28 November 2016 Companies to watch this week South Africa AFH NVS ANG HUL OMN BVT WIH SYG Abroad TIF US COST US DG US LB US F US KR US GPS US LB US BVIC LN BKG LN BVIC LN MTS AU ALL AU Analysts Alexander Forbes Group Holdings Ltd Novus Holdings Ltd AngloGold Ashanti Ltd Hulisani Ltd Omnia Holdings Ltd Bidvest Group Ltd/The Waco International Holdings Ltd Sygnia Ltd Chantal Marx Pritu Makan Sithembile Bopela Contact us Tiffany & Co Costco Wholesale Corp Dollar General Corp L Brands Inc Ford Motor Co Kroger Co/The Gap Inc/The L Brands Inc Britvic PLC Berkeley Group Holdings PLC Britvic PLC Metcash Ltd Aristocrat Leisure Ltd Relationship manager: +27 11 282 4561 Dealing desk: +27 11 282 8734 Website: www.fnbsecurities.co.za A slowdown in local releases US 3Q earnings season loses momentum Some of the local earnings releases to take note of this week include: Alexander Forbes (Interim Results): Consensus is looking for 2.5% increase in headline earnings per share, representing a slowdown from the prior period. Our focus will be effect of currency translation on the operating income result, the impact of the new share based long term management incentive plans, and the influence of market volatility on assets under management (AUM). Omnia (Interim Results): In a recent trading statement, management guided for HEPS to fall by between 20% and 25% y/y, which was behind expectations. Management noted that volume and margin pressure weakness from FY16 is expected to continue in to FY17. Sygnia (Full Year Results): In its latest AUM statement, the company said that its AUMA increased 15.3% y/y to R158 billion in 3Q16, with retail and institutional AUMA up 27.3% and 14.8% y/y, respectively. Bidvest will release a trading update on Tuesday. Scheduled earnings releases in the US are limited this week with just a few retail counters due to release sales reports. It is expected that Costco Wholesale, L Brands and The Gap, would have benefitted recent momentum in US retail sales. Retail sales in the US have been growing steadily over the last two months, recording growth of 0.8% m/m in October and an upwardly revised 1% for September. Airline companies Alaska Air Group and Delta Air Lines as well as vehicle producer Ford are also scheduled to release November sales figures this week. On the earnings front, American luxury jewellery and specialty retailer Tiffany & Co is likely to generate some hype as the group prepares to report on third quarter results this will be an interesting readacross for locally listed luxury giant Richemont. 3Q earnings season is almost at an end with ~98% of S&P 500 companies having reported already.72% of these companies have reported earnings above the mean estimate and 54% have reported sales above the overall expected average with the blended earnings growth for the quarter coming in at 3.2%. Looking at the overall trend for 3Q earnings, the quantum of the robust earnings surprises appeared to be larger than expected due to the initial exaggeration of earnings downgrades. Despite the 3Q improvement, for FY16 an overall a decline of 5% is still expected for the 1
