uarterly Update INSIDE THE DAR ES SALAAM STOCK EXCHANGE PLC ISSN No ISSUE No. 66 SEPTEMBER, 2015 A) Economic Trend B) Bonds New Listings
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1 Q THE DAR ES SALAAM STOCK EXCHANGE PLC uarterly Update ISSN No ISSUE No. 66 SEPTEMBER, 2015 INSIDE CEO s Message Economic review A) Economic Trend Market Report A) Equities B) Bonds New Listings Strategic Developmental Matters Investor Education & Public Awareness Initiatives Corporate Actions Statistics & Charts CEO s Message Greetings! The Dar es Salaam Stock Exchange PLC (DSE) recorded mixed performance during the quarter total market capitalization and the DSE Index which tracks all listed shares declined by 7 percent, from TZS 23.7 trillion as of 30th June 2015 to TZS 22.2 trillion at the close of the quarter, on 30th September The domestic market capitalization and indices also recorded a decimal decrease of 1 percent. The domestic market capitalization decreased from TZS 9.8 trillion as of end of Q2, 2015 to TZS 9.7 trillion as of 30th September DSE listed companies valuations and trading activities were partly affected by the depreciation of shilling compared to US dollar this had a negative impact on investors returns (as measured in US$). As a result, foreign investors activities on the buy-side remained the same as was in Q2 at 86 percent of out total trading activities while sale-side activities declined significantly, from 41 percent in Q2, 2015 to a mere 8 percent this quarter. Market liquidity (trading turnover) also recorded a decline from TZS 278 billion Q2, 2015 to TZS 220 billion during this quarter. However, on the annualized basis, our turnover, currently at TZS 785 billion, has the potential to reach 11 percent liquidity ratio this liquidity level will potentially be almost 10 times compared with our previous history, as compared to our domestic market capitalization We were also down by 2 percent on the domestic counters valuations. Our Weighted Average market Price Earnings Ratio for domestic listed companies was times as of end of September 2015 compared to the trailing PE ratio of times during last quarter. The Weighted average Price/book value remained the same at 4.6 times. Similarly, the trailing weighted average dividend yield remained at 3.1 percent as was in the previous quarter. As for the bonds market segment there was a significant decrease in turnover during the quarter: Bonds trading turnover was TZS 30 billion (on cost basis) versus TZS 75 billion in the previous quarter. On the listings side, there were two listings during the quarter: PTA Bank listed a Corporate Bond worth TZS 32.6 billion; CRDB Bank PLC also listed additional 435 million shares worth TZS 152 billion following the bank s rights shares issuance during the quarter. During Q4, 2015, we expect at least three listings: Mwalimu Commercial Bank, Mufindi Community Bank and YETU Microfinance. During Q3, 2015, as was planned and communicated we introduced the mobile trading platform in our Automated Trading and Central Securities Depository infrastructure. This initiative enables investors to buy and sale listed shares using their mobile phones. As at the end of quarter (a month following the launch) about 700 investors had already accessed our infrastructure using their mobile phones. We envisage the increase in number of mobile trading platform as more people get to know the existence and operability of this technology. Our top priorities during the coming quarter include: encourage more listings, public education and awareness, integrating and synchronizing our Central Securities Depository (CSD) to that of Bank of Tanzania for government bonds trading. Our demutualization process is now at the advanced stage, we have selected Advisers in the Issue who will start and probably accomplish the assignment before end of Q4, Thank You. 1
