how can we help you? WeekAHEAD Securities 14 March 2016 SA releases start to wind down...chinese numbers could draw attention REM ADH MTA CHP Companies to watch this week CAG US TIF US PAH3 GR LHN VX LHA GR TIT IM South Africa Remgro Ltd Advtech Ltd Metair Investments Ltd Choppies Abroad ConAgra Foods Inc Tiffany & Co Porsche Automobil Holding SE LafargeHolcim Ltd Deutsche Lufthansa AG Telecom Italia SpA 762 HK China Unicom Hong Kong Ltd 941 HK China Mobile Ltd 700 HK Tencent Holdings Ltd 728 HK China Telecom Corp Ltd Analysts Chantal Marx Thabiso Mamathuba Contact us Relationship manager: +27 11 282 4561 Dealing desk: +27 11 282 8734 Website: www.fnbsecurities.co.za As the local earnings season begins to wind down this week we are most looking forward to: Remgro (1H16): Full year headline earnings per share (HEPS) are expected to increase by 11% y/y. We will be keeping a close eye on NAV - the company is highly exposed to the banking sector - where market valuations have come under pressure recently. AdvTech (FY15): Management guided for HEPS to increase by between 20% and 30% which implies that growth will be more or less in-line with 1H15 (+26%). According to leadership, strong organic growth came from all three divisions as its successful implementation of its investment programme began to deliver. Metair (FY15): In a February trading statement, management guided for HEPS to be between 17.49% and 20.79% lower y/y. This midpoint was slightly better than market expectations (Bloomberg: -21% y/y). Choppies (1H16): Consensus is looking for HEPS growth of just 6% as consumer pressure in Botswana and South Africa begins to take its toll. We expect another quiet week on the earnings from in the US. 3Q16 numbers out of ConAgra and 4Q16 results from Tiffany & Co. may generate some newsflow. European earnings season will stay busy this week with 38 Stoxx 600 companies expected to report results or release updates this week (last week: 45). Among others, Porche (Germany), LafargeHolcim (Switzerland), Deutsche Lufthansa (Germany), and Telecom Italia (Italy) are scheduled to release numbers this week. As we have previously mentioned, European companies earnings are expected to grow at their fastest rate in four years, significantly outpacing that of US companies as a weaker euro, excess liquidity, and a better economic outlook is set to support corporate profits. In the East, focus will likely be on China Mobile - the largest mobile telecommunications company in China (and the World). The company is set to release full year numbers this week with EPS growth anticipated to come in at just 4.2% y/y. Third-quarter profit missed analyst estimates amid stiffer competition, slowing subscriber growth and costs for its new high-speed network. Rivals China Telecom and China Unicom will also be releasing results along with Naspers investment Tencent holdings. The Tencent result will be an important one for Naspers with the share price having come under some pressure in recent months amid uncertainty surrounding the prospects for Tencent in a slowing Head Office: 4 Merchant Place, 1 Fredman Drive, Sandton 2196 PO Box 3359, Parklands 2121 fnbsecurities@fnb.co.za www.fnbsecurities.co.za Relationship Manager: +27 11 282 4561 Dealing Desk: +27 11 282 8734 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).