market. For FY17, estimates are also still pointing to declining earnings, although this could change over the next few months as 3Q16 is digested further and the 4Q16 earnings season gets under way. We expect a quiet week in Europe too. The UK s largest pub retailer and brewer Greene King is scheduled to report first half results and one of the largest British soft drink producers Britvic, is set to release full year numbers. Both Greene King (1H17: +14.14%) and Britvic (FY16: +6.61%) are expected to report positive growth in revenues. In the Asia Pacific region, the focus will likely be on Metcash, an Australian company distributing and marketing groceries, fresh produce, alcoholic beverages, hardware, and other consumer goods. During FY16, the group reported revenue growth of 1.3% y/y whilst EBIT fell 7.4% on the back of a poor performance in Food & Grocery. FY17 estimates are pointing towards a recovery in revenue (+4.34%) and EBIT is expected to be flat (+0.02%). From a local corporate actions perspective, Tuesday marks the last day to trade in Adcorp, Ascendis Health, Indluplace Properties, Investec Plc, Raubex, Rebosis, Steinhoff, Telkom and Vodacom to receive their most recently declared distributions. These counters will trade ex-dividend on Wednesday. Clover, Discovery, FirstRand, KAP Industrial Holdings, Woolworths, Hyprop, Remgro, Trellidoor, African Rainbow Minerals and Choppies will host AGMs this week. Company Events Calendar South Africa Date Ticker Company Name Event Description Estimate ZAc 2016/11/28 AFH Alexander Forbes Group Holdings Ltd 1H17 Earnings 0.31 2016/11/28 NCS Nictus Ltd 1H17 Earnings - 2016/11/28 CMO Chrometco Ltd 1H17 Earnings - 2016/11/28 PCT Prescient Ltd 1H17 Earnings - 2016/11/28 GBI Gold Brands Investments Ltd 1H17 Earnings - 2016/11/28 NVS Novus Holdings Ltd 1H17 Earnings - 2016/11/28 HUL Hulisani Ltd 1H17 Earnings - 2016/11/29 ANG AngloGold Ashanti Ltd 3Q16 Earnings - 2016/11/29 OMN Omnia Holdings Ltd 1H17 Earnings - 2016/11/29 BVT Bidvest Group Ltd/The 1Q17 Trading Update - 2016/11/30 WIH Waco International Holdings Ltd FY16 Earnings - 2016/11/30 SCL SacOil Holdings Ltd 1H17 Earnings - 2016/11/30 CSG CSG Holdings Ltd/South Africa 1H17 Earnings - 2016/11/30 SYG Sygnia Ltd FY16 Earnings 0.6 2016/11/30 STA Stratcorp Ltd 1H17 Earnings - 2016/11/30 SNU Sentula Mining Ltd 1H17 Earnings - 2016/12/01 WEA WG Wearne Ltd 1H17 Earnings - 2016/12/01 KEH Keaton Energy Holdings Ltd 1H17 Earnings - 2016/12/01 CKS Crookes Brothers Ltd 1H17 Earnings - 2016/12/02 MED Middle East Diamond Resources Ltd 1H17 Earnings - SSA 2016/11/28 INTERLIN NL Interlinked Technologies PLC 1Q16 Earnings - 2016/11/28 AVONCROW NL Avon Crowncaps & Containers 1Q17 Earnings - 2016/11/28 RTBRISCO NL RT Briscoe Nigeria PLC 1Q16 Earnings - 2016/11/28 RTBRISCO NL RT Briscoe Nigeria PLC 2Q16 Earnings - 2016/11/28 RTBRISCO NL RT Briscoe Nigeria PLC 3Q16 Earnings - 2016/11/28 AVONCROW NL Avon Crowncaps & Containers 2Q17 Earnings - 2016/11/28 CUTIX NL Cutix PLC 2Q17 Earnings - 2
