monthly market review 31-may-2017 - axys-group.com · may's themes. shortcuts. sector....

May's Themes Shortcuts

SECTOR SEGMENT

Pg3 Financial Pg2 Indexes

Pg4 T&L Pg13 Fund NAV

Pg5 MSCH Pg14 Forex

Pg6 Staples Pg15 ETFs

Pg7 Cons. Disc. Pg16 Comdty

Pg8 Property

Pg9 GBL1 Prop.

Pg10 Materials

Pg12 Inv. Hldg

Top Traded Sectors' Performance

Top 5 Traded Sectors

A: AXYS Stockbroking Ltd, 6th Floor, Dias Pier Building, Le Caudan Waterfront, Caudan, Port-Louis, 11307T: (230) 405 4000 F: (230) 213 3478 E: [email protected] W: axysstockbroking.com BRN: C07007948

o As interim results poured in by May 15th, the bourse was earnings-

driven.

o 38 companies reported improved results for Q1-17 against 45 that

fared worse, pushing ALEX 20’s PER to 12.7x from 14.8x.

o Blue-Chip Bank MCB (+9.3%) improved its EPS by 13% boosted by a

good performance of both banking and non-banking operations,

providing fresh traction on the local bourse.

o As part of its mandatory offer, 4.5M TPL shares i.e. representing

3.2% of its total shareholding was acquired by Indigo at Rs6.30 on the

crossings board.

o Subsequent to Equity Spectrum Ltd’s announcement to buy-out

BEEP at Rs24.90 if 90% of shareholders accept the offer, BEEP

rocketed by max allowed 20%.

1,058.7831.02

15.00

23.65

15.00

3.50

4.70

Net Foreign

Flow

Monthly Market Review31-May-2017

Δ 1M

CIM 0.90

SBM 0.86

M. Active

T&L

3.50

-10.0

ENLL

-8.6

PROP

Leaders

-12.0

[Rs] NOVUS 7.50

BYCH 3.32

Δ 1M[%]68.5

Latest

INVH

MSCH

45.1

16.3

14.1

11.1

-18.5

-14.9

278

39

2

1,100.00

ALEX-20

+3.02%

▲

USD/MUR

-1.05%

APL 7.1

TOR[%]

ROCK

M. Active

Share[%]

MCB 25.1

SBM 14.9

SWANL

BLFE

SAREF

5.2

▼2.15-0.60

QBL

BEEP

COVI

MDIT

Latest

MASC

Laggers

[Rs]

1M change in Mkt. Cap. [%]

▲ +Rs20M

▲ +Rs10M

▲ +Rs19M

▼ -Rs4M

[%]

Value[RsM]

2.24

18

2.13

NOVUS 1.51

▼35.54-0.38

1Yr T-Bill

-21.82%

57

Value[RsM]

POLI 1.29

5.4

56

165

165

79

ALTEO

59

FIN ▲ +Rs30M

Share of TMT

Local

Foreign

-2.0

-1.2

-0.4

0.4

1.2

2.0 YoY ∆ in USD [%]

870

900

930

960

990

1,020

1,050

ALEX-20

2.1

3.11Y T-Bill [%]

FIN

PROPINVH

MSCH

T&L

Others

17%

32%

6%8%

11%

1%8%

8%

7%

48%

14%

12%

10%

9%

7%

-1.0

0.5

0.3

5.2

4.1

1

Market Indicators

MC [Rs bn] ▲ ▲

Δ MC [%] ▲ ▲

TO [Rs M] ▼ ▼

FP [%] ▼ ▼

NFP [Rs M] ▲ ▲

PER [x] ▲ ▲

DY [%] ▼ ▼

PBV [x] ▲ ▲

ROE [%] ▼ ▲

Market Highlights

ALCAPEX-12

ALEX-20

AXYS TMI

SEM-ASI

SEM-ASIV

SEMDEX

SEM-SI

SEM-10

DEMEX

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** Previous day's closing prices


With International peers S&P Africa (+4.3%) and MSCI Frontier (+3.7%) rallying sharply amid an improved market

sentiment, the local bourse followed suit climbing to fresh highs boosted by sharp gains on large market caps. Out of the 10

ALCAPEX 12 constituents who moved this month, 7 closed in the green: ALEX-20 (+3.0%) closed above the 1,050pt-

mark for the first time since Oct-14, ALCAPEX 12 (+1.7%) gained 25pts in a bullish month and SEMDEX (+2.9%)

climbed to its highest since Dec-14. The monthly turnover at Rs1.1bn with a foreign participation of 27% was essentially

driven by foreign purchases on MCB [25%] and APL [7%] and sustained foreign divestments on SBM [15%].

