20 July 2015 Compiled by Chantal Marx, Pritu Makan, Tlamelo Mathakgane, and Edgar Mafoko The Anglo American stable of companies will be reporting half year earnings this week: Anglo American Platinum (Interim Results): The company is expected to recover strongly from an operational and financial perspective off a severely depressed base. Management has guided for headline earnings per share (HEPS) to increase to between 940 and 950 cents per share from 60 cents in 1H14. Both the first and second quarter production reports came in broadly in-line with expectations. We expect to gain further insight into the disposal strategy around Rustenburg mines as well as other plans to combat the current weak pricing environment. Kumba Iron Ore (Interim Results): While the trading statement released early last week beat expectations, the second quarter production report disappointed. It therefore appears as if higher export sales volumes (on the back of inventories being drawn down) and better than anticipated pricing were the reasons for the better than anticipated financial performance. Iron ore markets have also been under severe pressure as weakness in China and an unprecedented supply increase continues to weigh on prices. Anglo American (Interim Results): Consensus is looking for a full year decline in HEPS of ~16%. So far this year, production has been in-line with expectations but investors will likely keep a close eye on this release since management will provide fresh full year production guidance. Local Earnings Release Calendar JSE (HEPS ZAc) 2015/07/20 AMS Anglo American Platinum 1H15 Earnings Release 9.32 2015/07/20 SCP Stellar Capital Partners 1H15 Earnings Release 2015/07/21 KIO Kumba Iron Ore 1H15 Earnings Release 9.033 2015/07/21 CSP Chemical Specialities FY15 Earnings Release 2015/07/24 MRF Merafe Resources 1H15 Earnings Release 0.055 2015/07/24 TWR Tower Property Fund FY15 Earnings Release 2015/07/24 AAL LN Anglo American PLC 1H15 Earnings Release 0.513 SSA corporate earnings releases to take note of this week include: Unilever Nigeria (2Q Results): With its parent company recently announcing that it will increase its stake in the business from 50.1% to 75%, sentiment around the stock has been decidedly positive in recent times. As in 2014, the consumer goods company is expected to face a challenging year in 2015 as a result of the weak Naira and persistently high funding costs. The first quarter did see some improvement however, and investors will be hoping this trend continues. 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 Toll Free Trading: 0800 256 256 Directors: H Mojalefa, P Dreyer, R Jayrajh, W Myers, V Naidoo. Company Secretary: C Low FNB (Pty) Ltd, member of the JSE and an authorised financial services provider. Part of the FirstRand Group.
