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PAM New Template United Capital Weekly Pan African Monitor Equity Research|Market Indicators|News Updates United Capital Weekly Pan African Monitor Equity Research|Market Indicators|News Updates Market WTD Return YTD Return Valuation Dividend Equities Index Level Cap ($bn) (Local) (Local) P/E P/B Yield BRVM: BRVM 10* 294 6.8 0.7% 10.0% 23.1x 3.7x 0.9% Egypt: EGX 30 7,237 60.8 -0.8% -19.1% 14.7x 1.1x 3.0% Ghana : GSE Composite 2,101 2.6 0.0% -7.1% na 1.5x 1.0% Kenya: Nairobi All Share 144 18.9 0.0% -11.6% 13.9x 2.2x 4.4% Mauritius : SEM DEX 1,940 7.3 -0.1% -6.4% 15.7x 1.0x na Morocco : CFG 25 19,790 48.5 -0.1% -2.2% na na na Nigeria:Nigeria All Share 29,827 51.2 2.4% -14.8% 8.8x 1.4x 4.7% South Africa: JSE All Share 48,843 423.7 -0.5% -1.7% 23.1x 2.1x 3.8% Tunisia: Tunis Index 5,362 10.0 -0.1% 5.5% 27.1x 2.5x na Zimbabwe: Industrial 135 3.3 0.0% -17.2% 11.5x 0.8x 3.1% Frontier M arkets 526 -- 0.0% -14.0% 10.5x 1.4x 4.2% Emerging M arkets 789 -- 0.0% -17.5% 11.5x 1.3x 3.2% Movement of the major equities indices across Africa Movements in the Global Indices Vs Africa Nigeria South Africa 1.4 Ghana Kenya 1.2 BRVM FM 1.2 EM 1.0 1.0 0.8 MSCI World S&P 500 0.8 FTSE 100 MSCI Africa 0.6 0.6 Sep -14 Nov -14 Jan -15 Mar -15 Sep-14 Nov-14 Jan-15 Mar-15 Currencies (Vs USD) Spot Rate WTD Return MTD Return YTD Return 6M Forward12M Forward Egypt EGP:Pound 7.8 -0.2% -0.1% -8.7% 9.03 9.8 Ghana GHS:Cedi 4.0 -6.2% -1.4% -18.6% 4.21 4.6 Kenya KES: Shilling 106.1 -0.4% -2.0% -14.6% 113.19 119.6 M auritius M UR: Rupee 35.5 -0.1% -0.5% -10.4% 35.30 35.6 M orocco M AD: Dirham 9.7 0.0% -0.3% -6.8% na na Nigeria NGN: Naira 199.1 0.0% -0.1% -7.8% 241.50 262.7 South Africa ZAR: Rand 13.9 -0.6% -4.7% -17.0% 14.41 14.9 Tanzania TZS: Shilling 2160.0 -0.6% -0.7% -19.8% na na Tunisia TND: Dinar 2.0 0.0% -0.6% -5.2% na na Zimbabwe ZWL: Dollar 322.4 0.0% 0.0% 0.0% na na 49.07; --1.1% w/w 1121.06; --0.1% w/w 42254; +1.6% w/w 1500 105 Brent Crude Gold 410 Copper 1300 290 55 1100 170 900 5 700 50 Sep -14 Dec -14 Mar -15 Jun -15 Sep-14 Dec-14 Mar-15 Jun-15 Sep -14 Dec -14 Mar -15 Jun -15 Bond Yield Fixed Income (10 yr)Inflation Real Return Policy Rate Egypt na 8.4% na 9.8% Africa Eurobonds' Peformances 1.2 Ghana 10.0% 17.9% -7.9% 24.0% ( I-year Trend)* Kenya 14.2% 5.8% 8.4% 11.5% M auritius 6.0% 1.1% 4.9% 4.7% M orocco na 2.4% na 4.1% 1.0 Nigeria 16.0% 9.2% 6.8% 13.0% South Africa 8.6% 5.0% 3.6% 6.0% Nigeria Tanzania 17.0% 6.4% 10.6% na South Africa Ghana Tunisia 7.2% 4.2% 3.0% na 0.8 Zimbabwe 17.4% -2.8% 20.2% na Sep-14 Dec-14 Mar-15 Source: Bloomberg, United Capital Research United Capital Weekly Pan African Monitor Equity Research|Market Indicators|News Updates BVRM Economic News 1.4 • Ivory Coast's consumer price inflation dropped to 1.2%y/y in 1– year Equity market trend July from 1.8% in June , data from the National Statistics office 1.2 showed last week. The monthly report showed that food and soft drink prices rose 0.8%, while housing and utility prices 1.0 climbed 3% over the period. Healthcare prices fell 0.1% and 0.8 communications costs were unchanged. The economy of the world's top cocoa grower makes up around 40% of the eight- 0.6 nation West African CFA franc currency zone. Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 Reuters BRVM MSCI Africa Index Performance BRVM Current 294.62 Corporate News W eek Change 0.49% • No Corporate News 15 Gainers (no) 15 Losers (no) Market Breadth 1.0 52 wk High 307.83 52 wk Low 230.15 Top Gainers Price % Change Societe Ivoirienne d'Osygne et d'Acetyln 20,500 6.8% Shell Cote D Ivoire 71,500 5.8% Bank of Africa/Cote d'Ivoire 124,000 5.1% Bernabe 125,000 4.2% Onatel SA 12,500 4.1% Top Losers Price % Change Servair Abidjan 78,000 -7.7% CROW N SIEM 25,010 -7.4% Filature Tissages Sacs SA 26,005 -7.1% Movis Cote d'Ivoire 5,000 -7.0% PALMCI 14,505 -6.4% Source: Bloomberg, United Capital Research United Capital Weekly Pan African Monitor Equity Research|Market Indicators|News Updates 52-Week 52-Week MKT. CAP Price High Low (US$MN) WTD Return YTD Return P/E (x) P/BV (x) ROE (%) Consumer Goods Nestle Cote d'Ivoire 56,975 64,500 41,275 105.93 0.0% 3.6% 18.985 21.8 na PALMCI 14,505 19,350 14,000 188.89 -4.9% -14.4% 11.2 1.3 11.93 Sitab-Soc Ivoirienne Tabacs 152,000 162,000 116,500 229.90 0.1% -4.4% 20.9 9.4 43.03 Societe Africaine de Plantations d'Hevea 12,000 19,000 11,400 103.34 0.0% -31.7% na 0.9 -5.40 Societe des Caoutchoucs de Grand-Bereby 27,000 32,025 23,000 98.26 0.0% -15.4% 12.7 1.1 8.83 Societe De Distribution Automobile en Co 247,260 263,480 164,900 66.65 13.7% 46.3% 16.4 4.8 31.30 Societe de Limonaderies et Brasseries 170,000 245,000 164,188 471.46 -0.6% -15.0% 12.2 2.1 17.37 Unilever Cote d'Ivoire 26,000 41,000 23,100 70.55 0.0% -29.7% na na na Uniwax SA 27,500 35,000 6,579 34.75 -1.8% 243.8% na na 31.76 Energy Shell Cote D Ivoire 71,500 73,000 50,000 151.78 1.7% 19.2% 30.4 4.8 16.85 TotalFinaElf Cote D'ivoire 24,250 25,100 7,750 514.47 4.3% 142.5% 43.6 9.4 22.01 Financials Bank of Africa - Benin 126,050 134,375 63,500 213.91 0.8% 53.7% 10.6 2.1 21.62 Bank of Africa - Burkina Faso 106,505 110,000 80,005 197.38 1.0% 18.3% 11.6 3.0 30.49 Bank of Africa/Cote d'Ivoire 124,000 125,000 77,500 171.31 2.6% 37.8% 17.7 4.5 27.24 Bank of Africa/Niger 82,505 92,440 60,000 132.05 1.1% -5.2% 10.0 3.3 22.65 BICICI 91,000 96,000 68,000 255.52 1.2% 16.7% 15.3 3.4 23.06 SCBCI 106,980 117,000 73,055 560.74 0.1% 10.5% 12.0 3.8 35.58 Societe Africain de Credit Auto 27,500 30,355 23,000 6.02 0.0% 15.4% 4.0 0.5 13.65 Ecobank Transnational Inc 57 65 42 2311.61 0.0% 21.6% na na 17.15 Industrials Bernabe 125,000 125,000 71,000 69.75 9.1% 68.5% 20.3 3.5 17.19 Bollore Africa Logistics SAS 190,000 248,955 119,790 348.50 2.2% -23.7% 32.3 6.6 na Comptoir Francais Afrique 73,000 83,310 39,000 223.07 4.0% 58.3% 35.3 6.3 18.14 Movis Cote d'Ivoire 5,000 8,230 4,070 7.04 0.0% -27.0% na na na Servair Abidjan 78,000 85,000 27,000 71.70 5.6% 100.5% 34.1 15.2 53.92 Societe Ivoirienne DE Cable 92,000 117,870 57,000 22.94 -4.6% -9.8% 19.4 3.0 15.18 Materials CROWN SIEM 25,010 32,000 19,900 26.53 -0.7% 8.7% na na -0.82 Filature Tissages Sacs SA 26,005 40,000 15,800 154.48 -6.7% -11.8% 23.7 2.2 9.65 Societe Ivoirienne d'Osygne et d'Acetyln 20,500 26,335 15,500 30.17 -6.3% 20.6% 34.9 7.9 22.52 Societe Multinationale de Bitumes 20,000 20,000 13,500 65.67 5.3% 43.0% na na na Utilities Cie Ivoirienne D Elect 84,000 86,500 51,800 396.26 1.2% 1.8% 28.4 9.4 32.98 SODECI 80,000 91,300 55,000 121.30 3.2% -12.4% na na 23.90 Telecommunication Onatel SA 12,500 13,000 5,655 716.03 3.5% 68.9% 21.6 4.5 19.23 Sonatel 24,995 29,600 20,350 4211.08 -1.1% 9.6% 12.2 4.8 40.66 Societe Ivoirienne de Coco Rape 8,800 10,280 4,995 8.90 0.0% 72.9% 130.2 na na SETAO 45,000 48,535 19,795 10.19 0.0% 32.4% 5.7 na na NEI CI 4,995 6,235 3,450 4.30 -0.1% 24.9% na 4.4 -8.85 TRITURAF 490 490 490 0.86 0.0% 0.0% na na na Source: Bloomberg, United Capital Research United Capital Weekly Pan African Monitor Equity Research|Market Indicators|News Updates Egypt Economic news • .Business activity in Egypt's private sector excluding oil 1.2 1– year Equity market trend grew in August at the fastest pace of 2015 on the back of solid growth in output.
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