Weekly Insight - AXYS Group · 98.69 99.50 1,776.64. 141.27. 13.8 21.1 19.5 10.0 ... FP = Foreign...

Fast Track Forward to

Trades & Movements by Sector Theme of the Week

Melvyn Chung Kai To AXYS Stockbroking Ltd, 6th Floor, Dias Pier Building, Le Caudan Waterfront, Caudan, Port-Louis, 11307Bhavik Desai Tel (230) 405 4000 | Email [email protected] | www.axysstockbroking.com | BRN C07007948

Mkt SummaryForeign Participation

Forex Mkt Watch

Corporate Bonds

BoM InterventionsETFs/Commodities

This week was marked by extreme marketvolatility.

Government controversially revised the Indo-Mauritian DTA meaning certain decline forseveral Global Business companies.

Spill-over effects are expected on professionaljobs, consumption, and inflation.

SBM incredibly sky-rocketed on Friday followingits announced reverse share split and PAT bump.

Fund NAVs

1Yr T-Bill

-5.3 9.94

NMHL336.00

LFL

891.22▲

4.00

0.00

20.05

Laggers

Share of TMT

BEEP19.2

MFD26.10

4.3

Weekly Insight13-May-2016

Equity Equity

15.50 3.3

LOTO

67.00UTDL

8.1

[%]Share

Turnover

▼ALEX-20

[Rs]

-0.33%

Leaders

TERRA

BEEP

Δ WoWLatest

24.00

0.69

Ratio

19.3

[%]

0.0%

COND — INVHPrices & Spot Rates

[Rs]16.00

Earnings:

IBL-6.7

[bps]

20.7

0.00

FIN — CONS

SBM

▬

14.6

USD/MUR

3.5

Δ WoW

35.920.01%

COND — INVH

22.6MCB

[Rs M]9.5

IBL

149.0 UTIN

-6.1

UTIN

Latest

FIN — CONS

WoW Movements

22.6

3.05

Fixed Income

Most Active

Sov./Interbank Rates

Spot Rates

-2.98

Pref Shares

Value

NITL 34.5PBL

Mkt Comm/Divs

-5.1

News Snippets

Market Indices

SBM -10.6

GAMMA

ENLC

22.6

14.3

Weekly Prices:

Currency

LUX

875

900

925

950

975

Inde

x [p

ts]

-4.5

-3.0

-1.5

0.0

Δ% in

USD

/MU

R si

nce

31-M

ar-1

5

1.00

1.75

2.50

3.25

4.00

1Yr-

GM

TB [%

]

39%

22%

18%

8%

6%7% MSCH

FIN

T&L

INVH

CONS

Others -3.1

-0.5

-2.2

-0.1

0.9

MSCH FIN T&L INVH CONS

WoW

Chn

age

[%]

1

Market Indices

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

L HALCAPEX-12 ▼ALEX-20 ▼SEMSI ▼SEMDEX ▼S&P Pan Africa* ▼MSCI Frontier* ▲MSCI World* ▲S&P 500* ▲ESTX Eur 50* ▼FTSE 100* ▼Nikkei 225 ▲MSCI Emerging* ▼S&P Asia 50* ▼Sensex* ▲

Foreign Participation


IndicesDY

-7.8%

98.69 99.501,776.64

141.27

13.8

21.1

19.5

10.0

42.1

3.0

0.4%

1.332.77

YTDVal

-0.82%-1.9%

4.2

-9.6%

2.70.86%0.53%

-0.33%

-0.11%0.97

3.3%0.82

6-MayChange

3.7

1.39

YoY-1.23% -3.7%

2.0

-10.7%

-14.9%-12.5%

0.84

1.442.11

2.66

1.50

-0.2

-1.6%

-0.2% -7.8%

0.83

122.2

1.8% -13.9%

Week Ended

1,778.59

891.22

142.1

13-May

6.0

3.27

5.5

-10.2

5.9

15.0

253.3

Weekly Insight

0.82

-0.4

14.0

6.6

166.7

13-May-2016

180.5

3.08

Liquid 20All SEM

-4.7

13-May-16

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

‒ 52Wk ‒

0.66%

1,288.10 104.5

108.9

-0.82%

1.4%180.2

1 WkAs at

2,050.63

PER1,272.20

894.20 14.0122.2

3.010.5

6.4%

3.3

PBV

1.5

4.1-0.21% -12.2%

-0.7%

-0.17%

10.320.7

-24.4%

2.21,641.16

809.46

25,790

512.49

6,104.19

3,166.5319.5

-1.6%

6,117.25

0.0%2,940.35

2,064.11

3,225.3025,262

806.683.09%

-22.0%-0.34%-1.82%2.09%

16,147

508.11142.43

1.9%

4.6

3.3

-2.7% 1.72

-5.4%

2,935.46

16,646

-3.1% -20.9%

1,649.91

-18.5%19.2

1.16

* Previous day's closing prices

Net FlowsActivity Spread

-4-3

-2

12

MCB SBM CIEL ALTEO CTL

Net

For

eign

pur

chas

es [R

s m]

85

100

115

130

Indi

ces

reba

sed

to 1

00 o

n 3

1-M

ar-2

013

SEM-SI MSCI FM ALEX-20 ALCAPEX-12

46%

17%

15%

9%

7%6%

FIN

MSCH

INVH

COND

DEBT

2

Weekly Insight 13-May-2016

Melvyn Chung Kai To AXYS Stockbroking Ltd, 6th Floor, Dias Pier Building, Le Caudan Waterfront, Caudan, Port-Louis, 11307 Bhavik Desai Tel (230) 213 3475 | Email [email protected] | www.axysstockbroking.com | BRN C07007947

Summary & Highlights Extreme Erraticism This week was marked by extreme market volatility in the midst of minimal foreign participation [only 6%] and of a flood of earnings releases: out of 46 changes, half moved by >2%. Another factor which contributed to volatility was the Government’s controversial decision to revise the Indo-Mauritian DTA. The Capital Gains tax clause has been amendment such that India will be able to enforce it on investments routed through India. Several Global Business sector companies are facing near certain decline with major spill-over effects expected on professional jobs, consumption, government revenue and inflation. In spite of SBM’s Friday’s incredible sky-rocket (+10% WoW), and the generally improved interim Q1-16 PAT, indices reflected the fear of the end of the Indo-Mauritian DTA era: SEMDEX slid to 1,776pts (-0.1%), ALEX 20 to 891pts (-0.3%) and ALCAPEX 12 to 1,272pts (-1.2%).