PZ Cussons Nigeria (Full Year Results): Often called mini Unilever, the consumer goods conglomerate, is set to report results this week with profit margins likely to come under pressure as a result of the weakening Naira, but sales growth expected to mitigate the impact somewhat. SSA Earnings Release Calendar 2015/07/20 OKOMUOIL NL Okomu Oil Palm PLC 1Q15 Earnings Release 2015/07/20 BERGER NL Berger Paints Nigeria PLC 2Q15 Earnings Release 2015/07/20 UNILEVER NL Unilever Nigeria PLC 2Q15 Earnings Release 2015/07/20 SKYESHEL NL Skye Shelter Fund 2Q15 Earnings Release 2015/07/20 ABBEYBDS NL Abbey Mortgage Bank PLC 2Q15 Earnings Release 2015/07/20 AFRIPRUD NL Africa Prudential Registrars PLC 2Q15 Earnings Release 2015/07/20 FORTISMF NL Fortis Microfinance Bank Plc 2Q15 Earnings Release 2015/07/21 RAKUNITY NL Rak Unity Petroleum Co PLC FY15 Earnings Release 2015/07/21 PZ NL PZ Cussons Nigeria PLC FY15 Earnings Release 1.051 2015/07/22 AVONCROW NL Avon Crowncaps & Containers FY15 Earnings Release 2015/07/22 MCNICHOL NL McNichols PLC 2Q15 Earnings Release 2015/07/22 NPFMCRFB NL NPF Microfinance Bank PLC 2Q15 Earnings Release 2015/07/23 LIVESTOC NL Livestock Feeds PLC 2Q15 Earnings Release 2015/07/23 FIRSTALU NL First Aluminium Nigeria PLC 2Q15 Earnings Release 2015/07/24 FIDELITY NL Fidelity Bank PLC 2Q15 Earnings Release 2015/07/21 SOGEGH GN Societe Generale Ghana Ltd 1Q15 Earnings Release 2015/07/24 UTB GN UT Bank Ltd 1Q15 Earnings Release 2015/07/23 KNAL KN Kenya Airways Ltd FY15 Earnings Release -9.34 2015/07/23 NICB KN NIC Bank Ltd 2Q15 Earnings Release 2015/07/23 EACL KN East African Cables Ltd 1H15 Earnings Release 2015/07/23 HFCL KN Housing Finance Co of Kenya Ltd 2Q15 Earnings Release 2015/07/20 PAL TZ Precision Air Services Ltd FY15 Earnings Release -13.99 2015/07/24 DCB TZ Dar es Salaam Community Bank 1Q15 Earnings Release FNB WeekAHEAD 2
Another huge week is expected on the US earnings front with over 100 S&P 500 stocks expected to report this week. After several high profile companies including JP Morgan, Netflix, and Google beat expectations last week, sentiment on Wall Street has turned positive following months of US corporate earnings downgrades. According to Thomson Reuters, earnings overall are now expected to contract 1.7% in 2Q15 from a 3% contraction predicted at the beginning of the month. Morgan Stanley and IBM will take centre stage on Monday with the Tech sector likely to stay in the spotlight on Tuesday as Yahoo!, Apple, and Microsoft report. Coca-Cola and American Express are due to release results on Wednesday, while McDonald s, GE, Starbucks, Amazon, and Visa will take the stage on Thursday. US Summarised Earnings Release Calendar 2015/07/20 HAL US Halliburton Co 2Q15 Earnings Release 0.29 2015/07/20 HAS US Hasbro Inc 2Q15 Earnings Release 0.285 2015/07/20 MS US Morgan Stanley 2Q15 Earnings Release 0.737 2015/07/20 IBM US International Business Machines Corp 2Q15 Earnings Release 3.784 2015/07/20 ZION US Zions Bancorporation 2Q15 Earnings Release 0.38 2015/07/21 BHI US Baker Hughes Inc 2Q15 Earnings Release -0.138 2015/07/21 TGNA US TEGNA Inc 2Q15 Earnings Release 0.413 2015/07/21 HOG US Harley-Davidson Inc 2Q15 Earnings Release 1.396 2015/07/21 UTX US United Technologies Corp 2Q15 