Investment Outlook - AXYS Group · Forex Mkt Watch Corporate Bonds. ... Investment Outlook ....

10
Fast Track Forward to Trades & Movements by Sector Theme of the Week Melvyn Chung Kai To AXYS Stockbroking Ltd, Bowen Square, Dr Ferrière Street, Port-Louis | BRN C07007947 Bhavik Desai Tel (230) 213 3475 | Fax (230) 213 3478 | Email [email protected] | www.axysstockbroking.com 11.1 365.50 MCB [%] NGLD Δ WoW ETFs/Commodities 12,000 400.00 WoW Movements LOTO Laggers -9.3 3.9 ASL Fund NAVs SWAN Pref Shares [Rs M] 11,037 MCB CIEL 553 11.81 -0.18% 5.6% -58.1 Latest -10.0 2.44 Fixed Income Most Active Value BTEL 21.60 3.8 Market Indices 28.80 36.02 COND — INVH 56.50 Prices & Spot Rates Foreign Participation Earnings: 1.75 USD/MUR Δ WoW [Rs] 973.64 -0.07 400.00 Latest SBM -4.0 EUDC [Rs] 1.23% Leaders 544 123.1 [# k] 845 MEDL 0.13 19.7 SITLH Investment Outlook 31-Jul-2015 Equity Equity 225.00 3.2 DELP 7.12 POLI 6.1 [%] Most Active Volume ALEX-20 1Yr T-Bill -5.0 702 COND — INVH Share of TMT Forex Mkt Watch Corporate Bonds MCB SBM BoM Interventions 10.5 Currency Weekly Prices: 14.3 FIN — CONS Sov./Interbank Rates Spot Rates 9.8 PBL Mkt Comm/Divs FIN — CONS News Snippets MCOS CTL UBP Mkt Summary MCB’s foreign driven rally to ATH singlehandedly drove local indices into the green: ALEX 20 (+1.2%), SEMDEX (+1.1%), and ALCAPEX 12 (+0.3%). Foreign participation [NFP: 81M] stood at under 25% and principally [90%] geared towards MCB. Illiquid-SWAN unexpectedly rocketed to a new All- Time High. BTEL came crashing down on a foreign dump losing 58% in just four sessions perhaps due to the recent arrival of substantially cheaper broadband offers from Orange and Emtel. 945 970 995 1,020 1,045 1,070 Index [pts] 0 5 10 15 20 Δ% in USD/MUR since 31-Mar-14 1.00 1.75 2.50 3.25 1Yr-GMTB [%] 51% 13% 13% 5% 5% 13% FIN DEBT MSCH T&L MAT Others -1.1 2.4 0.0 0.3 0.6 FIN DEBT MSCH T&L MAT WoW Chnage [%] 1

Transcript of Investment Outlook - AXYS Group · Forex Mkt Watch Corporate Bonds. ... Investment Outlook ....

Fast Track Forward to

Trades & Movements by Sector Theme of the Week

Melvyn Chung Kai To AXYS Stockbroking Ltd, Bowen Square, Dr Ferrière Street, Port-Louis | BRN C07007947Bhavik Desai Tel (230) 213 3475 | Fax (230) 213 3478 | Email [email protected] | www.axysstockbroking.com

11.1

365.50

MCB

[%]

NGLD

Δ WoW

ETFs/Commodities

12,000

400.00

WoW Movements

LOTO

Laggers

-9.3 3.9ASL

Fund NAVs

SWAN

Pref Shares

[Rs M]11,037 MCB

CIEL

553

11.81 -0.18% 5.6%

-58.1

Latest

-10.0

2.44

Fixed Income

Most Active

Value

BTEL 21.60

3.8

Market Indices

28.80

36.02

COND — INVH

56.50

Prices & Spot Rates

Foreign Participation

Earnings:

1.75

▼USD/MUR

Δ WoW[Rs]

973.64-0.07

400.00

Latest

SBM

-4.0

EUDC

[Rs]

1.23%

Leaders

544

123.1[# k]

845 MEDL

0.13

19.7

SITLH

Investment Outlook31-Jul-2015

Equity Equity

225.00 3.2

DELP

7.12POLI

6.1

[%]Most

ActiveVolume

ALEX-20 1Yr T-Bill

-5.0 702

COND — INVH

Share of TMT

Forex Mkt Watch

Corporate Bonds

MCB SBM

BoM Interventions

10.5

Currency

Weekly Prices:

14.3

FIN — CONS Sov./Interbank Rates

Spot Rates

9.8

PBL

Mkt Comm/Divs

FIN — CONS

News Snippets

MCOS CTLUBP

Mkt Summary

MCB’s foreign driven rally to ATH singlehandedlydrove local indices into the green: ALEX 20 (+1.2%),SEMDEX (+1.1%), and ALCAPEX 12 (+0.3%).

