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Stock Market Review

Week 34– from August 22nd to August 26th 2016

CREDIT RISK MANAGEMENT BEYOND NUMBERS

Bloomfield Investment Corporation is a pan-African credit rating agency which specializes in the assessment of the credit risk. Headquartered in Abidjan with offices in Douala and in Kigali. the agency operates essentially in Africa.

Department of Economic and Stock Market Analysis

Accreditation UEMOA AN-001/2012 RWANDA ref/CMA/July/3047/2015

Headquarters Plateau. BIAO-CI Tower. 15th floor. Abidjan - Côte d’Ivoire

Website www.bloomfield-investment.com

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BRVM 10 k 3.21% 251.11 BRVM COMPOSITE k 1.54% 287.79

Evol Value

Average PER* k 26.12

Average yield / share* m 4.53%

Market capitalization (billion FCFA) k 7 183

Trading volume (shares) 12 478 153

Trading volume (bonds) 65 463

Value traded (shares) 3 770 369 081

Value traded (bonds) 586 099 500

Market Trends

The BRVM ends this week up displaying 255.11 points for the BRVM 10 index (3.21%) and 287.79 points for the BRVM Composite index (1.54%). The capitalization of the stock market amounted to 7 183 billion FCFA. The transaction value of stock market amounted to 3.7 billion FCFA this week spread mainly between the following sectors "Finance" (35%), "Public Services" (33%) and "Distribution" (14%). The ECOBANK stock makes the largest weekly market growth with a gain of 23.81% while the SOLIBRA stock shows the largest decline with a fall of 6.38%. On the commodities market, the ore products follow a downward trend while palm oil continues its upward trend.

* Calculated on the basis of the latest financial information published without

consideration of companies in liquidation

(Source BRVM)

Listed Companies 40

Price Evol% Vol

Val (000)

PER Y/S

ECOBANK TRANS. INCORP. TG

26 23.81% 12 344 048 290 947 7.3 7.7%

TOTAL CI 19 325 10.43% 18 360 352 923 44.9 2.4%

SGB CI 135 000 6.71% 3 496 458 974 15.5 3.9%

CROWN SIEM CI 52 000 4.00% 8 411 41.7 2.3%

Price Evol% Vol Val (000) PER Y/S

SOLIBRA CI 186 300 -6.38% 38 7 163 13.6 2.2%

SAFCA CI 30 000 -6.25% 19 570 54.9 4.8%

PALM CI 10 000 -4.76% 41 639 412 262 N/A 6.5%

SAPH CI 12 600 -3.08% 88 1 109 N/A 4.6%

Sector Indices

# Companies

Value Evol% Evol YTD

Volume Value

traded (MFCA)

Avg PER

Avg Y/S

BRVM - Industry 12 176.56 -2.71% 5.63% 4 613 163 21.1 3.1%

BRVM – Public services 4 745.18 0.19% -7.30% 55 488 1 223 18.7 4.8%

BRVM - Finances 10 94.77 6.41% -8.59% 12 355 407 1 310 21.2 4.2%

BRVM - Transport 2 1 285.60 -0.07% -4.09% 590 129 39.4 4.5%

BRVM - Agriculture 4 176.08 -2.69% 4.48% 42 051 422 29.1 13.2%

BRVM - Distribution 7 700.24 2.45% 23.77% 19 992 523 47.0 2.0%

BRVM – Other sectors 1 493.83 0.00% -

24.11% 12 0 15.8 N/A

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News BRVM Corporates

[SITAB]: Through a statement, SITAB has announced a

change in the direction decided at the Board of Directors in

July 2016. After joining the Imperial Tobacco group three

years ago, Mr Eric SABATES Thiam was appointed CEO of

the following companies: Imperial Tobacco in Côte Ivory,

Imprimerie Industrielle Ivoirienne and SITAB Industries.

He replaces Mr. Abdoulaye KONE, previously interim CEO.

Mr. Abdoulaye KONE get back to his duties as Deputy

General Manager / Chief Financial Officer of SITAB SA.

[BRVM]: The Director General of the Regional Stock

Exchange Securities conducted a working visit to the

Shanghai Stock Exchange (SSE) as part of the

implementation of the development activities of the

regional stock exchange. Areas of cooperation were

identified by the authorities of both stock exchanges, they

include SMEs financing, the issuance of bond loans in

Renminbi for the financing of infrastructure, and

development of tools of technology. The signing of a

partnership agreement is expected to occur shortly for the

implementation of these areas of cooperation.