2 2) Economic review A) Interest rates Trend During the quarter the Weighted Average Yields (WAY) on treasury bills increased from percent in June 2015 to percent in September, The Chart below shows the T-Bill weighted average yield (WAY) trend. DSE All Share Index 1 Lost points to settle at 2, points at the end of the quarter (30 th Sept 2015) from 2, points in the previous quarter (30 th June, 2015). B) Inflation Developments Annual headline inflation was 6.1 percent in June 2015, moved up to 6.4 percent in July 2015 and August, and went down to 6.1 percent in September 2015; this is as per the National Bureau of Statistics. C) Exchange rates Trends The shilling depreciated against the USD by 6 percent in the quarter to an average of TZS 2, per USD on September 2015 from TZS 2, per USD on June This is as per the Bank of Tanzania. Domestic Market Capitalization & Indices There was a slight drop in the Domestic Market Capitalization by 1.1 percent from TZS 9, billion at the end of Q2, 2015 to TZS 9, billion at the end of Q3. Equally, Tanzania Share Index lost by 1.1 percent from 4, points as at the end of June 2015 to 4, points as at the end of September The loss was mainly attributed to the depreciation of share prices on NMB, DCB, SWALA, MKCB, CRDB, and TPCC counters by 18.44%, 13.97%, 9.91%, 9.09%, 8.75% and 3.14% respectively. 3) MARKET REPORT A) EQUITIES Total Market Capitalization & Indices The Market Capitalization depicted a 7 percent drop from TZS 23, billion as at 30th June 2015 to TZS 22, billion as at 30 th September Banking & Investment Index lost points, moving from 3, points as at the end June 2015 to points at the end of September, The loss emanated from NMB (18.44%), DCB (13.97%), MKCB and CRDB at 9.09% and 8.75% each. MPB share price did not change. 1 Base year/value for All Share Index :15 Dec 2006 =1,000 2
3 Turnover & Volume Trend Total turnover for the 3rd Quarter, 2015 recorded a 20% decrease to (TZS 220 billion) in comparison to the previous quarter, while volume of shares traded decreased by 7% from 70 million to 65 million shares on a quarter to quarter comparison. Industrial & Allied Index experienced a gain, moving from 6, points as of 30 th June, 2015 to 6, points as of 30th September, The gain was attributed mainly by the increase in share prices of TOL (21.26%) and TBL (4.14%). The composition of turnover generated during the quarter is as indicated below: Commercial Services Index lost by 42 points to settle at 3, points as of 30th Sept 2015 from 4, points as of 30 th June The loss was caused by a 1.33 percent decrease in SWISSPORT share price. PRECISION share price remained at the same level as was in June TBL, CRDB, TPCC and TCC were the top four most traded counters in the quarter. TBL had the largest proportion of the total turnover, accounting to 82.99%, whereas CRDB, TPCC and TCC had 8.71%, 3.5% and 2.57% of the quarterly turnover respectively. 3
4 Foreign Investors Participation During the quarter under review, foreign investors participation in equity trading increased on the buy side from 86.58% to 90.41%. The sale side was 7% compared to 41.11% during the quarter of April to June 2015 depicting a significant drop. Details Jul - Sept Apr - June Turnover (TZS Mn) 219, ,684 % Buying Local Investors % Buying Foreign Investors % Selling Local Investors % Selling Foreign Investors ii. Yield Curve on Secondary Bond Market During the quarter of July to September 2015, Weighted Average Yield to Maturity (YTM) for 2, 5, 7, 10 & 15 -Year Bonds increased when compared to the preceding quarter. The 2, 5, 7, 10 & 15-Year Bonds average YTM recorded 14%, 11.12%, 4.87%, 5.55% and 2.89% gains respectively. B) BONDS i. Secondary Trading During the quarter ending September 2015, Government Bonds worth TZS billion traded in the secondary market. This shows a decrease of 61.84% compared to the previous quarter (Apr - Jun 2015) where Government Bonds worth TZS billion were traded. 