Foreign participation [NFP: 81M] stood at under25% and principally [90%] geared towards MCB.

Illiquid-SWAN unexpectedly rocketed to a new All-Time High.

BTEL came crashing down on a foreign dump losing58% in just four sessions perhaps due to the recentarrival of substantially cheaper broadband offersfrom Orange and Emtel.

945

970

995

1,020

1,045

1,070

Inde

x [p

ts]

0

5

10

15

20

Δ% in

USD

/MU

R si

nce

31-M

ar-1

4

1.00

1.75

2.50

3.25

1Yr-

GM

TB [%

]

51%

13%

13%

5% 5%

13% FIN

DEBT

MSCH

T&L

MAT

Others -1.1

2.4

0.0

0.3 0.6

FIN DEBT MSCH T&L MAT

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 ▲SEM-10 ▲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

Melvyn Chung Kai To AXYS Stockbroking Ltd, Bowen Square, Dr Ferrière Street, Port-Louis | BRN C07007947Bhavik Desai Tel (230) 213 3475 | Fax (230) 213 3478 | Email [email protected] | www.axysstockbroking.com

1,759.77

31.8%

1.4% 7.0%

-4.8% -6.1%

-1.67% -8.3% -20.9%-0.17% 2.3% 1.1%0.31%

570.72

1,953.78

561.17174.28

-1.9% -6.4%1.06%

-7.8%

276

17.018.6

31-Jul-15

5.0

81

5.4Key: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.

-14.1%

973.64

Val31-Jul YoY

31-Jul-2015

1,314.83 0.27% -5.4%

Investment Outlook

1.35%

-4.40%

17.0

1,974.500.94

18.1 0.96

‒ 52Wk ‒Indices

77

3.11

177.6

20432.8

PBVAs at

1 Wk YTD24-Jul

193.1

179.3203.7

All SEM Liquid 20279.9

1.00.6

3.11 0.92-5.2%

0.92

24.9

-5.4% -7.6%1,318.39

961.83

Change

PER DY

1.23%

3.64

Week Ended

0.94

3.95 1.5110.5

1.85

373.49378.53 155.9

166.61

2,102.15

27,705

20.6

28,371

22.812.810.322.2

2.42 2.24

-1.40% 13.9%

1.1%

18.81,762.80

6,655.01

18.5

14.1 2.772.88

23.1

2,108.63 2.02 2.833.44 1.563.85 1.89

-17.1%-2.70% 0.2% -7.8%

Activity Spread

3,575.121.46

15.0%0.21%

3,583.791.9% -1.5%

20,585894.07

0.20% 18.0%

6.2% 1.33

Net Flows

2.811.43

2.85-2.35% 3.07

3,634.64

20,5456,668.87

3,674.32-3.19% -6.3%

1.34923.56

* Previous day's closing prices

0 -5

1 1 1

81

MCB NMHL SBM CIEL PAD

Net

For

eign

pur

chas

es [R

s m]

90

100

110

120

130

140

150

160

Indi

ces

reba

sed

to 1

00 o

n 3

0-Ju

n-20

12

SEM-10

MSCI FM

ALEX-20

ALCAPEX-12

90%

4% 2% 2%

MCB

NMHL

SBM

CIEL

PAD

2

Investment Outlook 31-Jul-2015

Melvyn Chung Kai To AXYS Stockbroking Ltd, Bowen Square, Dr Ferrière Street, Port-Louis | BRN C07007947 Bhavik Desai Tel (230) 213 3475 | Fax (230) 213 3478 | Email [email protected] | www.axysstockbroking.com

