WeekAHEAD. Securities. 1Q16 earnings in Europe intensifies. Analysts. ... Local releases gain momentum this week. Contact us.

Transcription

1 how can we help you? WeekAHEAD Securities 09 May 2016 Companies to watch this week South Africa ANG AngloGold Ashanti Ltd 1Q16 earnings in Europe intensifies... Local releases gain momentum this week CGR Calgro M3 Holdings Ltd BWN RBX AWA RBX DTC LHC AEL OCE GPS US DIS US PFE US F US NVDA US JWN US CSGN VX KN FP MNDI LN CCH LN Balwin Properties Ltd Raubex Group Ltd Arrowhead Properties Ltd Raubex Group Ltd DataTec Ltd Life Healthcare Group Holdings Allied Electronics Corp Ltd Oceana Group Ltd Abroad Gap Inc/The Walt Disney Co/The Pfizer Inc Ford Motor Co NVIDIA Corp Nordstrom Inc Credit Suisse Group AG Natixis SA Mondi PLC Coca-Cola HBC AG 4021 JP Nissan Chemical Industries Ltd 7203 JP Toyota Motor Corp 7912 JP Dai Nippon Printing Co Ltd 7269 JP Suzuki Motor Corp Analysts Pritu Makan Tlamelo Mathakgane Thabiso Mamathuba Sthembile Bopela Contact us Relationship manager: Dealing desk: Website: Some South African corporate earnings releases to take note of this week include: Calgro M3 (Full Year Results): In a recent trading statement, management guided for headline earnings per share (HEPS) to be between 16.7% and 36.7% higher y/y.this was positively received by the market, evident by a rally in the share price on the day and points towards a positive result overall. DataTec (Full year Results): DataTec guided for HEPS to be 51% lower y/y at approximately which is tracking behind consensus (+8.1%). Group revenue for FY16 is expected to be $6.5 billion, and EBITDA is expected to decline by 22% y/y. Group operating profit in FY16 was impacted by the strength in the US dollar, ongoing restructuring in Westcon EMEA and Logicalis UK and foreign exchange losses, particularly in Angola. AngloGold Ashanti (First quarter Results): Last week s revision of AngloGold Ashanti s rating by Standard and Poor s (S&P) from negative to stable is an indication that the company s efforts to reduce debt through its sale of Cripple Creek & Victor (CC&V) was paying off. Production guidance for FY16 year is estimated to be between 3.6Moz to 3.8Moz, however the continued deterioration of the security situation at Obuasi in Ghana will exert pressure on production output. Arrow Head Properties (Interim Results): The company recently acquired a significant stake in Rebosis Property Fund in-line with the company s goal to cater for investors with a different risk appetite. Full year distributions are expected to increase by between 8% and 10% with a strong performance also expected in the first quarter. Allied Electronics (Full Year Results): In an updated trading statement, the company expects headline loss per share to range between 140 cents and 150 cents per share compared to a profit of 94 cents per share in the prior year, which was worse than market expectations ( Bloomberg consensus:-80.8%). The strong performance in the telecommunications, multi-media and IT businesses was offset by a decline in profits and significant losses incurred at Altech Autopage. Most of the businesses were affected by the worsening situation in the South African economy and the on-going challenges created by a lack of demand from Eskom. Mondi is expected to release 1Q16 Sales and Revenue guidance later this week. A relatively quiet week is expected in the US as the first quarter earnings season starts to taper off. Global clothing and accessories retailer The GAP kicks off the week with a sales and revenue report for April. Walt Disney will also be in the spotlight this week, with the entertainment company set to report on second quarter earnings. In the tech sector, graphics processing unit designer Nvidia, gaming developer Electronic Arts and security software developer Symantec are scheduled to report on quarterly results this week. According to Factset, 87% of the Head Office: 4 Merchant Place, 1 Fredman Drive, Sandton 2196 PO Box 3359, Parklands 2121 fnbsecurities@fnb.co.za Relationship Manager: Dealing Desk: Directors: H Mojalefa, PP Dreyer, W Myers, V Naidoo. Company Secretary: C Low FNB Securities (Pty) Ltd - a part of the FirstRand Group. An Authorised user of the Johannesburg Stock Exchange (JSE) and Financial Services Provider (FSP182).

