DATE JSE CODE COMPANY NAME PERIOD ESTIMATE (HEPS ZAc)

Transcription

1 17 August 2015 Compiled by Chantal Marx, Pritu Makan, and Edgar Mafoko Some of the local earnings releases to take note of this week include: Shoprite (Full Year Results): Consensus is looking for an 11.9% increase in full year headline earnings per share (HEPS). This means that the market is expecting an acceleration in earnings growth from the 8.6% growth rate achieved in 1H15. In an operational update released last month, management said that full year turnover was up 11.2%. Truworths (Full Year Results): Management recently guided for HEPS to grow by between 2% and 4% y/y off the back of an 8.2% increase in retail sales and some serious sales momentum in 2H15. Interim HEPS was up just 1% y/y amid slowing sales growth and margin pressure at both a gross and operating level. Glencore (Interim Results): The production outcome for the half year was reasonable but amid a depressed commodity price environment, the focus will likely be on the marketing performance in this report. Full year HEPS are anticipated to be more or less flat. Exxaro (Interim Results): In a recent trading statement, management guided for HEPS to fall by between 61% and 66% y/y. This was tracking significantly behind full year expectations (consensus: - 44%). While weakness in the Iron Ore and Pigments equity accounted investments was expected, it also seems like the fully consolidated coal business came under some unexpected pressure. Northam (Full Year Results): A massive rebound is anticipated on a full year basis as a result of a very weak FY14. The first six months was relatively strong, with that HEPS number exceeding expectations at the time. Consensus is looking for an improvement from 2 cents per share to 147 cents per share this year. Most of the major gold miners are also set to report results this week and Aveng and Group Five will likely set the tone for the struggling construction sector this earnings season. Local Earnings Calendar JSE (HEPS ZAc) 2015/08/17 TWR Tower Property Fund Ltd FY /08/17 ANG AngloGold Ashanti Ltd 1H /08/17 GRF Group Five Ltd FY /08/17 ADI AdaptIT Holdings Ltd FY /08/18 HAR Harmony Gold Mining Co Ltd FY /08/18 CRD Central Rand Gold Ltd 1H /08/18 KAP KAP Industrial Holdings Ltd FY /08/18 CLI Clientele Ltd FY /08/18 AEG Aveng Ltd FY Head Office: 4 Merchant Place, 1 Fredman Drive, Sandton 2196 PO Box 3359, Parklands 2121 fnbsecurities@fnb.co.za Relationship Manager: Dealing Desk: Toll Free Trading: Directors: H Mojalefa, P Dreyer, R Jayrajh, W Myers, V Naidoo. Company Secretary: C Low FNB Securities (Pty) Ltd, member of the JSE and an authorised financial services provider. Part of the FirstRand Group.

2 Local Earnings Calendar (continued) JSE (HEPS ZAc) 2015/08/19 GLN Glencore PLC 1H15 (GBP) /08/19 MTA Metair Investments Ltd 1H /08/19 SHP Shoprite Holdings Ltd FY /08/19 BLU Blue Label Telecoms Ltd FY /08/20 EMI Emira Property Fund Ltd FY /08/20 NT1 Net 1 UEPS Technologies Inc 4Q /08/20 NHM Northam Platinum Ltd FY /08/20 TPC Transpaco Ltd FY /08/20 GFI Gold Fields Ltd 1H /08/20 TRU Truworths International Ltd FY /08/20 WKF Workforce Holdings Ltd 1H /08/20 OLG OneLogix Group Ltd FY /08/21 ARH ARB Holdings Ltd FY /08/21 HPA Hospitality Property Fund Ltd FY /08/21 EXX Exxaro Resources Ltd 1H /08/21 GND Grindrod Ltd 1H The focus will likely remain on the SSA financial services industry this week after both Kenya Co-operative Bank and Fidelity Bank Nigeria reported strong results last week. In Nigeria, Sterling Bank, United Bank for Africa, and Guaranty Trust Bank are set to report second quarter numbers. Mwalimu Commercial Bank in Tanzania, Bank Windhoek Holdings in Nigeria, and NIC Bank in Kenya will also likely receive some attention. SSA Earnings Calendar 2015/08/17 STERLNBA NL Sterling Bank PLC 2Q /08/17 UBA NL United Bank for Africa PLC 2Q /08/17 SKYESHEL NL Skye Shelter Fund 2Q /08/17 SOVRENIN NL Sovereign Trust Insurance PLC 2Q /08/17 PBC GN Produce Buying Co Ltd 3Q /08/17 CIC KN CIC Insurance Group Ltd 1H /08/17 PAL TZ Precision Air Services Ltd FY