Summary & Highlights Foreign investment resumes on MCB MCB’s foreign driven rally to ATH coupled with strong gains on a select few illiquids masked the fact that there were more drops (24) than gains (17) and that sugar conglomerates weakened. ALEX 20 gained 1.2% to 974pts, SEMDEX gained 1.1% to 1,974pts, and ALCAPEX 12 a much tamer 0.3% to 1,318pts. By contrast, MSCI Frontier Index dropped 1.7% to 561pts and S&P Pan Africa Index tumbled to 167pts (-4.4%). Foreign participation stood at under 25% and principally [90%] geared towards MCB. Financial FI made up half of trades on MCB [45% of TMT] and 83% of its purchases. The largest Mauritian bank soared to new Record High Rs225 (+3.2%). A relatively thinly traded SBM followed MCB’s lead rebounding to 89cts (+1.1%). Similarly CIM edged up to Rs8.82 (+2.6%) while FINC shed 40cts to Rs20.10. Among insurers, illiquid-SWAN unexpectedly rocketed to a new All-Time High Rs400 (+11%), while MUA fell to 7Mth-Low Rs70 (-2.8%). Travel & Leisure NMHL – this week reclaiming its traditional title of ‘most active hotel’ – bounced back to Rs19 (-2.7%) in spite of foreign divestment [68% of sales], while LUX held steady at Rs61.50 (±0%) and SUN slid further down to Rs40.10 (-2.2%). CHSL improved to Rs37 (+1.1%) on thin trading, while its holding, HTLS, traded at a 20-cent premium to CHSL; i.e. at Rs37.20 (+0.5%). Gaming company LOTO was quite active at VWAP Rs5.06 (-2.2%) but closed at a higher Rs5.10 (-1.5%), while ASL cascaded down to a fresh 7½Yr-Low Rs28.80 (-10%). Multi-Sector Conglomerates/Holdings This week’s most traded MSCH were PAD’s principal investees, MEDL [7.2%] and EUDC [3.5%] at Rs66.50 (±0%) and Rs13.90 (±0%) respectively, although EUDC finished at a slightly higher Rs14 (+0.7%). UTIN eased off from record levels to Rs13.10 (-1.1%) on thin trading. Also on significantly lower volumes, OMNI fell to 3Yr-Low Rs69 (-1.4%), TERRA to 11Wk-Low Rs30 (-2.4%) and ALTEO to 4Wk-Low Rs31 (-3.1%). As for IBL, it held steady at Rs115 (±0%), while ROGE improved to Rs29.90 (+1.0%) and GAMMA declined to Rs27.15 (-3.0%).

Consumer Staples | Discretionary Foreign investors were not active [11k shares traded at VWAP Rs395.51 (+2.7%)] on PBL which bounced back to Rs400 (+3.9%). Some 273k CTL shares were at a flat Rs38.30 but inched down to Rs38.20 (-0.3%) by week’s end. Scarcely traded MCOS fell sharply to Rs56.50 (-5.0%) while LFL crept higher to Rs24.10 (+0.4%) and LFL(P) DY improved to 5.11% (+10bps). Materials | Communication UBP was uncharacteristically active [5.2% of TMT] witnessing several large crosses totalling 175k shares at Rs82 (+1.2%). MCFI and PIM both closed in negative territory at Rs22.20 (-1.3%), and Rs71 (-1.1%) respectively. BTEL came crashing down on a foreign dump with 1,400 shares sold at VWAP Rs30 (-42%) with the remaining 8.6k shares on offer at Friday’s Record Low closing price of Rs21.60 (-58%). This manic exit may perhaps have been triggered by the recent arrival of substantially cheaper broadband offers from Orange and Emtel – the domestic Telecommunications behemoths – or perhaps ahead of an exceptionally large cross. Property ENLL was the sole appreciably traded property stock [1% of TMT] at VWAP Rs47.09 (+1.3%) but which improved to a higher Rs47.50 (+2.2%). By contrast BLFE touched new All-Time Lows during the week closing at Rs4.22 (-1.9%). ENLL(P) declined to Rs40.95 (-0.1%) which stands at a 2% premium to its possible redemption price on Dec 1st. Investment Holdings CIEL reclaimed it spot as the most active [2.1%] INVH this week having plateaued at Rs6.88 (±0%). POLI improved to Rs7.12 (+3.8%), and NITL recouped Rs1 to Rs43 while MDIT inched marginally lower by 2cts to Rs5.24. FIDES slid further to a new 4¾Yr-Low Rs71 (-1.4%) while ENL(P) edged up to Rs30 (+0.7%). Debentures | ETFs Debt securities made 13% of this week’s TMT, principally due to UTIN’s R+3% M16 Bonds which was this week’s 2nd most traded security [10% of TMT] at YTM 7.18% (-44bps). Some Rs2.4M worth of MCB R+1.35% M23 Bonds trades were also exchanged at YTM 5.18% (-1bps) and Rs6M of UBP R+1.20% M23 at YTM 5.62% (-1bps). Some 300 Gold (NGLD) units (~1/100 of a troy ounce) traded at Rs365.50 (-9.3%) in-line the recent drop in precious metal prices.

3

Market Announcements

News Snippets

http://www.economist.com/news/world-week/21660188-business-week

COMPANY

MIL ▼MDIT ▬

Melvyn Chung Kai To AXYS Stockbroking Ltd, Bowen Square, Dr Ferrière Street, Port-Louis | BRN C07007947Bhavik Desai Tel (230) 213 3475 | Fax (230) 213 3478 | Email [email protected] | www.axysstockbroking.com

Investment Outlook31-Jul-2015

21-Sep-15

Change

0.180.18 0.0%

Dividend Key Dates PropertiesCurrent Ex-Div. Pay Date Type Freq. p.a.

