Stock Market Review Bloomfield Intelligence Week 51 from December 18th to December 22nd 2017 (Source BRVM) Bloomfield Investment Corpon is a pan-african credit rating agency which specializes in the assessment of the credit risk. Headquartered in Abidjan with offices in Douala and in Kigali. the agency operates essentially in Africa. BRVM 10 k 3.21% 209.90 BRVM COMPOSITE k 3.95% 232.85 Accreditation Headquarters Website Follow us Tops UEMOA AN-001/2012 RWANDA ref/cma/july/3047/2015 Plateau. BIAO-CI Tower. 15 th floor. Abidjan - Côte d Ivoire www.bloomfield-investment.com Price Listed Companies Evol 45 Value Average PER* m 16.25 Average yield / share* m 5.59% Market capitalization (billion FCFA) k 6 549 Trading volume (shares) 3 223 310 Trading volume (bonds) 690 409 Value traded (shares) 7 420 864 844 Value traded (bonds) 6 290 073 837 * Calculated on the basis of the latest financial information published without considen of companies in liquidation Flops The Stock Market Price SODE CI 52 100 28.82% 246 10 873 17.3 5.2% ECOBANK TRANS. INCORP. TG 17-5.56% 2 522 224 45 266 4.8 5.9% ONATEL BF 8 590 26.32% 13 359 91 887 12.1 7.2% SERVAIR ABIDJAN CI 2 100 24.26% 19 399 34 825 21.9 2.4% BANK OF AFRICA CI 5 000 19.05% 4 525 19 678 9.9 5.5% SETAO CI 180-5.26% 614 111 2.2 0.0% FILTISAC CI 17 500-4.89% 348 6 240 25.13 5.97% BERNABE CI 2 800-3.45% 22450 60 760 7.75 5.82% Sector Indices # Companies Value Evol% Evol YTD Volume Value traded (MFCFA) Avg PER BRVM Industry 12 103.37 0.66% -33.71% 23 387 49 22.6 5.8% BRVM Public Services 4 668.91 4.62% -13.66% 84 821 903 12.7 6.8% BRVM Finance 14 84.99 2.04% -10.54% 2 848 791 6 101 11.1 5.4% BRVM Transport 2 1 138.21 17.78% -20.51% 9 214 39 25.4 3.8% BRVM Agriculture 5 183.06 5.80% -11.71% 90 905 157 24 8.3% BRVM Distribution 7 300.09 6.44% -47.99% 165 578 173 16.2 4.2% BRVM - Other Sectors 1 222.10-5.26% -48.60% 614 0 2.2 0.0% Avg Y/S Market Trends The BRVM ended this week up, with 209.9 points for the BRVM 10 index (+3.21%) and 232.85 points for the BRVM Composite index (+3.95%). The capitalization of the equity market stood at 6 549 billion FCFA. The equity market transactions amounted to 7.4 billion FCFA at the end of the week. mainly driven by «FINANCES» (82%) sector. SODE CI stock recorded the largest growth this week with a gain of 28.82%, while ETI TG stock shown the largest decline with a lost of 5.56%. In the commodities market, gold and rubber s continued their upward trend while coffee and cocoa s followed the opposite trend.
