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* 304 7.2 0.0% 13.5% 23.8x 3.8x 0.8% Egypt: EGX 30 7,239 60.1 -1.0% -18.9% 14.4x 1.2x 2.9% Ghana : GSE Composite 1,995 2.6 -0.2% -11.8% na 1.4x 0.9% Kenya: Nairobi All Share 143 19.1 0.2% -12.0% 13.8x 2.2x 4.5% Mauritius : SEM DEX 1,914 9.3 0.0% -7.7% 16.5x 0.9x na Morocco : CFG 25 19,478 47.3 -1.0% -3.7% na na na Nigeria:Nigeria All Share 30,406 52.8 0.2% -11.7% 8.8x 1.4x 4.7% South Africa: JSE All Share 52,071 427.3 2.2% 4.6% 25.3x 2.3x 3.5% Tunisia: Tunis Index 5,220 10.0 -0.4% 2.5% 26.2x 2.5x na Zimbabwe: Industrial 131 3.3 -0.1% -19.3% 15.2x 0.7x 3.3% Frontier M arkets 513 -- 0.0% -16.2% 9.9x 1.3x 4.2% Emerging M arkets 804 -- 0.0% -15.9% 11.6x 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 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% 9.35 10.1 Ghana GHS:Cedi 3.7 0.7% 1.2% -13.2% 4.20 4.6 Kenya KES: Shilling 103.1 0.8% 1.7% -12.1% 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 -0.1% 0.1% -6.6% na na Nigeria NGN: Naira 198.6 0.0% 0.3% -7.6% 221.88 248.2 South Africa ZAR: Rand 13.6 1.1% 2.0% -14.8% 14.02 14.5 Tanzania TZS: Shilling 2175.0 -0.2% -0.2% -20.3% na na Tunisia TND: Dinar 2.0 -0.4% 0.0% -5.2% na na Zimbabwe ZWL: Dollar 322.4 0.0% 0.0% 0.0% na na 48.87; +3.3% w/w 1136.18; --0.3% w/w 42279; +1.2% 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-14 Jan-15 Apr-15 Jul-15 Oct -14 Jan -15 Apr -15 Jul -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 14.3% 6.0% 8.3% 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 14.8% 9.3% 5.5% 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 recorded consumer price inflation of 1.2% y/y in 1.4 August, unchanged from its July level, data from the National 1– year Equity market trend Statistics office showed last week. The monthly report showed 1.2 that food and soft drink prices climbed 1%, while housing and utility prices added 1.7% over the period. Healthcare prices rose 1.7% and communications costs dropped 0.1%. The 1.0 economy of the world's top cocoa grower makes up around 40% of the eight-nation West African CFA franc currency 0.8 zone. Reuters 0.6 Corporate News Oct -14 Dec -14 BRVMFeb -15 Apr -15 MSCIJun -Africa15 Aug -15 Oct Index Performance BRVM Current 302.17 W eek Change 0.16% Gainers (no) 16 Losers (no) 16 Market Breadth 1.0 52 wk High 307.83 52 wk Low 230.15 Top Gainers Price % Change SETAO 52,675 17.1% Bank of Africa - Burkina Faso 119,325 12.6% Onatel SA 13,000 10.2% Societe De Distribution Automobile en Co 290,250 8.7% Uniwax SA 31,995 8.5% Top Losers Price % Change Movis Cote d'Ivoire 4,445 -11.0% Societe Multinationale de Bitumes 17,100 -10.0% Nestle Cote d'Ivoire 49,000 -7.5% NEI CI 4,195 -6.8% Bernabe 112,500 -5.5% 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 91.34 0.0% -10.9% 16.327 18.8 na PALMCI 14,500 19,350 14,000 189.32 -3.3% -14.5% 11.2 1.3 11.93 Sitab-Soc Ivoirienne Tabacs 153,000 