Financials Financials did not dominate trading with MCB [12%] trading between Rs208 (-1.9%) and Rs211 (-0.5%) and registering a VWAP Rs208.77 (-1.5%). SBM [8%] rallied to 65cts (+3.2%) prior to Thursday post-market earnings, then sky-rocketed to 3Mth-High 71cts (+13%) intra-session Friday – its strongest 1-day gain (9%) in 7 years – but closed at a lower 69cts (+9.5%). Although – on a re-stated basis – EPS grew 33% to 2.8cts, the surge could also have been influenced by its announced reverse share split which should improve liquidity and enable swifter price moves from a reduced tick-size. Hurt by the slaying of the DTA, CIM tumbled to 2¾Yr-Low Rs7.20 (-4.0%). Affected by weakened earnings, insurers MUA and SWAN fell to Rs62 (-0.8%) and 21Mth-Low Rs311 (-2.0%).

Travel & Leisure Declines on hotel groups was contrary to expectations given that they unilaterally reported improved domestic Rev/Room. NMHL plunged the worst to 3½Mth-Low Rs20.05 (-6.7%) seemingly bogged down by its troubles in Morocco. LUX [8%] and SUN who were both affected by renovation costs in Maldivian properties also lost ground to Rs58.75 (-1.3%) and Rs35.10 (-0.6%) respectively. CHSL – whose domestic margins were under pressure but improved overseas – shed 50cts to Rs33.50 (-1.5%) while HTLS inched up to Rs32.55 (+0.2%). LOTO whose PAT was boosted by a lower prize pay-out ratio surged to Rs4 (+8.1%) – a level it has not breached in >5Mths – while MK fell back to Rs13 (-3.7%) on continued media reports suggesting “hedging losses”.

Multi-Sector Conglomerates/Holdings Multi-Sector Holdings were this week’s most active stocks led by unusual suspect UTIN which witnessed a cross of 2.2M shares at 2Yr-Low Rs10 (-3.8%) after having said that its delayed re-structuring plans would be finalised this July. IBL [11%] traded at VWAP Rs118.73 (+0.2%) and closed at a higher Rs120 (+1.3%) seemingly in anticipation of the exchange ratio for its merger into GML. TERRA [1.3%] – who reported a positive EPS in Q1 for the 1st time in >7yrs – dropped to Rs30.30 (-1.3%). Dragged down by its poor domestic performance, ALTEO retreated to 4Yr-Low Rs26 (-3.7%) and ROGE – who only recently acquired two Global Business companies – dropped to Rs26.95 (-1.5%). GAMMA whose earnings were not comparable

following the acquisition of Holcim’s cement business, surged to 4Wk-High Rs24 (+4.4%) on meagre vols.

Consumer Staples | Discretionary Among consumer stocks, PBL [6%] – who has not yet declared its customary div. in mid-May – dominated trading at VWAP Rs355.74 (-0.6%) but tumbled to 10Mth-Low Rs336 (-6.2%) followed by CTL which cascaded down to Rs39 (-2.0%), both seemingly on the back of their tightened margins. Also closing in the red were: LFL at Rs26.10 (-5.1%) on apparent profit taking, and INNO & CMPL in tandem with weaker EPS to Rs40.55 (-1.1%) and Rs12.25 (-1.2%). Highly illiquid ABC slipped to Rs84.75 (-0.3%) while ahead of its earnings release VEM closed in the green at Rs91.50 (+1.1%). ENLC jumped to Rs15.50 (+3.3%) ahead and in spite of disappointing financials.

Materials | Industrial UBP retreated to Rs82.50 (-0.6%) on some 32k shares traded throughout the week. MFD – who has yet to declare its highly anticipated 2nd dividend – dived to 22Mth-Low Rs9.94 (-5.3%).

Property Property stocks were moderately active but among the most volatile. BLFE plummeted to fresh All-Time Low Rs2.85 (-3.1%) and ASCE whose earnings were not comparable following acquisition of additional stake in Bagaprop retreated to Rs13 (-2.3%) while UTDL surged to 6Wk-High Rs67 (+3.5%). CAUD which inched up by 1-cent to Rs1.21 announced its intent to raise Rs1bn through a rights issue for an – as yet – undisclosed purpose. We believe that – this is where – its majority shareholder, PAD will redeploy proceeds [~Rs660M] from its jackpot sale of NMHL shares to the ENL Group earlier this Feb.

Financials Investment Holdings – albeit stickier – also moved erratically like the rest of the SEM. CIEL and MDIT improved to Rs6.28 (+0.6%) and Rs4 (+1.5%) respectively, while ENL(P) plunged to 21Mth-Low Rs24.90 (-2.7%). POLI and NITL also closed in negative territory at Rs5.42 (-1.1%) and Rs33.50 (-0.6%); however, it was BEEP who registered the most stunning of drops as it nose-dived to Rs16 (-11%).

Fixed Income Among fixed income securities, MCB 08/23 [R+1.35%] was the only one to register noteworthy exchanges with Rs4M worth trading at YTM 5.04% (-15bps) followed by newcomer CBVA 10/20 [R+1.1%] at YTM 5.37% (±0%) and UBP 10/18 [R+1.2%] at YTM 5.44% (-4bps). As for Pref. Shares, TPL(P) and ENLL(P) who declared their divs. earlier this week traded with respective DY of 4.21% (-39bps) and 6.67% (+3bps) respectively. Gold (NGLD) units were also traded during the week at Rs427.20 (+1.3%) per 1/100 t.oz.

3

Market Announcements

Dividend Declarations

COMPANY

UBP ▲LMLC ▲LMLC(P) ▬LUX ▲LFL ▬LFL(P) ▬TPL ▲TPL(P) ▲PIM ▼MUA ▬ENLL ▬ENLL(P) ▬IBL ▬POLI ▬VEM ▲MOR ▬


State Bank of Mauritius Holdings Ltd (SBMH)SBMH’s board advised a reverse share split at the ratio of 10:1 where for even ten shares held, one share will be issued to shareholders post the reverseshare split. Fractional shares will not be issued, instead they will be sold and proceeds will be distributed.

Omnicane Limited (OMNI) Omni’s board advised the set-up of a multi-currency medium term note program pursuant to which Omni may issue more than one series of secured andunsecured notes up to Rs3B. The proceeds will be used to refinance existing short term debts deployed to Omnicane’s projects and for repayment of shortterm banking facilities.

Caudan Development Limited (CAUD)Subject to the approval of the regulatory authorities and the shareholders at forthcoming meeting, CAUD’s board of director has recommended theadoption of a new constitution, a bonus issue of 0.22 for every ordinary share and the rights issue on a 1-1 ratio.