3.0% 15.1 3.0 1.04

3.3% 10.1% N/A 12.1 3.4

2,034.92 1,971.88 3.2%

Monthly Market Review

21.4% 33.2% 13.3

2.93

1.75

2.8

0.95

12.1

3.7

7.3% 15.0% 21.6

1.7

3,561.22 3,563.29

1.04

YTD 52 Wks

2.4% 12.4%

1.47

3.9

2.4

1,490.30

1.88

2.9

1.75

2.37

1.65

17.9%

9.8%

3.13

15.0

5.7% 20.0% 32.8

1.7% 13.2%

N/A

2,039.54

20.8

403.23

-0.1% 8.8%

211.64 210.48 0.5%

1.61

9.2%

0.84

166.57

0.90

2.8 0.95

2.8

1,170.88 1,143.05

5.9% 12.0% 15.6% 3.4

15.2% 19.9 3.5

4.3% 11.8%

2,412.91 2,388.77 1.0%

2.9%

2.4

559.83 540.07

2.0

1.04

1.04

20.6%

31-May 28-Apr Mth

17.6

3.4

Qtr Ended

1,027.75

2.5

1.1

15.4

2.92

31-May-2017

31-May-17

1,974.48

15.0%

All SEM Liquid 20

303.5

29.0

ChangeL — 52 Wk — H

▲▲▲

1,515.44

As at

▲▲

▲

4.0%

3.1

0.7

0.09

PER PBV

15.1

2.98

Indices

1.04

5.9 6.9

0.84

18.8% 17.6

12.1

DY

27.6

192.9

0.05

▲

31,159 16.6%

15.4

1.223.0

▲▲▲

21.0%1,058.78

159.69 17.8%

▲▲ 106.24112.49

▲2,075.12 2,016.94

4,329.32 4,138.89

7,526.51 7,237.17

1,011.77 979.66

15.3%

3.3% 17.9% 25.3%

19,678 19,252 2.2% 2.8%

4.1% 9.2%

3.7%

▲

1,909.90 1,881.14 1.5% 9.0% 13.9%

14.8%

▲

19.2

4.6%

▲

391.35 3.0% 16.9% 19.7% 15.8

▼

12.8%

21.6

▲ 18.2%

2.5

3.8%30,030

▲

65

80

95

110

Indi

ces

= 10

0 o

n 3

1-M

ay-2

014

ALEX-20 ALCAPEX-12

MSCI FM SEMDEX

SEM-SI

2

Financials

FIN ▲MCB ▲SBM ▼ABCB ▲CIM ▲FINC ▲MEI ▬MUA ▲SWAN ▲SWANL ▼CMBI [$] ▬

Sector Summary & Highlights


MCB (+9.3%) – who was boosted by a good performance of both banking and non-banking operations – rocketed to fresh

Record-High on foreign inflows to the tune of Rs88M. In stark contrast, SBM (-2.6%) – whose PAT was hurt by larger DA

charges and impairments – continued to register large foreign divestments amounting to Rs83M. ABCB (+8.0%) rebounded

to 3Mth-High and FINC (+3.3%) resumed its ascent to 4Wk-High . CIM (+7.3%) was boosted by higher lending volumes to

its highest since Jul-15. Apart from thinly-traded SWANL (-12%) who slumped to 8Mth-Low , insurers MUA (+1.7%) and

SWAN (+0.1%) moved in tandem with better results.

ADVal

—

— — —

Top 5 Traded Stocks Stock Price Evolution since 31-May-16

1.05

4.51

0.1

2.010.5

11.4 8.8

16.3

— —

17.7

0.5

7.40 7.60

23.60 22.85 21.6 2.5

1.02

690

4310.00

— 0.6

1.7

-4.3

0.84

1.15

3.9

59.00

—

1.7

0.10 0.10

1,100.00

— —

310.25

1,250.00

10.9

250.00 228.75

28-Apr

27.65

9.3

-2.6

8.0

7.3

3.3

2

82.00 82.00

9.10 8.48

7,483

188

2,544

722

58.0

26.0 30.4

3

-2.1

31-May

3.8

5.4

168

— —

4.2

— —

1.68


1415 1

3.5

L—52Wk—H

62

104

Foreign [Rs M]

—

1.33

0.79

1.59

6

DYNetSales[Rs k]

30198 3.9

—

19.70

2.7

6

— — 15.8 4.2

13.2

0.46

PBV1.15

31-May-17

225.60

9.2

Buys PER

6.3—

—

—

-83 21

150

3

—

58.00

— 54

3.1 1.7

Mth YTD24,3135.2

YoY

20.0

As at

12,628 88

10.1

-12.0

2.2

8.8

8.7

Mth Ended Change [%]

MCB

SBM

CIM

FINC

MUA

20%

32%

12%

19%

1%9%

0%

52%

31%

10%

3% 1%

90

105

120

MCB SBM

CIM FINC

MUA ALEX-20

3

Travel & Leisure

T&L ▲NMHL ▼LUX ▬SUN ▲CHSL ▼HTLS ▲TPL ▲SCT ▼MOLI ▬MK ▲LOTO ▲ASL ▬



ADVal

41.20 41.20 — — -1.4 0

4.4 1.1

60.00 — 7.6 15.4 20

462 —

NMHL (-1.3%) – whose Mauritian operations appeared to have fared worst this quarter – slid on weaker results while

