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
During a relatively quiet week, the‘Santa Claus Rally’ commenced
Trading was marked by the return ofbullish investors on BBCL and TERRA’sacquisition of a substantial stake inUTIN {as announced in late Oct-13}.
Local indices closed at new 52Wk-High s: ALEX-20 a 1,031.93pts (+0.9%),ALCAPEX-12 at 1 348 38pts (+0 3%)
UBS
6.70
Mkt Summary & Highlights
Official List
WoW Movements
ValueLatest Δ WoW
SUN[Rs]
Technical Listings NAVs
50.50 -1.0
Foreign Pariticipation
News Snippets
Share of TMT
FX/MUR Spot Rates
7.22
Domestic FX Market Watch
MDITENL(P)
39.00
6.5 TPL 349
DEM
BBCL
Latest[%]
Leaders
40.10
Currency
22.50
1Yr T-Bill ▬0.93% 1,031.93 -0.33% 30.65
NMHL
MCB
140
16,788-2.5 SBM 20.4
ENLL
BBCL
490.9
0.0% 3.859.53 -0.10 0.00
40,087 UTIN
Volume
18.4
Most Active
Official ListMauritian Yield Curve
Market AnnouncementsDEM
PLIBORDividend Declarations
Earnings:
CIEL 5.2
Δ WoWLaggers
▼
-2.0 9.1
BBCL
792 SBM 17.526.90 -2.2 7.0POLI 7.60
ALEX-20 ▲ USD/MUR
MASC
[# k]-4.5 UTIN
[Rs] [Rs M]
Investment Outlook27-Dec-2013
Equity Equity
1.68 5.0
ENLC
11.50UTIN
7.1
[%]Most
Active
Fixed IncomeMarket IndicesWeekly Prices:
Listed Corporate Bonds
750
850
950
1,050
Inde
x [p
ts]
-3
-2
-1
0
1
Δ% in
USD
/MU
R si
nce
30-J
un-1
2
2.00
2.50
3.00
3.50
4.00
1Yr-
GM
TB [%
]
89%
8%
2% 1%
MSCH
FIN
TL
Others0.7
1.8
0.0 0.1 0.3 0.0
0.5
1.0
1.5
2.0
MSCH FIN TL INVH COND
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-12ALEX-20SEM-7Dow Jones IA*Nasdaq*S&P 500*FTSE 100*CAC 40*DAX*All OrdinariesNikkei 225Hang SengBSE 30
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
55.6%
0.31%20-Dec27-Dec
1,348.38
* Previous day's closing prices
16,480
9.0%
14.1% 13.6%55.6%
All SEM Liquid 20
5,324 5,26216,179 15,87023,243
Investment Outlook27-Dec-2013
▲
Activity Spread Net Flows
16,1794,167 4,0581,842 1,8106,694
21,080 0.54%1.89%
9,489
22,812
1.18%
▲▲
1.94%
1,344.181,022.41
25.8%
▲
179.11.0
68.245.1
0.014.42.551.09
7.6
270.30.8
564.85.50.6
17.22.681.02
5.9
39.6%1.79%
▲
Key: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.