Chinese economy. From a local corporate action perspective, Adcock Ingram, British American Tobacco and Discovery (amongst others) are trading ex-dividend on Monday and Friday marks the last day to trade in Imperial, Santam and Truworths (amongst others) to receive their most recently declared dividends. Company Events Calendar South Africa Date Ticker Company Name Event Description Estimate ZAc 2016/03/14 REM Remgro Ltd 1H16 Earnings -- 2016/03/14 TLM Telemasters Holdings Ltd 1H16 Earnings -- 2016/03/14 ADH Advtech Ltd FY15 Earnings 50.35 2016/03/14 ADE Adbee Rf Ltd 1H16 Earnings 98.6 2016/03/15 BEL Bell Equipment Ltd FY15 Earnings 67 2016/03/15 BSR Basil Read Holdings Ltd FY15 Earnings 104.3 2016/03/16 GPL Grand Parade Investments Ltd 1H16 Earnings 5.67 2016/03/16 AIA Ascension Properties Ltd 1H16 Earnings 46.42763828 2016/03/16 RAR RARE Holdings Ltd 1H16 Earnings -13.99 2016/03/16 ELR ELB Group Ltd 1H16 Earnings 188.5 2016/03/16 WEZ Wesizwe Platinum Ltd FY15 Earnings -7.5 2016/03/17 SFN Sasfin Holdings Ltd 1H16 Earnings 332.825 2016/03/17 ACG Anchor Group Ltd FY15 Earnings 55 2016/03/17 WKF Workforce Holdings Ltd FY15 Earnings 34.1 2016/03/18 MTA Metair Investments Ltd FY15 Earnings 238.5 SSA 2016/03/14 VONO NL Vono Products PLC 1Q16 Earnings -- 2016/03/14 CHELLARA NL Chellarams PLC 3Q16 Earnings -- 2016/03/14 INTERLIN NL Interlinked Technologies PLC 2Q16 Earnings -- 2016/03/14 COURTVIL NL Courteville Business Solutions PLC FY15 Earnings -- 2016/03/14 UNITYBNK NL Unity Bank PLC FY15 Earnings 0.815 2016/03/14 NNFM NL Northern Nigeria Flour Mills PLC 3Q16 Earnings -- 2016/03/14 PZ NL PZ Cussons Nigeria PLC 3Q16 Earnings -- 2016/03/14 OANDO NL Oando Plc FY15 Earnings -3.815 2016/03/14 PBC GN Produce Buying Co Ltd 1Q16 Earnings -- 2016/03/14 PZC GN PZ Cussons Ghana Ltd 2Q16 Earnings -- 2016/03/14 LKL KN Longhorn Publishers Ltd 1H16 Earnings -- 2016/03/14 PAIL KN Pan Africa Insurance Holdings Ltd FY15 Earnings 4.793 2016/03/14 CBIL KN Carbacid Investments Ltd 1H16 Earnings -- 2016/03/14 DTKL KN Diamond Trust Bank Kenya Ltd FY15 Earnings 25.05 2016/03/14 EAPC KN East African Portland Cement Co Ltd 1H16 Earnings -- 2016/03/14 TCC TZ Tanzania Cigarette Co Ltd FY15 Earnings -- 2016/03/14 LLR BG Letlole La Rona Ltd 1H16 Earnings -- 2016/03/14 AFS BG Afinitas Ltd FY15 Earnings -- 2016/03/15 TRIPPLEG NL Tripple GEE and Co PLC 3Q16 Earnings -- 2016/03/15 ZENITHBA NL Zenith Bank PLC FY15 Earnings 3.292 2016/03/15 WAPCO NL Lafarge Africa PLC FY15 Earnings 8.583 2016/03/15 STERLNBA NL Sterling Bank PLC FY15 Earnings 0.24 2016/03/15 CAP NL Chemical and Allied Products PLC FY15 Earnings 2.67 2016/03/15 AYRTN GN Ayrton Drug Manufacturing Ltd 2Q16 Earnings -- 2016/03/15 SAMBA GN Samba Foods Ltd FY15 Earnings -- 2016/03/15 CIC KN CIC Insurance Group Ltd FY15 Earnings 0.46 2016/03/15 UCSP KN Uchumi Supermarkets Ltd 1H16 Earnings -- 2