2 companies in the S&P 500 have reported earnings thus far with 71% having reported earnings above the mean estimate and 53% having reported sales above the mean estimate. The US has been in a state of corporate recession for two quarters now and this is not expected to dissipate until the second half of the 2016 calendar year. The reason for this is that most large US corporates are multinationals - with a strong dollar weighing heavily currency translation. Another busy week in Europe as earnings season continues to intensify with approximately a 118 companies set to report during the week. A number of financial companies, including Credit Suisse (Switzerland), Natixis (France) and Zurich Insurance (Switzerland). French multinational mass media company Vivendi (France) will report on first quarter earnings this week. Mondi (London) and Coca-Cola (London) will also be in the spotlight this week, with both companies set to release first quarter sales and revenue figures. In the Asia Pacific region, the focus will be on Japanese car manufacturers with some of the popular manufacturers, including Isuzu, Toyota, Suzuki and Nissan, set to release full year earnings results. In addition, Japanese logistics services company Nippon Express will release full year results on Tuesday. From a local corporate actions perspective, Ascendis Health, PSG Group, PSG Konsult and Rebosis Property Fund are trading ex-dividend on Monday. Friday marks the last day to trade in Redefine International. Mondi, New Europe Property Fund and Kumba Iron Ore are hosting AGMs later this week. Company Events Calendar 2 South Africa Date Ticker Company Name Event Description Estimate ZAc 2016/05/09 SAP SJ Sappi Ltd 1H16 Earnings /05/09 ANG SJ AngloGold Ashanti Ltd 1Q16 Earnings /05/09 CGR SJ Calgro M3 Holdings Ltd FY16 Earnings /05/09 RBX SJ Raubex Group Ltd FY16 Earnings /05/10 TCP SJ Transaction Capital Ltd 1H16 Earnings /05/10 ACS SJ Acsion Ltd FY15 Earnings /05/10 MZR SJ Mazor Group Ltd FY16 Earnings /05/10 REN SJ Renergen Ltd FY16 Earnings /05/10 BWN SJ Balwin Properties Ltd FY16 Earnings /05/10 GAI SJ GAIA Infrastructure Capital Ltd FY16 Earnings /05/10 NRL SJ Newpark REIT LTD FY16 Earnings /05/11 AWA SJ Arrowhead Properties Ltd 1H16 Earnings /05/11 LHC SJ Life Healthcare Group Holdings Ltd 1H16 Earnings /05/11 DTC SJ DataTec Ltd FY16 Earnings 40 US cents 2016/05/11 AEL SJ Allied Electronics Corp Ltd FY16 Earnings /05/11 ILU SJ Indluplace Properties Ltd 1H16 Earnings /05/11 GBI SJ Gold Brands Investments Ltd FY16 Earnings /05/12 SNV SJ Santova Ltd FY16 Earnings /05/12 MND SJ Mondi Ltd 1Q16 Sales and Revenue /05/13 VLE SJ Value Group Ltd FY16 Earnings /05/13 OCE SJ Oceana Group Ltd 1H16 Earnings -- SSA Date Ticker Company Name Event Description Estimate LC 2016/05/09 CAP NL Chemical and Allied Products PLC 1Q16 Earnings /05/09 UNITYBNK NL Unity Bank PLC 1Q16 Earnings /05/09 LIVESTOC NL Livestock Feeds PLC 1Q16 Earnings /05/09 UNIONDAC NL Union Diagnostic & Clinical Services PLC 1Q16 Earnings /05/09 NSLTECH NL Secure Electronic Technology PLC 1Q16 Earnings /05/09 LAWUNION NL Law Union & Rock Insurance PLC 1Q16 Earnings --