4) NEW LISTINGS PTA Bank listed a Corporate Bond worth TZS 32.6 billion; CRDB Bank PLC also listed additional 435 million shares worth TZS 152 billion following the bank s rights shares issuance during the quarter. During the quarter under review Dar es Salaam Stock Exchange listed Government Bonds with different maturities worth TZS billion recording a decrease of 57% in comparison to TZS billion Government Bonds listed in the previous quarter. 4
5 Term Preference on Fixed Income Instruments During the quarter, subscription for long term and short term opportunities were less than the amounts offered. They were positioned at 47% and 88% respectively. 6) INVESTOR EDUCATION & PUBLIC AWARENESS INITIATIVES 6.1.1) Public Awareness DSE s CEO continued with his contributions as columnist on The Citizen and Raia Tanzania newspapers. Articles published in these newspapers are educative and also aims at awaken curiosity on stock market issues to different readers including policy makers, prospective issuers and investors. The same articles can also be found on the publications page of the DSE website. 5) STRATEGIC DEVELOPMENT MATTERS; 5.1) Mobile Trading On 19 th August, mobile trading platform was introduced in the DSE Automated Trading and Central Securities Depository infrastructure. This enables investors to simply buy and sell shares via their mobile phones. This is by dialing *150*36# that an investor is able to perform the trading ) Student Visits During the quarter DSE hosted a number of groups from several schools, these groups were namely from: Ubungo Islamic High School, Kibaha Secondary School and Baobab Secondary School. 7) CORPORATE ACTIONS AND COMPANY PUBLICATIONS During The quarter, TCC and Simba Cement announced dividend to shareholders amounting to TZS 300 and TZS 55 per share respectively. 5
6 DSE MARKET STATISTICS FOR THE PERIOD OF OCTOBER 2014 TO SEPTEMBER 2015 Oct 14 Nov 14 Dec 14 Jan 15 Feb 15 Mar 15 Apr 15 May 15 June 15 Jul 15 Aug 15 Sept 15 Turnover (TZS Mil) 67, , , , , , , , , , , , Volume of shares 28,226,630 15,527,524 7,681,892 13,565,136 16,921,103 33,000,569 11,183,807 41,894,062 17,435,640 25,739,154 17,161,993 22,179,235 Deals 2,561 1,618 1,321 1,577 1,745 1,363 1,218 1,127 1,359 1,337 1,608 1,322 Trading Sessions Market cap (TZS bil) 23, , , , , , , , , , , , Exchange Rate 1, , , , , , , , , , , , DSE All Share Index 2, , , , , , , , , , , , ACA 5,660 6,530 6,810 7,310 7,420 6,925 8,210 9,180 9,600 7,970 7,830 8,160 CRDB DCB EABL 5,310 5,810 5,580 5,970 6,020 5,420 6,190 6,130 6,250 5,920 5,550 5,920 JHL 8,520 8,810 8,510 8,780 10,620 10,660 11,570 11,730 11,470 11,440 11,100 10,290 KA KCB 1,020 1,110 1,080 1,120 1,160 1,180 1,200 1,150 1,140 1, MBP MKCB - - 1,500 1,500 1,300 1,250 1,200 1,200 1,100 1,100 1,050 1,000 NMB 4,610 3,910 3,400 4,300 4,290 3,500 3,610 3,530 3,470 2,870 2,810 2,830 NMG 5,560 5,650 4,950 5,300 5,100 4,890 4,370 4,010 3,690 3,680 3,390 2,960 PAL SWALA 1,650 1, SWIS 5,060 5,000 5,010 5,240 5,410 6,590 5,500 5,710 7,500 7,350 7,510 7,400 TATEPA TBL 16,980 14,490 14,090 14,050 14,290 15,000 14,500 14,500 14,500 14,950 15,100 15,100 TCC 16,190 16,300 16,740 16,500 17,100 17,010 16,500 16,500 16,500 16,400 16,330 16,300 TCCL 5,630 4,290 4,500 5,000 4,420 4,300 3,800 3,810 3,810 3,780 3,810 3,700 TOL TPCC 4,500 4,010 4,000 3,990 3,890 3,980 3,800 3,500 3,500 3,410 3,800 3,390 USL COMPARATIVE MARKET RATIOS P/E RATIO DIVIDEND YIELD EPS TBL % 0% 7% 4% 3% TCC % 19% 18% 9% 4% TCCL % 10% 4% 5% 1% SWIS % 19% 9% 6% 4% TPCC % 9% 7% 7% 6% NMB % 6% 6% 0% 3% DCB % 8% 8% 5% 4% CRDB % 5% 8% 5% 3% TTP - (5.86) - (5.79) (3.05) 0% 0% 0% 0% 0% 0.83 (45.19) (112.34) (212.89) TOL % 0% 0% 0% 0% (50.05) EABL % 7% 8% 8% 1% KA (10.14) - (3.48) 2% 2% 0% 0% 0% (97.64) (97.64) (43.05) JHL % 2% 2% 2% 2% , KCB % 5% 7% 5% 3%