3 SSA Earnings Calendar (continued) 2015/08/ D TZ Mwalimu Commercial Bank PLC 2Q /08/17 BWH NW Bank Windhoek Holdings Ltd FY /08/18 PZ NL PZ Cussons Nigeria PLC FY /08/18 STUDPRES NL Studio Press Nigeria PLC 2Q /08/18 KNOL KN Kenya Orchards Ltd 1H /08/18 LMTC KN Limuru Tea Co Ltd 1H /08/19 SPL GN Starwin Products Ltd 2Q /08/19 CLYD GN Clydestone Ghana Ltd 2Q /08/19 PKL GN Pioneer Kitchenware Ltd 2Q /08/20 EACL KN East African Cables Ltd 1H /08/20 NICB KN NIC Bank Ltd 2Q /08/20 FSG BG FSG Ltd 1H /08/20 G4S BG G4S Security Services Botswana Ltd 1H /08/21 GUARANTY NL Guaranty Trust Bank PLC 2Q15 -- As the 2Q15 US earnings season winds down, only 20 S&P 500 companies will report results this week, and investors will likely focus on several warehouse/discount style retailers set to report results this week. Home Depot, TJX, and Wal-Mart are scheduled to report on Tuesday and Target, Lowe s and Staples will release results on Wednesday. Computer maker Hewlett-Packard may also generate some excitement later in the week. That company is scheduled to release third quarter numbers on Thursday. US Summarised Earnings Calendar 2015/08/17 URBN US Urban Outfitters Inc 2Q /08/17 A US Agilent Technologies Inc 3Q /08/17 EL US Estee Lauder Cos Inc/The 4Q /08/18 HD US Home Depot Inc/The 2Q /08/18 TJX US TJX Cos Inc/The 2Q /08/18 ADI US Analog Devices Inc 3Q /08/18 WMT US Wal-Mart Stores Inc 2Q /08/19 TGT US Target Corp 2Q

4 US Summarised Earnings Calendar (continued) 2015/08/19 HRL US Hormel Foods Corp 3Q /08/19 LOW US Lowe's Cos Inc 2Q /08/19 LB US L Brands Inc 2Q /08/19 NTAP US NetApp Inc 1Q /08/19 SPLS US Staples Inc 2Q /08/20 GPS US Gap Inc/The 2Q /08/20 ROST US Ross Stores Inc 2Q /08/20 INTU US Intuit Inc 4Q /08/20 CRM US salesforce.com inc 2Q /08/20 HPQ US Hewlett-Packard Co 3Q /08/21 DE US Deere & Co 3Q /08/21 PDCO US Patterson Cos Inc 1Q There are 24 Stoxx 600 companies releasing results this week, with Denmark likely to be in focus as Carlesberg, the 5th largest brewer in the world and several of the country s largest banks report earnings this week. Jyske Bank, the third largest Danish bank by market share will report on Tuesday, and Sydbank, the fourth largest bank in the country will report numbers on Wednesday. Europe Summarised Earnings Calendar (continued) 2015/08/18 WDI GR Wirecard AG 2Q /08/18 PSN LN Persimmon PLC 1H /08/18 LISN SW Chocoladefabriken Lindt & Sprungli AG 1H /08/18 JYSK DC Jyske Bank A/S 1H /08/18 PSPN SW PSP Swiss Property AG 1H /08/18 WG/ LN John Wood Group PLC 1H /08/19 CARLB DC Carlsberg A/S 2Q /08/19 ICA SS ICA Gruppen AB 2Q /08/19 SCMN VX Swisscom AG 2Q /08/19 RBI AV Raiffeisen Bank International AG 2Q /08/19 GLB ID Glanbia PLC 1H