Earnings Release 1.713 2015/07/21 LMT US Lockheed Martin Corp 2Q15 Earnings Release 2.651 2015/07/21 PLD US Prologis Inc 2Q15 Earnings Release 0.514 2015/07/21 BK US Bank of New York Mellon Corp/ The 2Q15 Earnings Release 0.664 2015/07/21 FITB US Fifth Third Bancorp 2Q15 Earnings Release 0.391 2015/07/21 DOV US Dover Corp 2Q15 Earnings Release 0.993 2015/07/21 VZ US Verizon Communications Inc 2Q15 Earnings Release 1.008 2015/07/21 CMG US Chipotle Mexican Grill Inc 2Q15 Earnings Release 4.444 2015/07/21 YHOO US Yahoo! Inc 2Q15 Earnings Release 0.185 2015/07/21 AAPL US Apple Inc 3Q15 Earnings Release 1.801 2015/07/21 MSFT US Microsoft Corp 4Q15 Earnings Release 0.579 2015/07/21 FTI US FMC Technologies Inc 2Q15 Earnings Release 0.61 2015/07/21 NAVI US Navient Corp 2Q15 Earnings Release 0.4 2015/07/21 OMC US Omnicom Group Inc 2Q15 Earnings Release 1.219 2015/07/21 TRV US Travelers Cos Inc/The 2Q15 Earnings Release 2.126 2015/07/21 ISRG US Intuitive Surgical Inc 2Q15 Earnings Release 3.998 2015/07/21 RF US Regions Financial Corp 2Q15 Earnings Release 0.2 FNB WeekAHEAD 3
US Summarised Earnings Release Calendar (continued) 2015/07/22 ABT US Abbott Laboratories 2Q15 Earnings Release 0.5 2015/07/22 BA US Boeing Co/The 2Q15 Earnings Release 2.133 2015/07/22 KO US Coca-Cola Co/The 2Q15 Earnings Release 0.601 2015/07/22 TMO US Thermo Fisher Scientific Inc 2Q15 Earnings Release 1.78 2015/07/22 APH US Amphenol Corp 2Q15 Earnings Release 0.57 2015/07/22 WHR US Whirlpool Corp 2Q15 Earnings Release 2.623 2015/07/22 EMC US EMC Corp/MA 2Q15 Earnings Release 0.41 2015/07/22 ITW US Illinois Tool Works Inc 2Q15 Earnings Release 1.26 2015/07/22 QCOM US QUALCOMM Inc 3Q15 Earnings Release 0.925 2015/07/22 FFIV US F5 Networks Inc 3Q15 Earnings Release 1.585 2015/07/22 AXP US American Express Co 2Q15 Earnings Release 1.324 2015/07/22 NEM US Newmont Mining Corp 2Q15 Earnings Release 0.264 2015/07/22 TXN US Texas Instruments Inc 2Q15 Earnings Release 0.65 2015/07/22 TSCO US Tractor Supply Co 2Q15 Earnings Release 1.112 2015/07/22 SNDK US SanDisk Corp 2Q15 Earnings Release 0.338 2015/07/22 URI US United Rentals Inc 2Q15 Earnings Release 1.798 2015/07/22 CCI US Crown Castle International Corp 2Q15 Earnings Release 1.065 2015/07/22 AMP US Ameriprise Financial Inc 2Q15 Earnings Release 2.287 2015/07/22 DFS US Discover Financial Services 2Q15 Earnings Release 1.324 2015/07/22 IPG US Interpublic Group of Cos Inc/ The 2Q15 Earnings Release 0.278 2015/07/22 AN US AutoNation Inc 2Q15 Earnings Release 1.018 2015/07/22 XLNX US Xilinx Inc 1Q16 Earnings Release 0.535 2015/07/23 DOW US Dow Chemical Co/The 2Q15 Earnings Release 0.801 2015/07/23 KMB US Kimberly-Clark Corp 2Q15 Earnings Release 1.361 2015/07/23 LLY US Eli Lilly & Co 2Q15 Earnings Release 0.735 2015/07/23 MCD US McDonald's Corp 2Q15 Earnings Release 1.233 2015/07/23 PHM US PulteGroup Inc 2Q15 Earnings Release 0.262 2015/07/23 R US Ryder System Inc 2Q15 Earnings Release 1.605 2015/07/23 UNP US Union Pacific Corp 2Q15 Earnings Release 1.347 2015/07/23 WM US Waste Management Inc 2Q15 Earnings Release 0.629 2015/07/23 ABC US AmerisourceBergen Corp 3Q15 Earnings Release 1.146 2015/07/23 CAM US Cameron International Corp 2Q15 Earnings Release 0.772 FNB WeekAHEAD 4