LUX (±0%), SUN (+1.9%), HTLS (+5.0%) and TPL (+0.7%) improved their Mauritian Rev/Room. SUN’s capital raising

exercise for Rs1.87bn through a rights issue of 19M new ordinary shares rights and a private placement of 29M shares, both

at Rs39 has been approved by SEM’s LEC. In spite of Rev/Rm climbing to its highest since Q1-13 boosted by a higher

occupancy, SCT (-2.1%) continued along its down-track to its lowest since Nov-07. LOTO (+3.6%) – whose operating

profit dipped by 22% to Rs25M – surged to 2Mth-High . MK (+4.4%) also closed in the green this quarter.

05.80 5.60 -1.7 29.2 100

—

21.0

— —

—

—

13.0

34.45 34.50 -0.1 3.3 5.0 22

2 1

—

14.25 13.65 13.1

32.45 30.90 5.0 4.7 -0.3 13

29.8 625

— 9 -9 6.08 6.04

22.20 22.50 -1.3 17.8 9.9 1,153

60.00 60.00

1

31-May 28-Apr Mth

0.9

42.90 42.10 1.9 22.0

520 2.1

Mth Ended 31-May-17

0.88

5 0 5 31.6

-4 9.2

L—52Wk—H


Change [%] Foreign [Rs M] As atYTD YoY PBV

6.7 3.8160.00

Sales

1.46

— — —

4.5 16.23

Top 5 Traded Stocks

4.65 4.75

7.0 0.33

Stock Price Evolution since 31-May-16

0 -0 3.6

— 0 -0 12.8

0.53

— — — 1.89

0.77

0.82

1.2-1.9 8.6 1,304

0.69

Net PER

0.4

0 —

0.4

DY1.15

—

1.26

3.9

— — — 35.6 —

—

31-May-2017

0 —

24.1

[Rs k] Buys4,225 8 12

—

0 -0

6.7

1

0.3

-2.1 -3.1 -8.1 6

0.7

—

TPL

NMHL

SUN

LUX

MK

5%

26%

1%

26%

2

13%

3%9%

11%

4%

31%

27%

15%

12%

11%

4%

85

95

105

115

125

TPL NMHL SUN

LUX MK ALEX-20

4

Multi-Sector Conglomerates & Holdings

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




— 0 -0 — — 0.829.50 9.90 -4.0 -7.1 -5.2 153

ALTEO (+4.6%) – this month’s most active conglomerate – registered foreign inflows to the tune of Rs17M. Sugars

TERRA (+0.3%), OMNI (+1.6%) and MEDL (+1.6%) closed in the green in spite of being impacted by sharp drops in their

domestic sugar income. In contrast, second largest market cap IBL (-0.9%) eased off from recent highs. GAMMA (-1.2%) –

whose building material segment results nearly halved due to tepid demand – slipped further. EUDC (+0.6%) and UTIN (-

4.0%) moved in the opposite direction of their respective earning results.

-0 15.5 4.4 1.2218.00 17.90 0.6 12.5 21.2 98

0 — 0 25.9 3.7 1.3124.50 24.80 -1.2 -2.0 5.4 363

2.8 0.4365.00 65.00 — -3.7 -22.6 1

3 2 1 — 3.0 0.7729.20 29.20 — 7.0 10.2 493

1.6 1.6139.85 40.20 -0.9 29.4 57.0 195

0 — 0 24.9 2.7 0.4163.00 62.00 1.6 -0.8 6.8 322

3.2 0.4863.00 62.00 1.6 4.6 -1.2 166

1 0 1 48.5 2.6 0.5532.15 32.05 0.3 7.2 10.5 576

—

2.4 0.63

19 9.2 3.9 1.1534.25 32.75 4.6 21.0 31.7 2,607

PER DY PBV4,975 26 70.5

31-May 28-Apr Mth YTD YoY [Rs k]

21 4 17

ADVal

L—52Wk—H

Mth Ended Change [%] Foreign [Rs M]

31-May-2017

Buys Sales Net

As at 31-May-17


1

19.3

1 —

0 0 -0 17.8

— — — —

— 0

ALTEO

TERRA

ROGE

GAMMA

MEDL

Others

11%

41%

11%8%

7%

7%

12% 52%

12%10%

7%

7%

12% 52%

12%

10%

7%

7%

12%

90

100

110

120

130 ALTEO TERRA

ROGE GAMMA

MEDL ALEX-20

5

Consumer Staples

CONS ▲INNO ▼MOR ▼PBL ▼PHIN ▬QBL ▲UNSE ▼CSE ▲LFL ▲LMLC ▬MIL ▬SAIL ▬MCOS ▼GOLI [$] ▬CMPL ▬



INNO (-0.9%) – who reported larger losses – and MOR (-1.3%) – who continued to be hurt from cheaper imports of

edible oils – closed the month in the red. Ex-div PBL (-0.1%) was sought by FI 50cts below its Ex-Div. reference price.

