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PAM New Template 1 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* 303 7.3 -0.1% 13.4% 23.8x 3.8x 0.9% Egypt: EGX 30 7,492 61.2 0.0% -16.1% 14.9x 1.3x 2.8% Ghana : GSE Composite 1,984 2.5 -0.8% -12.2% na 1.4x 0.9% Kenya: Nairobi All Share 142 19.2 -0.9% -12.9% 13.6x 2.1x 4.6% Mauritius : SEM DEX 1,897 9.3 -1.0% -8.5% 14.7x 0.9x na Morocco : CFG 25 19,248 46.5 -1.2% -4.9% na na na Nigeria:Nigeria All Share 30,165 58.6 -1.4% -13.0% 8.8x 1.4x 4.7% South Africa: JSE All Share 53,296 0.0 4.6% 7.1% 26.0x 2.3x 3.4% Tunisia: Tunis Index 5,209 10.0 -0.6% 2.3% 26.1x 2.4x na Zimbabwe: Industrial 131 3.3 0.0% -19.3% 15.4x 0.7x 3.3% Frontier M arkets 520 -- 1.5% -14.9% 10.0x 1.4x 4.2% Emerging M arkets 848 -- 5.5% -11.3% 12.3x 1.3x 2.9% 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 Oct -14 Dec -14 Feb -15 Apr -15 Oct-14 Dec-14 Feb-15 Apr-15 Currencies (Vs USD) Spot Rate WTD Return MTD Return YTD Return 6M Forward12M Forward Egypt EGP:Pound 7.8 0.0% -0.1% -8.7% 9.25 10.1 Ghana GHS:Cedi 3.8 -0.9% -0.3% -14.5% 4.20 4.6 Kenya KES: Shilling 103.0 0.9% 1.8% -12.0% 114.31 122.8 M auritius M UR: Rupee 35.6 0.3% -0.5% -10.8% na na M orocco M AD: Dirham 9.7 0.0% 0.2% -6.5% na na Nigeria NGN: Naira 199.2 -0.2% 0.0% -7.9% 222.50 248.2 South Africa ZAR: Rand 13.6 0.6% 1.6% -15.2% 14.09 14.6 Tanzania TZS: Shilling 2175.0 -0.2% -0.2% -20.3% na na Tunisia TND: Dinar 2.0 -0.3% 0.1% -5.1% na na Zimbabwe ZWL: Dollar 322.4 0.0% 0.0% 0.0% na na 52.62; -0% w/w 1157; -0% w/w 42286; -0% w/w 1500 105 Brent Crude Gold 410 Copper 1300 290 55 1100 170 900 5 700 50 Oct -14 Jan -15 Apr -15 Jul -15 Oct Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Oct -14 Feb -15 Jun -15 Oct -15 Bond Yield Fixed Income (10 yr)Inflation Real Return Policy Rate Egypt na 7.9% na 9.8% Africa Eurobonds' Peformances 1.2 Ghana 10.9% 17.3% -6.4% 25.0% ( I-year Trend)* Kenya 14.6% 6.0% 8.6% 11.5% M auritius 6.0% 1.1% 4.9% 4.7% M orocco 5.0% 1.7% 3.3% 4.3% 1.0 Nigeria 15.0% 9.3% 5.7% 13.0% South Africa 8.2% 4.6% 3.6% 6.0% Nigeria Tanzania 17.6% 6.4% 11.3% na South Africa Ghana Tunisia 7.2% 4.2% 3.0% na 0.8 Zimbabwe 17.4% -2.8% 20.2% na Oct-14 Jan-15 Apr-15 Source: Bloomberg, United Capital Research United Capital Weekly Pan African Monitor Equity Research|Market Indicators|News Updates BVRM Economic News • Ivory Coast began construction last week of a four-year, 5 60 1.4 billion CFA franc ($962 million) project to build a second con- 1– year Equity market trend tainer terminal and widen the canal leading to its main port in 1.2 the commercial capital Abidjan. Among the busiest in sub- Saharan Africa, the port serves Ivory Coast, French-speaking West Africa's largest economy and the world's top cocoa 1.0 producer, and is also a gateway for landlocked nations to the north. China Harbour Engineering Co Ltd was awarded the 0.8 construction contracts for both projects with the bulk of the cost covered by a loan from China's Eximbank. Construction 0.6 Oct -14 Dec -14 BRVMFeb -15 Apr -15 MSCIJun -Africa15 Aug -15 Oct of the new container terminal, which will be managed by consortium led by France's Bollore, will last 48 months and cost 409 billion CFA francs. It is expected to allow Abidjan to Index Performance BRVM increase container traffic from 1.2 million TEU to 3 million TEU Current 301.99 by 2020. Reuters W eek Change 0.10% Gainers (no) 17 • Ivory Coast's President Alassane Ouattara last week pledged Losers (no) 13 to improve citizens' access to justice as he launched his bid Market Breadth 1.3 for re-election in an Oct. 25 poll which he hopes will cement 52 wk High 307.83 the country's economic recovery following a brief civil war. 52 wk Low 230.15 