SSA 2016/11/28 INITSPLC NL Initiates Plc/The 1H16 Earnings - 2016/11/28 SIC GN SIC Insurance Co Ltd 1Q16 Earnings - 2016/11/28 GGBL GN Guinness Ghana Breweries Ltd 1Q17 Earnings - 2016/11/28 ALW GN Aluworks Ghana Ltd 3Q16 Earnings - 2016/11/28 NBKL KN National Bank of Kenya Ltd 3Q16 Earnings - 2016/11/28 ZANACO ZL Zambia National Commercial Bank PLC 2Q16 Earnings - 2016/11/28 ZANACO ZL Zambia National Commercial Bank PLC 3Q16 Earnings - 2016/11/28 OLYMPIA BG Olympia Capital Corp/Botswana FY16 Earnings - 2016/11/28 BTCL BG Botswana Telecommunications Corp Ltd 1H17 Earnings - 2016/11/29 TOURIST NL Tourist Co of Nigeria PLC 1Q17 Earnings - 2016/11/29 HONYFLOU NL Honeywell Flour Mill PLC 2Q17 Earnings - 2016/11/29 REDSTARE NL Red Star Express PLC 2Q17 Earnings - 2016/11/29 ADB GN Agricultural Development Bank Ltd/The 3Q16 Earnings - 2016/11/29 SIC GN SIC Insurance Co Ltd 3Q16 Earnings - 2016/11/29 NBV KN Nairobi Business Ventures Ltd 1H17 Earnings - 2016/11/29 NMB TZ National Microfinance Bank Plc 2Q16 Earnings - 2016/11/29 NMB TZ National Microfinance Bank Plc 1Q16 Earnings - 2016/11/29 NMB TZ National Microfinance Bank Plc 3Q16 Earnings - 2016/11/29 CRDB TZ CRDB Bank PLC 3Q16 Earnings - 2016/11/30 LAWUNION NL Law Union & Rock Insurance PLC 1Q16 Earnings - 2016/11/30 CHELLARA NL Chellarams PLC 1Q17 Earnings - 2016/11/30 DNMEYER NL DN Meyer PLC 3Q16 Earnings - 2016/11/30 INTBREW NL International Breweries PLC 2Q17 Earnings - 2016/11/30 SOVRENIN NL Sovereign Trust Insurance PLC 3Q16 Earnings - 2016/11/30 ACADEMY NL Academy Press 2Q17 Earnings - 2016/11/30 SKYESHEL NL Skye Shelter Fund 2Q16 Earnings - 2016/11/30 ACI GN African Champion Industries Ltd 1Q16 Earnings - 2016/11/30 ACI GN African Champion Industries Ltd 2Q16 Earnings - 2016/11/30 ACI GN African Champion Industries Ltd 3Q16 Earnings - 2016/11/30 SWL GN Sam - Woode Ltd 3Q16 Earnings - 2016/11/30 CCHZ ZL Cavmont Capital Holdings Zambia PLC FY16 Earnings - 2016/11/30 ZCCM ZL ZCCM Investments Holdings PLC FY16 Earnings - 2016/11/30 FURN BG Furniture Mart FY16 Earnings - 2016/11/30 SHUMBA BG Shumba Energy Ltd 1Q17 Earnings - 2016/12/01 ETERNA NL Eterna PLC 3Q16 Earnings - 2016/12/01 SKYEBANK NL Skye Bank PLC 3Q16 Earnings - United States 2016/11/29 MNK US Mallinckrodt PLC 4Q16 Earnings 1.893 2016/11/29 TIF US Tiffany & Co 3Q17 Earnings 0.675 2016/11/29 ADSK US Autodesk Inc 3Q17 Earnings -0.24 2016/11/30 EFX US Equifax Inc Business Update Call - 2016/12/01 COST US Costco Wholesale Corp November 2016 Trading Update - 2016/12/01 DG US Dollar General Corp 3Q17 Earnings 0.929 2016/12/01 LB US L Brands Inc November 2016 Trading Update - 3