The Chief Economist s Analysis [a focus on SIACABLE] Market News The Stock Market On Friday 22 December 2017, at the closing of the stock market, Sicable stock was 965 FCFA, down by 55.89% compared to its level at the beginning of the year; thus illustrating the general downward trend that the stock has followed throughout this year. Indeed, social unrest and the delay observed on major projects have contributed to darken the outlook for the stock. Doubts were confirmed by sales and net income down, respectively, by 19.68% and 14.76% for the 2016 fiscal year. The revaluation of dividends distributed (2000 FCFA for the 2016 financial year against 1200 FCFA the previous year), as well as the improvement of the financial results during the first quarter of 2017, were not enough to reverse the downward trend. In the third quarter of 2017, the company achieved a turnover up by 13.9% and a net result up by 588%. This positive performance, which is in the same dynamic as the previous quarters, is due to the resumption of certain work programs and the rise in the s of certain commodities, particularly oil, which favors investments in this sector. 2017 fiscal year will certainly be better than the previous year for Sicable, which could lead to a more attractive redistribution for shareholders. The company's outlook is positive with the openalization of its 2015 and 2016 technical upgrade plan, which significantly reduces its costs, and future infrastructure investments in Coted'Ivoire. News BRVM Corporates [SGBCI-CFAO]: Société Générale de Banques en Côte d'ivoire (SGBCI) and CFAO Motors CI signed an agreement on 19 December 2017 to facilitate the equipment of their common customers. Through this agreement, the two companies want to allow their customers for the purposes of financing of a vehicle, to benefit from more flexible administrative procedures, a reduction in the conditions for granting a credit and the in place of a tariff grid dedicated to CFAO Motors. This partnership is part of the commitment of both companies in the environmental cause through the promotion of new cars. [ECOBANK]: The pan-african banking group Ecobank has raised 200 million USD from the international market through a syndicated loan, with FMO, the Ducth Development Bank, as main arranger. This facility will be used to strengthen the financing capacity of a number of Group subsidiaries. In line with the Ecobank Group s strategic development objectives, at least 75 per cent of the loan facility will be directed to SME s across various sectors of the economy. [BRVM]: The regional stock exchange, common to the eight countries of WAMU, has opened its third compartment for SMEs. This compartment aims to provide SMEs with access to long-term capital to accelerate their growth and make them champions of the sub-region economies. [ECOWAS]: According to the final communiqué of the 52nd ordinary session of the ECOWAS Authority of Heads of State and Government, the region has favorable prospects for economic growth, due largely to the expected recovery in the s of major exports by Member States, as well as improved security in oil producing regions. Thus, the economic growth rate should reach 2.1% in 2017 and 3.1% in 2018, compared to 0.2% achieved in 2016. [CEMAC]: According to a statement from the Bank of Central African States (BEAC), the economic situation in the CEMAC zone remains difficult. However, there is a fragile start to macroeconomic balances through the implementation of programs with the IMF in four of the six member states. Thus, the region is expected to record zero economic growth in 2017 (after -0.2% in 2016), an improvement in the budget deficit (commitments basis, excluding grants) to 3.1% of GDP (against 5.6% of GDP in 2016) and an inflation rate of 0.6% at the end of December 2017. In addition, BEAC adopted the general framework for a new emergency liquidity provision mechanism for CEMAC credit institutions. This new system will enable credit institutions that are deemed solvent to cope with temporary liquidity pressures that could affect financial stability. [MAURITIUS]: After 3.8% in 2016, the economic growth rate of Mauritius is expected to reach 3.9% in 2017, driven mainly by the financial, trade, construction, accommodation and food service sectors. In 2018, these sectors should record even better performance and bring the growth rate to 4%.