ALTEO Limited (ALTEO)The Registrar of Companies has issued the certificate of amalgamation taking effect on June 1, 2016 of ALTEO with Ferney Aquaculture Limited, a wholly-owned subsidiary of ALTEO.

Mainland Real Estate Ltd (MLND)The SEM’s LEC has approved the listing of Mainland Real Estate Ltd which aims to invest in global real estate assets and companies. On the 1st day oftrading, i.e. May 23rd 2016, 3,350 ordinary shares will be made available for trading at an indicative price of GDP 2.00 per share.

AfrAsia Special Opportunities Fund (ASOF)ASOF’s directors resolved to temporarily suspend the calculation of the net asset value, subscriptions and redemptions of the Fund with immediate effectdue to a state of affairs.

Tadvest Ltd (TADV)Tad’s board agreed on the acquisition of Echo Prime Properties B.V funded by a combination of cash and debt taking effect by end of June 2016. IBL’s boardbelieves the acquisition will provide geographic diversification and more stability in the long-term.

Delta Africa Property Holdings Ltd (DELP)Delta Africa’s board advised a change of name to “Mara Delta Property Holdings Limited” registered at Mauritius Registrar of Companies on 11 May 2016.

1.85 1.85 0.0% 11-May-16 26-May-16 14-Jun-16 Fin 20.15 0.15 0.0% 12-May-16 27-May-16 16-Jun-16 Int 2

0.75 0.75 0.0% 11-May-16 26-May-16 17-Jun-16 Int 20.66 0.66 0.0% 11-May-16 26-May-16 31-Jul-16 Fin 2

2.00 2.50 -20.0% 05-May-16 01-Jun-16 30-Jun-16 Fin 2

1.20 1.20 0.0% 04-May-16 19-May-16 28-Jun-16 Fin 1

16.00 8.00 100.0% 06-May-16 23-May-16 28-Jun-16 Fin 11

Fin 1Fin

04-May-16

02-May-16 16-May-16

1.20 1.20 0.0% 19-May-16 28-Jun-16

24-Jun-16 Fin

11-May-16 26-May-16 31-Jul-16


03-May-16 18-May-16 27-Jun-16

06-May-16 23-May-16 28-Jun-16

1.15 1.00 15.0% Fin 1

Freq. p.a.Current Previous Ex-Div. Pay DateDiv/Div DeclarationKey Dates PropertiesDividend

TypeChange

3.00

20.00 20.00 0.0% 03-May-16 18-May-16 27-Jun-16 Fin 1

0.05 — N/A

12.75 9.1%8.00 7.00 14.3% Fin 1

0.35 0.35 0.0% 13-May-16 30-May-16 30-Jun-16 Fin 21.00 0.90 11.1% 13-May-16 30-May-16 23-Jun-16 Int 4

19-May-16 23-Jun-16

04-May-16

2.80 2.80 0.0% Fin 1

4

Stock Movements — FIN, T&L, MSCH, & CONS

MCB ▼SBM ▲ABCB ▬CIM ▼FINC ▬MEI ▲MUA ▼SWAN ▼SWANL ▬CMBI ▬NMHL ▼LUX ▼SUN ▼CHSL ▼HTLS ▲TPL ▬SCT ▬MOLI ▬MK ▼LOTO ▲ASL ▼ALTEO ▼TERRA ▼OMNI ▬MEDL ▬IBL ▲ROGE ▼ENLL ▲HML ▬GAMMA ▲EUDC ▬UTIN ▼INNO ▼MOR ▬PBL ▼PHIN ▬QBL ▬UNSE ▬CSE ▬LFL ▼LMLC ▬MIL ▬SAIL ▬MCOS ▬GOLI ▬CMPL ▼