9.1%
16.5% 14.8%
0.93% 23.5% 23.7%
1.86% 27.4%
Indices
▲▲
▲
ChangeWeek Ended— 52Wk
0.99%
2.69% 40.8%
1 Wk YTD 52 Wks
▲▲
▲ 2,090.90 2,072.16
6,5854,218 4,177
1,031.9322.9% 23.1%
1.64% 24.6%
0.90% 20.7% 21.0%
31.3% 29.9%
21,194
23.9%9,336
1.66% 13.0% 12.4%
2.6% 2.5%▲▲
85
100
115
130
145
160
Indi
ces
reba
sed
to 1
00 o
n 3
0-Se
p-20
10
SEM-7 S&P 500ALEX-20 ALCAPEX-12
39%
37%
15%
3% 2% 4%
MCBSBMNMHLALTEOCTL
-7
-0 -1
8
1
-8
-4
0
4
8
MCB SBM NMHL ALTEO CTL
Net
For
eign
pur
chas
es [R
s m
2
Investment Outlook 27-Dec-2013
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 Santa Claus Rally In what was a relatively quiet week, the local bourse commenced its ‘Santa Claus Rally’ and was marked by the return of bullish investors on BBCL and TERRA’s acquisition of a substantial stake in UTIN {as announced in late Oct-13}. Foreign participation expectedly plunged to 5.5% given the festive end of year period. Local indices – like their foreign counterparts – closed at new 52Wk-Highs: ALEX-20 a 1,031.93pts (+0.9%), ALCAPEX-12 at 1,348.38pts (+0.3%), and the SEMDEX at 2,090.90pts (+0.9%).
Finance Excluding the change in shareholding at UIL [39.5M crossed at Rs12.25 (+13.4%)], banks dominated 57% of this week’s turnover. While MCB improved to yet another new All-Time High Rs211 (+0.7%), SBM which traded at VWAP Rs1.044 (+0.4%) crept up to Rs1.05 (+1.0%) on very low-vol. {Friday’s VWAP was (+0.0%)}. BBCL sky-rocketed to 6Mth-Rs1.0401High Rs7.22 (+18%) following the re-emergence of bullish investors conducting market buy-outs: 792k shares were exchanged at VWAP Rs6.54 (+7.2%) throughout the week. A thinly traded volatile CIM peaked at Rs8.16 (+2.0%) mid-week only to slide to Rs8.14 (+1.8%) on Friday, while MUA recouped 25cts to Rs123.
Travel & Leisure Although NMHL [12% of TMT ex UTIN] closed unmoved WoW at , its VWAP stood at a lower Rs88.07 (-0.5%). Rs88.50SUN fell sharply to Rs40.10 (-4.5%) following its recent low-vol. surge, and biz. hotel operator, TPL declined to Rs6.70 (-2.0%). LUX at Rs39.35 (+0.3%) was the only major hotelier to buck trends by closing in positive territory. Trading on Air Mauritius eased off to just 15k shares at an unchanged
. Rs16
Multi-Sector Conglomerates | Holdings Trading among MSCH was heavily skewed towards the cross of 39.5M [26% of its shareholding] UTIN shares at Rs12.25 (+13.4%) on Christmas Eve but closed at a lower Rs11.50 (+6.5%). In stark contrast to other Multi-Sector counters which all closed in the green, TERRA which acquired the
significant stake in UTIN [as announced in Oct-13] inched lower by 10cts to 18Wk-Low Rs38.80. ALTEO inched higher by 5cts to Rs37.40 {10cts shy of ATH}, OMNI picked up Rs1 to Record High Rs89, IBL improved by Rs1 to All-Time High Rs102, ROGE jumped by Rs3 to 4Wk-High Rs199, EUDC moved higher by 20cts to another new record high Rs14.95, and CIEL picked up another 2cts to Rs4.09 on the eve of its special meeting {however, DRIL held steady at }. Rs5.98
Consumer Staples | Discretionary PBL at has yet to trade since announcing the sale Rs185.25of its stake in its Malagasy brewery in spite of bids having been placed at a higher Rs190 (+2.6%). An Ex-Div INNO climbed to Rs52 (+2.6%), LFL moved up to Rs21.65 (+3.1%) and ENLC jumped to Rs22.50 (+7.1%) while CTL inched marginally down to Rs25.40 (-0.2%).
Materials | Health Construction companies moved in opposite directions: UBP moved up by Rs1 to Rs95 while GAMMA edged lower by 20cts to Rs35. MASC – in typical fashion – swung upwards to Rs1.68 (+5.0%) on some 10k shares.