The latest meeting of the Federal Reserve stuck with the same moderate language on its outlook for theAmerican economy. Many investors are betting that the central bank will raise interest rates in September forthe first time since 2006. But although it described gains in the labour market as “solid”, low inflation is anagging concern that could push back a rate increase.

China’s stockmarkets tumbled again, a few weeks after the government sought to stabilise share prices bypumping billions of yuan into the markets. The Shanghai Composite index fell by 8.5% on July 27th, its steepestone-day decline since early 2007. Various explanations were offered for the sell-off, including the soaring priceof pork. The markets steadied after another injection of liquidity from state-controlled financial firms, known asthe “national team”.

Carmakers posted buoyant earnings, by and large. PSA Peugeot Citroën, which has revved up its business afterstruggling with draining costs, made a net profit of €571m ($627m) in the first half, its best for years. The Frenchcarmaker’s share price has risen 80% since the start of the year. And Ford made a record profit in its NorthAmerican operations. But worries persist about the slowdown in emerging markets. Volkswagen’s sales inRussia dropped by 39% and in Brazil by 26% year-on-year. Ford’s analysts predicted that industrywide car salesin China would fall this year.

BP reported a loss of $6.3 billion for the second quarter, as it absorbed the cost of its settlement with federaland state governments in America over the Deepwater Horizon oil spill. But the plunge in oil prices alsofeatured, driving profit down in oil production and exploration. Royal Dutch Shell, meanwhile, said it would layoff 6,500 workers and decrease capital spending by 20% this year. And Centrica, a British gas provider, is to cut6,000 jobs as it reduces its struggling energy-production business. The price of Brent crude fell again this weekto $53 a barrel; last summer it was trading at $115.

Pearson decided to sell the Financial Time s in order to focus on its core business of providing services toeducation. The surprise buyer is Nikkei, Japan’s largest media company. Pearson is also in talks over a separatesale of its 50% non-controlling stake in The Economist .

Fin15.00 20.00 -25.0% 27-Jul-15 10-Aug-15 21-Aug-15 Int 2

New Mauritius Hotels Ltd (NMHL)NMHL’s RCPS were fully subscribed and will commence trading on Aug 10th 2015. Some 1.25M NMHL RCPS will be offeredat Rs11 each. Further, NMHL issued Rs812M worth of bonds with maturity between 2 and 4 years through a privateplacement. The majority of the proceeds would be used to repay the Rs625M of bonds raised in 2013. The new bonds willjoin the SEM’s debt board in Sep-15.

Previous Div/Div Declaration

04-Sep-1518-Jun-15 2

4

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

MCB ▲ ASBM ▲ HCIM ▲FINC ▼MEI ▬MUA ▼SWAN ▲SWANL ▬

NMHL ▲ HLUX ▬ ASUN ▼ HCHSL ▲HTLS ▲TPL ▼SCT ▬MOLI ▬MK ▬LOTO ▼ASL ▼

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

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

Melvyn Chung Kai To AXYS Stockbroking Ltd, Bowen Square, Dr Ferrière Street, Port-Louis | BRN C07007947Bhavik Desai Tel (230) 213 3475 | Fax (230) 213 3478 | Email [email protected] | www.axysstockbroking.com