US Summarised Earnings Release Calendar (continued) 2015/07/23 DGX US Quest Diagnostics Inc 2Q15 Earnings Release 1.237 2015/07/23 ADS US Alliance Data Systems Corp 2Q15 Earnings Release 3.2 2015/07/23 JNS US Janus Capital Group Inc 2Q15 Earnings Release 0.238 2015/07/23 MJN US Mead Johnson Nutrition Co 2Q15 Earnings Release 0.76 2015/07/23 GM US General Motors Co 2Q15 Earnings Release 1.093 2015/07/23 DHR US Danaher Corp 2Q15 Earnings Release 1.03 2015/07/23 NDAQ US NASDAQ OMX Group Inc/The 2Q15 Earnings Release 0.794 2015/07/23 UA US Under Armour Inc 2Q15 Earnings Release 0.047 2015/07/23 CAT US Caterpillar Inc 2Q15 Earnings Release 1.262 2015/07/23 SYK US Stryker Corp 2Q15 Earnings Release 1.175 2015/07/23 COF US Capital One Financial Corp 2Q15 Earnings Release 1.982 2015/07/23 ALTR US Altera Corp 2Q15 Earnings Release 0.252 2015/07/23 CB US Chubb Corp/The 2Q15 Earnings Release 1.858 2015/07/23 T US AT&T Inc 2Q15 Earnings Release 0.635 2015/07/23 SWKS US Skyworks Solutions Inc 3Q15 Earnings Release 1.28 2015/07/23 SBUX US Starbucks Corp 3Q15 Earnings Release 0.405 2015/07/23 ETFC US E*TRADE Financial Corp 2Q15 Earnings Release 0.27 2015/07/23 AMZN US Amazon.com Inc 2Q15 Earnings Release -0.143 2015/07/23 JNPR US Juniper Networks Inc 2Q15 Earnings Release 0.4 2015/07/23 TRIP US TripAdvisor Inc 2Q15 Earnings Release 0.547 2015/07/23 V US Visa Inc 3Q15 Earnings Release 0.584 2015/07/23 BSX US Boston Scientific Corp 2Q15 Earnings Release 0.21 2015/07/23 BMY US Bristol-Myers Squibb Co 2Q15 Earnings Release 0.355 2015/07/23 FCX US Freeport-McMoRan Inc 2Q15 Earnings Release 0.109 2015/07/23 MMM US 3M Co 2Q15 Earnings Release 1.995 2015/07/23 NUE US Nucor Corp 2Q15 Earnings Release 0.259 2015/07/23 LUV US Southwest Airlines Co 2Q15 Earnings Release 1.009 2015/07/23 CMCSA US Comcast Corp 2Q15 Earnings Release 0.84 2015/07/23 CELG US Celgene Corp 2Q15 Earnings Release 1.23 2015/07/23 FLS US Flowserve Corp 2Q15 Earnings Release 0.799 2015/07/23 TROW US T Rowe Price Group Inc 2Q15 Earnings Release 1.201 2015/07/23 SRCL US Stericycle Inc 2Q15 Earnings Release 1.141 2015/07/23 HBI US Hanesbrands Inc 2Q15 Earnings Release 0.5 2015/07/24 COG US Cabot Oil & Gas Corp 2Q15 Earnings Release 0.042 FNB WeekAHEAD 5
US Summarised Earnings Release Calendar (continued) 2015/07/24 JCI US Johnson Controls Inc 3Q15 Earnings Release 0.91 2015/07/24 VTR US Ventas Inc 2Q15 Earnings Release 1.16 2015/07/24 BIIB US Biogen Inc 2Q15 Earnings Release 4.071 2015/07/24 STT US State Street Corp 2Q15 Earnings Release 1.367 2015/07/24 SPG US Simon Property Group Inc 2Q15 Earnings Release 2.346 2015/07/24 MCO US Moody's Corp 2Q15 Earnings Release 1.214 2015/07/24 ABBV US AbbVie Inc 2Q15 Earnings Release 1.05 2015/07/24 XRX US Xerox Corp 2Q15 Earnings Release -0.9 2015/07/24 AAL US American Airlines Group Inc 2Q15 Earnings Release 