162,000 116,500 232.02 -5.0% -3.8% 21.0 9.5 43.03 Societe Africaine de Plantations d'Hevea 11,505 19,000 11,000 99.34 -2.1% -34.5% na 0.9 -5.40 Societe des Caoutchoucs de Grand-Bereby 27,500 32,000 23,000 100.34 -1.9% -13.8% 13.0 1.1 8.83 Societe De Distribution Automobile en Co 290,250 290,250 165,000 78.44 7.6% 71.7% 19.2 5.7 31.30 Societe de Limonaderies et Brasseries 170,000 237,500 164,188 472.68 0.0% -15.0% 12.2 2.1 17.37 Unilever Cote d'Ivoire 25,500 41,000 23,100 69.37 1.8% -31.1% na na na Uniwax SA 31,995 35,405 6,579 40.53 5.5% 299.9% na na 31.76 Energy Shell Cote D Ivoire 71,050 73,105 54,000 151.22 -1.4% 18.4% 30.2 4.8 16.85 TotalFinaElf Cote D'ivoire 23,850 25,100 7,850 507.30 -5.2% 138.5% 42.9 9.2 22.01 Financials Bank of Africa - Benin 124,990 134,375 72,000 212.66 1.2% 52.4% 10.5 2.1 21.62 Bank of Africa - Burkina Faso 119,325 120,000 80,005 221.71 -8.7% 32.6% 13.0 3.4 30.49 Bank of Africa/Cote d'Ivoire 122,000 131,985 78,000 168.98 5.5% 35.6% na na 31.97 Bank of Africa/Niger 85,000 92,440 60,000 136.40 0.6% -2.3% 10.3 3.4 22.65 BICICI 100,005 100,005 68,010 281.54 0.4% 28.2% 16.8 3.8 23.06 SCBCI 118,000 118,000 87,050 620.11 2.0% 21.9% 13.2 4.2 35.58 Societe Africain de Credit Auto 27,500 29,750 23,000 6.03 0.0% 15.4% 4.0 0.5 13.65 Ecobank Transnational Inc 54 65 42 2198.28 -1.8% 15.2% na na 17.15 Industrials Bernabe 112,500 125,025 71,000 62.94 -4.0% 51.6% 18.3 3.1 17.19 Bollore Africa Logistics SAS 195,000 248,955 119,790 358.60 2.1% -21.7% 33.1 6.7 na Comptoir Francais Afrique 74,000 83,310 39,000 226.71 -4.1% 60.5% 35.8 6.4 18.14 Movis Cote d'Ivoire 4,445 8,000 4,070 6.27 0.0% -35.1% na na na Servair Abidjan 81,000 85,000 27,000 74.65 0.1% 108.2% 35.4 15.8 53.92 Societe Ivoirienne DE Cable 104,000 117,870 57,000 26.00 6.2% 2.0% 22.0 3.4 15.18 Materials CROWN SIEM 26,000 32,000 19,900 27.66 -2.8% 13.0% na na -0.82 Filature Tissages Sacs SA 28,000 40,000 17,835 166.76 -5.2% -5.1% 25.6 2.4 9.65 Societe Ivoirienne d'Osygne et d'Acetyln 20,500 26,335 15,500 30.24 -0.5% 20.6% 34.9 7.9 22.52 Societe Multinationale de Bitumes 17,100 20,000 13,500 56.29 -4.5% 22.2% na na na Utilities Cie Ivoirienne D Elect 81,500 86,500 52,000 385.47 -4.6% -1.2% 27.6 9.1 32.98 SODECI 81,510 91,300 55,000 123.92 -2.4% -10.7% na na 23.90 Telecommunication Onatel SA 13,000 13,650 5,655 746.61 -15.8% 75.7% 22.5 4.7 19.23 Sonatel 26,500 29,600 20,350 4476.27 2.2% 16.2% 13.0 5.1 40.66 Societe Ivoirienne de Coco Rape 8,995 10,280 4,995 9.12 8.4% 76.7% 133.1 na na SETAO 52,675 52,675 19,795 11.96 0.0% 54.9% 6.7 na na NEI CI 4,195 6,235 3,450 3.62 -9.9% 4.9% na 3.7 -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 • Egypt aims to generate around 98.5 billion Egyptian 1.2 1– year Equity market trend pounds ($12.58 billion) of additional revenue this financial year by launching economic legislation and financial 1.0 reforms, Finance Minister Hany Kadry Dimian said last week.