M.S

ecto

r Con

glom

erat

e/Ho

ldin

g

0.2

-8.1%17.000.03 — —

1.0

Fina

ncia

lTr

avel

& L

eisu

reCo

nsum

er S

tapl

es

64.8 1.0— —

0.6

137.4

6.6

0.017.00

19.95 -5.2%

0.3

20.50

61.50

3.0

24.000.9

0.3-25.0%-31.5%16.95

0.0%2.9

127.00

3.7

2.82.5

17.6

0.7

7.4%

5.06

0.0%

5.18

27.15

38.5%

32.00

50.00

0.1

7.68

13.90

32.00

0.03

150.00

140.0%

0.0

0.36

923.00

115.1%

VWAPL ‒ 52Wk ‒ H YTD

31-Jul-2015

PBVChange

24-JulSecurity

DYYoY PER

31.00

24.10

-14.1%

123.1

8.827.3-10.1%

39.0%

20.15

950.00

69.00

41.80

37.00

10.60

6.8041.80

3.0

8.0

8.80

1.5

19.00

50.00

250.00

27.55

101.00

50.00

13.90

101.00

6.5

0.6

0.5

19.3

1.5

2.2

-15.8%

115.00

30.00-19.5%69.75

27.50

7.7— -18.0%

-9.1%

0.7 -31.0% -40.5% —

30.3031.45

32.73.6

28.00

1.3

18.0

3.7

1.5

0.0

-4.7%

19.476.3%4.4

17%—

9.8

-7.9%

9.6-73.6% 8.7

-0.6%

0.42.7

-18.6%0.4

27.50

115.00

40.10

— —

29.60

22.0101.00

0.1

0.9

-10.9%

6.00

30.75

400.00

13.10

36.55

5.7

3.4%

1.2

1.9

0.6

29.90

28.0% —

0.3

0.0 -2.4% 8.0%

127.00

250.00

950.00

0.36

27.90

28.80

28.80 -68.0%

1.0

2.2

13.9%

10.60 0.2-54.2%

4.2%

-2.0%

12.0

66.5066.50

6.80

-39.8%5.10

-17.7%

115.00

4.2% 0.5—3.0

——— —

2.2

0.36

150.001.7

1.956.50

150.0012.6

—59.50

13.251.2

385.00

65.00.6

14.00

66.50

55.1%

2.9%

23.4—

4.3

2.2

50.00

395.50

29.80

6.2%

11.9%

2.5%

2.1

1.6

3.5

29.1%

9.2

4.713.5 6.0—

0.2

9.2 5.0

2.2

0.0%

13.25

28.0%

50.00

7.68

-5.2%

50.00

50.000.0

250.00

19.7 0.8

1.0

0.6

2.3

70.00

6.0

107.3%12.210.7

19.95923.00

— 1.6

56.50 7.7%

4.3%

-4.9%

0.0%

24.10

—0.3

4.3%

— — 0.7

11.9 14.7

38.6

14.4

-12.7%

4.7

1.8

23.9

1.5

13.3%

2.8 -51.0%

1.1

-7.8%

-6.6%

-1.1%

3.0

-8.9%

1.0

-9.2%

1.176.7

7.6

123.6

8.2

0.8

-1.4%

54%

— 13.3 8.7

2.638.3-7.5%

93.6

-0.5%-35.8%

0.3 29.3 3.624.7%

— 1.4

1.1

1.6

1.41.0

-28.5%

— 2.2—

4.2—

-20.5%0.0

0.1

0.8

36.60

0.2

19.05

398.254.4

37.206.00

6.00.7 0.0

0.7— 25.0

-34.9%61.50

37.20 37.00

100.0020.10

360.00

-6.3%

0.7

21.3

41.3%

1,922

-3.8%

19.4%12.0

-7.6%

1.5

1.0

-7.5%0.6

70.00

12.30.88

2.220.06.5%

11.2930.00

0.8

61.50

9.8%

10.60

2.4

40.65

-13.8% 25.3

23.1 1.6

26.4%6.20

100.00

-14.9%

2.418.50

31.3%

0.02.4

72.00

41.00

21.10.3%

225.00 10.5

8.607.2%

5.0

222.504.7

218.000.89

31-Jul-15

15.7%

99.75

10.93.6

0.0

3.29.8

Week Ended

14.53.0

As atVal.

3.1 2.1

400.0070.00 6.9

ROE

14.56.4%

-0.8% 10.4

Investment Outlook

8.1%31-Jul

0.9-12.1%0.89

5

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

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

Eng

SHUMBA ▬

Hlth MASC ▬

Com

BTEL ▼CIEL ▬MDIT ▼POLI ▲NITL ▲PAD ▬BMHL ▬ENL(P) ▲ENIT ▬FIDES ▼DALE ▬

Melvyn Chung Kai To AXYS Stockbroking Ltd, Bowen Square, Dr Ferrière Street, Port-Louis | BRN C07007947Bhavik Desai Tel (230) 213 3475 | Fax (230) 213 3478 | Email [email protected] | www.axysstockbroking.com