[BOND]: For the refinancing of securities previously

issued and to finance investments planned in the 2016

budget, the Ivorian government has issued bonds that

allowed it to raise an amount of 125 474 600 000FCFA the

regional market of the UEMOA. Thus, the first listing of the

bond '' TPCI 6% 2016-2018 '' will be held on September 9,

with the first negotiation to be determined by the

comparison of purchase and sale orders with a fixed

reference price (10 000 FCFA).

The Stock Market

Market News

[COTE D’IVOIRE]: The rating agency Moody's retains the

rating "Ba3" assigned to Cote d'Ivoire in November 2015,

with a stable outlook. Strong economic growth, political

stability after the reelection of President Alassane Ouattara

and the potential of mining and hydrocarbon sectors are

the main positive factors identified by the agency. However,

even if it is on an improving trend, the institutional

framework of the country remains low, according the

agency.

[KENYA] : The President of Kenya has signed a new law

regulating the interest rates applicable to bank loans and

deposits. The new law caps the interest rate on bank loans

to four percentage points above the reference rate of the

Central Bank of Kenya (currently 10.5%), while deposits of

savers will be paid up to at least 70% of the reference rate.

The current credit rates of some Kenyan banks reach 18%,

while deposits rates are often lower than 5%. Kenyan

President further recalled that the commercial banks of the

country promised twice to reduce their credit rates

voluntarily without passing to the act.

[NIGERIA]: In a circular issued 22 August of 2016, the

Central Bank of Nigeria (CBN) has invited all Authorized

Dealers to allocate at least 60% of their total foreign

exchange purchases to end users strictly for the purposes of

importation of raw materials, plant and machinery.

Through this measure, the CBN intends to promote the

supply of the manufacturing sector which has difficulties in

procuring foreign currency.

The Chief Economist’s Analysis [ A Focus on NESTLE CI]

Ivorian subsidiary of the Nestle food company has achieved in the first quarter 2016 a turnover of 33.835 billion FCFA against 27.24 billion FCFA at the same period previous year, an increase of 24%. This is due to the smooth running of the business both in the domestic market and the export market which was heavily impacted by the crisis in northern Nigeria. This performance coupled with good control of expenses contributed to an improved revenue from ordinary activities: it was in deficit in the first quarter 2015 to -1.808 billion FCFA, and it rose to a surplus of 1.740 billion FCFA in the first quarter 2016. Thus, Net Income stood at 1.809 billion FCFA against a deficit of 1.892 billion FCFA at the same period last year. According to Nestlé CI, this result is ahead in relation to its objectives, demonstrating the effectiveness of the investments made, the good health of its markets and its competitiveness compared to the strong market competition. On the stock market the Nestlé CI stock, is among the top performers of the industry sector with a gain of 21% of his value from the beginning of the year. This momentum is expected to continue for the rest of the year. .