3 2016/05/09 PRESCO NL Presco PLC 1Q16 Earnings /05/09 JOHNHOLT NL John Holt PLC 2Q16 Earnings /05/09 PORT NL Portland Paints & Products Nigeria PLC 1Q16 Earnings /05/09 AGLEVENT NL AG Leventis & Co PLC 1Q16 Earnings /05/09 MAYBAKER NL MAY & Baker Nigeria PLC 1Q16 Earnings /05/09 DAAR NL DAAR Communication PLC FY15 Earnings /05/09 GEO CN Geodrill Ltd 1Q16 Earnings /05/09 CPC GN Cocoa Processing Co Ltd FY15 Earnings /05/09 UTB GN UT Bank Ltd FY15 Earnings /05/09 PZC GN PZ Cussons Ghana Ltd 3Q16 Earnings /05/09 GCB GN Ghana Commercial Bank Ltd 1Q16 Earnings /05/09 KPLL KN Kenya Power & Lighting Ltd 1H16 Earnings /05/09 DTKL KN Diamond Trust Bank Kenya Ltd FY15 Earnings /05/09 KNOC KN KenolKobil Ltd Group FY15 Earnings /05/09 NSE KN Nairobi Securities Exchange Ltd FY15 Earnings /05/09 SCAN KN Wpp Scangroup Ltd FY15 Earnings /05/09 COOP KN Co-operative Bank of Kenya Ltd/The 1Q16 Earnings /05/09 HAFR KN Home Afrika Ltd FY15 Earnings /05/09 EQBNK KN Equity Group Holdings Ltd/Kenya 1Q16 Earnings /05/09 CRBG KN Crown Paints Kenya Ltd FY15 Earnings /05/09 HFCL KN HF Group Ltd 1Q16 Earnings /05/09 NMB TZ National Microfinance Bank Plc FY15 Earnings /05/09 PRIR ZL Prima Reinsurance PLC FY15 Earnings /05/10 AUSTIN NL Austin Laz & Co PLC FY15 Earnings /05/10 WAPCO NL Lafarge Africa PLC 1Q16 Earnings /05/10 CADBURY NL Cadbury Nigeria PLC 1Q16 Earnings /05/10 SAMBA GN Samba Foods Ltd FY15 Earnings /05/10 MMH GN Meridian-Marshalls Holdings Co 2Q16 Earnings /05/10 KNRE KN Kenya Reinsurance Corp Ltd FY15 Earnings /05/10 BCBB BG Barclays Bank of Botswana Ltd FY15 Earnings /05/10 G4S BG G4S Security Services Botswana Ltd FY15 Earnings /05/10 FURN BG Furniture Mart 1H16 Earnings /05/11 STANBIC NL Stanbic IBTC Holdings PLC 1Q16 Earnings /05/11 NESTLE NL Nestle Nigeria PLC 1Q16 Earnings /05/11 SCOA NL SCOA Nigeria PLC 1Q16 Earnings /05/11 UNIL GN Unilever Ghana Ltd 1Q16 Earnings /05/11 HFC GN HFC Bank Ghana Ltd 1Q16 Earnings /05/11 AYRTN GN Ayrton Drug Manufacturing Ltd 3Q16 Earnings /05/11 CMLT GN Camelot Ghana Ltd 1Q16 Earnings /05/11 EGH GN Ecobank Ghana Ltd 1Q16 Earnings /05/11 PBC GN Produce Buying Co Ltd 2Q16 Earnings /05/11 SPL GN Starwin Products Ltd 1Q16 Earnings /05/11 SWL GN Sam - Woode Ltd 1Q16 Earnings /05/11 STNG KN Standard Group Ltd FY15 Earnings /05/11 ARML KN ARM Cement Ltd FY15 Earnings /05/11 SAFCOM KN Safaricom Ltd FY16 Earnings /05/11 NICB KN NIC Bank Ltd 1Q16 Earnings /05/11 KNCB KN KCB Group Ltd 1Q16 Earnings /05/11 PAL TZ Precision Air Services Ltd FY15 Earnings /05/11 TWIGA TZ Tanzania Portland Cement Co Ltd FY15 Earnings /05/11 ZMSG ZL Zambia Sugar PLC FY16 Earnings /05/11 PRIMETIM BG PrimeTime Property Holdings Ltd 1H16 Earnings /05/12 UACPROP NL UACN Property Development Co PLC 1Q16 Earnings /05/12 HMARKINS NL Consolidated Hallmark Insurance PLC 1Q16 Earnings -- 3

4 2016/05/12 TOTAL GN Total Petroleum Ghana Ltd 1Q16 Earnings /05/12 MLC GN Mechanical Lloyd Co Ltd 1Q16 Earnings /05/12 ACI GN African Champion Industries Ltd 1Q16 Earnings /05/12 CFCI KN Liberty Kenya Holdings Ltd FY15 Earnings /05/12 WRL NO Wentworth Resources Ltd 1Q16 Earnings /05/13 UPDC NL UPDC Real Estate Investment Trust FY15 Earnings /05/13 EGL GN Enterprise Group Ltd/Ghana 1Q16 Earnings /05/13 SHUMBA BG Shumba Energy Ltd 3Q16 Earnings -- United States Date Ticker Company Name Event Description Estimate LC 2016/05/09 HCP US HCP Inc 1Q16 Earnings /05/09 AES US AES Corp/VA 1Q16 Earnings /05/09 XEL US Xcel Energy Inc 1Q16 Earnings /05/09 TSN US Tyson Foods Inc 2Q16 Earnings /05/09 GPS US Gap Inc/The April 2016 Sales and Revenue /05/09 IFF US International Flavors & Fragrances Inc 1Q16 Earnings /05/09 DNB US Dun & Bradstreet Corp/The 1Q16 Earnings /05/10 CNP US CenterPoint Energy Inc 1Q16 Earnings /05/10 AGN US Allergan plc 1Q16 Earnings /05/10 DIS US Walt Disney Co/The 2Q16 Earnings /05/10 EA US Electronic Arts Inc 4Q16 Earnings /05/11 M US Macy's Inc 1Q17 Earnings /05/11 CA US CA Inc 4Q16 Earnings /05/11 AEE US Ameren Corp 1Q16 Earnings /05/12 KSS US Kohl's Corp 1Q17 Earnings /05/12 PRGO US Perrigo Co PLC 1Q16 Earnings /05/12 GWW US WW Grainger Inc April 2016 Sales and Revenue /05/12 RL US Ralph Lauren Corp 4Q16 Earnings /05/12 NVDA US NVIDIA Corp 1Q17 Earnings /05/12 JWN US Nordstrom Inc 1Q17 Earnings /05/12 SYMC US Symantec Corp 4Q16 Earnings /05/13 ARG US Airgas Inc 4Q16 Earnings /05/13 SCHW US Charles Schwab Corp/The April 2016 Sales and Revenue -- Europe Date Ticker Company Name Event Description Estimate LC 2016/05/09 G1A GR GEA Group AG 1Q16 Earnings /05/09 CPR IM Davide Campari-Milano SpA 1Q16 Earnings /05/09 ELE SM Endesa SA 1Q16 Earnings /05/09 KN FP Natixis SA 1Q16 Earnings /05/09 FGR FP Eiffage SA 1Q16 Sales and Revenue /05/09 BPSO IM Banca Popolare di Sondrio SCARL 1Q16 Earnings /05/09 PNL NA PostNL NV 1Q16 Earnings /05/09 ENEL IM Enel SpA 1Q16 Earnings /05/09 BNR GR Brenntag AG 1Q16 Earnings /05/10 BOKA NA Boskalis Westminster 1Q16 Sales and Revenue /05/10 CSGN VX Credit Suisse Group AG 1Q16 Earnings /05/10 NOKIA FH Nokia OYJ 1Q16 Earnings /05/10 INGA NA ING Groep NV 1Q16 Earnings /05/10 ADEN VX Adecco SA 1Q16 Earnings /05/10 HNR1 GR Hannover Rueck SE 1Q16 Earnings /05/10 TKA GR thyssenkrupp AG 2Q16 Earnings /05/10 CEZ CP CEZ AS 1Q16 Earnings -- 4

5 2016/05/10 GFTU LN Grafton Group PLC 1Q16 Sales and Revenue /05/10 ICA SS ICA Gruppen AB April 2016 Sales and Revenue /05/10 AF FP Air France-KLM April 2016 Sales and Revenue /05/10 HEXAB SS Hexagon AB 1Q16 Earnings /05/10 MS IM Mediaset SpA 1Q16 Earnings /05/10 GEN DC Genmab A/S 1Q16 Earnings /05/10 RUI FP Rubis SCA 1Q16 Sales and Revenue /05/10 DEC FP JCDecaux SA 1Q16 Sales and Revenue /05/10 CPI LN Capita PLC 1Q16 Sales and Revenue /05/10 UCG IM UniCredit SpA 1Q16 Earnings /05/10 MB IM Mediobanca SpA 3Q16 Earnings /05/10 MAN GR MAN SE 1Q16 Earnings /05/10 MUV2 GR Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen 1Q16 Earnings /05/10 OERL SW OC Oerlikon Corp AG 1Q16 Sales and Revenue /05/10 TOP DC Topdanmark A/S 1Q16 Earnings /05/10 PMI IM Banca Popolare di Milano Scarl 1Q16 Earnings /05/10 EDF FP Electricite de France SA 1Q16 Sales and Revenue /05/10 ARL GR Aareal Bank AG 1Q16 Earnings /05/10 UBI FP UBISOFT Entertainment FY16 Earnings /05/10 EZJ LN easyjet PLC 1H16 Earnings /05/10 BVS LN Bovis Homes Group PLC 1Q16 Sales and Revenue /05/10 PST IM Poste Italiane SpA 1Q16 Earnings /05/10 PSPN SW PSP Swiss Property AG 1Q16 Earnings /05/10 SY1 GR Symrise AG 1Q16 Earnings /05/10 PRY IM Prysmian SpA 1Q16 Earnings /05/10 BP IM Banco Popolare SC 1Q16 Earnings /05/10 PNDORA DC Pandora A/S 1Q16 Earnings /05/11 MHG NO Marine Harvest ASA 1Q16 Earnings /05/11 SDF GR K+S AG 1Q16 Earnings /05/11 SCHA NO Schibsted ASA 1Q16 Earnings /05/11 DPW GR Deutsche Post AG 1Q16 Earnings /05/11 ALO FP Alstom SA FY16 Earnings /05/11 LUPE SS Lundin Petroleum AB 1Q16 Earnings /05/11 LXS GR LANXESS AG 1Q16 Earnings /05/11 LEG GR LEG Immobilien AG 1Q16 Earnings /05/11 OMV AV OMV AG 1Q16 Earnings /05/11 GBF GR Bilfinger SE 1Q16 Earnings /05/11 MEO GR METRO AG 2Q16 Earnings /05/11 TUI LN TUI AG 2Q16 Earnings /05/11 