7.06.88

2.3 0.8 4.45.24 5.26

105.00 105.00 — — -5.4% -10.3% 36.0 —

Indu

stria

lIn

vest

men

t Hol

ding

14.8 3.5

-12.7% -12.7% 39.0 2.8

-6.8% 6.1

173.00 173.00 — — 3.6%

-1.8% 18.7 5.61.3

1.33

13.25 0.0

2.46 2.46 —

GBL

1 Pr

oper

tyM

ater

ials

-6.1%

-9.1%

0.08

67.00

423.00 423.00 —

1.325.1

— — 3.6

3.5

4.8% 50.7 2.6 0.5

29.80 29.80

7.12 6.86

Prop

erty

71.00

6.88 6.88

N/A

0.3

42.00 42.55 0.2 -15.3% -11.5%1.2 -3.2%0.6 -7.8%

50.00 50.00 — — 1.2% 3.0%11.70 11.70 11.70

3.6%

5.24

-65.2%

22.20

— 2.65 2.65 2.65 0.0 50.1% 68.9% 26.3 1.5 2.5

5.2

6.88 5.8 -4.9% 2.3% 17.7

0.10 — — -16.7% -16.7% — 9.7

10.4

47.90 47.90 47.90 0.1 2.4% 7.3% 12.2 3.2 0.5 4.571.00 72.00 0.4 1.1

0.0%— 0.0% 33.8 — 71.25 0.1

1.029.00 29.00

1.1

2.1%29.00 0.6 9.4%

96.00 96.0025.3%

30.00 0.4

1.32.2 1.9

8.90 — — -25.8% -14.4% — 7.9 1.5 — 1.1 3.1

0.7 32.896.00

1.335.40.7 2.6% 24.6%

0.6 4.143.00

5.2

0.10

21.60 51.50 30.00 0.0 -63.7%

82.00

20.8 1.1 1.8 8.8

-11.5% 21.1 4.1 0.6 3.114.3 7.5%

— —

10.0 6.0 1.2 12.1

1.0

8.5

5.9

16.2 1.2 0.3 2.0

1.0 — 0.0 -1.0% 7.5%

71.00 0.1 -8.4% -1.4%

31.45 31.45 — — 4.8% 4.8% 16.5 —

20.9020.9022.50 22.20 0.0 -11.2%

82.00 81.00 0.82.0% 51.0 6.7

1.75

-0.2% 15.3 5.3 1.3

38.00

47.50

25.2% — 1.4 —

5.9

0.2

— —

—46.50

5.50 5.50 —

—23.9

0.0% 1.0-5.5%

3.0% 5.7 3.0 0.5

— 0.0%

— 21.6%12.35 —20.9 1.8

— —

— — 0.63.1% 11.8% 31.8 — 0.4

1.70.0 -18.1% 3.1% — 4.3

12.6%

2.6

31-Jul-15

39.9%

1.33

22.9

-31.0% 8.10.8

Change As at

0.8

5.7

3.0 0.6—

10.3

38.00 38.00

Investment Outlook31-Jul-2015

SecurityWeek Ended

-1.6% -0.3%

12.35

29.3 2.8

YTD YoY PER DY

21.00

-3.2%

-26.7%

— 1.33

N/A

8.90

1.20 — — 83.9%1.20 — — — 1.81.5

33.35

0.0 0.8% —

86.9 1.4

-26.0% -40.1%4.25

30.0

-1.8% 15.9 4.5 0.4 2.57.50

1.65 1.75 0.0 2.9%1.10

3.57.10 7.10 —

— — — -0.6% -5.3%

— 67.00

4.22 4.30

4.5—1.10

1.2

3.610.0%

— 4.6

0.8

— 1.0 — —

0.820.8 — 1.0 5.0

13.25 13.25

0.4

0.08 — — 0.0% N/A 155.3 — 1.0 0.6

0.0% —

7.50

71.75

N/A

67.00 0.0 8.1%

10.0%17.5— -3.2% 1.8%

47.10 3.1

70.00

33.35

Cons

umer

Dis

cret

iona

ry

1.8

21.00 21.00—

153.75 153.75

70.00

38.20 38.300.2 -12.3% -9.7%

38.25 10.5 2.5% 21.7%

8.60.5

28.00 27.45 0.0 1.9%

-5.5% 10.7 2.6 0.6

L ‒ 52Wk ‒ H 31-Jul PBV ROE

5.8 25.30.8 —

0.7 3.4

2.24 2.24 — — 13.8% 54.9%

6.6 6.5 1.0 14.5121.00

77.0-11.2%28.00—

122.00 121.50

24-Jul VWAP Val.

6

Preference Shares with Fixed Dividends

ENLL(P) ▲TPL(P) ▬LFL(P) ▲LMLC(P) ▬

Debt Securities

OMNI 3Y [5.70%] ▼UIL 4Y [R+3.00%] ▼OMNI 5Y [7.15%] ▼LUX CB [9%] ▼UBP 5Y [R+1.20%] ▼MCB 10Y [R+1.35%] ▼SBM 10Y [R+1.35%] ▼MUA 10Y [R+1.85%] ▼

Fixed Income Instruments

Moody's Credit Rating: Baa1

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

Melvyn Chung Kai To AXYS Stockbroking Ltd, Bowen Square, Dr Ferrière Street, Port-Louis | BRN C07007947Bhavik Desai Tel (230) 213 3475 | Fax (230) 213 3478 | Email [email protected] | www.axysstockbroking.com

31-Jul-2015

RedemptionFair Val

Investment Outlook

10-Sep-15 5.66%

08-Aug-15

<15-May-16

291.97<15-May-16

6.98%

6.84% 6.83%

PLIBOR

17.52

40.95

YTM @ FV

20.0%

24-Jul

Debenture

5.62%

17-Jan-16

YTD

— -14

Val.