QBL (+69%) – May’s best performer – rocketed to its highest since Jul-08 on 29k shares. LFL (+2.9%) – whose higher

revenue was hurt by the ban on Mauritian feed imports – moved in opposite direction to its quarter results and MCOS (-

2.0%) slid in tandem with a 50% drop in profits. UNSE (-5.0%) and CSE (+0.5%) moved on 500 shares or less this month.


— — — — — 2.378.48 8.48 — -5.8 -16.4 1

* QBL has been placed on a secondary Axis

0 — 0 9.6 3.7 0.76215.00 215.00 — 5.4 16.2 16

0 — 0 9.0 3.8 0.6631.90 31.00 2.9 11.9 27.6 12

— — — 15.9 4.5 0.97101.00 100.50 0.5 0.5 3.1 1

— — — — — 0.2523.75 25.00 -5.0 -16.7 -20.8 1

— — — 133.8 — 1.390.02 0.02 — -50.0 -33.3 8

0 — 0 — 2.0 0.2124.50 25.00 -2.0 -2.0 -16.2 15

— — — 6.5 5.3 0.3618.85 18.85 — 1.9 -5.8 3

— — — 21.6 2.2 1.40923.00 923.00 — — — —

— — — 8.8 4.7 1.0515.00 8.90 68.5 87.5 100.0 16

— — — 13.6 3.1 1.49280.00 280.00 — 6.8 24.4 0

3 2 1 18.3 2.4 1.96430.00 435.00 -1.1 2.4 21.1 233

0 0 -0 17.4 4.7 2.26

0 100.8 4.9 0.81

27.55 27.90 -1.3 2.0 5.2 57

3.9 1.1537.60 37.95 -0.9 -3.6 -6.6 131 1 0

L—52Wk—H0.2 493 4 2 2 9.2

Buys Sales Net PER DY PBV31-May 28-Apr Mth YTD YoY [Rs k]


Mth Ended Change [%] Foreign [Rs M] As at 31-May-17ADVal

PBL

INNO

MOR

QBL

LMLC

Others

22%

25%

24%

1%11% 3%3%

8%

47%

27%

12%

3%

3%

8%

60.0

100.0

140.0

180.0

220.0

90

100

110

120

130PBL INNOMOR LMLCALEX-20 QBL

6

Consumer Discretionary

COND ▲CTL ▲VEM ▲ENLC ▬ABC ▬RHT ▼UBS ▬ACC ▬MSIL ▲



Following CIEL’s declared intent to buy-out CTL‘s minority shareholders for a cash consideration of Rs25 per share and

3.742 CIEL shares through a voluntary offer closing on July 20th, CTL (+3.6%) converged to its offer price. In spite of gross

profits falling by 19%, VEM (+4.1%) pursued its ascent to near 2Yr-High. RHT (-1.0%) and MSIL (+2.2%) budged on Rs100k

worth of actions or less.


— — — 4.5 5.2 0.52152.75 152.75 — 10.3 -0.2 4

— — — 7.1 3.3 0.4330.65 30.00 2.2 — -3.0 6

— — — 16.6 — 0.9034.50 34.50 — -5.1 -7.6 15

— 0 -0 9.5 4.4 0.4825.00 25.25 -1.0 -1.0 -7.4 1

— — — 5.8 4.1 0.8392.00 92.00 — 10.5 8.6 128

— 0 -0 — 1.4 0.6114.00 14.00 — 10.7 3.7 14

0 — 0 12.4 4.3 4.21126.00 121.00 4.1 18.9 37.0 58

10 2 8 9.4 6.6 1.10

8 9.2 3.9 1.1549.20 47.50 3.6 15.8 27.8 1,188

3.2 1,415 11 2

Sales Net PER DY PBV L—52Wk—H31-May 28-Apr Mth YTD YoY [Rs k] Buys


Mth Ended Change [%] Foreign [Rs M] As at 31-May-17ADVal

CTL

ABC

VEM

UBSENLCOthers

20%

64%

9%4%

84%

9%

4%1%1%1%

84%

9%

4%1%

90

105

120

135CTL ABC VEM

UBS ENLC ALEX-20

7

Property

PROP ▼ASCE ▼BLFE ▼CAUD ▲CIMO ▬NOVUS ▼APL ▼COVI ▲UTDL ▬



APL (-2.4%) – the third most active counter this month with 4.9% of its total shareholding changing hands – registered

foreign inflows to the tune of Rs34M. 208k NOVUS (-18%) – which represents 1.5% of its total shareholding – also traded.