13.5

10.862.00

— 5.0%

—

27.35

4.00

2.2

3.7

26.00 3.1

00

1.3

1.9

210.00

6.3%

-16.1%

—

0.0 6.43.0

32.55

20.05

32.55

—

11.6

20.00

-21.6%

0.9

1.1

-3.7%

18.1

15.9

13.6%0.5

0.659.50

47.00

-1.0%

22.6

—

-22.6%

33.50

212.00

317.25

0.8

23.0024.00

22.62.7

118.50-2%

62.50

1,100

20.00

1.617.50 17.50

—

10.4

15.5

-13.6%

0.3

N/A

33.50

— 0.3

118.75

1.7

-4.0%

13.00

208.75

83.00

3.1

36.8

3.70

M.S

ecto

r Con

glom

erat

e/Ho

ldin

g

10.40

-1.6%

27.15

47.00

—

34.3%

13.00

-5% 153

34.00

41.8013.50

—

-4.3%

-15.4%

67.00

—

-16.3%

Trav

el &

Lei

sure

—

26.8%

11.9%

26.9513.2%19.2

15.7

-1.3%

10.0%

—

—5.00

30.00-2.0%

26.1026.10

—

60.00

—3.7

-12%

18.2%0.0%

185.00

15.00

84.00

0.7

-9%3.5

43.8084.00

-7.7%

22.6

0.5

43.90

30.70 2.7%30.30

2.9%

9.1

2.9%

4.6

-17.2%

312.00 3.9

1.6

18.2%

-4.5%

-9.7%

41.80

60.00

-16.8%

0.0 0.0%

8.3

244

38.4

10.5%

5.10

—

10.2

-21.1%

225.00 —

-16.7%

3.91

8.3

8.615.00 -3.8%

0.5

0.012.40

14.7

923.00

9.6%0.03

-5.4%

—

0.3

58.50

—

0.198.00 30.50.6%

0.0%

923.00

12.25

40.6540.55

358.00

17.3%

0.4%

—

-4.6%0.5

—

0.03

0.0%—

1.80.0

2.7—

9.720.001.7%

Cons

umer

Sta

ples

185.0027.50

185.00

60.00

1.3-12.3%

41.00

16.24.4%0.1 6.3

1.1

4.6

20.00 -4.8%18.0

0.0%

-35.5%

8.4%

—

—

7.04

98.00-40.0%

6.7%

336.00-4.3%

0.6

30.30

—

—

— 0.0%

16.8

27.00

2.3

0.67

10.00

15.5

-4.4%0.5

0.5

1.7

3.7

120.00

59.258.220.45

-26.5%10.00

VWAP

—

1.3

—

98.00

5.4

0.4

0.0%

10.7

35.10

82.75

5.78

-8.1%32.50

15.2%

-26.0%

-5.3%

0.2

1.6

35.10

-7.0% 0.8

60.00

43.753.2

— 0.3

9.8% 12.4

-20.5%

1.0

-20.0%

355.75

3.8

58.75

1,100—

4.2

-27.4%

DY3.8

Change

0.4

1.2

—

7.4020.00

14.317.50

10.0

SecurityPBV ROE

22.8N/A-2.8%0.63

Weekly Insight

L ‒ 52Wk ‒ H

7.9

13-May-2016

PER0.8%

Week Ended

Fina

ncia

l

4.00.4

0.82.8

29.8

3.0

311.00

0.51.57.507.20

0.69

1.0

YTD

-9.5%

YoYAs at

1,100

1.3

4.4

Val.13-May

13-May-16

15.2

-17.4%

—

6.8

4.9

0.4

5.3%

0.5

0.867.7

60.00

3.5

0.72.613.3

16.4

-7.8%

—

8.00.721.50

0.5

0.5

0.8

1.30.7

62.25

54.6

—

0.1

—

30.00

5.005.78

47.20

22.55 13.8

—

1,375

12.4

26.10

—

15.00

7.04

26.10

4.3225.00

4.60.7

2.1

0.6

0.4194

26.35

1.5

6-May

-1.6%

-28.0%0.3%

103

0.0

193

1.5

-5.6%67.00 0.467.00

-29.8%

0.0%

546

3.1

1.5

1.9

26.15

-3.7%

23.6%

4.9

5.7

0.9

2.2

0.0

14.6

0.3

83.004.8

35.30

— —

20.4

8.9

—

2.1

58.6

0.0

8.7

9.47.1

0.7

0.9

1.0

2.2

-24.6%

4.6

5.315.7

10.60.6

5.9

3.2

10.19.8

10.6

0.3

3.6

1.3

11.0

4.39.8

0.1

8.75.4

19.4% 7.8

3.8

8.82.1—

0.30.0% 23.7

-20.7%

0.0

— —

— 12.25 —

5

Stock Movements — COND, PROP, GBL1, MAT, IND, ENGY, HLTH, COMM & INVH

CTL ▼VEM ▲ENLC ▲ABC ▼RHT ▬UBS ▬ACC ▬MSIL ▬ASCE ▼ASCE(B) ▬BLFE ▼CAUD ▲CIMO ▬NOVUS ▬APL ▼COVI ▬UTDL ▲ROCK ▬SAREF ▬ALPL ▬DELP ▬GFP ▬NFPL ▬STBR ▬TADV ▬UBP ▼MCFI ▬CHEM ▬BYCH ▬GAZ ▬PIM ▲PCCL ▬MFD ▼FORT ▬

Eng

SHUMBA ▬

Hlth MASC ▬

Com

BTEL ▬CIEL ▲MDIT ▲POLI ▼NITL ▼PAD ▬BMHL ▬ENL(P) ▼BEEP ▼ASTO ▬DALE ▬


2.37

—

—

0.0%

PER

27.00

Indu

str

10.3

N/A

—

—1.16

——

9.94

5.50

0.0%

13.1

Mat

eria

ls

—

5.9%

-58.0%

16.4%3.6%5.50

—

—

—

36.8

1.74

60.50

—

39.875.00

GBL

1 Pr

oper

ty — -15.4%

—1.74

2.0

0.10

0.0%5.11.16

2.0-21.2%-10.0%

9.6%

-37.7%-9.6%

—

16.50

-8.3%

— -32.4%

50.00

5.0

4.20

—

0.5

N/A

14.8

0.066.5

83.00

1.00 —1.20

27.10.0%

Prop

erty

7.50—

2.37

-26.1%

37.35

15.50

9.94-17.8%

9.94

1.21

-10.7%

64.75—

1.20

Week Ended

-1.7%

— —

-4.5%

—

82.75

— — 0.0%

153.00

—

13-May

0.2%

5.27.7

13-May-16PBV

3.4 16.0

As at

Weekly Insight

39.80

Cons

umer

Dis

cret

iona

ry

0.1

9.0

Val.