Corporate News Top Gainers Price % Change Societe De Distribution Automobile en Co 316,910 10.4% NEI CI 4,500 7.3% Bernabe 120,000 6.7% Bank of Africa - Burkina Faso 120,000 6.5% SCBCI 121,985 6.1% Top Losers Price % Change Uniwax SA 28,995 -12.1% Societe des Caoutchoucs de Grand-Bereby 26,000 -7.0% Movis Cote d'Ivoire 4,240 -4.6% Societe Ivoirienne DE Cable 100,000 -3.8% Bank of Africa/Niger 83,000 -2.4% Source: Bloomberg, United Capital Research United Capital Weekly Pan African Monitor Equity Research|Market Indicators|News Updates 52-Week 52-Week MKT. CAP Price High Low (US$MN) WTD Return YTD Return P/E (x) P/BV (x) ROE (%) Consumer Goods Nestle Cote d'Ivoire 49,000 64,500 41,275 92.05 0.0% -10.9% 16.327 18.8 na PALMCI 15,300 19,350 14,000 201.33 5.6% -9.7% 11.8 1.4 11.93 Sitab-Soc Ivoirienne Tabacs 154,105 162,000 116,500 235.52 0.1% -3.1% 21.2 9.5 43.03 Societe Africaine de Plantations d'Hevea 11,700 19,000 11,000 101.81 -0.4% -33.4% na 0.9 -5.40 Societe des Caoutchoucs de Grand-Bereby 26,000 32,000 23,000 95.61 -7.0% -18.5% 12.3 1.1 8.83 Societe De Distribution Automobile en Co 316,910 316,910 165,000 86.32 10.4% 87.5% 21.0 6.2 31.30 Societe de Limonaderies et Brasseries 168,000 237,500 164,188 470.77 -0.3% -16.0% 12.1 2.1 17.37 Unilever Cote d'Ivoire 25,600 41,000 23,100 70.19 0.4% -30.8% na na na Uniwax SA 28,995 35,405 6,579 37.02 -12.1% 262.4% na na 31.76 Energy Shell Cote D Ivoire 71,005 73,105 54,000 152.30 0.0% 18.3% 30.2 4.8 16.85 TotalFinaElf Cote D'ivoire 23,500 25,100 7,850 503.76 -2.1% 135.0% 42.3 9.1 22.01 Financials Bank of Africa - Benin 124,100 134,375 72,000 212.80 -0.7% 51.3% 10.5 2.1 21.62 Bank of Africa - Burkina Faso 120,000 120,000 80,005 224.71 6.5% 33.3% 13.0 3.4 30.49 Bank of Africa/Cote d'Ivoire 120,000 131,985 78,000 167.51 -1.6% 33.3% na na 31.97 Bank of Africa/Niger 83,000 92,440 60,000 134.23 -2.4% -4.6% 10.1 3.3 22.65 BICICI 102,000 102,000 68,010 289.40 2.0% 30.8% 17.2 3.9 23.06 SCBCI 121,985 126,850 90,000 646.06 6.1% 26.0% 13.6 4.4 35.58 Societe Africain de Credit Auto 27,500 29,750 23,000 6.08 0.0% 15.4% 4.0 0.5 13.65 Ecobank Transnational Inc 54 65 42 2215.46 0.0% 15.2% na na 17.15 Industrials Bernabe 120,000 125,025 71,000 67.66 6.7% 61.7% 19.5 3.3 17.19 Bollore Africa Logistics SAS 195,005 248,955 119,790 361.42 0.0% -21.7% 33.1 6.7 na Comptoir Francais Afrique 75,110 83,310 39,000 231.91 1.5% 62.9% 36.3 6.5 18.14 Movis Cote d'Ivoire 4,240 8,000 4,070 6.03 -4.6% -38.1% na na na Servair Abidjan 82,000 85,000 27,000 76.16 2.5% 110.8% 35.8 15.9 53.92 Societe Ivoirienne DE Cable 100,000 117,870 57,000 25.19 -3.8% -2.0% 21.1 3.3 15.18 Materials CROWN SIEM 26,005 32,000 19,900 27.88 0.0% 13.0% na na -0.82 Filature Tissages Sacs SA 28,000 40,000 17,835 168.07 0.0% -5.1% 25.6 2.4 9.65 Societe Ivoirienne d'Osygne et d'Acetyln 21,000 26,335 15,500 31.22 2.4% 23.5% 35.8 8.1 22.52 Societe Multinationale de Bitumes 17,000 20,000 13,500 56.40 -0.6% 21.5% na na na Utilities Cie Ivoirienne D Elect 81,500 86,500 52,000 388.48 -0.6% -1.2% 27.6 9.1 32.98 SODECI 82,005 91,300 55,000 125.64 0.0% -10.2% na na 23.90 Telecommunication Onatel SA 12,995 13,650 5,655 752.15 -2.3% 75.6% 22.5 4.7 19.23 Sonatel 26,400 29,600 20,350 4494.23 0.0% 15.8% 12.9 5.0 40.66 Societe Ivoirienne de Coco Rape 8,995 10,280 4,995 9.19 0.0% 76.7% 133.1 na na SETAO 51,700 52,675 19,795 11.83 5.5% 52.1% 6.6 na na NEI CI 4,500 6,235 3,450 3.91 7.3% 12.5% na 4.0 -8.85 TRITURAF 490 490 490 0.87 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 • Egypt's core annual inflation rate dropped to 5.55% in 1.2 1– year Equity market trend September, down from 5.61% in August, the central bank said last week.
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