Industry Sector Public Services Sector Distribution Sector Transport Sector The Stock Market SICABLE CI 965-1.53% 17046 16 412 9.56 5.18% 5.7% 13.1% FILTISAC CI 17 500-4.89% 348 6 240 25.13 5.97% 6.1% 21.8% NEI-CEDA CI 37 5.71% 972 35 N/A N/A -3.7% -114.6% NESTLE CI 2 000 0.00% 1467 2 852 40.8 N/A 2.4% 55.0% CROWN SIEM CI 13 875 0.00% 45 624 18.43 4.88% 2.7% 9.2% AIR LIQUIDE CI 430 0.00% 80 46 54.35 14.65% 0.9% 2.1% SOLIBRA CI 125 000 0.00% 64 8 000 7.47 3.28% 14.4% 26.3% SMB CI 8 900 5.95% 45 401 2.53 N/A 7.4% N/A SITAB CI 78 000 0.00% N/A N/A 23.5 2.29% 5.1% 24.8% TRITURAF CI-Ste en Liquidation 490 0.00% N/A N/A N/A N/A N/A N/A UNILEVER CI 8 500 0.00% 49 417 N/A N/A N/A 40.1% UNIWAX CI 4 275 6.88% 3271 13 530 21.7 4.06% 11.0% 18.4% CIE CI 2 130 7.04% 37926 72 881 11.06 8.13% 1.8% 39.1% ONATEL BF 8 590 26.32% 13359 91 887 12.15 7.21% 15.3% 31.1% SODE CI 52 100 28.82% 246 10 873 17.32 5.18% 3.1% 105.4% SONATEL SN 22 400 1.82% 33290 727 101 10.38 6.70% 23.9% 30.4% Financial Sector BICI CI 8 300-2.35% 82093 697 359 11.48 3.34% 34.1% 23.0% BANK OF AFRICA BN 7 025 0.43% 1850 12 955 8.77 6.36% 11.5% 17.8% BANK OF AFRICA BF 7 200-1.23% 2722 19 259 12.73 4.81% 39.7% 34.5% BANK OF AFRICA CI 5 000 19.05% 4525 19 678 9.85 5.48% 18.9% 27.1% BANK OF AFRICA M 4 945 5.7% 481 5 208 8.12 7.56% 23.6% 26.4% BANK OF AFRICA NG 4 000 2.56% 14889 58 042 7.88 9.44% 27.5% 23.9% BANK OF AFRICA S 2 400 2.35% 3072 7 290 14.22 2.08% 10.5% 14.6% CORIS BANK INTERNATIONAL BF 9 400 2.12% 8133 75 479 18.36 2.38% 48.9% 15.7% ECOBANK CÔTE D'IVOIRE 30 000 15.41% 160624 4 658 352 15.08 0.00% 32.7% N/A ECOBANK TRANS. INCORP. TG 17-5.56% 2522224 45 266 N/A 7.11% -52.1% 5.8% NSIA BANQUE CI 8 900-1.11% 23713 211 384 N/A N/A N/A N/A SAFCA CI 10 900 0.00% N/A N/A N/A N/A -1.7% -6.8% SGB CI 11 495-0.04% 21580 244 802 10.09 5.08% 30.3% 34.6% SOCIETE IVOIRIENNE DE BANQUE CI 16 000 0.00% 2885 46 086 9.36 5.34% 33.7% 28.7% SERVAIR ABIDJAN CI 2 100 24.26% 19399 34 825 21.88 2.36% 8.7% 27.6% BERNABE CI 2 800-3.45% 22450 60 760 7.75 5.81% 5.4% 19.0% CFAO CI 415 10.67% 103821 41 105 18.38 4.90% 6.3% 19.3% TRACTAFRIC MOTORS CI 288 600 0.00% N/A N/A 22.89 4.68% 4.7% 26.2% VIVO ENERGY CI 800 0.63% 7854 6 269 11.48 4.16% 1.6% 19.7% TOTAL CI 10 700 10.08% 1252 12 670 15.16 4.53% 2.7% 26.1% TOTAL SN 1 595 0.95% 10802 17 028 N/A 2.82% 0.0% -0.3% BOLLORE AFRICA LOGISTICS CI Ratio marge nette 4 720 18.00% 9214 38 816 25.38% 3.81% 11.9% 3.7% MOVIS CI 3 205 0.00% N/A N/A N/A 0.00% -11.7% 89.8%