BLFE (-10%) – who remained loss-making in Q1 for the fourth consecutive year – closed in the red and ASCE (-6.3%) slid

to 2¾Yr-Low . In contrast, COVI (+16%) climbed further and CAUD (+6.8%) moved in line with better results boosted by

increased occupancy and debt repayment.

* COVI has been placed on a secondary


— — — — — 0.3463.00 63.00 — 22.3 2.0 132

0 — 0 72.1 — 0.7915.00 12.90 16.3 150.0 150.0 97

34 0 34 15.0 6.9 0.9810.00 10.25 -2.4 0.0 -0.5 3,578

— — — 16.3 6.0 0.787.50 9.20 -18.5 -18.5 -0.0 71

— — — 12.7 4.8 0.40440.00 440.00 — -1.0 -1.0 —

— 0 -0 27.2 — 0.551.10 1.03 6.8 14.6 15.4 120

— — — — — 0.422.24 2.49 -10.0 -2.6 12.0 39

0 4 -4 13.9 4.4 0.87

30 9.2 3.9 1.1511.25 12.00 -6.3 -7.8 -11.1 317

PER DY PBV L—52Wk—H-1.0 4,354 34 5

31-May-1731-May 28-Apr Mth YTD YoY [Rs k] Buys Sales Net

ADVal


Mth Ended Change [%] Foreign [Rs M] As at

APL

ASCE

UTDLCAUD

COVIOthers

18%

64%

5%3%3%2%

82%

7%

3%3%

2%3%

-50.0

0.0

50.0

100.0

150.0

200.0

250.0

300.0

80

100

120

APL ASCE UTDL

CAUD ALEX-20 COVI

8

GBL1 Property

PROP ▼ROCK [$] ▲SAREF [$] ▼ALPL [£] ▬MDEL [$] ▼GFP [€] ▲MLND [£] ▬NFPL [£] ▬STBR [$] ▬TADV [$] ▬UPL [£] ▬



GBL1s made up 5% of the monthly turnover combined on foreign crosses. ROCK (+4.3%) – who revised its share swap

ratio to one NEPI share for every 4.7 ROCK shares with regards to their merger – and GFP (+8.3%) – who raised

EUR78.5M through an accelerated book build process on the South African Register – closed in the green in spite of foreign

inflows >Rs4M while MDEL (-5.8%) – who is aiming to raise $138M from a rights issue to fund recently announced

investments and acquisitions – and SAREF (-8.6%) ended the month in negative territory.

ADVal

1.00 1.00 — — 1.01


1.00 1.00 — —

— —

1.40

1.20 1.20 — — — — — 72 6.3

— — — — 127.3 —

1.67

—

2.00 2.00 — — —

— 4.4 — 0.84

N/A — — — — —

— 1.66

0.91 0.91 — — — — — —

— — — — — —

0 4 -3 0.7 — 1.770.13 0.12 8.3 8.3 80.6 172

— — — 1.7 5.4 1.631.43 1.52 -5.9 -12.9 -15.5 139

0 — 0 3.1 7.2 1.011.10 1.10 — — -5.2 11

11 11 0 48.4 3.6 0.553.50 3.83 -8.6 -9.1 -30.0 518

32 39 -7 11.0 1.9 1.50

-9 9.2 3.9 1.152.45 2.35 4.3 4.3 8.4 1,776

PER DY PBV L—52Wk—H-1.0 2,616 44 54




ROCK

SAREF

GFP

MDELALPL

Others

62%

6%

19%

1%

4%

3% 68%

20%

7%

5%0%0%

70

110

150

190 ROCK

SAREF

GFP

MDEL

ALPL

ALEX-20

9

Materials

MAT ▲UBP ▲MCFI ▲CHEM ▲BYCH ▼GAZ ▬PIM ▬PCCL ▬



UBP (+1.0%) – who renewed with profits this quarter subsequent to three years of loss making – inched up. CHEM

(+0.3%) total shareholding was exchanged this month at a higher price in tandem with holding MCFI (+5.1%) while sister

concern BYCH (-15%) moved in opposite direction of their earning results.

