.8

Banque de Tunisie 8.6 10.6 7.7 618.2 0.0% 5.6% 10.4 1.8 16.8

Banque International Arabe de Tunis 147.7 150.0 94.0 1,008.6 0.0% 21.1% 11.4 2.4 na

Banque Nationale Agricole 14.8 14.9 8.3 190.2 0.0% 26.5% 2.4 0.5 21.7

BTEI 13.6 19.3 13.2 5.5 0.0% -21.1% 45.2 0.1 0.5

Cie d'Assurances et de Reassurances ASTR 34.1 35.0 30.3 82.2 0.0% 0.3% 13.6 1.8 13.2

Cie Internationale de Leasing 17.2 18.0 14.4 34.5 0.0% 5.2% 9.6 1.4 14.2

El Wifack Leasing 7.2 7.5 6.4 86.6 0.0% -1.9% 38.3 1.3 3.0

Essoukna 3.7 4.0 3.4 7.4 0.0% -0.5% 11.0 0.5 4.4

Modern Leasing Immeuble Assurances SALIM 3.6 4.3 3.5 10.1 0.0% -4.3% 7.6 0.6 7.3

Poulina Group 10.4 11.5 7.7 748.4 0.0% 0.5% 17.0 2.7 14.9

Societe Immobiliere et de Participations 33.2 44.5 32.8 14.6 0.0% -22.5% 25.9 0.9 3.3

Societe Tunisienne de Banque 4.2 5.1 3.5 260.9 0.0% 16.4% na 0.9 -2.4

STAR 117.0 137.5 75.6 108.4 0.0% 17.0% 38.3 0.8 2.2

Tunis Re 8.2 8.5 7.5 65.9 0.0% -2.1% 9.4 0.9 9.2

Tunisie Leasing SA 16.0 16.9 12.8 57.8 0.0% 14.3% 10.1 0.9 9.0

UBCI 21.6 25.6 21.4 173.5 0.0% -12.9% 13.7 1.4 10.1

Union Internationale de Banques SA 26.5 27.4 18.6 345.9 0.0% 17.1% 12.8 2.2 18.6

Health Care

Accumulateur Tunisienne Assad 9.5 10.0 6.9 46.0 0.0% 6.0% 76.9 2.7 6.7

ADWYA SA 5.8 6.1 4.9 47.9 0.0% 8.2% 23.4 2.9 14.3

Industrials

Servicom SA 2.3 4.2 1.2 11.0 0.0% 42.9% 7.0 0.5 na

SIPHAT 4.1 7.5 4.0 2.9 0.0% -23.4% na 0.7 na

Societe Industrielle d'Appareillage et d 2.4 2.6 2.0 13.6 0.0% 0.0% 24.7 1.4 5.1

Societe Moderne de Ceramiques 1.3 1.4 1.0 20.6 0.0% 13.5% na 0.8 na

Societe Tunisienne de L'Air 0.6 0.6 0.4 23.5 0.0% 27.9% na 0.3 -65.2

Tunisie Profiles Aluminium SA 4.3 4.3 2.8 85.6 0.0% 15.1% 22.9 2.3 9.9

Information Technology

Telnet Holding 9.7 9.8 4.4 43.1 0.0% 63.7% na 5.6 na

Materials

Air Liquide Tunisie 96.5 105.6 79.0 56.6 0.0% 8.4% 20.0 3.0 na

Carthage Cement 2.2 2.7 1.9 153.5 0.0% -4.3% na 3.6 -35.4

Industries Chimiques du Fluor 42.8 44.8 21.0 36.1 0.0% 52.2% na na na

Societe Chimique ALKIMIA 36.4 47.5 26.0 28.5 0.0% -21.4% na 1.2 na

Societe Ciments de Bizerte 2.6 3.1 1.9 46.0 0.0% -1.1% na 1.3 -30.9

Societe Tunisiennes de Verreries 6.2 6.3 3.6 68.2 0.0% 20.3% 17.7 3.1 20.1

Telecommunication

SOTETEL 2.6 3.4 2.5 4.8 0.0% -5.1% 4.8 0.7 0.2

P/E (x) P/BV (x) ROE (%)Price

52-Week

High

52-Week

Low

MKT. CAP

(US$MN)

WTD

Return YTD Return



United Capital Securities Trading +234-1-280-8919 [email protected]

Asset Management +234-1-280-7822 [email protected] Trusteeship

+234-1-280-7853 [email protected]

Investment Banking

+234-1-280-7395 [email protected] Research +234-1-2807334 [email protected]

Disclaimer

United Capital Plc Research (UCR) notes are prepared with due care and diligence based on pub-

licly available information as well as analysts’ knowledge and opinion on the markets and compa-

nies covered; albeit UCR neither guarantees its accuracy nor completeness as the sole investment

guidance for the readership. Therefore, neither United Capital (UCAP) nor any of its associates or

subsidiary companies and employees thereof can be held responsible for any loss suffered from the

reliance on this report as it is not an offer to buy or sell securities herein discussed. Please note this re-

port is a proprietary work of UCR and should not be reproduced (in any form) without the prior writ-

ten consent of Management. UCAP is registered with the Securities and Exchange Commission and

its subsidiary, United Capital Securities Limited is a dealing member of the Nigerian Stock Exchange.

For enquiries, contact United Capital Plc, 12th Floor, UBA House, 57 Marina, Lagos. ©United Capital

Plc 2015.*

mailto:[email protected]



Weekly Pan African Monitor - United Capital Plc · May-17 Aug-17 Nov-17 Feb-18 May-18 Gold 100 220...

Documents

Transcript of Weekly Pan African Monitor - United Capital Plc · May-17 Aug-17 Nov-17 Feb-18 May-18 Gold 100 220...