Property In its final pre-amalgamation week of trading, BLFE surged to a new record high Rs9.14 (+2.0%) while ENLL gave up 50cts to Rs50.50 and related-company ASCE slipped to Rs1,400 (-0.7%) on a min. trade of 100 shares.
Investment Holdings This week’s only appreciably traded INVH was MDIT at VWAP Rs5.99 (+0.5%). All of POLI at ATH Rs7.60 (+7.0%), PAD at 6Mth-High Rs83 (+1.2%) and NITL at Rs40.60 (+0.7%) also rode the buoyant up-wave to new highs. Soon to be withdrawn and wound-up UFL at Rs9.20 (+4.1%) also soared into unchartered territory.
3
Market/Company Announcements
Dividend Declarations
COMPANY
ROGE ▲CTL ▲MEDL ▬MEDL(P) ▬EUDC ▲ALMA ▼BRIL ▲MSH ▲MSH(P) ▲ALTEO ▲MASC ▬CMPL ▲DRIL ▬HML ▬OMNI ▼SBM ▲
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
Dividend Key Dates Properties
The Mauritius Commercial Bank Limited (MCB')At its special shareholder meeting held on Dec 27th, shareholders approved: 1. Cancellation of its Treasury Shares 2. Cancellation of its Employee Share Option Scheme
3. Approved the share swap between MCB and the new “MCB Group Ltd” in the ratio of one new MCB GroupLtd share for every MCB share held by its shareholdersA petition will be presented to court to sanction the Scheme of Arrangement.
Gamma Civic Ltd (GAMMA)As part of its share buy-back, GAMMA purchased no shares during the month of Nov-13, which brings thenumber of shares GAMMA may buy back unchanged at 6.7M, and leaves the total number of shares boughtback till date at zero.
NinetyEast Timaeus Capital Fund PCC (NTCF)NTCF, a GBL1, has changed its name to Timaeus Capital Fund PCC.
TypeChange
Current Previous Div/Div Declaration Ex-Div. Pay Date
Int 20.02 0.00 N/A 15-Nov-13
Freq. p.a.
Investment Outlook27-Dec-2013
0.75 0.50 50% 12-Dec-13 30-Dec-13 20-Jan-14 Int 2
2.10 2.25 -7% 12-Dec-13 30-Dec-13 31-Jan-14 Int 2
0.60 0.60 0% 12-Dec-13 30-Dec-13 31-Jan-14 Int 2
3.00 – N/A 12-Dec-13 30-Dec-13 20-Jan-14 Int 2
0.35 0.30 17% 12-Dec-13 30-Dec-13 31-Jan-14 Int 2
52.00 47.00 11% 12-Dec-13 30-Dec-13 31-Jan-14 Int 242.00 38.40 9% 12-Dec-13 30-Dec-13 31-Jan-14 Int 2
2
0.60 0.60 0% 12-Dec-13 30-Dec-13 31-Jan-14 Int 2
42.00 38.40 9% 12-Dec-13 30-Dec-13 31-Jan-14 Int 2