Agricultural Sector Other Sectors The Stock Market PALM CI 5 590 18.06% 1955 10 273 20.91 2.15% 3.6% 5.1% SUCRIVOIRE 900 12.50% 66734 59 608 4.13 15.25% 0.2% 1.6% SICOR CI 3 950 0.00% 10 40 11.8 28.4% 30.5% SOGB CI 4 300 2.50% 18386 75 313 15.09 7.45% 11.0% 11.0% SAPH CI 3 115-2.66% 3820 11 591 68.05 1.0% 1.8% SETAO CI 180-5.26% 614 111 2.17 0.00% 24.8% -70.3% Currencies* Other Markets * Weekly evolution of the average (order the day before the close of trading) Raw Materials Price Evol USD / XOF 552.95-0.95% GBP / XOF 738.86-0.65% EUR / XOF 655.96 0.00% JPY / XOF 4.88-1.54% CNY / XOF 84.11-0.41% ZAR / XOF 43.83 2.85% NGN / XOF 1.54-0.68% EGP / XOF 31.06-0.86% KES / XOF 5.36-0.95% African Stock Markets Johannesburg Stock Exchange Nairobi Stock Exchange Nigerian Stock Exchange Egyptian Exchange Casablanca Stock Exchange ALL SHARE INDEX k NSE ALL SHARE INDEX m ALL SHARE INDEX k EGX 100 INDEX k MOROCCAN ALL SHARE INDEX m 3.32% 3 705.92-0.31% 171.62 0.22% 38 522.14 1.57% 1 943.29-1.69% 12 174.96 Price Evol Silver (USD/Oz) 16.4 2.11% Gold (USD/XAU) 1 279.1 1.69% Natural gas (USD/MMBtu) 2.7 2.10% Crude oil (USD/bbl) 58.4 1.87% Cococa London (GBP/t) 1 427.3 0.00% Cacao New York (USD/t) 1 807.0-4.92% Coffe US (USD/lb) 120.5-0.18% Rubber (JPY/kg) 204.1 4.35% Palm oil (Riggints/t) 2 407.0-2.90%
Credit Ratings (1/3) Company name Country Sector/ Activity Long term Short term Rating Outlook Rating Outlook Rating expin date Air Côte d Ivoire Airline company BBB+ Stable A3 Stable 30/08/2017 Alios Finance Financing by leasing BBB+ Stable A1 Stable 31/08/2018 ANSUT Telecommunications Confidential 31/10/2018 AVENI RE Reinsurance A- Stable A2 Stable Rating expired Bank Of Africa Benin Benin Banking sector A+ Stable A1 Stable 31/05/2018 Bank Of Africa Burkina Faso Burkina Faso Banking sector A Stable A1 Stable 31/05/2018 Bank Of Africa Côte d Ivoire Banking sector A Positive A2 Stable 30/05/2018 Bank Of Africa Mali Mali Banking sector A- Stable A2 Stable 31/05/2018 Bank Of Africa Niger Niger Banking sector A- Stable A2 Stable 31/05/2018 Bank Of Africa Senegal Senegal Banking sector A- Stable A2 Positive 31/05/2018 BERNABE Distribution of hardware products. industrial equipment. metal products and construction materials A+ Stable A1 Stable 31/07/2018 Caisse Régionale de Refinancement Hypothécaire UEMOA Financial institution AA Positive A1+ Stable 30/06/2018 CAMTEL Cameroun Telecommunications Ongoing reassessment CI Energies Monitoring of the energy sector and electrical infrastructure works Confidential 31/12/2017 CIE Cote d'ivoire Electricity AA+ Stable A1+ Stable 31/08/2018 Commune du Plateau Côte d'ivoire Local community BBB- Stable A2 Stable 31/10/2017 Côte d Ivoire Céréales Corn and rice processing / Bond issue In development CROWN SIEM CI Cote d'ivoire Metal packaging BBB+ Stable A3 Stable 30/06/2018 DEKEL OIL Seed and palm oil products Ongoing reassessment District d'abidjan Local community BBB- Stable B Positive 30/11/2017 Ecobank Banking sector Confidential 30/04/2018 Emission de la ville de Dakar Senegal Financial instrument A Stable A1 Stable Rating expired FICOGES Audit Confidential Rating expired Fonds d'entretien Routier (FER) Financing of the maintenance of road infrastructure A- Positive A2 Stable Rating expired GuarantCo United Kingdom Institutional collateral AAA Stable A1 Stable 31/05/2018 IDT Cote d'ivoire Tobacco distribution Confidential Rating expired
