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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* 300 6.8 -3.0% 12.2% 24.5x 3.8x 0.8% Egypt: EGX 30 7,173 60.1 0.0% -19.6% 17.0x 1.2x 3.3% Ghana : GSE Composite 2,164 2.5 0.7% -4.3% na 1.5x 0.9% Kenya: Nairobi All Share 150 20.0 -1.6% -8.1% 14.4x 2.3x 4.2% Mauritius : SEM DEX 1,959 7.6 -0.3% -5.5% 15.9x 1.0x na Morocco : CFG 25 20,240 49.9 -1.0% 0.0% na na na Nigeria:Nigeria All Share 29,878 51.4 -2.7% -13.8% 9.5x 1.4x 4.4% South Africa: JSE All Share 49,028 459.9 -3.5% -1.5% 21.1x 2.1x 3.7% Tunisia: Tunis Index 5,547 10.0 -0.4% 9.0% 29.1x 2.7x na Zimbabwe: Industrial 136 3.3 -3.9% -16.6% 11.1x 0.8x 3.2% Frontier M arkets 543 -- -2.8% -11.3% 10.2x 1.4x 4.1% Emerging M arkets 830 -- -3.9% -13.2% 12.1x 1.3x 3.1% 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 Aug -14 Oct -14 Dec -14 Feb -15 Aug-14 Oct-14 Dec-14 Feb-15 Currencies (Vs USD) Spot Rate WTD Return MTD Return YTD Return 6M Forward12M Forward Egypt EGP:Pound 7.8 0.2% 0.0% -8.5% 9.23 10.1 Ghana GHS:Cedi 4.2 -4.2% -10.4% -23.4% 4.68 5.1 Kenya KES: Shilling 103.4 -1.1% -1.0% -12.4% 109.75 114.0 M auritius M UR: Rupee 35.5 -0.1% -0.1% -10.5% 35.63 35.9 M orocco M AD: Dirham 9.6 1.6% 2.1% -5.5% na na Nigeria NGN: Naira 199.1 0.0% -0.1% -7.8% 236.50 261.0 South Africa ZAR: Rand 12.9 -0.8% -1.9% -10.5% 13.35 13.8 Tanzania TZS: Shilling 2135.0 -0.5% -0.5% -18.8% na na Tunisia TND: Dinar 1.9 1.5% 2.2% -3.2% na na Zimbabwe ZWL: Dollar 322.4 0.0% 0.0% 0.0% na na 45.46; --7.3% w/w 1160.05; +4% w/w 42237; --1.9% w/w 1500 155 Brent Crude Gold 410 Copper 1300 105 290 1100 55 170 900 5 700 50 Aug -14 Nov -14 Feb -15 May -15 Aug Aug-14 Nov-14 Feb-15 May-15 Aug-15 Aug -14 Dec -14 Apr -15 Aug -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% 22.0% ( I-year Trend)* Kenya 14.2% 6.6% 7.6% 11.5% M auritius 6.0% 0.6% 5.4% 4.7% M orocco na 2.4% na 4.1% 1.0 Nigeria 15.3% 9.2% 6.1% 13.0% South Africa 8.3% 5.0% 3.3% 6.0% Nigeria Tanzania 17.0% 6.1% 10.9% na South Africa Ghana Tunisia 7.2% 4.2% 3.0% na 0.8 Zimbabwe 17.4% -2.8% 20.2% na Aug-14 Nov-14 Feb-15 Source: Bloomberg, United Capital Research United Capital Weekly Pan African Monitor Equity Research|Market Indicators|News Updates BVRM Economic News • Ivory Coast has lowered the forecast for its 2015-16 cotton to around 1.4 1– year Equity market trend 450,000 tonnes from 500,000 tonnes due to dry weather, the head of the industry association said last week. The world's biggest cocoa producer is also one of West Africa's major cotton exporters. Its an- 1.2 nual output was about 400,000 tonnes before a 2002-2003 civil war divided the country and halved output. Reuters 1.0 Corporate News 0.8 • Oil explorer Cairn Energy Plc said it expected to start drilling opera- Aug-14 Oct-14 Dec-14 Feb-15 Apr-15 Jun-15 tions at its oilfields in Senegal in Q4-15. The British company, which BRVM MSCI Africa has no revenue as it focuses purely on exploration, posted a loss after tax of $230 million for the first half, compared with $62 million a year earlier, hurt by a $177 million impairment charge. The company said Index Performance BRVM its group cash position was $725 million, down from $869 million at the Current 296.33 end of December. Reuters W eek Change -2.19% Gainers (no) 15 Losers (no) 20 Market Breadth 0.8 52 wk High 307.83 52 wk Low 230.15 Top Gainers Price % Change Societe Multinationale de Bitumes 19,000 18.8% Bernabe 110,005 11.1% CROW N SIEM 27,200 8.8% Movis Cote d'Ivoire 5,375 7.5% Bank of Africa/Cote d'Ivoire 115,000 