5 Europe Summarised Earnings Calendar (continued) 2015/08/19 ADM LN Admiral Group PLC 1H /08/19 TOP DC Topdanmark A/S 1H /08/19 SYDB DC Sydbank A/S 1H /08/19 VWS DC Vestas Wind Systems A/S 2Q /08/19 ANN GR Deutsche Annington Immobilien SE 2Q /08/19 PGIL LN Polyus Gold International Ltd 1H /08/19 HIK LN Hikma Pharmaceuticals PLC 1H /08/20 PHNX LN Phoenix Group Holdings 1H /08/20 AH NA Koninklijke Ahold NV 1H /08/20 BOKA NA Boskalis Westminster NV 1H /08/20 STMN SW Straumann Holding AG 1H /08/20 SRCG SW Sunrise Communications Group AG 2Q /08/21 VPK NA Koninklijke Vopak NV 1H In the Asia Pacific region, the beginning of the week will see several large cap Australian resources counters release numbers. Newport Mining will set the tone for the week when it releases full year results on Monday. The diversified miners have been struggling over the last 18 months as falling commodity prices continue to hamper profitability. This has been an issue in the oil & gas sector also and Woodside Petroleum is expected to report a subdued first half number Tuesday. Attention shifts to China in the second half of the week, however, with Bank of China, the oldest Chinese bank still in existence set to release results on Wednesday and China Mobile, the world s largest mobile operator by subscriber numbers and China Unicom, the nation s second largest operator, scheduled to report on Friday. Asia-Pacific Summarised Earnings Calendar 2015/08/17 NCM AU Newcrest Mining Ltd FY /08/ HK China Vanke Co Ltd 2Q /08/17 CQR AU Charter Hall Retail REIT FY /08/17 FXL AU FlexiGroup Ltd/Australia FY /08/17 AZJ AU Aurizon Holdings Ltd FY /08/ HK China Medical System Holdings Ltd 1H

6 Asia-Pacific Summarised Earnings Calendar (continued) 2015/08/17 GOZ AU Growthpoint Properties Australia Ltd FY /08/18 MND AU Monadelphous Group Ltd FY /08/18 SHL AU Sonic Healthcare Ltd FY /08/18 CGF AU Challenger Ltd/Australia FY /08/18 AIO AU Asciano Ltd FY /08/18 QBE AU QBE Insurance Group Ltd 1H /08/18 CDD AU Cardno Ltd FY /08/18 SAI AU SAI Global Ltd FY /08/ HK China CITIC Bank Corp Ltd 2Q /08/18 EHE AU Estia Health Ltd FY /08/18 AGI AU Ainsworth Game Technology Ltd FY /08/18 GWA AU GWA Group Ltd FY /08/18 MRM AU MMA Offshore Ltd FY /08/18 GPT AU GPT Group/The 1H /08/ HK Kingsoft Corp Ltd 2Q /08/18 SCP AU Shopping Centres Australasia Property Group FY /08/ HK China Longyuan Power Group Corp Ltd 2Q /08/18 SYD AU Sydney Airport 1H /08/19 WPL AU Woodside Petroleum Ltd 1H /08/19 ARB AU ARB Corp Ltd FY /08/19 FBU NZ Fletcher Building Ltd FY /08/19 SEK AU Seek Ltd FY /08/19 IIN AU iinet Ltd FY /08/19 SGP AU Stockland FY /08/19 REC AU Recall Holdings Ltd FY /08/19 TWE AU Treasury Wine Estates Ltd FY /08/19 DSH AU Dick Smith Holdings Ltd FY /08/19 FDC AU Federation Centres FY /08/ HK Bank of China Ltd 2Q /08/ HK Geely Automobile Holdings Ltd 1H

7 Asia-Pacific Summarised Earnings Calendar (continued) 2015/08/19 AAD AU Ardent Leisure Group FY /08/19 AOG AU Aveo Group FY /08/ HK Techtronic Industries Co Ltd 1H /08/ HK CGN Power Co Ltd 1H /08/ HK China Telecom Corp Ltd 2Q /08/19 AWC AU Alumina Ltd 1H /08/19 ARI AU Arrium Ltd FY /08/20 APN AU APN News & Media Ltd 1H /08/20 WES AU Wesfarmers Ltd FY /08/20 ASX AU ASX Ltd FY /08/ HK China Mobile Ltd 2Q /08/ HK Ping An Insurance Group Co of China Ltd 2Q /08/20 ORG AU Origin Energy Ltd FY /08/20 MIN AU Mineral Resources Ltd FY /08/20 BXB AU Brambles Ltd FY /08/20 BRG AU Breville Group Ltd FY /08/20 PTM AU Platinum Asset Management Ltd FY /08/20 TGR AU Tassal Group Ltd FY /08/20 QAN AU Qantas Airways Ltd FY /08/20 IOF AU Investa Office Fund FY /08/20 IRE AU IRESS Ltd 1H /08/20 TME NZ Trade Me Group Ltd FY /08/20 AMP AU AMP Ltd 1H /08/20 TTS AU Tatts Group Ltd FY /08/20 ABC AU Adelaide Brighton Ltd 1H /08/20 QUB AU Qube Holdings Ltd FY /08/21 SHV AU Select Harvests Ltd FY /08/ HK Sinopharm Group Co Ltd 1H /08/21 SUL AU Super Retail Group Ltd FY /08/21 CAB AU Cabcharge Australia Ltd FY