Credit Ratings (2/3) Company name Country Sector/ Activity Long term Short term Rating Outlook Rating Outlook Rating expin date Koffi & Diabaté Développement Construction BBB+ Stable A3 Stable 30/10/2017 Loyale Assurances SA Cote d'ivoire IARD Insurances BB- Negative C Negative Rating expired Loyale Vie SA Cote d'ivoire LIFE Insurances A- Stable A2 Stable 31/07/2018 NESTLE CI Cote d'ivoire Food industry Ongoing reassessment NSIA Assurance Benin Benin Insurance Confidential 31/07/2018 NSIA Assurance Cote d'ivoire Insurance Confidential 31/05/2018 NSIA Assurance Gabon Gabon Insurance Confidential 30/06/2018 NSIA Assurance Guinée Bissau Guinea-Bissau Insurance Confidential 30/06/2018 NSIA Assurance Senegal Senegal Insurance Confidential 30/06/2018 NSIA Assurance Togo Togo Insurance Confidential 30/06/2018 NSIA Assurance Vie Benin Benin Insurance Confidential 31/07/2018 NSIA Assurance VIE Côte d'ivoire Insurance Confidential 30/06/2018 NSIA Assurance Vie Senegal Senegal Insurance Confidential 31/07/2018 NSIA Assurance Vie Togo Togo Insurance Confidential 30/06/2018 NSIA Banque Côte d Ivoire Banking sector Confidential 30/04/2018 OMNIUM Mali Manufacturing and distribution of batteries BBB+ Stable A3 Stable 30/06/2018 ONEP Cote d'ivoire Promoting access to safe drinking water BB- Stable B Stable 30/09/2017 PAA Cote d'ivoire Port activities A+ Stable A1- Stable 31/07/2018 PALMCI Cote d'ivoire Seed and palm oil products A- Stable A1- Positive 30/06/2018 PASP Cote d'ivoire Public port opens A Positive A2 Positive 30/06/2018 PETRO IVOIRE Cote d'ivoire Oil Products Distribution A Stable A3 Stable 30/06/2018 Radiant Insurance Company Rwanda Insurance Confidential 31/07/2017 SENELEC Senegal Production, distribution, import and export of electricity Confidential 31/10/2018 SHELTER AFRIQUE Kenya Banking BBB+ Stable A3 Negative 30/06/2018 SICOGI Cote d'ivoire Construction and housing management Confidential Rating expired SIMAT Cote d'ivoire Handling and Transit Confidential Rating expired Société Equatoriale des Mines Gabon Mining opens Confidential 31/12/2017 Société Ivoirienne de Banque Côte d Ivoire Banking sector A+ Stable A1 Stable 28/02/2018
Credit Ratings(3/3) Company name Country Sector/ Activity Société Ivoirienne de Raffinage (SIR) Long term Short term Rating Outlook Rating Outlook Rating expin date Cote d'ivoire Crude oil refining Confidential Rating expired SODECI Cote d'ivoire Water distribution AA- Stable A1- Stable 31/08/2018 State of Cote d'ivoire - Local currency rating Côte d'ivoire Sovereign debt A- Stable A2 Stable 30/06/2018 Tropical Distribution Distribution In development Tropical Packaging Metal industry In development UIREVI Export agriculture Confidential 31/07/2016 Ville de Dakar Senegal Local community BBB+ Stable A3 Positive Rating expired VIP NET Telecommunications Confidential Rating expired