2.596 2015/07/24 RCL US Royal Caribbean Cruises Ltd 2Q15 Earnings Release 0.7 AIA Group, the largest independent public listed pan-asian life insurance company will release results this week. Japanese company Chugai Pharmaceutical will also release results. The company is majority owned by European pharma giant Roche. Chugai s share price has been well supported as rumours of a complete buyout has continued to circulate. Japan is a very attractive market for pharmaceuticals due to its aging population and high disposable income levels. Asia-Pacific Summarised Earnings Release Calendar 2015/07/21 6506 JP Yaskawa Electric Corp 1Q16 Earnings Release 20.995 2015/07/21 451 HK GCL New Energy Holdings Ltd FY15 Earnings Release 0.037 2015/07/23 4063 JP Shin-Etsu Chemical Co Ltd 1Q16 Earnings Release 79.545 2015/07/23 4519 JP Chugai Pharmaceutical Co Ltd 1H15 Earnings Release 56.65 2015/07/24 1299 HK AIA Group Ltd 1H15 Earnings Release 0.145 2015/07/24 1373 HK International Housewares Retail Co Ltd FY15 Earnings Release 0.145 A busy weak is expected on the European earnings front with two of the largest pharmaceutical companies on the continent due to release numbers this week. Novartis is set to report second quarter earnings on Tuesday while Roche will release half-year results on Thursday. Swiss financial companies Julius Baer and Credit Suisse will also be releasing numbers and consumer conglomerates Danone and Unilever will take centre stage in the second half of the week. Numbers out of agric specialist Syngenta and chemical giant BASF are also expected to generate some news flow. FNB WeekAHEAD 6
Europe Summarised Earnings Release Calendar 2015/07/20 BAER VX Julius Baer Group Ltd 1H15 Earnings Release 1.62 2015/07/21 NOVN VX Novartis AG 2Q15 Earnings Release 1.319 2015/07/21 ENG SM Enagas SA 1H15 Earnings Release 0.885 2015/07/21 SAP GR SAP SE 2Q15 Earnings Release 0.841 2015/07/22 UL NA Unibail-Rodamco SE 1H15 Earnings Release 4.99 2015/07/22 LONN VX Lonza Group AG 1H15 Earnings Release 3.11 2015/07/22 IBE SM Iberdrola SA 1H15 Earnings Release 0.21 2015/07/22 LOGN SW Logitech International SA 1Q16 Earnings Release 0.093 2015/07/23 SYNN VX Syngenta AG 1H15 Earnings Release 14.235 2015/07/23 ROG VX Roche Holding AG 1H15 Earnings Release 7.458 2015/07/23 DAI GR Daimler AG 2Q15 Earnings Release 1.964 2015/07/23 MTX GR MTU Aero Engines AG 2Q15 Earnings Release 1.363 2015/07/23 ULVR LN Unilever PLC 1H15 Earnings Release 0.893 2015/07/23 CSGN VX Credit Suisse Group AG 2Q15 Earnings Release 0.563 2015/07/23 REL LN RELX PLC 1H15 Earnings Release 0.3 2015/07/23 ABBN VX ABB Ltd 2Q15 Earnings Release 0.259 2015/07/24 AM FP Dassault Aviation SA 1H15 Earnings Release 15.8 2015/07/24 BAS GR BASF SE 2Q15 Earnings Release 1.721 2015/07/24 WHA NA Wereldhave NV 1H15 Earnings Release 1.55 2015/07/24 BN FP Danone SA 1H15 Earnings Release 1.354 2015/07/24 EO FP Faurecia 1H15 Earnings Release 1.34 2015/07/24 EDEN FP Edenred 1H15 Earnings Release 0.38 Nampak Prefs (amongst others) is trading ex-dividend on Monday