90.5039.00 5.7

YTD DY

37.35

6-May

-15.5%

3.9

4.8-30.7%

Change

85.00

15.6%

59.8 0.81.0 6.10.25.42

-8.5%

—

0.9—

1.00

24.15

89.00

17.90

1.3

0.6

-20.2%

0.00.5

33.50 33.50

4.00

1.7

204

6.5

0.0

17.816.00

— —

2.72.80 —1.00

0.0% 13.8%—

0.213.8%

—

Inve

stm

ent H

oldi

ng

2.80

16.40

6.2

0.5

0.3

5.48-15.2%

3.0

2.5

0.6

—

6.28

5.42

0.0% N/A

4.20

2.30 16.1

26.00

5.1

7.50

1.1

— — 1.0—

-16.6%

-6.3%5.7%

1.6

—

—

60.00

0.3

3.94

-7.8% -15.0%

7.32.9

-11.8%

-31.4%

64.7%

-24.2%

0.0%27.8%

10.50

—0.0%

0.5

75.1

0.79.3-15.0%

7.50

0.06

88.00

25.6034.5

4.9

-14.0%

3.1

2.4—

17.00-25.0%

6.24—

-14.5%

16.00.1 -4.0%

—

33.70

75.00

24.3

2.30

0.0%1.00

6.660.0050.00

0.10

5.5108.1%

0.9082.50

0.90

1.20

16.7-11.9%

—

16.50 —

0.2

9.94148.00

17.00

12.7

3.1

7.50.0% 0.0%

—

1.3

—

4.1

3.2

597.9

—

2.0

0.7

—7.12.0

— 0.8

— 2.6

-13.2% 14.4

1.1

1.0

4.0

2.1

—

—

6.7

26.002.8

24.9026.00

7.9148.00

3.0 0.3—

—

89.000.8%

-2.2%

— 6.28 -4.8%

3.0-87.4%—

-16.7% 2.9

—

—

3.96

2.0

17.0

21.4

1.1

4.55.7

—

0.1

ROE

0.4—

1.8

0.9

—

14.615.0

-10.0%

—

12.2

91.25

0.1

0.2

—

102

0.9

1.1

1.1

—

1.1

1.5

-0.6%

—

7.7%— —

1.5

3.6

1.0

1.25.5%

3.4

— 0.0% — —0.1

6260.0%

0.6

27.0027.00

15.00

39.55

84.75

—

-0.5%-5.2%

—

0.0—

YoY

15.95.6

7.5

6.8%

1.4—

1.8-0.3%15.05

153.00

0.0%

-1.3%

17.13.2

12.50

-8.5%

—

66.00

—

13-May-2016

Security

84.75

91.50

0.7

0.4

0.9

—

VWAP

31.60

—7.8

—

-13.6%

L ‒ 52Wk ‒ H

3.6

—

7.6

39.5

— 0.9

-8.9%

0.1

21.4%2.942.85

—

0.6

0.6

3.5

2.60.5

-30.0%

0.4-8.8% — —

0.80.0 1.6

-10.7% 2.3% 0.4

5.5

—

—

15.7-1.8%

0.56.00

67.00

444.25 444.25

—

0.8

0.7

866

2.6 4.6

— —

23.8

—

7.0

31.60

— 0.4

0.4

-6.2%

2.8%8.6

0.3

5.63.91.7

—

13.3012.50

0.0%

—-2.5%

6.00 0.3

13.00

5.0% 2.7

2.88 -22.8% -43.0%

10.00 70.8N/A

5.0%7.50

13.00

1.20

6

Results for Quarter ended Mar 31st 2016

Result commentsMCB ▲SBM ▲ABCB ▲CIM ▼FINC ▼MEI ▲MUA ▼SWAN ▼SWANL ▲

NMHL ▼LUX ▲SUN ▲CHSL ▲HTLS ▲TPL ▲SCT ▲MOLI ▲LOTO ▲ASL ▲

ALTEO ▼TERRA ▲OMNI ▬MEDL ▲IBL ▲ROGE ▲ENLL ▲HML ▲GAMMA ▲EUDC ▼UTIN ▲

INNO ▼MOR ▼PBL ▼PHIN ▼QBL ▲UNSE ▲CSE ▲LFL ▲LMLC ▼MIL ▼SAIL ▲MCOS ▬GOLI ▬CMPL ▲


Net Prem ↑ 16% to Rs684M, however near 3x jump in Prop PBT did not outweigh Rs11M losses in Casualty fr Rs48 prof.

Premiums grew 5% to Rs239M coupled with improved underwriting surplus foll. disposal of Leasing subsidiary.1.86

0.57

Qtr Ended

13-May-2016

Loans (+4%) & Depos (+20%) → LDR of 40%. NII marg ↑ fr 6.9% to 8.9% → NII of Rs71M (+42%) + Core CIR ↓ fr 83% to 59%!

Ex. windfall gains fr PAD's sale of NMHL. NII of Rs2.2bn (+9%), NFCI of Rs720M (-12%) likely fr ↓ trade fin fees, CIR ↓ fr 49% to 46%.

25

Despite Rev ↑ to Rs1.1bn (+15%), ↑ competition → op. marg. ↓ fr 3.8% to 1.8% + Fin Cost ↑ 2x.

0.24

L to P

Rev. ↑ mainly on the back of Eng. Drop in Fin & Seafd prof offset by gains in Commerce and Eng. Retail flat.

Net Prem ↑ 19% to Rs283M; however higher claims ratio and amounts → Underwtg surplus of Rs113M (-17%).

* Adj for non-recurrent items, unrealised fair value gains, and discontinued operations

1.54

Poorer Mauritian sugar perf. offset by new Kenyan ops. Delayed sig of title deeds meant Property recorded losses.

Hilton expectedly returned to profits having recorded its highest Rev/Rm of €206 in more than 7yrs.

2.37

NII marg of 7.5% (fr 6.5%) → NII of Rs1.1bn (+18%). NFCI of Rs285M (+32%) due to diversification. Restated Q1-15 CIR ↓ 42% to 40%.

5.7633

% Δ

0.46 -25

0.46

-1.24

L to P

Net Prem ↑ 22% to Rs885M while Invmt Inc ↓ 5% to Rs477M. Life Surplus stood lower at Rs540M.

20

0.83

Sugar op. losses reduced by Rs4M coupled with improved performance by SCT.

— —Not yet released. Expected on or by May 15th 2016.

Rev ↑ by 20% to Rs221 → smaller Op. Losses of Rs13M (Q1:15: Rs18M).

0.86

22

0.39 -1.19

L to P

-0.11

0.10

Cyc. prop inc ↓ offset by Hosp. cluster: Casela gains traction with local + Substantial ↑ in Sugar ops.

Not comp. foll. merger with ENIT. Please see notes of ROGE & ASCE. Sugar profits doubled in-line with SIFB compensation.

-0.16

0.36 0.73 -50 Mtian ops improved but Moroccan losses ↑. Restated Q2-15 boosted by Fin Rev & Tax credits.

— -0.88

4.35 -6.2 Despite 10% Rev ↑, MUR's depreciation dragged local marg. ↓ fr 8% to 6% but largely offset by gains in Reunion.

0.42 -0.03 L to P Bev sales ↑ to Rs225M (+16%) → EBT of Rs11M against a break even Q1-15.

2.13 11

Mtian results boosted by Rev/Rm ↑ of 11%; while Mdves hurt by part closure for refurb. → op. marg ↓ fr 30% to 25%.

0.10

-253.38

1st Profitable Q1 in >7yrs. Rev ↑ 14% to Rs800M driven by “brands”. PAT ↑ on the back of a 33% drop in sugar losses.

1.87406

2.38

4.53

0.028

0.57

0.021

1.2

13.24

5.83

0.61

11

2,779

0.00

0.02

0.08

Marked ↑ in both Mtian Occ. & Room rates but not comp. as Four Seasons now subs + Mdives closed for Refurb.

51

CHSL's holding. Please see note above.

3,386 Turnover grew by 14% to Rs162M boosted by ↑ Occ. rate of Ebene hotel + ↑ Food & Bev. income.

2.14

0.11

1.48

0.23

1.2

Not yet released. Expected on or by May 15th 2016.

-1.98 45

0.02 478 Rev/Rm on par @ €134. ↑ Occ. Rate → Op. Marg. ↑ fr 10% to 17%.

-0.55

Inc fr inv. ↑ 2x to Rs10M offset by loss on disposal. Inv. Pfolio on par, except Mat apparently hurt by GAZ's mkt perf.

0.05

—

-7.44

A 49% ↑ in Football betting to Rs32M → Rs10M ↑ in EBITDA to Rs9M.

0.24

0.16

139

EPS boosted by turnaround in Seychelles assocs. Op. marg. in Mtius ↓ fr 39% to 32% while Mdives on par at ~28%.

0.52 0.44 19 Prop. & Fin Svcs not comp due to acquisitons. Hotels, i.e. VLH, fared better while slow villas sales → Real-Estate losses.