Change

-236

115.52

103.42

6.00% 113.22

2.18%

1.63

0.0

30-Sep-15

120.49

114.9510-Mar-24

Rs100 on Wind-Up

-210

108.00

1.10

Week Ended

31-Jul-2015

-122

7.20%

24-Jul

106.91

180.00

31-Dec-17

24-Sep-24

08-Aug-23

5.61%

5.19%

100.98

23.50310.00

5.61%

Rs10 on Wind-Up

6.28%

12 3

0.54%

6.99%

7.62%

30-Mar-15

-0.61%

6.45%

5.40%

31-Jul

▼1 Week

24-Sep-15 3.55%

1.62

24-Jul-2015

16-Dec-15

@ Par

2.88%

3.41% 31-Oct-18

31-Jan-16

102.21

YTM

-0.19%

YTD in bps

17-Jan-16

-2.73%

-14

31-Dec-15

6.45%

7.0%

7.18%

23.10

40.95

YTM Week Ended

Change [bps]

4.40% 4.40%

@ Par<15-May-16

DYYoY

5.01%<15-May-16

71 21

DY Wk EndedNextDividend 31-Jul VWAP

Rs40 ≥01-Dec-15

NextCoupon

182.008.0% 116.79

Maturity

-138 Rs100 on Wind-Up

2.13%

5.85%

16-Aug-17

-0.24%

105.50

Fair Val Setmt

5.18% 3.77%

6.62%

6.00%

5.11%

10.70% 116.41

100.14

0.8

Pref ShareLCP

6.30%

0.0

YTD

-68.8%-56.5%

1.07

3.61% 103.475.66%

5.63% 100.95

12.0%

31-Jul

100.75 103.74

39.94

6.28%

0

1

2

3

4

Inte

rest

Rat

e [%

]

PLIBOR 1-Day PLIBOR 1-Wk Tbill 91-Day

2.3

4.7

6.0

6.9

0.5

2.0

3.5

5.0

6.5

0 5 10 15

Sove

reig

n Yi

elds

[%

]

Instrument Maturity [Yrs]

Poly. (Previous)

Log. (Current)Current

Prev. Yr

484 444

252 -78 -47 8

UIL 4Y OMNI 5Y LUX CB UBP 5Y MCB 10Y SBM 10Y MUA 10YYTM

Pre

miu

m o

ver

Risk

Fre

e [b

ps] >4,000

7

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

Forex Rates

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

Melvyn Chung Kai To AXYS Stockbroking Ltd, Bowen Square, Dr Ferrière Street, Port-Louis | BRN C07007947Bhavik Desai Tel (230) 213 3475 | Fax (230) 213 3478 | Email [email protected] | www.axysstockbroking.com

27% 39.59

YoY

31-Jul-2015

31-Jul

347.79

373.76

-0.27%

24-Jul

-0.18%

-3.3%26.41

9,269 -3.44%

39.43

2.8755.99

137.87

VWAP391.39

-4.38%

-1.7%365.50

12.2%

140.30

YTD

29.23

1 Wk

57% ▼▼▲

365.50

0.43%

-6.7%

3% ▼

56.23

24-Jul

3.0%

6%7%

Currency

-0.40%

Wt*

-1.9%

ETF & Commodity

Change

356.74

12.6%

— 52Wk

11.91

-0.5%

36.0231-Jul

-1.73%

12.46

147.10

-1.9%

-4.5%

2.2%

1.1%

-0.15%

-4.50%

-22.8% 434.25

Week Ended

352.75 352.96

-42.3%

-21.9%

-8.7%

0.1

-13.4%-0.06%

389.85

8,950

-11.1%

-1.73%

Investment Outlook

-2.51%391.04

YTD —52-Wk—Wk Ended

LCP

2.927.8%

-21.2%

2.9%

52 Wks

1.1%

-9.7%

29.31

Change

Val.