7 TANZANIA BREWERIES LIMITED (TBL) ,928, ,842 44, , ,928, , , ,928, ,228 58, , ,928, ,813 88,479 2,359, ,928, , ,718 4,423, SWISSPORT TANZANIA LIMITED (SWISSPORT) ,000,000 6,322 3,327 21, ,000,000 10,238 5,671 29, ,000,000 9,723 5,378 61, ,000,000 11,387 5,997 96, ,000,000 18,693 7, , , ,000, ,000, ,000, ,000, ,000, ,000 15,000 10,000 5, PRETAX PROFIT (TZS Million) DIVIDEND (TZS Million) MARKET CAPITALIZATION (TZS Million) PRETAX PROFIT (TZS Million) DIVIDEND (TZS Million) MARKET CAPITALIZATION (TZS Million) TOL GASES LIMITED (TOL) ,223,686 (890.19) - 7, ,223, , ,223,686 1, , ,223, , ,835,529 2, , TANZANIA PORTLAND CEMENT COMPANY LIMITED (TWIGA) ,923,100 71,929 25, , ,923,100 72,774 32, , ,923,100 92,341 33, , ,923,100 50,395 35, , ,923,100 79,676 45, , , , , , , , , , , (500.00) 10, (1,000.00) 5, (1,500.00) PRETAX PROFIT (TZS Million) DIVIDEND (TZS Million) MARKET CAPITALIZATION (TZS Million) Profit/Dividend TWIGA (Profit,Dividend & Market Cap) 90,000 80,000 70,000 60,000 40,000 30,000 20,000 10, , , , , , , PRETAX PROFIT (TZS Million) DIVIDEND (TZS Million) MARKET CAPITALIZATION (TZS Million) Market Cap 7
8 TATEPA LIMITED ,857, , ,857,165 (628) - 3, ,857, , ,857,165 (2,543) - 11, ,657,254 (3,678) 12, KENYA AIRWAYS LIMITED (KA) ,615,484 89,236 12, , ,615,484 40,795 7, , ,496,469,034 (201,147) - 1,481, ,496,469,034 (92,594) - 239, /15 1,496,469,034 (499,028) - 164, Profit/Dividend 1, (500) (1,000) (1,500) (2,000) (2,500) (3,000) (3,500) (4,000) TATEPA (Profit,Dividend & Market Cap) 14, , , , , , , Market Cap Profit/Dividend KA (Profit,Dividend & Market Cap) () /15 () (300,000) (400,000) (500,000) (600,000) 1,600, ,400, ,.00 1,000, , , , Market Cap DIVIDEND (TZS Million) DIVIDEND (TZS Million) MARKET CAPITALIZATION (TZS Million) PRETAX PROFIT (TZS Million) DIVIDEND (TZS Million) MARKET CAPITALIZATION (TZS Million) TANZANIA CIGARATTE COMPANY (TCC) 2010,000 84,100 30, , , ,400 60, , , ,728 75, , , ,137 75, , ,000 98,261 70,000 1,674, EAST AFRICAN BREWERIES LIMITED (EABL) ,578, , ,882 1,581, ,578, , ,724 1,581, ,578, , ,428 1,581, ,578, , ,385 1,581, ,578, ,229 60,236 4,412, ,000 1,800, ,000 1,600, ,400, ,.00 80,000 1,000, , , , , , , PRETAX PROFIT (TZS Million) DIVIDEND (TZS Million) MARKET CAPITALIZATION (TZS Million) Profit/Dividend 300, EABL (Profit,Dividend & Market Cap) ,000, ,500, ,000, ,500, ,000, ,500, ,000, ,500, ,000, , PRETAX PROFIT (TZS Million) DIVIDEND (TZS Million) MARKET CAPITALIZATION (TZS Million) Market Cap 8
9 TANGA CEMENT COMPANY LIMITED (SIMBA) ,671,045 44,696 11, , ,671,045 35,448 15, , ,671,045 51,272 5, , ,671,045 46,045 7, , ,671,045 41,990 4, , JUBILEE HOLDINGS LIMITED (JHL) ,000,000 19,407 3, , ,000,000 36,995 4, , ,000,000 37,198 4, , ,895,000 49,174 6, , ,895,000 75,227 7, , , , , , , , PRETAX PROFIT (TZS Million) DIVIDEND (TZS Million) MARKET CAPITALIZATION (TZS Million) 80, , , , , , , , , ,000 10, PRETAX PROFIT (TZS Million) DIVIDEND (TZS Million) MARKET CAPITALIZATION (TZS Million) NATIONAL MICROFINANCE BANK (NMB) ,000,000 78,445 18, , ,000, ,786 25, , ,000, ,741 34, , ,000, ,131-1,310, ,000, ,659 45,000 1,700,000 DAR ES SALAAM COMMUNITY BANK (DCB) ,393,236 4,243 1,555 9, ,393,236 4,437 1,620 20, ,546,791 2,840 1,927 23, ,827,897 5,220 1,800 33, ,827,897 5,223 1,831 48, ,800,000 1,600,000 1,400,000 1, 1 1,000, , , ,000 PRETAX PROFIT (TZS Million) DIVIDEND (TZS Million) MARKET CAPITALIZATION (TZS Million) 6,000 60, , ,000 40, ,000 30, ,000 20, ,000 10, PRETAX PROFIT (TZS Million) DIVIDEND (TZS Million) MARKET CAPITALIZATION (TZS Million) 9