United States 2016/12/01 F US Ford Motor Co November 2016 Trading Update - 2016/12/01 KR US Kroger Co/The 3Q17 Earnings 0.409 2016/12/01 ULTA US Ulta Salon Cosmetics & Fragrance Inc 3Q17 Earnings 1.375 2016/12/01 GPS US Gap Inc/The November 2016 Trading Update - 2016/12/01 LB US L Brands Inc November 2016 Trading Update - 2016/12/02 ALK US Alaska Air Group Inc November 2016 Trading Update - 2016/12/02 DAL US Delta Air Lines Inc November 2016 Trading Update - Europe Date Ticker Company Name Event Description Estimate LC 2016/11/28 ADN LN Aberdeen Asset Management PLC FY16 Earnings 0.193 2016/11/28 ARYN VX Aryzta AG 1Q17 Trading Update - 2016/11/29 SHB LN Shaftesbury PLC FY16 Earnings 0.144 2016/11/29 MERL LN Merlin Entertainments PLC 4Q16 Trading Update - 2016/11/30 GNK LN Greene King PLC 1H17 Earnings 0.348 2016/11/30 SGE LN Sage Group PLC/The FY16 Earnings 0.274 2016/11/30 RPC LN RPC Group PLC 1H17 Earnings 0.271 2016/11/30 IGG LN IG Group Holdings PLC 2Q17 Trading Update - 2016/11/30 BVIC LN Britvic PLC FY16 Earnings 0.476 2016/12/01 EKTAB SS Elekta AB 2Q17 Earnings 0.548 2016/12/01 MF FP Wendel SA 3Q16 Trading Update - 2016/12/01 DMGT LN Daily Mail & General Trust PLC FY16 Earnings 0.516 2016/12/01 PTEC LN Playtech Plc 3Q16 Earnings - 2016/12/02 BKG LN Berkeley Group Holdings PLC 1H17 Earnings - Asia Pacific 2016/11/28 322 HK Tingyi Cayman Islands Holding Corp 3Q16 Earnings 0.02 2016/11/29 ALQ AU ALS Ltd 1H17 Earnings 0.106 2016/11/29 384 HK China Gas Holdings Ltd 1H17 Earnings 0.35 2016/11/29 6863 HK China Huishan Dairy Holdings Co Ltd 1H17 Earnings - 2016/11/30 MTS AU Metcash Ltd 1H17 Earnings 0.085 2016/11/30 ALL AU Aristocrat Leisure Ltd FY16 Earnings 0.6 2016/12/02 9983 JP Fast Retailing Co Ltd November 2016 Trading Update - SA Dividends Ticker Company Name LDT Ex Date Pay Date Type Amount AIA Ascension Properties Ltd 2016/11/22 2016/11/23 2016/11/28 Interim ZAc 22.36413 APF Accelerate Property Fund Ltd 2016/11/22 2016/11/23 2016/11/28 Income ZAc 28.76627 DTC DataTec Ltd 2016/11/22 2016/11/23 2016/11/28 Interim ZAc 60 HIL HomeChoice International PLC 2016/11/22 2016/11/23 2016/11/28 Interim ZAc 71 IDQ Indequity Group Ltd 2016/11/22 2016/11/23 2016/11/28 Final ZAc 13.5 MIX MiX Telematics Ltd 2016/11/22 2016/11/23 2016/11/28 Interim ZAc 2 OCT Octodec Investments Ltd 2016/11/22 2016/11/23 2016/11/28 Final ZAc 103.1 RDF Redefine Properties Ltd 2016/11/22 2016/11/23 2016/11/28 Final ZAc 44.3 4
REB Rebosis Property Fund Ltd 2016/11/22 2016/11/23 2016/11/28 Interim ZAc 62.66428 ADR Adcorp Holdings Ltd 2016/11/29 2016/11/30 2016/12/05 Interim ZAc 20 AFT Afrimat Ltd 2016/11/29 2016/11/30 2016/12/05 Interim ZAc 20 ASC Ascendis Health Ltd 2016/11/29 2016/11/30 2016/12/05 Final ZAc 12 EFG Efficient Group Ltd 2016/11/29 2016/11/30 2016/12/05 Final ZAc 5.47059 ILU Indluplace Properties Ltd 2016/11/29 2016/11/30 2016/12/05 Regular Cash ZAc 23.34923 ISB Insimbi Refractory and Alloy Supplies Ltd 2016/11/29 2016/11/30 2016/12/05 Interim ZAc 1.5 IVT Invicta Holdings Ltd 2016/11/29 2016/11/30 2016/12/05 Interim ZAc 72 NWL Nu-World Holdings Ltd 2016/11/29 2016/11/30 2016/12/05 Final ZAc 180.4 OAS Oasis Crescent Property Fund 2016/11/29 2016/11/30 2016/12/05 Regular Cash ZAc 48.256489 