0.01 0% 16-Dec-13 07-Jan-14 24-Jan-14 Int 20.50 0.45 11% 18-Dec-13 07-Jan-14 25-Jan-14 Fin 1
0.35 0.30 17% 16-Dec-13 31-Dec-13 20-Jan-14 Int0.01
0.04 0.04 0% 18-Dec-13 07-Jan-14 24-Jan-14 Int 23.00 3.00 0% 18-Dec-13 07-Jan-14 25-Jan-14 Fin 12.75 3.75 -27% 19-Dec-13 10-Mar-14 26-Mar-14 Fin 1
4
Weekly Official List Movements
SEMDEXMCB ASBM HBBCL SCIMFINCMEIMUASWAN
NMHL RSUN RLUX RMKASL
ALTEO* ATERRA BOMNI HIBL AROGE RHML
INNOPBL BMORGOLICMPL
VEMMSMENLC
MCFIUBPGAMMAPIM
ENLL AMERITCAUDROCKSAREFUTDL
MDITNITLPOLIPADBMHLDALE
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
100.00
0.25.2
-8.5%
88.50 57.2%
18.1%
152.00
22.5%
92.0%
-4.4%
-4.2%
198.25
58.4%
21.50
88.50
42.00
94.25
1.420.4
52-Wk
27.5%68.9
1.04 3.81.7165.00
8.1
1.5
As atPER
37.35
122.75—
60.1%6.10
56.00
300.00
1.05
100.00
8.705.90 2547.22
—4.1%
8.00
14.6
18.50
-6.0%-9.5%
123.00300.00 —
9.1
-8.5%
31.3%16.9%
17.5
31.3%—1.8 4.1%
1.04
88.00
196.00101.75
2.7
111.00
5.3%
115.00
28.00
40.10
8.10
38.80
185.00
2.8%
69.4%
102.00
45.3% 45.3%142.9%
37.7089.00
38.0%—
33.6%
41.80
-7.3%
0.4
0.2
50.75
0.04
16.00
6.2
▬▬
N/A33.3%
-36.4%
-2.4%
▲
▬
52.00
▬
7.00
—
—0.0
185.25
—0.1
7.6%
8.1021.00
20.1%
108.00
3.5
2.9
42.50
24.4
23.00
—
0.7
2.5
10.00
32.8%
8.0%
19.3014.3%
29.6
105.00
0.07
4.5
3.5
0.0
0.0322.2
12.5
-4.4%
22.5%-4.2%
26.8
179.00
130.00
212.005.0
11.9
33.3%
6.6%
27.10 24.6
34.30
7.00
73.00
36.8
187.00
0.98 —
87.24.45
7.00
0.61.4
37.20
5.00—
0.091.3
— 0.0 —
5.3 5.2
60.5013.9
12.50
26.9
1.00
25.70
11.5%
82.50
—
0.5
43.80
6.006.9
2.5
15.09.5
24.912.6
—65.00
1.5
16.5
0.3
0.8
0.4
3.5
4.2
1.3
2.3
—
3.055.8
5.1
0.0%
—
34.8
0.77.0
25.8—
29.90
1.35
—
28.00
0.0
1.11.20
22.90
7.00
9.9
0.1538.1
2.4
4.2 0.73.2
77.0038.50
51.50
100.00
0.6
88.50
1.1
0.9—
6.2
0.0
0.8
4.1
—
133.00
—
0.6 2.2
3.82.3
0.72.8
1.16.0
9.5
—
1.0 8.6
—
12.4
15.70
10.0
73.50
10.10.4
1.7
2.99.0
2.7
31.4
76.00
2.9
2.8
2.1
0.0
18.7
15.1
1.10.71.3
0.5
9.0
4.20.72.131.60
63.16.1
13.1
10.1
4.6
2.5
1.4 15.2
1.631.5
290.00115.00
27.3027.5
62.00
LowVal.VWAP
14.9
YTD1.1
1.3
9.10.86▲
42.216.9%60.1%
22.0%
18.50
21.3%
0.0
2,090.9
3.019.01,729 6.020.7%
20-Dec PBV
11.2211.002,072.2
27.5%
21.8
3.6
43.0092.00
16.30
38.0
127.00
2.1
15.802.7 2.5
6.4
19.00
0.6
1.276.00
5.051.63.5
0.5
5.40.3