RTL LX RTL Group SA 1Q16 Earnings /05/11 EXPN LN Experian PLC FY16 Earnings /05/11 EOAN GR E.ON SE 1Q16 Earnings /05/11 SAMAS FH Sampo Oyj 1Q16 Earnings /05/11 GAS SM Gas Natural SDG SA 1Q16 Earnings /05/11 VIV FP Vivendi SA 1Q16 Earnings /05/11 BDEV LN Barratt Developments PLC 3Q16 Sales and Revenue /05/11 LHA GR Deutsche Lufthansa AG April 2016 Sales and Revenue /05/11 SBMO NA SBM Offshore NV 1Q16 Sales and Revenue /05/11 WKL NA Wolters Kluwer NV 1Q16 Sales and Revenue /05/11 CARLB DC Carlsberg A/S 1Q16 Earnings /05/11 SPR GR Axel Springer SE 1Q16 Earnings /05/11 CNP FP CNP Assurances 1Q16 Earnings /05/11 WG/ LN John Wood Group PLC 1Q16 Sales and Revenue -- 5

6 2016/05/11 CPG LN Compass Group PLC 1H16 Earnings /05/11 WMH LN William Hill PLC 1Q16 Sales and Revenue /05/11 AKE FP Arkema SA 1Q16 Earnings /05/11 NUM FP Numericable-SFR SA 1Q16 Earnings /05/11 MRL SM Merlin Properties Socimi SA 1Q16 Earnings /05/11 ATC NA Altice NV 1Q16 Earnings /05/12 ZURN VX Zurich Insurance Group AG 1Q16 Earnings /05/12 RWE GR RWE AG 1Q16 Earnings /05/12 KBC BB KBC Groep NV 1Q16 Earnings /05/12 LHN VX LafargeHolcim Ltd 1Q16 Earnings /05/12 ACA FP Credit Agricole SA 1Q16 Earnings /05/12 AGN NA Aegon NV 1Q16 Earnings /05/12 G IM Assicurazioni Generali SpA 1Q16 Earnings /05/12 SKAB SS Skanska AB 1Q16 Earnings /05/12 RBI AV Raiffeisen Bank International AG 1Q16 Earnings /05/12 DIA SM Distribuidora Internacional de Alimentacion SA 6 1Q16 Earnings /05/12 MMB FP Lagardere SCA 1Q16 Sales and Revenue /05/12 NIBEB SS Nibe Industrier AB 1Q16 Earnings /05/12 ZAL GR Zalando SE 1Q16 Earnings /05/12 SRG IM Snam SpA 1Q16 Earnings /05/12 FHZN SW Flughafen Zuerich AG April 2016 Sales and Revenue /05/12 RF FP Eurazeo SA 1Q16 Sales and Revenue /05/12 DUE GR Duerr AG 1Q16 Earnings /05/12 RHM GR Rheinmetall AG 1Q16 Earnings /05/12 UNI IM Unipol Gruppo Finanziario SpA 1Q16 Earnings /05/12 DSV DC DSV A/S 1Q16 Earnings /05/12 BPE IM Banca Popolare dell'emilia Romagna SC 1Q16 Earnings /05/12 US IM UnipolSai SpA 1Q16 Earnings /05/12 ETL FP Eutelsat Communications SA 3Q16 Sales and Revenue /05/12 FRA GR Fraport AG Frankfurt Airport Services Worldwide April 2016 Sales and Revenue /05/12 SAZ GR STADA Arzneimittel AG 1Q16 Earnings /05/12 SRCG SW Sunrise Communications Group AG 1Q16 Earnings /05/12 ENX FP Euronext NV 1Q16 Earnings /05/12 DEQ GR Deutsche EuroShop AG 1Q16 Earnings /05/12 BVI FP Bureau Veritas SA 1Q16 Sales and Revenue /05/12 UBI IM Unione di Banche Italiane SpA 1Q16 Earnings /05/12 VNA GR Vonovia SE 1Q16 Earnings /05/12 ITV LN ITV PLC 1Q16 Sales and Revenue /05/12 MNDI LN Mondi PLC 1Q16 Sales and Revenue /05/12 PHNX LN Phoenix Group Holdings 1Q16 Sales and Revenue /05/12 TALK LN TalkTalk Telecom Group PLC FY16 Earnings /05/13 CCH LN Coca-Cola HBC AG 1Q16 Sales and Revenue /05/13 EN FP Bouygues SA 1Q16 Earnings /05/13 LI FP Klepierre 1Q16 Earnings /05/13 EXO IM EXOR SpA 1Q16 Earnings /05/13 TIT IM Telecom Italia SpA/Milano 1Q16 Earnings /05/13 ACS SM ACS Actividades de Construccion y Servicios SA 1Q16 Earnings /05/13 DWNI GR Deutsche Wohnen AG 1Q16 Earnings 0.2 Asia-Pacific Date Ticker Company Name Event Description Estimate LC 2016/05/ JP Maruha Nichiro Corp FY16 Earnings --