3.56 3.86 -7.6

—

—

Rev & assocs flat QoQ. Poor Tech & Eng. segmt perfs. offset by Chemical arm. (See MCFI, CHEM & BYCH)

0.19-0.08

-0.38

L to P0.01

28

L to P

0.34

-9.31

Op. profit ↑ Rs8.4M (+63%) boosted by Metal/Plastic container ops; but EPS affected by absence of invmt income.

-1.16


0.21

-27

PBL's holding. Please see note above.

Weekly Insight

Adj. EPS*QoQ

Mar-15 Mar-14

0.00

0.35-0.300.17

In spite of a 4% drop in Revenue to Rs125M, both Manufacturing & trading segmts returned to profits.

-10 Att Prof ↓ > PAT ↓. Bevs & Hosp Rev ↑ 16%, but Bevs PAT ↓ by ~Rs4M offset by Hosp PAT ↑ by Rs4M.

Not comparable due to acquisition/conso of Holcim + Contracting segments turned around.

6.2

Glob Biz prof ↓ 35% to Rs58M. Cons Fin & Prop results similar. Foll sale of Retail ops, Inv Rev halved.-23

Cons

umer

Sta

ples

M

ulti-

Sect

or C

ongl

omer

ate/

Hold

ing

Trav

el &

Lei

sure

Fina

ncia

l

0.09 0.21 -56 Excludes assoc. PAD's Rs368M windfall gains on sale of NMH shares. EBT halved due to ↑ dep. and fin. charges.

1.90 1.74 9.3

4.08

Ticket sales ↓ 22% affected by absence of Quick Win and Ads. PAT boosted by ↓ prize pay-out ratio to 48.5%.

-0.33

P to L0.27

P to L

-3.62

-0.04

0.58

0.20 0.25143

0.02

-7.27 -8.62 16 Despite a smaller sugar income due to timing diff., agri losses decreased by ~Rs11M.

1.50 0.91 64 ↑ Mtian + Mada sales → Rev (+16%). Low comm. prices → op. marg. ↑ from 6.9% to 7.3% + Assoc LMLC perf good.

-0.10 0.54 P to L Turnover for the flour miller fell to Rs451M (-8%) coupled with operating margins of 2.6% against 3.7% in Q1-15.

-8.75 1.86 P to L Increased competition foll. elim. of tariffs on SADC/COMESA imports → Rev ↓ (-12%) → Op. losses.

7

Results for Quarter ended Mar 31st 2016

Result commentsCTL ▼VEM ▲ENLC ▼ABC ▲RHT ▼UBS ▬ACC ▬MSIL ▬

ASCE ▲BLFE ▬CAUD ▲CIMO ▲NOVUS ▬APL ▬COVI ▬UTDL ▲

ROCK ▼SAREF ▼DELP ▲GFP ▼NFPL ▲TADV ▲

UBP ▲MCFI ▲CHEM ▲BYCH ▲GAZ ▲PIM ▼PCCL ▬

MFD ▬FORT ▲

SHUMBA ▲

MASC ▲

CIEL ▬MDIT ▬POLI ▲NITL ▲PAD ▲BMHL ▼ENL(P) ▬BEEP ▼ASTO ▲



Adj. EPS*Qtr Ended QoQ

Mar-15 Mar-14 % Δ

Cons

umer

Dis

cret

iona

ry 0.57 0.91 -37 New ops set up in Mada → Knits [Rev.: Rs946M (+24%)] op. losses of Rs5M + Woven op. marg ↓ fr 11% to 9%.

3.10 2.57 20 Top line ↓ related to Oil prices. PAT boosted by non-reg sgmt driven by bunkering & bunker oil activities.

-0.32 -0.28 -14.0 Q3-15 Op. prof. restated fr Rs7M to Rs9M. Marg. ↑ in auto seg + ↓ Corp costs outweighed by poor Manfacturing.

3.70 2.24 65 Car sales Rev ↑ by 5% to Rs461M + Op. Marg improved from 3.4% to 4.5% + Assocs ↑ 2.5x.

— -3.49 — Not yet released. Expected on or by May 15th 2016.


— 0.96 — Not yet released. Expected on or by May 15th 2016.

0.13 0.13 3.0 Not Comp. ↑ stake in Bagaprop. EBIT ↑ 3x to rs153M offset by 4.5x ↑ FIn. Cost to Rs79M + Refurb.


0.000 L to P Maiden Q1 reporting. Rental income of £5.7M translates to PAT of £2.8M

0.032 -0.001 L to P Maiden Q1 reporting. PAT essentially stems from Finance Income of $1.4M.

-0.39 -0.65 40 Core cons. Mat. Rev ↑ to Rs395M (+6%) + op. marg. ↑ to 8% fr 5.5%. Retail seg. losses ↓, but loss @ assocs ↑ 2x.

0.020 -0.061 L to P Rental income for Q1 stood at just under $7M. Op. profits offset by FX losses and Fin Costs.

-0.004 0.000 P to L

6.21 6.5

0.018

Underperformed v/s benchmarks but income turned positive from being negative in Q1-15.

1.34 0.94 42 Income from investments doubled to Rs25M; however expenses ↑ & FV losses on invmts.

0.26 0.13 99


-7.98 -21.46 63 Q1 Rev surged to Rs174M (+72%) → reduction in op. losses from Rs38M to Rs9M.

0.21 Op. losses fell from $329k to $279k, however, the unexpected PAT stemmed from $298k in Fin. Income.

— 0.18 —

-81 Construction Mat sales fell 15% to Rs21M + Admin exp ↑ amid div. in specie dist. + accentuated losses at Radisson hotels.

0.63 0.15 323 Poor “Tyre” and “Industrial” segment sales (Rev ↓ 13%) mitigated by efficiency gains → op. marg. of 6% against 2%.

-0.06 -0.16 65 QoQ financials similar. Small increase in rev → CIR improvement from 107% to 105.5%.

1.32 1.06 24 Boosted by improved sales of liquid N2, O2, & Noble gases, Rev ↑ by 5% to Rs28M & Op. margin ↑ to 17% fr 13%.

-0.16 0.07 P to L In spite of Turnover ↑ to Rs56M (+11%), PIM made op. losses due to ↑ prod. & emp. exp. + CapEx invmts.

0.00 L to P


-6.7 Halving of dividend income part offset by improved performance of associates.

-0.04 — Not yet released. Expected on or by May 15th 2016.