ADVal

— — — — 2.0 0.2825.00 25.00 — — — —

— — 18.1 4.2 1.18

3.32 3.90 -14.9 -19.0 -21.0


65.00 65.00 — 4.8 7.4 2 —

65.00 65.00 — 7.4 -7.1 1 — —

0.50

17.35 17.30 0.3 -0.3 7.8 317 — — —

25 0 0 0 — —

0.53— 29.0 2.4

0.99

— 34.2 1.8 0.70

18.45 17.55 5.1 1.9 8.5

127 — 0 -0 15.5 3.1

0 -0 9.2 3.9 1.15104.00 103.00 1.0 9.5 30.0

9.7 6.3 1.03

0 — —

L—52Wk—H1.2 473 0

Buys Sales Net PER DY PBV31-May 28-Apr Mth YTD YoY [Rs k]


Mth Ended Change [%] Foreign [Rs M] As at 31-May-17

BYCH

MCFI

CHEM

PCCL

0% 67%

8%

19%6…

67%

27%

5%1%

75

100

125BYCH MCFI

CHEM PCCL

PIM ALEX-20

10

Others

Others ▲MFD ▲FORT ▬SHUMBA [$] ▬MASC ▲



In spite of a drop in profits mainly due to increased wages and renegotiation of major client’s long-term contract, MFD(+5.0%) ended the month in positive territory. Following the acquisition of Wellkin Hospital (formerly Apollo-Bramwell),

Private Hospital MASC (+11%) reported a 1.8x surge in revenue but an operating loss of Rs9M this quarter.

ADVal


— — — 30.7 0.9 3.073.50 3.15 11.1 34.6 52.2 5

— — — — — 2.630.10 0.10 — — — 0

— — — — — 0.85141.50 141.50 — -5.0 -4.4 0

0 — 0 13.7 1.9 1.33

0 9.2 3.9 1.1510.50 10.00 5.0 6.7 5.6 29

PER DY PBV L—52Wk—H15.3 34 0 —


31-May-2017



MFD

MASC

FORT

100%

84%

15%

1%

85

110

135

160 MFD MASC

FORT SHUMBA

ALEX-20

11

Investment Holding

INVH ▲CIEL ▲MDIT ▲POLI ▲NITL ▼PAD ▲BMHL ▲ENLL ▲ENL(P) ▲BEEP ▲ASTO [$] ▬DALE ▬



Apart from NITL (-2.7%) who eased off from recent highs in tandem with a substantially decreased investment income,

INVH ended the month in the green. Equity Spectrum Ltd – owned at 70% by IBL and 30% by Proxy Investment Ltd (a

subsidiary of Management and Development Company Limited, part of Eclosia Group) – made a voluntary offer to buy-out

BEEP if 90% of shareholders accept the offer. Subsequently, BEEP (+45%) approached its offer price Rs24.90. POLI (+3.6%) and PAD (+9.0%) at 10Yr -High each registered a monthly turnover >Rs18M this month. CIEL (+1.9%) and MDIT (+14%) moved in tandem with their improved quarter results. BMHL (+3.0%) climbed further to 6Mth-High on smaller

volumes. ENLL (+3.7%) – this month’s most active INVH – was boosted by inflows to the tune of Rs11M in line with

holding ENL(P) (+1.8%).

ADVal

114.50 105.00

28.00 27.50 1.8

9.0

48.70 46.95 3.7

— 3.7 0.6723.65 24.30 -2.7 12.1 43.3 15

29.05

25.1

— — 25.3

— — — 12.5

— 2.5 0.18

28.20 3.0 4.5 8.8 25 0 —

12 1 11

129 — 0 -0

16.30

2.8 0.56


20.2 18.2 2,690

— — — — — 1.762.54 2.54 — — 0.1 —

— — 1.00 1.00

23.65

— — — —

— 0.41

— 26.8 — 0.95

0 —

45.1 51.6 40.8 92

— 2.4 0.56

20.4

11.8 835

14.3

5.6 1.13

30.1 949 0 0 0 10.2 2.8

— — — —

0.42

6.26 6.04 3.6 8.7

10 9.2 3.9 1.157.72 7.58 1.8 22.5 26.1 703

— 0 -0 21.6 5.1 1.334.70 4.12 14.1 18.7 19.0 465

1 2 -1 16.8 2.3 0.84

PER DY PBV L—52Wk—H4.1 5,903 13 3




90

120

150CIEL NITLMDIT BMHLPOLI ALEX-20

CIEL

NITL

MDIT

BMHL

POLI

Others

4%36%

14%12%

10%

7%

17%

46%

16%14%

12%

8%

4%

12

Listed Fund – Net Asset Values

Bayport Management Ltd

Colina Holdings Ltd

Global Diversified Fund PCC, Cell 1

Global Windsor Capital Fund Ltd

Mauritius Development Investment Trust Co Ltd

National Investment Trust Ltd

Praxis Mutual PCC

P.O.L.I.C.Y. Ltd

RSJ Prop PCC

Triangle Real Estate India Fund LLC

Universal Golden Fund

AfrAsia Capital Management

– ACM India Focus Fund (Retail)

– ACM India Focus Fund (Institutional)

– ACM Aussie Ltd

– ACM European Ltd

Global Investment Opportunities Fund Ltd

– Kotak Indian Growth Fund

– Kotak Indian Mid Cap Fund

Imara

– Imara African Opportunities Fund Ltd

– Imara Global Fund Ltd

IPRO Ltd

– IPRO Growth Fund Ltd

– IPRO African Market Leaders Fund Ltd

Kotak Investment Opportunities Fund Ltd

– Kotak Indian Infrastructure & Realty Fund (Series 1)