2016/03/15 ZANACO ZL Zambia National Commercial Bank PLC 4Q15 Earnings -- 2016/03/15 IKUL ZL Ikulileni Investment PLC FY15 Earnings -- 2016/03/16 JBERGER NL Julius Berger Nigeria PLC FY15 Earnings 4.51 2016/03/16 CADBURY NL Cadbury Nigeria PLC FY15 Earnings 0.741 2016/03/16 KPLL KN Kenya Power & Lighting Ltd 1H16 Earnings -- 2016/03/16 KEGC KN Kenya Electricity Generating Co Ltd 1H16 Earnings -- 2016/03/16 STNG KN Standard Group Ltd FY15 Earnings -- 2016/03/16 COOP KN Co-operative Bank of Kenya Ltd/The FY15 Earnings 2.333 2016/03/16 SFLN BG Sefalana Holding Co Ltd 1H16 Earnings -- 2016/03/17 WEMABANK NL Wema Bank PLC FY15 Earnings -0.02 2016/03/17 UNILEVER NL Unilever Nigeria PLC FY15 Earnings 0.057 2016/03/17 OKOMUOIL NL Okomu Oil Palm PLC FY15 Earnings 2.255 2016/03/17 EACL KN East African Cables Ltd FY15 Earnings -0.36 2016/03/17 SCBL ZL Standard Chartered Bank Zambia PLC FY15 Earnings 0.15 2016/03/17 SHUMBA BG Shumba Energy Ltd 2Q16 Earnings -- 2016/03/18 FIDELITY NL Fidelity Bank PLC FY15 Earnings 0.421 2016/03/18 TWIGA TZ Tanzania Portland Cement Co Ltd FY15 Earnings -- 2016/03/18 CEC ZL Copperbelt Energy Corp PLC FY15 Earnings -- 2016/03/18 CHOPPIES BG Choppies Enterprises Ltd 1H16 Earnings -- United States 2016/03/15 ORCL US Oracle Corp 3Q16 Earnings 0.62 2016/03/16 FDX US FedEx Corp 3Q16 Earnings 2.35 2016/03/16 PGR US Progressive Corp/The February FY16 Sales and Revenue -- 2016/03/17 CAG US ConAgra Foods Inc 3Q16 Earnings 0.551 2016/03/17 LEN US Lennar Corp 1Q16 Earnings 0.527 2016/03/17 ADBE US Adobe Systems Inc 1Q16 Earnings 0.607 2016/03/18 TIF US Tiffany & Co 4Q16 Earnings 1.4 2016/03/18 CTAS US Cintas Corp 3Q16 Earnings 0.948 2016/03/10 DG US Dollar General Corp 4Q16 Earnings Release 1.261 Europe 2016/03/14 FHZN SW Flughafen Zuerich AG February FY16 Sales and Revenue -- 2016/03/14 HELN SW Helvetia Holding AG FY15 Earnings 29.851 2016/03/14 ARYN VX Aryzta AG 1H16 Earnings 1.61 2016/03/15 GEBN VX Geberit AG FY15 Earnings 11.396 2016/03/15 ATC NA Altice NV FY15 Earnings 0.356 2016/03/15 LGEN LN Legal & General Group PLC FY15 Earnings 0.19 2016/03/15 HMB SS Hennes & Mauritz AB February FY16 Sales and Revenue -- 2016/03/15 CEZ CP CEZ AS FY15 Earnings 51.055 2016/03/15 ANTO LN Antofagasta PLC FY15 Earnings 0.133 2016/03/15 BBY LN Balfour Beatty PLC FY15 Earnings -0.135 2016/03/15 INCH LN Inchcape PLC FY15 Earnings 0.506 2016/03/15 ZC FP Zodiac Aerospace 2Q16 Sales and Revenue -- 2016/03/15 PAH3 GR Porsche Automobil Holding SE FY15 Earnings 6.505 2016/03/15 GALN VX Galenica AG FY15 Earnings 47.593 2016/03/15 SPSN SW Swiss Prime Site AG FY15 Earnings 3.964 2016/03/15 OCDO LN Ocado Group PLC FY15 Earnings -- 2016/03/15 NUM FP Numericable-SFR SA FY15 Earnings 1.935 2016/03/16 FRA GR Fraport AG Frankfurt Airport Services Worldwide FY15 Earnings 2.964 2016/03/16 RF FP Eurazeo SA FY15 Earnings 3.463 2016/03/16 IIA AV IMMOFINANZ AG 3Q16 Earnings -- 2016/03/16 SMIN LN Smiths Group PLC 1H16 Earnings 0.219 3