The Stock Market

Public Services Sector

Financial Sector

Industry Sector

Distribution Sector

Transport Sector

Reference price

Evol% Vol Val (000) PER Y/S Net margin

ratio ROE

CIE CI 73 550 0.75% 256 18 989 24.88 3.62% 1.9% 33.0%

ONATEL BF 13 000 0.00% 6233 81 001 17.49 5.01% 17.5% 32.7%

SODE CI 81 005 0.01% 38 3 131 22.15 4.00% 3.7% 25.9%

SONATEL SN 22 850 0.18% 48961 1 119 825 10.34 6.56% 25.6% 36.0%

Reference price


ratio ROE

BICI CI 91 010 1.12% 368 33 502 16.39 4.65% 17.2% 21.7%

BANK OF AFRICA BN 186 000 -2.11% 41 7 681 14.95 4.35% 9.0% 24.5%

BANK OF AFRICA BF 141 115 0.08% 408 57 551 12.91 4.74% 38.4% 40.5%

BANK OF AFRICA CI 180 000 -1.64% 297 54 258 21.84 3.44% 19.2% 41.2%

BANK OF AFRICA M 58 500 0.52% 6098 356 397 16.91 0.00% 23.6% 24.0%

BANK OF AFRICA NG 94 000 0.00% 357 33 531 16.22 5.12% 28.9% 27.2%

BANK OF AFRICA S 60 000 0.00% 275 16 479 34.63 2.95% 8.2% 20.8%

ECOBANK TRANS. INCORP. TG

26 23.81% 12344048 290 947 7.34 7.66% 5.1% 6.3%

SAFCA CI 30 000 -6.25% 19 570 54.90 4.80% 0.3% 1.2%

SGB CI 135 000 6.71% 3496 458 974 15.54 3.87% 29.2% 35.4%

Reference price


ratio ROE

SERVAIR ABIDJAN CI 150 000 0.00% 124 18 338 65.51 1.20% 16.1% 68.3%

BERNABE CI 170 000 -2.98% 30 5 088 24.03 3.24% 5.2% 20.3%

CFAO CI 102 000 0.00% 95 9 587 49.30 1.83% 5.7% 18.3%

TRACTAFRIC MOTORS CI 498 900 -0.22% 30 14 967 34.40 2.62% 4.7% 27.8%

VIVO ENERGY CI 165 000 1.23% 652 105 453 63.66 0.71% 1.2% 19.7%

TOTAL CI 19 325 10.43% 18360 352 923 44.94 2.39% 1.7% 17.4%

TOTAL SN 24 300 -1.62% 701 17 078 16.15 3.85% 1.2% N/A

Reference price


ratio ROE

BOLLORE AFRICA LOGISTICS CI

265 500 -0.04% 490 128 257 39.44 3.61% 8.8% 19.4%

MOVIS CI 5 000 -1.96% 100 487 N/A 5.40% -6.3% -35.0%

Reference price


ratio ROE

SICABLE CI 100 000 -0.50% 6 600 21.11 1.00% 5.4% 14.9%

FILTISAC CI 28 000 -1.75% 333 9 311 25.13 3.73% 8.4% 10.1%

NEI-CEDA CI 3 400 -1.59% 5 17 N/A 6.62% -6.4% -54.7%

NESTLE CI 60 500 0.00% 220 13 324 21.30 1.04% 2.3% -731.5%

CROWN SIEM CI 52 000 4.00% 8 411 41.74 2.34% 4.6% 12.9%

AIR LIQUIDE CI 18 000 0.00% 5 90 18.70 3.50% 10.4% 29.5%

SOLIBRA CI 186 300 -6.38% 38 7 163 13.56 2.20% 14.4% 34.6%

SMB CI 30 000 -1.64% 774 23 258 10.56 1.50% 4.1% 579.6%

SITAB CI 153 000 -0.65% 175 26 966 14.94 5.33% 10.1% 58.0%

TRITURAF CI-Ste en Liquidation

490 0.00% N/A N/A N/A N/A N/A N/A

UNILEVER CI 26 370 -2.33% 21 566 N/A 4.68% -21.1% -172.6%

UNIWAX CI 27 000 0.00% 3028 81 592 23.24 1.80% 11.1% 63.7%


Agricultural Sector

The Stock Market

Other Sectors

African Stock Markets

Reference price


ratio ROE

PALM CI 10 000 -4.76% 41639 412 262 N/A 6.47% -0.4% -0.6%

SICOR CI 5 300 0.00% 82 450 46.60 36.21% 9.3% -41.9%

SOGB CI 32 005 0.02% 242 7 754 11.54 5.34% 11.3% 11.6%

SAPH CI 12 600 -3.08% 88 1 109 N/A 4.61% -3.8% -5.1%

Reference

price Evol% Vol Val (000) PER Y/S

Net margin ratio

ROE

SETAO CI 40 000 0.00% 12 480 15.81 N/A 5.1% -6.6%

Raw Materials

Price Evol

Silver (USD/Oz) 18.6 -3.45%

Gold(USD/XAU) 1 324.4 -1.56%

Natural gas(USD/MMBtu) 2.9 10.83%

WTI Crude Oil (USD/bbl) 47.3 -3.62%

London Cocoa (GBP/t) 2 341.7 -2.90%

New York Cocoa (USD/t) 3 020.5 -2.31%

Coffee US (USD/lb) 145.3 2.61%

Rubber (JPY/kg) 153.9 -12.56%

Palm oil(Riggints/t) 2 800.0 -1.82%

Currencies *

Price Evol

USD / XOF 585.93 1.16%

GBP / XOF 769.71 1.62%

EUR / XOF 655.96 0.00%

JPY / XOF 5.75 -0.45%

CNY / XOF 87.78 0.79%

ZAR / XOF 40.80 -4.87%

NGN / XOF 1.71 2.16%

EGP / XOF 65.99 1.16%

KES / XOF 5.78 1.05%

African Stock Markets

Johannesburg Stock Exchange

ALL SHARE INDEX m -0.60% 3 438.41

Nairobi Stock Exchange

NSE ALL SHARE INDEX m -8.03% 134.97

Nigerian Stock Exchange

ALL SHARE INDEX m -0.72% 27 450.91

Egyptian Exchange EGX 100 INDEX k 0.03% 811.00

Casablanca Stock Exchange

MOROCCAN ALL SHARE INDEX k 0.03% 9 954.88

* Weekly evolution of the average price (order the day before the close of trading)


Credit Ratings(1/3)