26.45 -0.1%

-0.31%

36.09

0% 8.1%

16.6%1 Wk

-18

-12

-6

0

6

Inde

x =

100

on 3

1-M

ar-2

012

USD EUR GBP

Elections

90

100

110

120

Inde

x =

100

on 3

1-M

ar-1

4

NewGold [Rs] Gold [$]70

80

90

100

110

120

Inde

x =

100

on 3

1-M

ar-1

4

NewPlat [Rs] Plat [$]40

55

70

85

100

115

Inde

x =

100

on 3

1-M

ar-1

4

Sugar [$] Crude [$]

8

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

Net BoM purchases on FX Market

Melvyn Chung Kai To AXYS Stockbroking Ltd, Bowen Square, Dr Ferrière Street, Port-Louis | BRN C07007947Bhavik Desai Tel (230) 213 3475 | Fax (230) 213 3478 | Email [email protected] | www.axysstockbroking.com

During the week ended Jul 31st 2015, the Bank of Mauritius did not intervene on the domestic foreign exchange market.

31-Jul-2015Investment Outlook

0

200

400

600

800

1,000

1,200

95

100

105

110

115

120

125

BoM FX purchases [Rs M

] Inde

x =

100

on 3

0-Ju

n-14

BoM MURX USDX

Elections BBCL License

revoked

6.71

8.91

11.92

7.18

10.37

8.55

3.80

14.89

14.57

7.5

10.2

15.7

22.1

24.9

8.6

31

29

30 31 31

35

40 40 39

41 41

2010 2011 2012 2013 2014 2015

USD bought [Rs bn] EUR bought [Rs bn]

USD VWAP [Rs] EUR VWAP [Rs]

9

SEM Listed Fund Net Asset Values

Africa Sustainability FundBayport Management LtdColina Holdings LtdFidelis Opportunity Fund PCC - Focus Cell 2Global Diversified Fund PCC - Cell No. 1Global Windsor Capital Fund LtdNovare Africa Fund PCCNinetyEast Timaeus Capital Fund PCC - Cell AP.O.L.I.C.Y. LtdRSJ Prop, PCCTriangle Real Estate India Fund LLCUniversal Golden FundAfrAsia Capital Management Ltd

– ACM India Focus Fund– ACM Aussie Ltd– ACM European Ltd– AfrAsia Special Opportunities Fund – AfrAsia Special Opportunities Fund

AIGO Holdings PCC– AIGO UK Residential Property Fund– AIGO Commercial Property Fund– AIGO Natural Resources Fund

Global Investment Opportunities Fund Ltd– Kotak Indian Growth Fund (Class A)– Kotak Indian Mid-Cap Fund (Class C)– Kotak Liquid Fund (Class I)

Imara– Imara African Opportunities Fund Ltd– Imara Global Fund Ltd

IPRO LtdIPRO Growth Fund LtdIPRO 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)

*NAV provided every Friday. AXYS uses the NAV value closest to month's end

Select Abbreviations

Disclaimer

Melvyn Chung Kai To AXYS Stockbroking Ltd, Bowen Square, Dr Ferrière Street, Port-Louis | BRN C07007947Bhavik Desai Tel (230) 213 3475 | Fax (230) 213 3478 | Email [email protected] | www.axysstockbroking.com

130.1%

1.5%4.05

150.01

$

Rs

£

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

$

$▲

1,078

Month Ended

590.63

16.5927.20

81.88

180.28

1.30

▲3.3%

10.84

-0.9%$€ 346.94

820.21

13.6%

£

0.7%

$

81.69

1.005.50

1.66

$

0.0%0.0%

306.18

-26.1%

5.3957.4%

8.3%1.22

5.5%

6.7%

1.61 -4.3%$ (AUD)

-1.6%$

1.00

$

-0.2%

0.0%

115.09

10.84498.09

183.11

▼▼

73.88

1.28▼

325.23

1,856

817.60

-6.0%

481.84

156.6394.58

$

▼ -0.2%

1,869R (ZAR)

2.11

27%99.53

9.77 32.4%0.93 -2.1%

1,065

2.24

0.94

5.61

7.38

1.00

8,310

0.1%

0.0%-3.6%

99.61

-11.1%1,052 -14.4%

-0.8%

£$

$ 0.93

Change

-5.5%May-15 Jun-15

982YTD

Investment Outlook

945

$

▼▼

1,843

16.73

1.59

2.25

819.00

-3.8%$

99.45▼

676.2%

-1.4%

-1.1% -5.0%▼

6.1%

0.9%28.57

▲ Rs

577.81

▬8,593

-0.6%

16.9%

28.15

31-Jul-2015

81.7382.21

-0.8%499.30

£

-0.5%

4.1%

4.8%

58.1%

595.42

95.77▲

181.80181.00

1.2%

$

▬109.35

7.54

-2.4%8,623

0.0%10.84

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.

-0.7%

Apr-15Official Market

4.17▼4.46

147.38 145.81

4.43$-0.7%4.14

$

27.33 26.8216.50

$

$

4.33

0.3%

0.2%

-1.4%

MtoM

909

0.4%

27.90

£ 3.3%

1.4%

98.95

10