2016/03/16 FNC IM Finmeccanica SpA FY15 Earnings 0.722 2016/03/16 BNR GR Brenntag AG FY15 Earnings 2.539 2016/03/16 DUFN SW Dufry AG FY15 Earnings 5.003 2016/03/16 HIK LN Hikma Pharmaceuticals PLC FY15 Earnings 1.34 2016/03/17 LHN VX LafargeHolcim Ltd FY15 Earnings 1.268 2016/03/17 HEI GR HeidelbergCement AG FY15 Earnings 4.373 2016/03/17 LHA GR Deutsche Lufthansa AG FY15 Earnings 2.822 2016/03/17 LXS GR LANXESS AG FY15 Earnings 2.237 2016/03/17 TIT IM Telecom Italia SpA FY15 Earnings 0.047 2016/03/17 RHM GR Rheinmetall AG FY15 Earnings 3.923 2016/03/17 UTDI GR United Internet AG FY15 Earnings 1.858 2016/03/17 OCI NA OCI NV FY15 Earnings 0.728 2016/03/18 G IM Assicurazioni Generali SpA FY15 Earnings 1.497 2016/03/18 GBLB BB Groupe Bruxelles Lambert SA FY15 Earnings 6.966 2016/03/18 PARG SW Pargesa Holding SA FY15 Earnings 5.425 2016/03/18 DWNI GR Deutsche Wohnen AG FY15 Earnings 0.891 Asia Pacific 2016/03/15 SYR AU Syrah Resources Ltd 1H16 Earnings -- 2016/03/16 SIP AU Sigma Pharmaceuticals Ltd FY16 Earnings 0.053 2016/03/14 1816 HK CGN Power Co Ltd FY15 Earnings 0.138 2016/03/15 151 HK Want Want China Holdings Ltd FY15 Earnings 0.043 2016/03/15 2318 HK Ping An Insurance Group Co of China Ltd FY15 Earnings 3.108 2016/03/15 2038 HK FIH Mobile Ltd FY15 Earnings 0.031 2016/03/15 2007 HK Country Garden Holdings Co Ltd FY15 Earnings 0.445 2016/03/16 1193 HK China Resources Gas Group Ltd FY15 Earnings 1.334 2016/03/16 762 HK China Unicom Hong Kong Ltd FY15 Earnings 0.457 2016/03/17 135 HK Kunlun Energy Co Ltd FY15 Earnings 0.434 2016/03/17 941 HK China Mobile Ltd FY15 Earnings 5.6 2016/03/17 700 HK Tencent Holdings Ltd FY15 Earnings 3.373 2016/03/18 688 HK China Overseas Land & Investment Ltd FY15 Earnings 3.137 2016/03/18 291 HK China Resources Beer Holdings Company Ltd FY15 Earnings 0.381 2016/03/18 683 HK Kerry Properties Ltd FY15 Earnings 2.449 2016/03/18 000776 CH GF Securities Co Ltd FY15 Earnings 1.681 2016/03/18 728 HK China Telecom Corp Ltd FY15 Earnings 0.235 2016/03/18 960 HK Longfor Properties Co Ltd FY15 Earnings 1.317 2016/03/18 220 HK Uni-President China Holdings Ltd FY15 Earnings 0.201 SA Dividends Ticker Company Name LDT Ex Date Pay Date Type Amount AWA Arrowhead Properties 2016/03/04 2016/03/07 2016/03/14 Interim ZAc 20.03 AWB Arrowhead Properties 2016/03/04 2016/03/07 2016/03/14 Interim ZAc 20.03 ASR Assore 2016/03/04 2016/03/07 2016/03/14 Interim ZAc 200 BIL BHP Billiton PLC 2016/03/04 2016/03/07 2016/03/31 Interim USD 0.16 CLH City Lodge Hotels 2016/03/04 2016/03/07 2016/03/14 Interim ZAc 269 DLA Delta Africa Property Holdings 2016/03/04 2016/03/07 2016/03/14 Regular Cash USD 0.0167 DSBP Discovery Preference Share 2016/03/04 2016/03/07 2016/03/14 Regular Cash ZAc 480.06849 EMI Emira Property Fund 2016/03/04 2016/03/07 2016/03/14 Distribution ZAc 70.34 FFA Fortress Income Fund 2016/03/04 2016/03/07 2016/03/14 Interim ZAc 64.72 FFB Fortress Income Fund 2016/03/04 2016/03/07 2016/03/14 Interim ZAc 62.81 GFI Gold Fields 2016/03/04 2016/03/07 2016/03/14 Final ZAc 21 AIP Adcock Ingram Holdings Ltd 2016/03/11 2016/03/14 2016/03/22 Interim ZAc 50 BTI British American Tobacco P 2016/03/11 2016/03/14 2016/05/05 Final GBp 104.6 4