– Kotak Indian Infrastructure & Realty Fund (Series 2)

Novare Africa Fund

– Novare Africa Fund

– Novare Africa Property Fund II

Warwyck Funds

– Warwyck Prolific Fund

– Warwyck Phoenix Income Fund

– Warwyck Phoenix Balanced Fund

– Warwyck Phoenix Global Invest Fund 1


– Warwyck Phoenix Invest Fund 3




145.31 — —

▼ 5.6%

23.7%

▲ $ 5.26 5.21 5.04 1.0% 23.8%

▲ $ 4.91 4.87 4.70 0.8%

€ 801 834 -4.0%

▲ $

▲ $ 119.56 116.31 2.8%

▲ Rs 27.66 27.21 1.7% 4.3%

3.5%

32.83 31.52 30.90 4.2% 17.6%

▲ $ 13.68 12.99 5.3%

27.4%▼ $ 642 657 626 -2.3%

6.5%

▲ $

▲ $ 703 696 673 1.0% 23.8%

5.8%

▲ € 1.62 1.58 2.7% 8.2%

▲ $ (AUD) 2.37 2.30 2.9%

21.7%

▲ $ 1.49 1.44 3.2% 22.3%

▲ $ 1.49 1.44 3.2%

35.5%▲ $ 118.98 107.87 10.3%

5.8%

▼ $ 797 797 0.0% 0.0%

▲ € 1,303 1,249 4.3%

—

▲ Rs 5.66 5.53 2.4% 5.4%

▲ $ —

8%

▲ Rs 35.28 35.11 0.5% -0.6%

▲ Rs 3.65 3.53 3.4%

0.8%

▲ $ 100 100 0.2% 0.2%

▼ £ 1,414 1,429 -1.0%

1.6%

▲ $ 1.00 0.97 3.1% 2.0%

▲ $ 6.72 6.49 3.5%


Month Ended ChangeMay-17 Apr-17 Mar-17 MtoM YTD

▼ €

▼ € 1,185 1,210 -2.1% 3.9%

▲ $

972 983 -1.2% -1.3%

1.16 — —

▼ € 1,102 1,113 -1.0% -2.7%

▼ € 1,194 1,210 -1.3% 11.7%

1,145 0.7% 3.4%

▼ € 769 792 -2.9% 3.2%

▼ € 1,061 1,061 0.0% 3.6%

▲ € 1,153

13

Foreign Currency Rates

USD / MUR

EUR / MUR

GBP / MUR

ZAR / MUR

AUD / MUR

JPY / MUR

*Weight of currency in trade basket used to compute an MUR index (MURX)

Forex Market Watch


1.65 -1.46

1.13

2.40

0.93 0.28 17.66

-1.47

35.54 -1.05 -3.47 -1.76

45.55 -14.24

39.69

2.71

32.48 -0.86

7%

32.20

46.36 -1.77 0.72

26.59 26.95 -1.32 -0.45

2.73

39.00 1.78

35.92

*where USDX is the USD Dollar index and MURX is an MUR index computed

by AXYS against five peers using the trade basket

During the week ended May 12th, the Bank of Mauritius intervened on

the domestic foreign exchange market purchasing $20M at the rate of

Rs35.10. The Bank of Mauritius intervened further during the week

ended May 19th to purchase $25M at Rs35.

L — 52 Wk — H


YTD YoYCurrencies

Mth

3%

57% ▼Wt*

27%

6%

28-AprMth Ended Change [%]

31-May

▲▼▲▼▼

-22

-12

-2

8

MU

R v

/s P

eers

sin

ce 3

1-M

ay-2

014

USD EUR GBP

Stronger v/s MU

RW

eaker v/s MU

R

25

475

925

1,375

1,825

95

97

99

101

103

105

107

109

BoM

FX purchases [R

s M]

Inde

x =

100

on 3

1-M

ay-1

6

BoM MURX USDX

8.91

11.92

7.18

10.37

15.08 16.30

9.13

1.28

3.80

14.89

14.57

10.2

15.7

22.1

24.9

15.1 16.3

9.1

29

3031 31

3536

35

40

39

4141

2011 2012 2013 2014 2015 2016 2017

USD bought [Rs bn]

EUR bought [Rs bn]

USD VWAP [Rs]

EUR VWAP [Rs]

Elections

14

Exchange Trade Funds (ETF) – Precious Metals

ETF ▬

NAV ▲

Spot ▼

ETF – Equity Basket

ETF ▬

NAV ▲

Index ▬

ETF ▼

NAV ▼

Index ▲

ETF ▬

NAV ▬

Index ▲

ETF Summary & Highlights


14k MISB (+0.4%) units changed hands in line with a higher NAV. In contrast, CGP40 (-0.4%) and CSP500 (±0%) moved

in tandem with their underlying assets, albeit each on thin trading.