7 2016/05/ JP NH Foods Ltd FY16 Earnings /05/ JP Takara Holdings Inc FY16 Earnings /05/ JP Sojitz Corp FY16 Earnings /05/ JP Asahi Glass Co Ltd 1Q16 Earnings /05/ JP Mitsubishi Heavy Industries Ltd FY16 Earnings /05/ JP Sumitomo Corp FY16 Earnings /05/ JP Shizuoka Bank Ltd/The FY16 Earnings /05/ JP Tokyo Tatemono Co Ltd 1Q16 Earnings /05/09 ORI AU Orica Ltd 1H16 Earnings /05/ JP COMSYS Holdings Corp FY16 Earnings /05/ JP Sapporo Holdings Ltd 1Q16 Earnings /05/ JP Ajinomoto Co Inc FY16 Earnings /05/ JP Nichirei Corp FY16 Earnings /05/ JP Showa Denko KK 1Q16 Earnings /05/ JP Tosoh Corp FY16 Earnings /05/ JP Takeda Pharmaceutical Co Ltd FY16 Earnings /05/ JP Terumo Corp FY16 Earnings /05/ JP Tokai Carbon Co Ltd 1Q16 Earnings /05/ JP Pacific Metals Co Ltd FY16 Earnings /05/ JP Dowa Holdings Co Ltd FY16 Earnings /05/ JP Furukawa Co Ltd FY16 Earnings /05/ JP Fujikura Ltd FY16 Earnings /05/ JP Sumitomo Heavy Industries Ltd FY16 Earnings /05/ JP Kubota Corp 1Q16 Earnings /05/ JP Daikin Industries Ltd FY16 Earnings /05/ JP Minebea Co Ltd FY16 Earnings /05/ JP GS Yuasa Corp FY16 Earnings /05/ JP Oki Electric Industry Co Ltd FY16 Earnings /05/ JP Mitsumi Electric Co Ltd FY16 Earnings /05/ JP Yokogawa Electric Corp FY16 Earnings /05/ JP IHI Corp FY16 Earnings /05/ JP Suzuki Motor Corp FY16 Earnings /05/ JP SCREEN Holdings Co Ltd FY16 Earnings /05/ JP Marubeni Corp FY16 Earnings /05/ JP Mitsui & Co Ltd FY16 Earnings /05/ JP Mitsubishi Corp FY16 Earnings /05/ JP Mitsui Fudosan Co Ltd FY16 Earnings /05/ JP Nippon Express Co Ltd FY16 Earnings /05/ JP NTT Data Corp FY16 Earnings /05/ JP Konami Holdings Corp FY16 Earnings /05/ JP SoftBank Group Corp FY16 Earnings /05/10 IPL AU Incitec Pivot Ltd 1H16 Earnings /05/ JP Shimizu Corp FY16 Earnings /05/ JP MEIJI Holdings Co Ltd FY16 Earnings /05/ JP DeNA Co Ltd FY16 Earnings /05/ JP Isetan Mitsukoshi Holdings Ltd FY16 Earnings /05/ JP Tokyu Fudosan Holdings Corp FY16 Earnings /05/ JP Kuraray Co Ltd 1Q16 Earnings /05/ JP Asahi Kasei Corp FY16 Earnings /05/ JP Sumitomo Chemical Co Ltd FY16 Earnings /05/ JP Denka Co Ltd FY16 Earnings /05/ JP Ube Industries Ltd FY16 Earnings /05/ JP Nippon Kayaku Co Ltd FY16 Earnings /05/ JP Astellas Pharma Inc FY16 Earnings

8 2016/05/ JP Sumitomo Dainippon Pharma Co Ltd FY16 Earnings /05/ JP Shionogi & Co Ltd FY16 Earnings /05/ JP Trend Micro Inc/Japan 1Q16 Earnings /05/ JP JX Holdings Inc FY16 Earnings /05/ JP Bridgestone Corp 1Q16 Earnings /05/ JP Mitsui Mining & Smelting Co Ltd FY16 Earnings /05/ JP Furukawa Electric Co Ltd FY16 Earnings /05/ JP Ebara Corp FY16 Earnings /05/ JP NSK Ltd FY16 Earnings /05/ JP Casio Computer Co Ltd FY16 Earnings /05/ JP Taiyo Yuden Co Ltd FY16 Earnings /05/ JP Hitachi Zosen Corp FY16 Earnings /05/ JP Isuzu Motors Ltd FY16 Earnings /05/ JP Toyota Motor Corp FY16 Earnings /05/ JP Shinsei Bank Ltd FY16 Earnings /05/ JP Chiba Bank Ltd/The FY16 Earnings /05/ JP Mitsubishi Estate Co Ltd FY16 Earnings /05/ JP SKY Perfect JSAT Holdings Inc FY16 Earnings /05/ JP Secom Co Ltd FY16 Earnings /05/11 CSR AU CSR Ltd FY16 Earnings /05/ JP Secom Co Ltd FY16 Earnings /05/11 CSR AU CSR Ltd FY16 Earnings /05/ JP Inpex Corp FY16 Earnings /05/ JP Obayashi Corp FY16 Earnings /05/ JP JGC Corp FY16 Earnings /05/ JP Nisshin Seifun Group Inc FY16 Earnings /05/ JP Toyobo Co Ltd FY16 Earnings /05/ JP Nisshinbo Holdings Inc FY16 Earnings /05/ JP Toray Industries Inc FY16 Earnings /05/ JP Sumco Corp 1Q16 Earnings /05/ JP Nissan Chemical Industries Ltd FY16 Earnings /05/ JP Tokuyama Corp FY16 Earnings /05/ JP Daiichi Sankyo Co Ltd FY16 Earnings /05/ JP Konica Minolta Inc FY16 Earnings /05/ JP Showa Shell Sekiyu KK 1Q16 Earnings /05/ JP Sumitomo Osaka Cement Co Ltd FY16 Earnings /05/ JP Taiheiyo Cement Corp FY16 Earnings /05/ JP Toho Zinc Co Ltd FY16 Earnings /05/ JP Mitsubishi Materials Corp FY16 Earnings /05/ JP Sumitomo Metal Mining Co Ltd FY16 Earnings /05/ JP Amada Holdings Co Ltd FY16 Earnings /05/ JP Chiyoda Corp FY16 Earnings /05/ JP Sharp Corp/Japan FY16 Earnings /05/ JP Pioneer Corp FY16 Earnings /05/ HK Sun Art Retail Group Ltd 1Q16 Earnings /05/ JP Nissan Motor Co Ltd FY16 Earnings /05/ JP Fuji Heavy Industries Ltd FY16 Earnings /05/ JP Dai Nippon Printing Co Ltd FY16 Earnings /05/ JP Marui Group Co Ltd FY16 Earnings /05/ JP Resona Holdings Inc FY16 Earnings /05/ JP Sumitomo Mitsui Trust Holdings Inc FY16 Earnings /05/ JP Fukuoka Financial Group Inc FY16 Earnings /05/ JP Sumitomo Realty & Development Co Ltd FY16 Earnings /05/ JP KDDI Corp FY16 Earnings

9 2016/05/12 AST AU AusNet Services FY16 Earnings /05/ JP Nippon Suisan Kaisha Ltd FY16 Earnings /05/ JP Taisei Corp FY16 Earnings /05/ JP Haseko Corp FY16 Earnings /05/ JP Kajima Corp FY16 Earnings /05/ JP Daiwa House Industry Co Ltd FY16 Earnings /05/ JP Unitika Ltd FY16 Earnings /05/ JP Oji Holdings Corp FY16 Earnings /05/ JP Nippon Paper Industries Co Ltd FY16 Earnings /05/ JP Hokuetsu Kishu Paper Co Ltd FY16 Earnings /05/ JP Nippon Soda Co Ltd FY16 Earnings /05/ JP Mitsui Chemicals Inc FY16 Earnings /05/ JP Mitsubishi Chemical Holdings Corp FY16 Earnings /05/ JP Eisai Co Ltd FY16 Earnings /05/ JP Shiseido Co Ltd 1Q16 Earnings /05/ JP Yokohama Rubber Co Ltd/The 1Q16 Earnings /05/ JP Nippon Sheet Glass Co Ltd FY16 Earnings /05/ JP Nippon Light Metal Holdings Co Ltd FY16 Earnings /05/ JP Sumitomo Electric Industries Ltd FY16 Earnings /05/ JP Toyo Seikan Group Holdings Ltd FY16 Earnings /05/ JP NTN Corp FY16 Earnings /05/ JP Toshiba Corp FY16 Earnings /05/ JP Meidensha Corp FY16 Earnings /05/ JP Concordia Financial Group Ltd FY16 Earnings /05/ JP Honda Motor Co Ltd FY16 Earnings /05/ JP Nikon Corp FY16 Earnings /05/ JP Citizen Holdings Co Ltd FY16 Earnings /05/ JP Toppan Printing Co Ltd FY16 Earnings /05/ JP Credit Saison Co Ltd FY16 Earnings /05/ JP Sumitomo Mitsui Financial Group Inc FY16 Earnings /05/ JP Mizuho Financial Group Inc FY16 Earnings /05/ JP Dai-ichi Life Insurance Co Ltd/The FY16 Earnings /05/ JP T&D Holdings Inc FY16 Earnings /05/ JP Tokyu Corp FY16 Earnings /05/ JP Nippon Telegraph & Telephone Corp FY16 Earnings /05/ HK Semiconductor Manufacturing International Corp 1Q16 Earnings /05/13 AAC AU Australian Agricultural Co Ltd FY16 Earnings 0.04 SA Dividends Ticker Company Name LDT Ex Date Pay Date Type Amount ANB Anheuser-Busch InBev SA/ 2016/04/ /04/ /05/09 Final EUR 2 AIA Ascension Properties Ltd 2016/04/ /04/ /05/09 Interim ZAc GPL Grand Parade Investments 2016/04/ /04/ /05/09 Regular Cash ZAc 15 NFP New Frontier Properties Ltd 2016/04/ /04/ /05/09 Regular Cash GBp 3.6 ZED Zeder Investments Ltd 2016/04/ /04/ /05/09 Regular Cash ZAc 9 ACT AfroCentric Investment Corp 2016/05/ /05/ /05/16 Interim ZAc 12 ACG Anchor Group Ltd 2016/05/ /05/ /05/16 Final ZAc 16 ASC Ascendis Health Ltd 2016/05/ /05/ /05/16 Interim ZAc 9.5 ALP Atlantic Leaf Properties Ltd 2016/05/ /05/ /05/16 Final GBp 0.04 PSG PSG Group Ltd 2016/05/ /05/ /05/16 Final ZAc 200 KST PSG Konsult Ltd 2016/05/ /05/ /05/16 Final ZAc 8.8 REB Rebosis Property Fund Ltd 2016/05/ /05/ /05/16 Final ZAc