10 CRDB BANK PLC (CRDB) ,176,532,160 65,637 17, , ,176,532,160 51,013 19, , ,176,532, ,702 26, , ,176,532, ,021 30, , ,176,532, ,244 24, ,910 KENYA COMMERCIAL BANK (KCB) ,217,777, ,560 38, , ,855,061, ,488 64,313 1,256, ,855,061, ,288 91,643 1,256, ,855,061, ,607 62,541 1,256, ,855,061, , ,768 3,207,970 Profit/Dividend 140, ,000 80,000 60,000 40,000 20,000 CRDB (Profit,Dividend & Market Cap) 1,000, , , , , , , ,000 PRETAX PROFIT (TZS Million) DIVIDEND (TZS Million) MARKET CAPITALIZATION (TZS Million) Market Cap Profit/Dividend 500, , , KCB (Profit,Dividend & Market Cap) 3,500,000 3,000,000 2,500,000 2,000,000 1,500,000 1,000, ,000 PRETAX PROFIT (TZS Million) DIVIDEND (TZS Million) MARKET CAPITALIZATION (TZS Million) Market Cap 10
11 TREASURY BONDS ISSUED AND THEIR SUBSCRIPTION LEVEL IN THE PRIMARY BOND MARKET TREASURY BONDS ISSUED AND THEIR SUBSCRIPTION LEVEL IN THE PRIMARY BOND MARKET TREASURY BILLS AUCTIONED SUBSCRIPTION LEVEL ( Note: T.Bills are not traded on the Exchange) Issue Type of Weighted Weighted Amount Amount Successful Subsription Date Bond Average Average Offered Tendered Amount Level (%) Yield to Coupon (TZS Bln) (TZS Bln) (TZS Bln) Maturity Yield July to September Jul-14 10yr % 23-Jul-14 5yr % 6-Aug-14 15yr % 20-Aug-14 2yr % 3-Sep-14 7yr % 17-Sep-14 10yr % October to December Oct-14 5yr % 15-Oct-14 15yr % 29-Oct-14 2yr % 12-Nov-14 7yr % 26-Nov-14 10yr % 23-Dec-14 15yr % January to March Jan-15 2yr % 21-Jan-15 7yr % 4-Feb-15 10yr % 18-Feb-15 5yr % 4-Mar-15 15yr % 18-Mar-15 2yr % April to June Apr-15 7yr % 15-Apr-15 10yr % 29-Apr-15 5yr % 13-May-15 15yr % 27-May-15 2yr % 10-Jun-15 7yr % July to September Jul-15 5yrs % 5-Aug-15 15yrs % 19-Aug-15 2yrs % 2-Sep-15 7yrs % 16-Sep-15 10yrs % Amount Amount Successful Offered Tendered Amount Subsription (TZS Bln) (TZS Bln) (TZS Bln) Level (%) July to September 2014 Jul % Aug % Sep % October to December 2014 Oct % Nov % Dec % January to March 2015 Jan % Feb % Mar % April to June 2015 Apr % May % June % July to September 2015 Jul % Aug % Sept % 11
12 Bond issue Date Interest Rate Maturity Date Closing Principal (FV) 2 TWO YEARS BONDS Total 2 Year Bond Various 7.82% Various 513,558,.00 5 YEAR BONDS Total 5 Year Bond Various 9.18% Various 1,043,248,800, YEAR BONDS Total 7 year bond Various 10.08% Various 1,217,419, YEARS BONDS Total 10 year bond Various 11.44% Various 1,219,448, YEARS BONDS Total 15 year bond Various 13.50% Various 271,634,977, Total Value of Outstanding Treasury Bonds 4,265,309,277, CONTACTS AND ADDRESSES OF DSE STOCK BROKERS CORE securities Ltd 4th Floor, Elite City Tower Samora Avenue, Dar es Salaam Tel: Fax: info@coresecurities.co.tz Tanzania Securities Ltd 7th Floor, IPS Building Samora Avenue/ Azikiwe Street, Dar es Salaam Tel: Fax: info@tanzaniasecurities.co.tz E.A. Capital Ltd 6 th Floor, IT Plaza Ohio Street P.O. Box 20650, Dar es Salaam Tel / ec@eacapital-tz.com Orbit Securities Co. Ltd 4 th Floor, Golden Jubilee Tower, PSPF Building Ohio Street, Dar es Salaam Tel: Fax: orbit@orbit.co.tz Vertex International Securities Ltd Annex Building-Zambia High Commission Sokine/Ohio Street, Dar es Salaam Tel: Fax: vertex@vertex.co.tz Optima Corporate Finance SENGA Street Plot no. 565 B P. O. Box 4441 Dar es Salaam Tel; gichohi@optimacorporate.com Rasilimali Ltd 3rd Floor, Consolidated Holdings Building Samora Avenue, Dar es Salaam Tel: Fax: rasilimali@africaonline.co.tz Solomon Stockbrokers Co. Ltd Ground Floor, PPF House Samora Avenue/ Morogoro Road, Dar es Salaam Tel: Fax: solomon@simbanet.net ZAN Securities Ltd Mezzanine Floor, Haidary Plaza P.O. Box 5366, Dar es Salaam Tel Fax: info@zansec.com 12
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