COM Comair Ltd 2016/03/11 2016/03/14 2016/03/22 Interim ZAc 5 DRD DRDGOLD Ltd 2016/03/11 2016/03/14 2016/03/22 Regular Cash ZAc 12 DTA Delta EMD Ltd 2016/03/11 2016/03/14 2016/03/22 Final ZAc 100 DSY Discovery Ltd 2016/03/11 2016/03/14 2016/03/22 Interim ZAc 85.5 DST Distell Group Ltd 2016/03/11 2016/03/14 2016/03/22 Interim ZAc 165 TFGP Foschini Group Ltd/The 2016/03/11 2016/03/14 2016/03/22 Regular Cash ZAc 6.5 HPA Hospitality Property Fund L 2016/03/11 2016/03/14 2016/03/22 Interim ZAc 76.99552 HPB Hospitality Property Fund L 2016/03/11 2016/03/14 2016/03/22 Interim ZAc 16.87478 JSE JSE Ltd 2016/03/11 2016/03/14 2016/03/22 Special Cash ZAc 105 JSE JSE Ltd 2016/03/11 2016/03/14 2016/03/22 Regular Cash ZAc 520 SUI Sun International Ltd/Sout 2016/03/11 2016/03/14 2016/03/22 Interim ZAc 90 LNF London Finance & Investme 2016/03/11 2016/03/14 2016/04/08 Interim GBp 0.5 MSM Massmart Holdings Ltd 2016/03/11 2016/03/14 2016/03/22 Final ZAc 112.16 SHP Shoprite Holdings Ltd 2016/03/11 2016/03/14 2016/03/22 Interim ZAc 156 SGL Sibanye Gold Ltd 2016/03/11 2016/03/14 2016/03/22 Final ZAc 90 TPC Transpaco Ltd 2016/03/11 2016/03/14 2016/03/22 Interim ZAc 52 ART Argent Industrial Ltd 2016/03/16 2016/03/17 2016/03/29 Interim ZAc 9 APKP Astrapak Ltd 2016/03/16 2016/03/17 2016/03/29 Regular Cash ZAc 438.605 CSB Cashbuild Ltd 2016/03/16 2016/03/17 2016/03/29 Interim ZAc 513 CLR Clover Industries Ltd 2016/03/16 2016/03/17 2016/03/29 Interim ZAc 24.21 GND Grindrod Ltd 2016/03/16 2016/03/17 2016/03/29 Final ZAc 6 GNDP Grindrod Ltd 2016/03/16 2016/03/17 2016/03/29 Final ZAc 423 IPL Imperial Holdings Ltd 2016/03/16 2016/03/17 2016/03/29 Interim ZAc 370 SAC SA Corporate Real Estate Fu 2016/03/16 2016/03/17 2016/03/29 Final ZAc 19.91 SBV Sabvest Ltd 2016/03/16 2016/03/17 2016/03/29 Final ZAc 29 SVN Sabvest Ltd 2016/03/16 2016/03/17 2016/03/29 Final ZAc 29 SNT Santam Ltd 2016/03/16 2016/03/17 2016/03/29 Final ZAc 528 TEX Texton Property Fund Ltd 2016/03/16 2016/03/17 2016/03/29 Interim ZAc 51.52 TRU Truworths International Ltd 2016/03/16 2016/03/17 2016/03/29 Interim ZAc 270 Other SA Corporate Actions Date Ticker Company Name Event Description Detail 2016/03/14 FGLN Finbond Group Pay Date Call on Rights (Take-up) 1 per 1 @ ZAR3.34 per share 2016/03/14 SMM Sable Metals and Minerals Pay Date Name Change to Middle East Diamond Resources 2016/03/15 SOV Sovereign Food Investments Last Day To Trade Scheme of Arrangement ZAR8.50 per 1 Sovereign share 2016/03/16 ENX Enx Group Meeting Date GM 2016/03/18 SOV Sovereign Food Investments Suspended Scheme of Arrangement ZAR8.50 per 1 Sovereign share 2016/03/18 SNUN Sentula Mining Election Deadline Date (08h00 Sa Time) 2016/03/18 SNUN Sentula Mining Market Deadline Date (13h00 Sa Time) Call on Rights (Take-up) 1 per 1 @ ZAR0.18 per share Call on Rights (Take-up) 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.