4.00.0
100.00
—
123.00
39.80
141.00
10.10
17.1
5.320.60 1.5
4.55▲
97.5%
34.5%
0.7
0.6
1.4
3.70
9.9
6.0097.5%
67.9%
25.9%-45.7%
67.9% 7.60
235.000.4
2.734.5% 96
3.425.9%1.884.00
11.5%
6.6%
5.98 5.9640.60
0.3
—
72.50
40.30
83.00 82.00
-45.7%
7.60
▬
235.00
7.10
8.14
27-Dec
211.00 209.50
123.00
58.5%
19.9%0.2
1.7 142.9%
95.00
▬
14.3%
20.1%
1.058.95
35.10
24.00
▬
▲ 8.14
▬
27.05
▲
▲
101.00▲
18.50
0.0
16.00
102.00
340.00
200.00
21.0%
52.00
37.50
8.0%
2.3%17.7%
38.0%
-14.3%
-7.3%
0.0
0.1
5.50 5.50 — —
▼
▬
88.50
9.00
▼▬
24.00
—
28.00
38.90
0.04
69.4%
2.3
19.9%
-14.3%
1.3% 1.3%
92.0%0.0%
0.0
38.90
▬▲
24.500.7
16.10
DYChange
72.50
235.00
0.2
Fina
ncia
lM
ater
ials
Prop
erty
—
—
▲
27.00
39.35
▼
▬
▬
—1.13
▲▲
2.1 34.9%
▲
▬
0.3
108.00
▲
▬3.80 —
6.0040.55
40.10
Official Mkt
210.75
Inve
stm
ent H
oldi
ng
▼
—
Week Ended
7.24
—
0.1
50.75
▲
▬
▬
185.25
—
89.00
37.40 37.40
0.1
▲
▬
▲
199.00
0.0
—
22.50
0.0
▲
35.20
50.50
0.0
77.00
39.25
152.00
94.0035.00
—
39.30
0.5
3.80
10.0%33.0%
1.13
—
2,091
N/A33.0%
High
0.0 1.0
-2.4%
▲ 6.54
115.00
27-Dec-13ROEYoY
15.4
1.1
58.4%
34.9%
Con.
Sta
ples
Con.
Dis
c.
88.00
▬
82.25
77.00
1.30
2.6
Trav
el &
Lei
sure
Mul
ti-se
ctor
Con
g.
Investment Outlook27-Dec-2013
0.0
▬235.00
▬1.30
152.00
51.75
27.00
28.00
7.0051.00
1.137.00
▼
5
Weekly DEM Movements
DEMEXANGLO
CHSL SHTLSMOLISCT HTPL
CIELMEDLEUDCUTIN
PHINVITALQBLCSE AUNSE RSODIALFLLMLCMILMCOSSAIL
CTLABCACCMSILRHTUBS
BYCHCHEMGAZPCCL
FORTMFRE
ASCEBLFECIMOCOVI
BTEL
MASC
DRILENL(P)ENITFIDESUFLALMABRILMSH
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
—
1.5
0.0
49.6
1.9 14.2
6.4
1.40.7
0.6
0.6
9.0
43.80
3.2
N/A 9.15 6.15
0.0
0.0
—
1.1
1.91.25
5.6
▬
▬—
9.20
5.9827.05
98.25 2.01.5
48.2% 4.05
101.00
—2,130
21.5
-6.8%Inve
stm
ent H
oldi
ng
-23.6%——
19.101.4
▬2,700
1.62
10.8
2.4
145.00
16.2
24.9%
High
52.00
14.90
0.70
22.3% 139.00
57.6%
15.8%
20.4%
42.6057.00
32.00
25.70
19.8%
4.95
2.3
—
12.1
2.6
1.4
1.1
0.80.0
48.5
2.6
28.7
423.00 0.519.6
3.6
0.6
0.3
3.8
3.1
9.5
13.3
9.3
0.6
—
0.7
29.0
23.10
6.713.6
1.5
0.0
0.5
14.2
5.90
5.2
15.0
—
1.9
5.6
4.2
14.5%23.2%
13.5
7.427.30
0.5
1.3
52.00
49.2043.7%
-2.5%
0.4
15.6
8.5%
123.00
14.00
5.3
13.8
4.4
—
143.000.0
0.0
▬
1.1
1.529
43.7
7.5
2,8302,940
6.7%6.7%0.9