0.06 -0.05 L to P

* Adj for non-recurrent items, unrealised fair value gains, and discontinued operations

—

Excludes windfall gains on sale of NMHL shares. Op. Marg ↑ fr 4% to 7.5% + Assocs ↑ to Rs29M (+63%).

— 0.18 — Not yet released. Expected on or by May 15th 2016. Related to CTL, SUN, ALTEO and MASC.

0.57 0.62

Prop

erty

GBL

1 Pr

oper

tyM

ater

ials

0.105 0.106 -1.5

-1.23

ENHL

THIn

vest

men

t Hol

ding

-0.55 0.37 P to L Both Revenue & Op. Prof. ↓ by ~Rs9M from the absence of investment income during Q1-16 although bus. ops broke even.

0.001 0.000 847 Rev. quasi-flat QoQ, however ↑ op. marg of 14% against 11% in Q1-15 offset by tax charge v/s credit in Q1-15.

1.66 -0.44 L to P Not comparable. QoQ revenue stood higher by Rs20M boosted by disposal of non-core assets.

0.44 -0.15 L to P Rev ↑ to Rs179M (+44%) boosted by local & reg. sales. Op. losses ↓ + Fin cost turnaround → EPS growth.

0.04 0.02 121 Boosted by improved bed uptake & increasingly complex surgeries, Rev ↑ 32% to Rs214M + Op. Marg ↑ fr 8.5% to 13%.

— 0.25 — ENL Group's holding co. Related to ENLL, ENLC, ROGE and ASCE.

-2.21-0.01 -0.01 54 Maiden Q1 reporting. FV gains on portfolio and divs. insufficient to cover admin. exp.

Mat

eria

Improved Occ rate → 18% Rental Inc ↑ to Rs4.8M → Op. Prof ↑ to Rs2.2M (+10%)




0.006 P to L FV Gains ↓ 60% → Op. Prof ↓ to $900k (-42%) coupled with 2x ↑ Fin Cost (Divs). Nigerian vacancies ↑.

Drop in Divs & FV gains offset by rental from newly acquired direct holdings in Europe + absence of FX losses.

-0.139

Rental income stable at £20k, however, admin exp + FX losses hurt profitability.

6.61

8

Preference Shares with Fixed Dividends

NMHL(P) ▬ENLL(P) ▲ASCE(P) ▬TPL(P) ▼LFL(P) ▬LMLC(P) ▬TREVO(P) ▬

Debt Securities

OMNI 08/17 [7.15%] ▼NMHL 07/17 [€3.50%] ▲LUX 12/17 [9.00%] ▲NMHL 07/18 [R+1.35%] ▼UBP 10/18 [R+1.20%] ▼ABCM 01/19 [6.00%] ▼NMHL 07/19 [R+1.85%] ▼UIL 01/20 [R+2.35%] ▼CBVA 10/20 [R+1.10%] ▲CBVA 10/20 [R+1.60%] ▼MCB 08/23 [R+1.35%] ▼SBM 03/24 [R+1.35%] ▼MUA 09/24 [R+1.85%] ▼ASCE 06/25 [6.00%] ▼


27-Oct-16 5.36% 5.36% 3.63% 6.75% 27-Oct-20 102.42 108.87

27-Oct-16 5.37% 5.37% 4.22% 3.50% 27-Oct-20 102.90 107.02

—

7.0%

NextCoupon

<15-May-17

13.00

<15-May-17

<30-Jun-17 13.20

33

@ Par

DY Wk Ended

290.70 350.00

6.00% 6.00% Rs13.2 ≥30-Jun-20

Weekly Insight

6.64% -47

0.1116.28

7.0% 42.0042.00

0 —

<15-May-17

Pref Share

99.07

6.79%

101.47

112.21

6.50%

1.92%5.21%

15.71%

10-Sep-16

17-Jul-173.50%

107.91

100.83

31-Dec-17

6.00%5.60%

2.73%

2.96%

17-Jul-193.50%

6.78%

5.19%

5.85%

9.00%

5.55%

5.19%

10-Mar-24

109.92

15.92% 2.31%

102.91

114.50

110.05

24-Sep-245.44%

101.97

104.06

5.48%

109.16

15-Jul-16 6.00%

08-Aug-23

5.59%

4.01%

6.09%

6.00%

3.58%

105.82

112.31

102.03

103.71

2.97%

6.10%

108.03

112.72

24-Sep-16

28-Jan-17 5.82% 2.69%

31-Oct-18

5.04%

4.83% 30-Jun-256.00%

08-Aug-16

16-Aug-17

Maturity6-May

YTM @ FV

30-Jun-16

31-Jan-20

4.82%

30-Jun-16

4.07%

5.44%

31-Jul-16

15-Jul-16

Fair Val

YTM

Redemption

4.80%

-36 —

6.0% 16.334.60%

—

-41

Setmt

4.21%

17.44Rs100 on Wind-Up

12.0%4.80%

Rs11.99 ≥31-Jan-18

Rs100 on Wind-Up

-42 25.00

—

YTM Week Ended

Rs40 ≥01-Dec-15

5.89% 15

0

5.89%

R13 on Wind-Up —

13-May

12.63

<15-May-17

11.35

103.010.64%

13-May @ Par

0.00

— —

7.15%16-Jun-16

6.0%

-69

190.00

5.56%

3.12%

3.99%

5.71%

30-Sep-16

7.00%

Debenture

27-Jan-19

6.56%

101.64

5.44%

17-Jul-18

101.82

105.99

6.00%

6.75%

15-Jul-16

6.57%

5.83%

110.27

<16-Jul-16

Rs10 on Wind-Up

8.0%

NextDividend

-31

191.75

Fair Val VWAP13-May LCPYTD11.20

44 0.16.67%

101.95

13-May-2016

DY Change [bps]

7.00%

5.71% 20.0%

0.511.20

6-May YoY Val.

366

212

1,266

210188

218 228257

113 112

-7

311

-81

Premium to Risk Free [bps]>999

9

Fixed Income Instruments

Moody's Credit Rating: Baa1

Overnight [% p.a.]1 Week [% p.a.]