Corporate Bonds Bond Market Quantity Previous Coupon Maturity ORAGROUP 6.75% 2013-2019 10 000 10 000 337.5 04 june/ 04 dec SHELTER AFRIQUE 6.6% 2014-2021 7 000 7 000 327.29 28 feb / 28 august SIFCA 6.90% 2013-2021 10 000 10 000 676.2 08-august Regional Entities Bonds Quantity Previous Coupon Maturity BIDC-EBID 6.50% 2014-2021 12 10000 10000 325 28 apr/ 28 sep BIDC-EBID 6.510% 2017-2027 10 000 10 000 610 16 june BOAD 5.95% 2012-2019 10 000 10 000 595 06-march BOAD 5.95% 2014-2021 10 000 10 000 260.82 26-dec CRRH-UEMOA 6.10% 2012-2022 10 000 10 000 305 13 feb / 13 august CRRH-UEMOA 6.10% 2012-2024 10 000 10 000 305 17 jan / 17 july CRRH-UEMOA 6% 2013-2023 10 000 10 000 300 26 apr / 26 oct CRRH-UEMOA 6% 2014-2024 9 999 9 999 300 30 june/ 30 dec CRRH-UEMOA 5.85% 2015-2025 9 999 9 999 290.9 04 jan / 04 july CRRH-UEMOA 5.85% 2016-2026 9 999 9 900 290.9 03 jan / 03 july Government Bonds Quantity Previous Coupon Maturity ETAT DU MALI 6.20% 2016-2023 88189 10033 10000 620 23-may ETAT DU MALI 6.50% 2017-2024 10000 10000 650 20-apr ETAT SENEGAL 6.5% 2014-2021 7999.2 4000 325 27 may/27 nov ETAT SENEGAL 6.70% 2012-2019 100000 4020 10000 670 14-dec ETAT SENEGAL 6.50% 2013-2023 10000 7999 325 29 jan / 29 july ETAT SENEGAL 6.30% 2015-2025 190000 10080 10000 313.28 25 may / 25 nov TPBF 6.50% 2013-2020 2000 10000 10000 325 29 mai / 29 nov TPBF 6.50% 2017-2027 100 10000 10000 650 31 jan / 31 july TPBJ 6.50% 2017-2027 10000 10000 650 07-apr TPCI 6.30% 2013-2018 10001 10001 315 03 june / 03 dec TPCI 6.55% 2014-2022 200 10000 9999 655 20-may TPCI 5.85% 2014-2021 3908 9200 10000 292.5 19 juin / 19 dec TPCI 3% 2014-2024 10000 9900 150 19 juin / 19 dec. TPCI 5.99% 2015-2025 300000 9900 10000 599 14-may TPCI 5.85% 2015-2022 10000 10000 599 05 apr/05 oct TPCI 6% 2016-2028 10000 10000 600 08-apr TPCI 5.90% 2016-2026 10000 10000 590 15-june TPCI 5.90% 2016-2026 6000 10000 10000 590 17-nov TPCI 6.25% 2017-2029 10 000 10 000 312.5 31 march / 30 sep. SUKUK ETAT DE COTE D'IVOIRE 5.75% 2015-2020 10 000 10 000 292.292 28 juin/28 dec SUKUK ETAT DE COTE D'IVOIRE 5.75% 2016-2023 10 000 10 000 289.097 7 sept/7 march SUKUK ETAT DU SENEGAL 6.25% 2014-2018 9 999 9 999 321.181 18 july/18 jan SUKUK ETAT DU SENEGAL 6% 2016-2026 10 000 10 000 306.667 26 july/26 jan SUKUK ETAT DU TOGO 6.5% 2016-2026 10 000 10 000 0 17 august/ 17 fév
Contacts Bloomfield Investment Corpon Bloomfield Investment Corpon 06 BP 1888 Abidjan 06 Tel: (225) 20 215 747 / (225) 20 215 749 Fax: (225) 20 215 751 Djeneba DIALLO Directeur Analyses Economiques et Boursières d.diallo@bloomfield-investment.com