Mth Ended

31-May 28-Apr 1M

Change [%]1M YTD YoY

0.0

2,413 2,389

S&P GIVI SA [Rs]

-1.3 5.5

1.0

427.67

1M YTD YoY

Gold[Rs/coz t]

422.00

427.31

Mth Ended

S&P Glob. Prop. 40 [$]

-18.7

31-May 28-Apr

2.44

1M YTD


0.3 3.9

-5.8 -0.8

-1.2 8.3

1.2426.84

0.0 0.0

S&P 500[$]

Mth Ended

2.5


128.14 124.36 3.0 12.0 9.0

YTD YoY

31-May

422.00

28-Apr

433.43

0.1 5.0

3,176 6.9

Change [%]

Change [%]

3,176 0.0

2.59 -4.7

2,528

31-May 28-Apr

7.3

119.58 119.58

15.0

-3.9

-9.6

2.40 2.40 15.4

2.38 2.38 13.2

0.0 4.8

2.46 2.47 -0.4 0.4

0.0 4.5

YoY

2,521 -1.1

86

96

106

ETF NAV Spot

65

80

95

110

ETF NAV Index

92

102

112

ETF NAV Index

90

100

110ETF NAV Index

15

ETF – Fixed Income Basket

ETF ▲

NAV ▲▼

Commodities – Energy & Shipping

Brent [Rs/L] ▼ Coal [Rs/kWh] ▼ Baltic Dry [pts] ▼

Commodities – Softs

Sugar [Rs/t] ▼ Soy [Rs/kg] ▼ Wheat [Rs/kg] ▲

Authors TradingBhavik Desai Prerna Cheekhooree Alexis Corson Melvyn Chung Adlette Rioux

Head of Research Research Analyst Investment Analyst Head of Trading Trader


-13.5

900.00

Mth Ended

Disclaimer

AXYS Stockbroking Ltd has issued this document without consideration of the investment objectives, financial situation or particular needs of any

individual recipient. AXYS Stockbroking Ltd will not be under any liability for loss or damage of any kind whatsoever arising in connection with the

contents of this document. 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. AXYS Stockbroking Ltd makes no guarantee, representation or warranty and accepts no responsibility or liability as to its accuracy or

completeness. AXYS Stockbroking Ltd is a member of the Stock Exchange of Mauritius and is licensed by the Financial Services Commission.

31-May-2017

For buying or selling stocks, bonds, and ETFs, please

liaise with

5.2 N/A

0.00 6.94 -4.0 2.3

: or

YTD YoY

-26.3 -15.5

YoY

11.49 11.69 -1.7 -11.7 2.4

31-May

Foreign Investor (FI),

Foreign Participation

(FP) {i.e. share of

trade}; Net Foreign

Selling (NFS); Net

Foreign Purchases

(NFP)

[*] denotes units used, where *

is the unit; Change (Δ). Week-on-

Week (WoW); Year-to-Date

(YTD); Year-on-Year (YoY);

Basis Points (bps); Yield (Yld);

Volume Weighted Average Price

(VWAP).

MCB India Sov. [$]

Mth Ended

28-Apr

All metrics

are computed

over a week or

on last day of

the week

unless specified

otherwise.

Key Information

Change [%]31-May

We apply the "Global Industry Classification Standard" (GICS) to group companies by

sector. They are: Financial (FIN); Travel & Leisure (T&L); Multi-Sector Conglomerates &

Holdings (MSCH); Consumer Staples (CONS); Consumer Discretionary (COND);

Materials (MAT); Industrials (IND); Health (HLTH or HT); Communications (COMM

or CM); Property (PROP); Investment Holdings (INVH); Others (OTH). An MSCH

where the majority of its revenue stems from and/or investments are other listed

companies, we classify them as INVH.

Average Daily Value (ADVal); Price-to-Earnings

Ratio (PER); Dividend Yield (DY); Price-to-Net

Asset Value Ratio = Price-to-Book Value (PBV);

Total Market Turnover (TMT); Turnover Ratio

(TOR); Value (Val.); Market Capitalisation (MCap.);

When without square brackets, "%" means

"percentage/share of".

1,134.00 -20.6

N/A

36.8

3.3 -8.3

-10.8

11,855

5.66 5.50 3.0

0.32

11.94 12.47 -4.3

-19.7

-16.7

10Y YTM


1M

12,075 -1.8

YoY

-11.6

0.9

11.29 11.24 0.4 5.5

28-Apr 1M YTD

0.37

-6.0 48.5


11.22 11.12

Change [%]31-May 28-Apr 1M YTD

82

88

94

100

106

112ETF NAV 10Y YTM

70

170

270 Brent Coal BDry

75

100

125

150Sugar Soy Wheat

16

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