10 TLM Telemasters Holdings Ltd 2016/05/ /05/ /05/16 Interim ZAc 0.5 CRP Capital & Regional PLC 2016/04/ /04/ /05/13 Final GBp 1.62 FGL Finbond Group Ltd 2016/05/ /05/ /05/23 Regular Cash ZAc 3.4 KDV KayDav Group Ltd 2016/05/ /05/ /05/23 Return Prem. ZAc 5.5 PHM Phumelela Gaming & Leisure 2016/05/ /05/ /05/23 Interim ZAc 34 RPL Redefine International PLC/ 2016/05/ /05/ /06/06 Interim GBp TBG Tiso Blackstar Group SE 2016/05/ /05/ /06/13 Interim GBp 0.17 Other SA Corporate Actions Date Ticker Company Name Event Description Detail 2016/05/09 COH Curro Holdings Ltd Listing date of Entitlement shares 2016/05/09 BRT Brimstone Investment Corp Meeting AGM 2016/05/09 BRN Brimstone Investment Corp Meeting AGM 2016/05/10 CRP Capital & Regional PLC Meeting AGM 2016/05/11 SBV Sabvest Ltd Meeting AGM 2016/05/11 SVN Sabvest Ltd Meeting AGM 2016/05/12 HIL HomeChoice International PLC Meeting AGM 2016/05/12 MND Mondi Ltd Meeting AGM 2016/05/12 MNP Mondi PLC Meeting AGM 2016/05/12 NEP New Europe Property Investment Plc. Meeting AGM 2016/05/13 COH Curro Holdings Limited Election Deadline Date 2016/05/13 COH Curro Holdings Limited Market Deadline Date 2016/05/13 AND Andulela Investment Holding Ltd Meeting AGM 2016/05/13 KIO Kumba Iron Ore Meeting AGM Call on Rights (Take-up) share per 1 right at ZAR33.00 per share Default - Lapse Call on Rights (Take-up) share per 1 right at ZAR33.00 per share Default - Lapse Call on Rights (Take-up) share per 1 right at ZAR33.00 per share Default - Lapse Disclaimer: The valuations, calculations, prices, opinions and all other information (the information ) contained in this document is issued by FNB Securities (Pty) Ltd (Reg no: 1996/011732/07) ( FNB Securities ) - a part of the FirstRand Group. An Authorised user of the Johannesburg Stock Exchange (JSE) and Financial Services Provider (FSP182). Whilst all care has been taken in the provision of the information in this document, this information is provided without liability to us, our affiliates or any officers or employees of ours. The information expressed in this document is done in good faith and is not intended to constitute any form of advice, including but not limited to financial, legal or tax advice. Some of the information may have been provided or sourced from third parties and we do not in any way guarantee its accuracy or correctness. At all times we will endeavour to ensure that information obtained from any third party is accurate and reliable. FNB Securities and its affiliates disclaims and assumes no liability for any loss or damage (direct, indirect or consequential) that may be suffered from using or relying on the information contained herein. Investment in shares may cause exposure to certain risks, including market risk, and may therefore not be suitable for all clients. Please contact your relationship manager for a personal financial analysis prior to making any investment decisions. FNB Securities and its affiliates disclaims and assumes no liability for any loss or damage (direct, indirect or consequential) that may be suffered from using or relying on the information contained herein without seeking professional advice. All rights in the FTSE/JSE Africa Index Series vest in the JSE and in FTSE International Limited ( FTSE ) jointly. FTSE is a trade mark of the London Stock Exchange Group of Companies ( LSE ). JSE is a trade mark of the JSE.