and Friday marks the last day to trade in Investec PLC and Invested LTD (amongst others) to receive their most recently declared dividend. Ellies shareholders who elected to take up their rights should receive their rights offer shares on Monday. Also on Monday, Adcock Ingram will trade ex-entitlement to participate in the BEE share scheme with the election deadline set on Friday at 8:00 am. SA Dividend Calendar JSE COMPANY NAME LDT EX PAY TYPE AMOUNT APF Accelerate Property Fund 2015/07/10 2015/07/13 2015/07/20 Income ZAc 25.2149 FNB WeekAHEAD 7
SA Dividend Calendar (continued) JSE COMPANY NAME LDT EX PAY TYPE AMOUNT APF Accelerate Property Fund 2015/07/10 2015/07/13 2015/07/20 Income ZAc 25.2149 DTC DataTec 2015/07/10 2015/07/13 2015/07/20 Final ZAc 108 TFG Foschini Group 2015/07/10 2015/07/13 2015/07/20 Final ZAc 325 IVT Invicta Holdings 2015/07/10 2015/07/13 2015/07/20 Final ZAc 111.99 LEW Lewis Group 2015/07/10 2015/07/13 2015/07/20 Final ZAc 302 OMN Omnia Holdings 2015/07/10 2015/07/13 2015/07/20 Final ZAc 300 TKG Telkom SA SOC 2015/07/10 2015/07/13 2015/07/20 Special ZAc 30 TKG Telkom SA SOC 2015/07/10 2015/07/13 2015/07/20 Final ZAc 215 AER Amalgamated Electronic Corp 2015/07/17 2015/07/20 2015/07/27 Final ZAc 8 GDN Gooderson Leisure Corp 2015/07/17 2015/07/20 2015/07/27 Final ZAc 2.025 ISA ISA Holdings 2015/07/17 2015/07/20 2015/07/27 Final ZAc 4.50 NPKP Nampak Preference 2015/07/17 2015/07/20 2015/07/27 Final ZAc 6 NPP1 Nampak 2015/07/17 2015/07/20 2015/07/27 Final ZAc 6.50 NCS Nictus 2015/07/17 2015/07/20 2015/07/27 Final ZAc 3 SNV Santova 2015/07/17 2015/07/20 2015/07/27 Final ZAc 4.25 TLM Telemasters Holdings 2015/07/17 2015/07/20 2015/07/27 Interim ZAc 1 INL Investec 2015/07/24 2015/07/27 2015/08/14 Final ZAc 216 INP Investec PLC 2015/07/24 2015/07/27 2015/08/14 Final GBp 12.777778 TTO Trustco Group Holdings 2015/07/24 2015/07/27 2015/08/21 Final ZAc 216 Other SA Corporate Actions JSE COMPANY NAME ACTION EVENT 2015/07/20 ELIN Ellies Holdings Pay Date Call on Rights 1 per 1 @ ZAR1.10 2015/07/20 AIP Adcock Ingram Ex Date Scheme of Arrangement/Tender Offer 1 AdBEE security per AIP share disposed and 31.11 AIP options per 100 AIP disposed 2015/07/20 AIP Adcock Ingram Trade in Entitlement Begins Scheme of Arrangement/Tender Offer 2015/07/20 SGA/SGB Synergy Delinking of Linked Units 2015/07/20 AIA/AIB Ascension Delinking of Linked Units 2015/07/24 AEGCB Aveng 7.25% Senior Bond Pay Date Interest Payment ZAR362.50 per Convertible Bond 2015/07/24 AIP Adcock Ingram Election Deadline (08:00) Scheme of Arrangement/Tender Offer 2015/07/24 AIP Adcock Ingram Market Deadline (13:00) Scheme of Arrangement/Tender Offer Disclaimer: The valuations, calculations, prices, opinions and all other information (the information ) contained in this document is issued by FNB (Pty) Ltd (Reg no: 1996/011732/07) ( FNB ), a member of the JSE 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 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 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.