8 Asia-Pacific Summarised Earnings Calendar (continued) 2015/08/21 SGM AU Sims Metal Management Ltd FY /08/ HK Brilliance China Automotive Holdings Ltd 1H /08/21 SKT NZ SKY Network Television Ltd FY /08/ HK Anhui Conch Cement Co Ltd 2Q /08/ HK China Shenhua Energy Co Ltd 2Q /08/21 IAG AU Insurance Australia Group Ltd FY /08/21 CCL AU Coca-Cola Amatil Ltd 1H /08/21 SPK NZ Spark New Zealand Ltd FY /08/ HK China Unicom Hong Kong Ltd 2Q /08/21 STO AU Santos Ltd 1H /08/21 CVO AU Cover-More Group Ltd FY /08/21 MPL AU Medibank Pvt Ltd FY /08/21 DUE AU DUET Group FY /08/21 TPI AU Transpacific Industries Group Ltd FY /08/ HK China Coal Energy Co Ltd 2Q British American Tobacco and Mondi (amongst others) are trading ex-dividend on Monday and Friday marks the last day to trade in Capital Property Fund, Fortress Income Fund, and MTN (amongst others) to receive their most recently declared distributions. SA Dividend Calendar JSE COMPANY NAME LDT EX PAY TYPE AMOUNT HDC Hudaco Industries 2015/07/ /08/ /08/17 Interim ZAr 180 REB Rebosis Property Fund 2015/07/ /08/ /08/17 Final ZAr TTO Trustco Group Holdings 2015/07/ /07/ /08/21 Final ZAc 4 CULP Cullinan Holdings Preference Share 2015/05/ /05/ /05/18 Regular Cash ZAc 5.50 BTI British American Tobacco 2015/08/ /08/ /09/30 Interim GBp HLM Hulamin 2015/08/ /08/ /08/24 Interim ZAc 8 MND/ MNP Mondi 2015/08/ /08/ /09/15 Interim EUR

9 SA Dividend Calendar (continued) JSE SBV/ SVN COMPANY NAME LDT EX PAY TYPE AMOUNT Sabvest 2015/08/ /08/ /08/24 Interim ZAc 21 ACG Anchor Group 2015/08/ /08/ /08/31 Interim ZAc 11 AIA Ascension Properties 2015/08/ /08/ /08/31 Final ZAc CPF Capital Property Fund 2015/08/ /08/ /08/31 Interim ZAc DLI Delta International Property Holdings 2015/08/ /08/ /08/31 Regular Cash USD FFA Fortress Income Fund 2015/08/ /08/ /08/31 Final ZAc FFB Fortress Income Fund 2015/08/ /08/ /08/31 Final ZAc MTN MTN Group 2015/08/ /08/ /08/31 Interim ZAc 480 MRF Merafe Resources 2015/08/ /08/ /08/31 Interim ZAc 1 Business Connexion shares will be suspended on Monday amid the pending implementation of the Telkom scheme of arrangement. Friday marks the last day to trade to participate in the Oceana rights offer. The election deadline for the Mediclinic rights offer is on the same day. Other SA Corporate Actions JSE COMPANY NAME ACTION EVENT 2015/08/17 AIB Ascension B Pay Date Scheme of Arrangement REB per 100 AIB 2015/08/17 BCX Business Connexion Suspended Scheme of Arrangement ZAR6.60 per share 2015/08/21 OCE Oceana Group Last Day to Trade Rights Distribution rights per 100 OCE shares owned 2015/08/21 MDCN Mediclinic International 2015/08/21 MDCN Mediclinic International Election Deadline (08:00) Call on Rights 1 per ZAR90.00 Market Deadline (13:00) Call on Rights 1 per ZAR90.00 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 member of the JSE Securities Exchange South Africa ( JSE ) and an authorised financial services provider. Part of the FirstRand Group. 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.