RBX Raubex Group Ltd 2016/11/29 2016/11/30 2016/12/05 Interim ZAc 45 TKG Telkom SA SOC Ltd 2016/11/29 2016/11/30 2016/12/05 Regular Cash ZAc 131.23874 VOD Vodacom Group Ltd 2016/11/29 2016/11/30 2016/12/05 Interim ZAc 395 GRP Greenbay Properties Ltd 2016/11/29 2016/11/30 2016/12/06 Regular Cash GBp 0.0999 SNH Steinhoff International Holdings 2016/11/29 2016/11/30 2016/12/06 Interim EUR 0.12 INPP Investec PLC 2016/11/29 2016/11/30 2016/12/12 Regular Cash GBp 7.1233 INPPR Investec PLC 2016/11/29 2016/11/30 2016/12/12 Regular Cash ZAc 500.11644 REB Rebosis Property Fund Ltd 2016/11/29 2016/11/30 2016/12/13 Rights Issue 0.0915 : 1 ADW African Dawn Capital Ltd 2016/11/29 2016/11/30 Stock Split 1 for 40 Other SA Corporate Actions Date Ticker Company Name Event Description Detail 2016/11/28 SAH SA Coal Mining Holdings Ltd Pay Date ZAc 0.09 in exchange for every share tendered 2016/11/28 SAH SA Coal Mining Holdings Ltd Delisting 1 unlisted share in certificated form in exchanged for every listed share held 2016/11/28 CILN Consolidated Infrastructure Group Ltd Call on Rights (Takeup) 2016/11/28 KAP KAP Industrial Holdings Ltd Claw-Back Rights Offer 1 CIL share per 1 right excercised @ ZAR19.30 per share; Default - Lapse 8.07368 rights for every 100 shares held 2016/11/28 LDO Lodestone REIT Ltd Pay Date 1 FFA plus 1 FBB in exchange for every 6.66667 LDO 2016/11/28 KAP KAP Industrial Holdings Ltd Offer Opens 1 KAP per 1 right excercised ZAR7.60 per share; Default - Lapse 2016/11/28 ECS Ecsponent Ltd Meeting GM 2016/11/29 SCV Sacoven Plc Currency Conversion Date 2016/11/29 DSY Discovery Ltd Meeting AGM 2016/11/29 FSR FirstRand Ltd Meeting AGM 2016/11/29 MDP Mara Delta Property Holdings Ltd Meeting 2016/11/29 PIV Pivotal Fund Ltd Meeting GM Redemption Amount - To be announced; Default - No Action AGM 2016/11/29 SFN Sasfin Holdings Ltd Meeting AGM 2016/11/30 SCV Sacoven Plc Suspended Redemption Amount - To be announced; Default - No Action 2016/11/30 LDO Lodestone REIT Ltd Ex Date 1 FFA plus 1 FBB in exchange for every 6.66667 LDO 2016/11/30 FCR Ferrum Crescent Ltd Meeting AGM 2016/11/30 ALH Alaris Holdings Ltd Meeting AGM 2016/11/30 LNF London Finance & Investment Group PLC Meeting AGM 2016/11/30 WHL Woolworths Holdings Ltd Meeting AGM 2016/12/01 CGN Cognition Holdings Ltd Meeting AGM 2016/12/01 HYP Hyprop Investments Ltd Meeting AGM 5
2016/12/01 PHM Phumelela Gaming & Leisure Ltd Meeting AGM 2016/12/01 REM Remgro Ltd Meeting AGM 2016/12/01 TRL Trellidor Holdings Ltd Meeting AGM 2016/12/02 LDO Lodestone REIT Ltd Record Date 1 FFA plus 1 FBB in exchange for every 6.66667 LDO 2016/12/02 LDO Lodestone REIT Ltd Election Deadline Date (08H00 SA Time) 2016/12/02 LDO Lodestone REIT Ltd Market Deadline Date (13H00 SA Time) 2016/12/02 PPE Purple Group Ltd Meeting AGM 2016/12/02 CHP Choppies Enterprises Ltd Meeting AGM 1 FFA plus 1 FFB in exchange for every 6.66667 LDO 1 FFA plus 1 FFB in exchange for every 6.66667 LDO 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. 6