15.027.60
4.0163.00
0.7
1.5
1.5
6.9
41.50
14.6
1.2
41.3%
0.0
-10%
0.9
7.00
43.1
42.8
0.140.9%
0.1
815.00
42.00
4.7
32.3
—16.7%
33.0024.50
21.2%
13.3%
23.25.2
—
21.70
—
128.00
0.0
0.60.0
8.80-22.9%
9.8%24.70 19.20
8.00.8
40.00
1.0
1.8
35.30
—
27-Dec-13
4.80
DY
2.6—
—
0.033.4
18.50
10.2
As at52-WkROE
0.9
21.42.7
6.40
0.0
Low17.9%
9.6
16.10
0.8
—
1.20.0 —0.8
2.2
PBVPER18.1%
8.3%
Change
6.3%
173.96650.00
7.00-5.7%
60.9%
8.3%
6.3%
39.6%
4.9%21.4%43.7%
11.50
0.0
31.5037.40
-5.7%
YoY
50.0%
52.36.7
8.00
0.7
12.4600.00
19.0060.9%
—166.00
124.00
4.10
7.1%
1.316.2
—
1.0
—2.2
17.06.1
118.1
0.62.65
—0.03.8115.00 23.6
0.8
0.06.9
80
0.5
8.070.50
1.5
0.12
3.3
-10.3%9.40 7.10
155.00
0.721.4%
10.80
—
46.3%46.3%
——39.6%
51.00-10.3%
11.50
59.00
0.0 6.90
68.00
35.3%
4.9%
490.9
4.07
57.6%
7.1%
—
0.8
6.51.0
4.24.4
12.2%
0.7
44.5057.50
0.3
925.00186.00
0.9 1.6
14.8
4.4
1.6
—13.118.70
0.054.743.20
170.00
38.4
5.5-23.6%
4.6
34.80
2,130
106.00
489.00
1,1701,450
14.7%2,700
14.7%
——11.8
0.298.50 2.99.5 1.1
24.90
0.40.7
1.2
7.5—
0.9
58.8
-6.8% 2,45089.00—
2,130
▲ 9.20
1.68
▬8.98 0.4 85.6% 85.6%
50.00
5.98
102.00102.00
—
8.84
9.24
1.60
▬ —
▬
▬
Hlth -2.5%
10.8%
64.00
0.026.90
48.2%
▲ 9.14 8.961,410
▬
50.00 50.000.7
5.98
43.7% 50.50
6.00
▬18.5%
0.0%
Ind.
Com
.
92.0098.25
40.9%27.50▼
18.5%9.8%
64.00
9.90
0.0%
140.00
2.05
170.007.00
0.0%
98.25
1,400 0.1
Prop
erty 8.98 0.3
▲
▬
Con.
Dis
cret
iona
ry
▬
128.25
Mat
eria
ls
——
50.00
0.1
7.00
—
23.2%
8.5%
40.00
135.00
35.00
▬ —
33.05
170.00 —
▬
22.50
▬
—
—
—
—41.3%
▬
155.00
135.00
128.25
135.00
——
▬
▬
▬
▬
0.170.17▲
170.00
▼
35.00▼
▬▬
155.00▬▬
39.00
▼
▬
163.00
64.00
0.1
—
10.8%
—
0.0
0.0%
50.00
170.00
—
14.5%
163.00
—
1,400
33.0512.2%
10.80
18.7%
16.7%
489.00
0.0-8.9%22.50
10.80
7.00
9.24489.00
31.7531.75
39.00
923.0057.50
52.0052.00
57.50
— —
25.5525.40
13.3%
14.6%
0.033.0542.9%
-73.8%
923.00
—
25.45-10.4%
— —
—
170.00
11.00 -22.9%
—
163.00
0.0
—
—
0.0
—
22.3%
19.8%24.9%
20.4%
—
0.17
1.5
21.2%
-8.9%
42.9%
68.0014.75
6.84
7.98
—-10.3%
6.70
0.2
0.6
—
4.08
Week Ended
-10.3%
50.0%
YTD
——
4.09
▲ 14.75
—31.50
27-Dec 20-Dec
124.25
0.0
—
DEM
▬
124.25
Cons
umer
Sta
ples
▬
-73.8%21.65
6.70▬
68.00
Trav
el &
Lei
sure 37.00
650.00 —
▬ 31.50
▬
VWAP
11.50
42.00
Val.