Company name Country Sector/ Activity Long term Short term Rating

expiration date Rating Perspective Rating Perspective

CIE Côte d'Ivoire Electricity AA+ Stable A1+ Stable 30/09/2016

IDT Côte d'Ivoire Tobacco distribution Confidential 01/11/2016

Loyale Assurances SA Côte d'Ivoire IARD Insurances BB- Negative C Negative 31/10/2016

Loyale Vie SA Côte d'Ivoire LIFE Insurances A- Stable A2 Stable 30/06/2016

OMNIUM Mali Manufacturing and distribution of batteries

BBB+ Stable A3 Stable 31/05/2016

ONEP Côte d'Ivoire Analysis of the National Drinking Water Office

B+ Positive B Stable 30/09/2016

PAA Côte d'Ivoire Port activities A Stable A1- Positive 30/06/2016

PALMCI Côte d'Ivoire Seed and palm oil products A- Stable A1- Stable 30/08/2016

PETRO IVOIRE Côte d'Ivoire Oil Products Distribution A Stable A3 Stable 30/06/2017

Port Autonome de San Pedro(PASP) Côte d'Ivoire Public port operations A Stable A2 Stable 30/05/2017

SHELTER AFRIQUE Kenya Banking A Stable A1 Stable 31/06/2017

SIMAT Côte d'Ivoire Handling and Transit Confidential 31/03/2011

Société Ivoirienne de Raffinage (SIR) Côte d'Ivoire Crude oil refining Confidential 31/03/2012

SODECI Côte d'Ivoire Water distribution AA- Stable A1- Stable 30/09/2016

Ville de Dakar Sénégal Local community BBB+ Stable A3 Positive 30/09/2016

CROWN SIEM CI Côte d'Ivoire Metal packaging BBB+ Stable A3 Positive 31/07/2016

SICOGI Côte d'Ivoire Construction and housing management

BBB Stable B Stable 31/10/2015

NESTLE CI Côte d'Ivoire Food industry A- Positive A1- Stable 31/10/2016

GuarantCo Royaume-Uni Institutional Garranty AAA Stable A1+ Stable 31/06/2017

Commune du Plateau Côte d'Ivoire Local community BBB- Stable A2 Stable 31/07/2016

CAMTEL Cameroun Telecommunications BBB Stable A3 Stable 31/07/2016


Credit Ratings (2/3)

Company name Country Sector/ Activity Long term Short term Rating

expiration date Rating Perspective Rating Perspective

AVENI – RE Côte d’Ivoire Reinsurance A- Stable A2 Stable 30/09/2016

Emission de la ville de Dakar Sénégal Financial instrument A Stable A1 Stable 01/01/2016

District d'Abidjan Côte d'Ivoire Local community BB+ Stable B Stable 31/10/2016

Fond d'Entretien Routier (FER) Côte d'Ivoire Financing of the maintenance of road infrastructure

A- Positive A2 Stable 30/09/2016

Bank Of Africa – Benin Benin Banking sector A Positive A1 Positive 27/02/2016

Bank Of Africa – Burkina Faso Burkina Faso Banking sector A Positive A1- Positive 30/04/2016

Bank Of Africa – Niger Niger Banking sector A- Stable A2 Stable 30/04/2016

Bank Of Africa – Sénégal Sénégal Banking sector A- Stable A2 Stable 31/05/2016

Bank Of Africa – Côte d’Ivoire Côte d’Ivoire Banking sector A Stable A2 Stable 31/05/2016

Koffi & Diabaté Développement Côte d’Ivoire Construction BBB+ Stable A3 Stable 30/06/2016

Bank Of Africa – Mali Mali Banking sector A- Stable A2 Stable 30/04/2017

Caisse Régionale de Refinancement Hypothécaire

UEMOA Financial institution AA Stable A1 Positive 30/06/2017

BERNABE Côte d'Ivoire Industrial hardware. building materials. industrial equipment. steel construction and machining

A+ Positive A1- Stable 30/10/2016

Air Côte d’Ivoire Côte d’Ivoire Airline company BBB Positive A3 Stable 31/10/2016

VIP NET Côte d'Ivoire Telecommunications Confidential 30/09/2015

ANSUT Côte d'Ivoire Telecommunications Confidential 31/07/2016

DEKEL OIL Côte d’Ivoire Seed and palm oil products Confidential 31/10/2016

FICOGES Côte d’Ivoire Audit Confidential 31/10/2016

UIREVI Côte d’Ivoire Export agriculture Confidential 31/12/2016

NSIA Banque Côte d’Ivoire Banking sector Confidential 01/01/2017

ERANOVE France Public services management In development

Tropical Packaging Côte d’Ivoire Metal industry In development

Tropical Distribution Côte d’Ivoire Distribution In development

Radiant Insurance Company Rwanda Insurance In development

NSIA Assurance VIE Côte d'Ivoire Côte d’Ivoire Insurance In development


Credit Ratings (3/3)