ETFs & Commodities

L HNewGOLD [Rs/coz]▼Gold [Rs/coz] ▼NewPLAT [Rs/coz] ▲Plat. [Rs/coz] ▼Sugar [Rs/t] ▲B.Crude [Rs/L] ▲S&P GIVI SA Top 50 ▲*where coz ≡ centi troy ounce, i.e. ~0.3g; t ≡ tonne = 1,000kg; L ≡ Litre = 100cm 3


440.54

13-May-2016 6-May-2016

Change

YTD1 Week

379.91

457.63

383.57

117.47

1 Wk

▼

YoY Val.441.44 18.2% 427.20

6.89%

▼

117.03

-0.30%

-0.21%

VWAP

13.4%

ChangeWk Ended

10.12

18-6.49%1.44

11.0%

6.1%

17

0.0

8.7%

2.0%

6.3%

10.81

YTD in bps

1.82

-27.2%

380.98 19.6%

28.3%

30.9%6.41%

—52-Wk—

-6.1%

147.10

—

-22.7% —

434.25 —

ETF & Commodity

-0.28%

6-May

19.7%

—

YTD13-May

Weekly Insight

1.54-2.67%

LCP

13,296

1.87

12,495

458.99

Week EndedPLIBOR

13-May-2016

17.9%

-6.7%

427.20

1.56%

0.38%

377.69

3.1

4.3

5.5

6.97.1

2.0

3.5

5.0

6.5

0 5 10 15 20So

vere

ign

Yiel

ds [

%]

Instrument Maturity [Yrs]

Log. (Previous)

Poly. (Current)

0.8

1.8

2.8

3.8

Inte

rest

Rat

e [%

]

PLIBOR 1-Day

PLIBOR 1-Wk

Tbill 91-Day

Current

Prev. Yr

85

90

95

100

105

110

Inde

x =

100

on 3

1-M

ar-1

5

NewGold [Rs] Gold [$]70

80

90

100

Inde

x =

100

on 3

1-M

ar-1

5

NewPlat [Rs]

Plat [$]40

60

80

100

120

140

Inde

x =

100

on 3

1-M

ar-1

5

Sugar [$] Crude [$]

10

Forex Rates

L HUSD / MUREUR / MURGBP / MURZAR / MURAUD / MURJPY / MUR*Weight of currency in trade basket used to compute an MUR index (MURX)

Forex Market Watch

*where USDX is the USD Dollar index and MURX is an MUR index computed by AXYS against five peers using the trade basket


Wt*

▼

13-May

27%57%

—52-Wk Range—

YTD 52 Wks

▼

▲

51.89

Currency

▼ 33.69

6%

6-May

40.87

26.32

35.92 0.01%-0.24%

2.42

1.4%

33.17

-4.2%

-1.52%

1.5%

-1.18%

Change

10.9%-1.6%

-1.7%

-0.40% -20.0%3%

2.41

8.8%

7%

13-May-2016

-7.0%2.4%

▼

1 WkWeek Ended

-9.0%▼

Weekly Insight

1.4%26.63

40.97

During the week ended May 13th 2016, the Bank of Mauritius did not intervene on the domestic foreign exchange market.

-0.23%

35.92

52.01

-18

-9

0

9

Inde

x =

100

on 3

1-M

ar-2

013

USD EUR GBP

Elections

25

475

925

1,375

1,825

92

94

96

98

100

102

BoM FX purchases [Rs M

]Inde

x =

100

on 3

1-M

ar-1

5

BoM MURX USDX

8.91

11.92

7.18

10.37

15.08

10.42 1.28

3.80

14.89

14.57

10.2

15.7

22.1

24.9

15.1

10.4

2930 31 31

3536

4039

41 41

2011 2012 2013 2014 2015 2016

USD bought [Rs bn]

EUR bought [Rs bn]

USD VWAP [Rs]

EUR VWAP [Rs]

11

SEM Listed Fund Net Asset Values

Africa Sustainability Fund

Bayport Management Ltd

Colina Holdings Ltd

Global Diversified Fund PCC - Cell No. 1

Global Windsor Capital Fund Ltd

Novare Africa Fund PCC

NinetyEast Timaeus Capital Fund PCC - Cell A

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

RSJ Prop, PCC

Triangle Real Estate India Fund LLC

Universal Golden Fund

AfrAsia Capital Management Ltd

– ACM India Focus Fund

– ACM Aussie Ltd

– ACM European Ltd

– AfrAsia Special Opportunities Fund

– AfrAsia Special Opportunities Fund

Global Investment Opportunities Fund Ltd

– Kotak Indian Growth Fund (Class A)

– Kotak Indian Mid-Cap Fund (Class C)

Imara

– Imara African Opportunities Fund Ltd

– Imara Global Fund Ltd

IPRO Ltd

IPRO Growth Fund Ltd

IPRO African Market Leaders Fund Ltd

Kotak Investment Opportunities Fund Ltd (KIOFL) Class D Shares

– Kotak Indian Infrastructure & Realty Fund (Series 1)

– Kotak Indian Infrastructure & Realty Fund (Series 2)

Select Abbreviations

Disclaimer


3.3%

25.65

825.14

-8.1%

$

3.3%

▲

-0.4%

2.2%

0.2%€ 594.65

752

6.00

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

1.5%

3.79▲

4.05

121.25 125.26

4.11$

1.3%3.84

$

28.28

3.3%

-2.4%

$ 2.8%

$

▼

25.75 -1.5%

ChangeYTD

1.0%

▬

▲

150.50

—

0.7%

1,802

8.9%

-1.0%

0%

1.47

1.92

—

-6.1%

0.6%

-9.5%

-0.5%

0.98$

▲Feb-16

▲ 3.54

25.62

-2.3%3.31

117.12

Rs

-4.5%

0.4%

454.91 -3.3%▲

106.69

857

99.66

107.11

Rs

£

$ 99.71

$

1.5%

12.44

▲

473.59

470.02398.26

541.30

▼

▼

3.3%

595.87

-2.2%

4.1%

-1.1%

1.47

1.15

-1.0%

-2.4%

0.1%

—

0.98

-0.4%

-2.0%

2.02

Apr-16692 19.9%14.1%

▲

▼

7.8%

5.51

$

5.21 -0.4%

0.0%

-56.7%

▼ 1,183

106.69

MtoM

5.23

1.00

99.46

0.97

▲

-0.2%

1.45

2.09

33.3543.17$

151.40

▼

▲

26.65

$

$

$

▼

▲

▲

30.18

823.87

1.00

€

-0.4%

R (ZAR)

0.0%

$

Official Market Mar-16


▲

$ (AUD)

▲

$

1,718

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

$

$

▲

1,170

Month Ended

549.26

12.56

28.39

▲

-4.6%

12

Weekly Insight - AXYS Group · 98.69 99.50 1,776.64. 141.27. 13.8 21.1 19.5 10.0 ... FP = Foreign...

Documents

Transcript of Weekly Insight - AXYS Group · 98.69 99.50 1,776.64. 141.27. 13.8 21.1 19.5 10.0 ... FP = Foreign...