7.5% Top Losers Price % Change Onatel SA 11,600 -8.7% Unilever Cote d'Ivoire 26,105 -5.1% Shell Cote D Ivoire 66,500 -5.0% Servair Abidjan 79,995 -4.8% Sonatel 26,000 -3.7% Source: Bloomberg, United Capital Research United Capital Weekly Pan African Monitor Equity Research|Market Indicators|News Updates 52-Week 52-Week MKT. CAP Price High Low (US$MN) WTD Return YTD Return P/E (x) P/BV (x) ROE (%) Consumer Goods Nestle Cote d'Ivoire 57,000 64,500 41,275 107.96 0.0% 3.6% 18.993 21.8 na PALMCI 16,300 19,350 14,000 216.24 3.8% -3.8% 12.6 1.5 11.93 Sitab-Soc Ivoirienne Tabacs 150,010 162,000 116,500 231.13 -3.2% -5.6% 20.6 9.3 43.03 Societe Africaine de Plantations d'Hevea 12,000 19,000 11,400 105.28 0.8% -31.7% na 0.9 -5.40 Societe des Caoutchoucs de Grand-Bereby 26,500 32,025 23,000 98.25 1.9% -16.9% 12.5 1.1 8.83 Societe De Distribution Automobile en Co 217,500 263,480 163,200 59.73 0.2% 28.7% 14.4 4.3 31.30 Societe de Limonaderies et Brasseries 169,000 245,000 164,188 477.45 -0.6% -15.5% 12.1 2.1 17.37 Unilever Cote d'Ivoire 26,105 41,000 23,100 72.16 -5.1% -29.4% na na na Uniwax SA 27,600 35,000 6,579 35.53 0.0% 245.0% na na 31.76 Energy Shell Cote D Ivoire 66,500 70,000 48,505 143.81 -5.0% 10.8% 28.3 4.5 16.85 TotalFinaElf Cote D'ivoire 23,495 25,100 7,650 507.77 2.2% 135.0% 42.3 9.1 22.01 Financials Bank of Africa - Benin 126,005 129,000 63,500 217.83 -2.3% 53.7% 10.6 2.1 21.62 Bank of Africa - Burkina Faso 102,500 106,400 80,005 193.51 0.0% 13.9% 11.1 2.9 30.49 Bank of Africa/Cote d'Ivoire 115,000 115,000 76,020 161.85 7.5% 27.8% 16.4 4.1 27.24 Bank of Africa/Niger 79,650 92,440 60,000 129.87 -0.4% -8.4% 9.7 3.2 22.65 BICICI 90,000 96,000 66,000 257.44 -2.2% 15.4% 15.1 3.4 23.06 SCBCI 105,000 117,000 73,000 560.65 1.0% 8.5% 11.7 3.8 35.58 Societe Africain de Credit Auto 27,500 30,355 23,000 6.13 0.0% 15.4% 4.0 0.5 13.65 Ecobank Transnational Inc 58 65 42 2396.16 -3.3% 23.7% na na 17.15 Industrials Bernabe 110,005 110,005 71,000 62.53 11.1% 48.3% 17.9 3.1 17.19 Bollore Africa Logistics SAS 186,000 248,955 119,790 347.55 0.5% -25.3% 31.6 6.4 na Comptoir Francais Afrique 70,200 83,310 39,000 218.52 0.1% 52.3% 33.9 6.1 18.14 Movis Cote d'Ivoire 5,375 8,230 4,070 7.71 7.5% -21.5% na na na Servair Abidjan 79,995 85,000 27,000 74.91 -2.5% 105.6% 34.9 15.6 53.92 Societe Ivoirienne DE Cable 96,000 117,870 57,000 24.38 -0.5% -5.9% 20.3 3.1 15.18 Materials CROWN SIEM 27,200 32,000 19,900 29.40 8.8% 18.2% na na -0.82 Filature Tissages Sacs SA 30,000 40,000 15,100 181.55 0.0% 1.7% 27.4 2.6 9.65 Societe Ivoirienne d'Osygne et d'Acetyln 20,500 26,335 15,500 30.73 0.0% 20.6% 34.9 7.9 22.52 Societe Multinationale de Bitumes 19,000 19,995 13,500 63.55 18.8% 35.8% na na na Utilities Cie Ivoirienne D Elect 80,015 86,500 51,800 384.52 -1.2% -3.0% 27.1 8.9 32.98 SODECI 79,000 91,300 53,525 122.03 -1.3% -13.5% na na 23.90 Telecommunication Onatel SA 11,600 13,000 5,655 676.90 -8.7% 56.8% na 4.2 19.23 Sonatel 26,000 29,600 20,350 4462.34 -3.7% 14.0% 12.7 5.0 40.66 Societe Ivoirienne de Coco Rape 8,895 10,280 4,995 9.16 0.0% 74.8% 131.6 na na SETAO 45,505 48,535 19,795 10.50 0.7% 33.8% 5.8 na na NEI CI 5,000 6,235 3,450 4.38 0.0% 25.0% na 4.4 -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 lowered the top tax rate and the threshold for companies 1.2 1– year Equity market trend and individuals in high income brackets last week and sus- pended a 10% tax on capital gains in an attempt to attract in- vestors and boost the economy.
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