Company name Country Sector/ Activity Long term Short term Rating expiration

date Rating Perspective Rating Perspective

NSIA Assurance Cote d'Ivoire Côte d’Ivoire Insurance In development

NSIA Assurance GABON Gabon Insurance In development

NSIA Assurance Guinée Bissau Guinée Bissau Insurance In development

NSIA Assurance Sénégal Sénégal Insurance In development

NSIA Assurance Vie Sénégal Sénégal Insurance In development

Alios Finance Côte d’Ivoire Finance In development


Bond Market

Corporate Bonds

Regional Entities Bonds

Government Bonds

Quantity Reference price Previous price Coupon Maturity

BOA BURKINA F. 6.25% 2012-2017 10 000 10 000 587.5 11-oct

BOA - CI 6.25% 2012-2017 10 000 10 000 612.5 11-oct

BOA NIGER 6.25% 2012-2017 9 250 9 250 587.5 11-oct

BOA SENEGAL 6.50% 2012-2017 10 000 10 000 611 11-oct

ORAGROUP 6.75% 2013-2019 6 10000 10000 337.5 04 jun/ 04 dec

PAA 6.95% 2010-2017 3 2000 2000 168.85 28 may / 28 nov

PAD 7% 2010-2017 2500 2500 189.79 22 jun / 22 dec

PALMCI 7% 2009-2016 9 925 9 925 342.06 28 jun / 28 dec

SHELTER AFRIQUE 6.6% 2014-2021 9 000 10 000 327.29 28 feb / 28 aug

SIFCA 6.90% 2013-2021 10 000 10 000 676.2 08-aug


BHB 6.25% 2012-2017 10 000 10 000 587.5 11-oct

BIDC 6.75 % 2010-2017 10 000 10 000 336.58 04 apr/ 04 oct

BIDC-EBID 6.50% 2014-2021 194 10 000 10 000 325 28 apr/ 28 sept

BOAD 5.95% 2012-2019 10 000 10 000 595 06-march

BOAD 5.95% 2014-2021 9 925 9 925 260.82 26-dec

CRRH-UEMOA 6.10% 2012-2022 9 950 9 950 305 13 feb / 13 aug

CRRH-UEMOA 6.10% 2012-2024 9 999 9 999 305 17 janv / 17 july

CRRH-UEMOA 6% 2013-2023 10 000 10 000 300 26 apr / 26 oct

CRRH-UEMOA 6% 2014-2024 10 000 10 000 300 30 june / 30 dec

CRRH-UEMOA 6% 2015-2025 10 000 10 000 290.9 04 jan / 04 july


CAA BENIN 6.50% 2011-2016 10 000 10 000 650 09-nov

ETAT SENEGAL 6.5% 2014-2021 35 000 8 000 8 000 325 27 may/27 nov

ETAT SENEGAL 6.70% 2012-2019 10 000 10 000 670 14-dec

ETAT SENEGAL 6.50% 2013-2023 10 000 10 000 325 29 jan / 29 july

ETAT SENEGAL 6.30% 2015-2025 10 000 10 000 313.28 25 may / 25 nov

TPBF 6.50% 2011-2016 10 000 10 000 650 21-dec

TPBF 6.50% 2013-2020 10 050 10 050 325 29 may/ 29 nov

TPCI 7% 2010-2017 10 000 10 000 700 01-oct

TPCI 6.5% 2011-2016 10 085 10 085 650 15-sept

TPCI 6.50% 2012-2017 10 000 10 000 650 19-sept

TPCI 6.30% 2013-2018 30 000 10 050 10 000 315 03 june / 03 dec

TPCI 6.55% 2014-2022 10 000 10 000 655 20-may

TPCI 5.85% 2014-2021 10 000 10 000 292.5 19 june / 19 dec

TPCI 3% 2014-2024 10 000 10 000 150 19 june / 19 dec.

TPCI 5.99% 2015-2025 260 9 975 10 000 599 14-may

TPCI 5.85% 2015-2022 9 999 9 999 599 05 apr/05 oct


Contact Bloomfield Investment Corporation

Djeneba DIALLO Director Economic and Stock Market Analysis [email protected]

Bloomfield Investment Corporation 06 BP 1888 Abidjan 06 Phone: (225) 20 215 747 / (225) 20 215 749 Fax: (225) 20 215 751

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