21.65
495.9
▬
21.00
14.9512.25
51.007.98
6.60 6.60
▬▬
▲
▲
▲ 173.96
▼
—
37.00
650.00
—
42.00
▬
M-s
ec. H
ldg.
Fin.
——
▬
173.196.4
144.8118.4
2.9
0.5
0.6
0.02.2
1.6
Investment Outlook27-Dec-2013
6
SEM Debt Securities
MCB Repo+1.35%LUX 9% ConvertibleUBP Repo+1.2%UTIN Repo+3%OMNI 7.15% [Rs k]OMNI 5.7% [Rs k]
Fixed Income Instruments
Moody's Credit Rating: Baa1
Overnight [% p.a.]1 Week [% p.a.]* Assumes conversion into equity in Dec-14; and factors for conversion discount and dilution
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
5.9%▼ 5.5% 101.87 100.00 105.36 105.14
12.7710.7%
105.33
YTD in bps20-Dec-2013-2.12%
1,050
1,1361,000
27-Dec-20132.77 129
5.7%
6.3%
@ Par
7.2%
5.4%
105.95
5.3%
▲ 16.1%
5.6%
106.14
@ Par1,030
Debentures
Week Ended
▼
▲
4.8%
3.6%
YTM @ FV
4.2%
▼ 5.3%
4.5%
11.02 10.00 12.15
132
103.77
AXYS Fair Valuation
99.85
1,002 1,000
27-Dec
100.00
Change
16.0% 3.6%
7.1%
4.8%
27-Dec
▼ 3.48 -2.79%3.58▼
PLIBOR
▼2.7%
YTD
61.1%
1,130@ Par27-Dec
3.9%
20-DecSettlement Price
1,103
YTM
100.00
87.2%
103.04
1 Week2.83
7.1%
27-Dec5.8% 6.0%
YTM Week Ended
Investment Outlook27-Dec-2013
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
INte
rest
Rat
e [%
]
PLIBOR 1-Day PLIBOR 1-Wk Tbill 91-Day
3.9
5.7
6.7
2
4
6
8
10
0 5 10 15
Sove
reig
n Yi
elds
[%
]
Instrument Maturity [Yrs]
Poly. (Current)
Poly. (Previous)Current Prev. Yr
-500
0
500
1,000
1,500
-100
0
100
200
300
Sep-12 Nov-12 Jan-13 Mar-13 May-13 Jul-13 Sep-13 Nov-13
LUX CB YTM
premium
over Risk Free [bps] YT
M p
rem
ium
ove
r Ris
k Fr
ee [
bps]
MCB Repo+1.35% UBP Repo+1.2%
UTIN Repo+3% LUX 9% CB*
7
Forex Rates
L HUSD / MUREUR / MURGBP / MURZAR / MURAUD / MUR
Domestic FX Market Watch
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
30.65 30.75 -0.33% -1.3% -1.3%41.98
0.12% 0.0% 0.3%
Week Ended Change27-Dec 20-Dec 1 Wk — 52Wk
27.36 27.403.01 3.01 0.00%
97.3 39.02
▬
2.1%50.20 50.14
USD
310.0 28.56 40.48
▲
Currencies
▼
Dec -2013Q3-2013H1-2013201220112010
41.24 19.3 30.14 32.4 6.8 30.76 62.8 40.54
161.5 30.68 215.7 395.2
YTD 52 Wks
40.36
40.49
-18.9% -18.9%▼
Periods
The Bank of Mauritius intervened dailyon the domestic foreign exchangemarket during the week ended Dec27th 2013 purchasing $19M at VWAPRs30.18 and €7.1M at VWAP Rs41.33.
1,125.4 30.06 446.6 40.20
Qty [M] Price [Rs] Qty [M] Price [Rs]
219.5 31.7
-0.15% -15.7% -15.6%
29.97
31.83
0.32% 2.3%
EUR
41.84▲
19.8
Investment Outlook27-Dec-2013
85
90
95
100
105
Inde
x =
100
on
30-
Jun-
2010
USD EUR GBP
38
39
40
41
42
43
30.50
30.75
31.00
31.25
31.50
31.75
MU
R per EUR M
UR
per U
SD
BoM Interventions USD EUR ECB derived EUR
ORR Start
8
SEM Listed Fund Net Asset Values
Africa Sustainability Fund (ASF)
CIEL Investment Ltd (CIEL)
Evisa Investments Ltd (EIL)
Fidelis Opportunity Fund PCC - Focus Cell 2 (FOF)
Global Diversified Fund PCC - Cell No. 1 (GDF)
IPRO Growth Fund Ltd (IGF)
JPT Capital Agrifund (JCA)
Mauritius Development Investment Trust Co Ltd (MDIT)
National Investment Trust Ltd (NIT)
Novare Africa Fund PCC (NAF)
NinetyEast Timaeus Capital Fund PCC - Cell A (NTCF)
P.O.L.I.C.Y. Ltd (POLI)
RSJ Prop, PCC
Theseus Property Fund Ltd (TPFL)
Triangle Real Estate India Fund LLC (TREIF)
AfrAsia Capital Management Ltd (ACML)
– ACM India Focus Fund (AIFF)
– ACM Aussie Ltd (AAL)
– ACM European Ltd (AEL)
Global Investment Opportunities Fund Ltd (GIOF)
– 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
Lancelot Global PCC
– Commodities Partners International (CPIL)*
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
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.
80.03
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.
-3.6%
▲▲
4.80
YTD▼
Month EndedNov-13
69.65 -1.2%
$
-0.2%
-15.4%
0.0%
25.95
1.98
Change
Rs
1,501
-3.5%
Oct-137.0%
5.06
$ 0.75
15.8%
-4.6%
4.37
$
0.08
9.04
-1.1%
104
74.49
1.00
106.98
£
$
979
19.1%
$
Official Market
▲
MtoMSep-13
1.2%
-0.9%
9.7%
£
27.93
4.33
Rs
—
1,029 1,018 -1.1%
1,517
5.4%
9.79 —
1,503
18.8%
-20.1%
13.6%
99.4%
$
1.00
5.1%
—
-0.1%
7.4%
£ 9,071 9,108 9,144
-0.9%
12.2%
0.0%
894
Rs
▼
10.84
0.08
Rs
1.5%
▲
101
▼▼
▲
▼▲ 27.21
▬
0.71$
70.5067.96
895896
▼
▲ 5.52
72.15
27.79
▼ 100
0.4%
1.91
0.72
▼25.04
-1.4%
1.00
▲
271
10.84
1.30 1.33
$ -0.1%
1.99 -0.6%▼0.65
€
0.08
0.0%
0.0%
406
0.72▲
▼
$ (AUD)
17.06
10.84
-12.7%
$▲ 15.8%
2.95
-18.4%
$
$
244
-6.8%
12.1%
17.8217.86
421
22.4%
271
-12.7%
3.16$
2.64 11.7%
—
17.7%
6.8%
-9.6%
▲
0.5%
Rs
—
4.22
▲
2.82
▼$
0.73▼
$
1.35
-3.2%
€
0.8%25.74
▼
375
Investment Outlook27-Dec-2013
9