Stock Market Review Bloomfield Intelligence Week 19 from May 07th to May 11th 2018 (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 m -1.72% 215.44 BRVM COMPOSITE m -2.47% 228.70 Accreditation Headquarters Website Follow us Tops UEMOA AN-001/2012 RWANDA ref/cma/july/3047/2015 Price Evol% Vol Plateau. BIAO-CI Tower. 15 th floor. Abidjan - Côte d Ivoire www.bloomfield-investment.com Val (000) PER Y/S Listed Companies 45 Evol Value Average PER* m 15.27 Average yield / share* k 6.47% Market capitalization (billion FCFA) m 6 432 Trading volume (shares) 809 340 Trading volume (bonds) 30 550 Value traded (shares) 2 639 519 638 Value traded (bonds) 308 087 500 * Calculated on the basis of the latest financial information published without considen of companies in liquidation Flops The Stock Market Price NSIA BANQUE CI 8 900 11.25% 102 566 893 069 N/A 0.0% BANK OF AFRICA NG 4 600 6.98% 24 842 107 785 8.2 8.2% NEI-CEDA CI 775-20.10% 5 170 4 783 N/A N/A AIR LIQUIDE CI 420-17.65% 3 845 1 575 53.1 15.0% SOCIETE IVOIRIENNE DE BANQUE CI 17 900 5.29% 4 116 71 009 7.9 4.8% CIE CI 1 480-15.43% 2 333 3 767 7.9 11.7% TOTAL CI 2 150 4.62% 11 457 24 697 15.2 4.5% SICOR CI 2 825-13.87% 15 43 8.4 0.0% Sector Indices # Companies Value Evol% Evol YTD Volume Value traded (bn FCFA) Avg PER BRVM Industry 12 85.89-4.50% -15.61% 16 114 71 22.53 7.8% BRVM Public Services 4 689.84-0.78% 3.68% 66 925 1 112 11.17 8.0% BRVM - Finances 14 81.45-3.55% -4.59% 674 709 1 348 7.98 6.5% BRVM - Transport 2 869.28-2.77% -24.87% 6 848 24 19.33 5.0% BRVM - Agriculture 5 192.56-3.60% 3.52% 11 572 31 25.21 7.0% BRVM - Distribution 7 323.31-4.33% 0.48% 31 203 53 16.45 4.3% BRVM Other sectors 1 431.86 0.00% 94.44% 1 969 1 4.23 0.0% Avg Y/S Value traded by sector 2% 1% 1% 3% 42% 51% BRVM - Industry BRVM Public services BRVM - Finance BRVM - Transport BRVM - Agriculture BRVM - Distribution BRVM Other sectors Market Trends The BRVM ended this week down, with 215.44 points for the BRVM 10 index (-1.27%) and 228.70 points for the BRVM Composite index (-2.47%). The capitalization of the equity market stood at 6 432 billion FCFA. The equity market transactions amounted to 2.6 billion FCFA at the end of the week, mainly driven by «Finances» (51%) and «Public Services» (42%) sectors. NSIA BANQUE CI stock recorded the largest growth this week with a gain of 11.25%, while NEI CEDA CI stock shown the largest decline with a lost of 20.10%. On the commodities market, crude oil s continued to rise (+ 1.06%), ending above 70 USD per barrel, while coffee and rubber s ended the week down (respectively -3% and -1, 55%).
The Chief Economist s Analysis [a focus on ECOBANK CI] Market News The Stock Market The first listing of the Ivorian subsidiary of the ECOBANK group took place on 12 December 2017 with a strong interest from BRVM investors, which could be justified by the good performance achieved by the bank over the 2011-2016 period (average annual growth of net banking income and net result of 14.09% and 20.95%, respectively). ECOBANK CI shares gained 48.35% at the end of its first week of listing. Then, it declined to be, on 11 January 2018, at a slightly higher level (+ 7.48%) compared to its initial level. Next, it has moved up again for 3 months, reaching 27,495 FCFA on 30 March 2018, its highest level of the year. At the end of this week, it share stood at 23,050 FCFA (-16.17% compared to the end of March 2018). In the first quarter of 2018, ECOBANK CI recorded an 11% increase in deposits of its customers, which allowed it to increase by 6% its credits to the economy, compared to the same period in 2017. The net banking income and the net result rose by 12% and 9% respectively, over the same period. The upward trend in the bank's results is expected to continue for the remainder of 2018, as economic activity in Côte d'ivoire is expected to increase again this year. This dynamic is reinforced by the fact that the bank has managed to build sufficient equity, allowing it to develop its business while facing comfortably the strengthening of regulatory requirements in force since January 1, 2018. News BRVM Corporates [SUCRIVOIRE]: At the end of the first quarter of the 2018 financial year, turnover of the Sucrivoire company stood at 14.617 billion FCFA, against 15.221 billion FCFA at the same period in 2017, a decrease of 4 %. The net result also fell, in particular by 19% to stand at 3.427 billion FCFA. The company explains this situation by the decline in the level of commercial activity, due to the presence of fraudulently imported sugar on the market. However, it remains optimistic, counting on the actions taken by the manufacturers to fight against fraud and a better sugar campaign (relative to last year) to make a better margin. [SGBCI]: After having exceeded the 1 000 billion FCFA outstanding credits at the end of December 2017, Société Générale de Banques en Côte d Ivoire (SGBCI) continues its growth momentum in 2018. At the end of March 2018, its net banking income was up by 18%, compared to the same period last year. However, its net result decreased by 27%, negatively impacted by the upward trend in the net cost of risk. However, according to the bank, with a good control of the cost of risk, the annual results should be in line with forecasts. [SOGB]: The financial performance of the Société des caoutchoucs of Grand-Béréby (SOGB) was down during the first quarter of 2018. At the end of March 2018, its turnover amounted to 15.1 billion FCFA, down by 27.3% compared to the end of March 2017, following the decrease in the average selling of rubber and crude palm oil, despite growth in volumes sold. In the same vein, net result fell by 79.4% to stand at 1.13 billion FCFA. [AFRICA]: According to a recent study by the French Insurance Company for Foreign Trade (COFACE), adversely affected by the slump in raw material s, most African currencies lost over 20% of their value between 2013 and 2016. This depreciation began to ease off in 2017, particularly in Southern Africa (South Africa, Zambia and Mozambique), the WAEMU zone, Nigeria, Libya and Egypt. Despite this, the legacy imbalances that remain from the 2014-2016 period are still maintaining pressure on the foreign exchange reserves of some economies such as Angola, Ethiopia and the CEMAC zone. While in 2014 the median level of import cover in African countries was 3.9 months, in 2017 it stood at 3.2 months. Some countries saw their reserves fall below 3 months of coverage: Zambia, Mozambique, Guinea and the members of CEMAC. Countries with larger reserves are also not immune: in particular, for those dependent on unprocessed raw materials, the decline in reserves can be rapid, in a context of relatively low international s and given a particularly strong exposure of Africa to climate change. Added to these vulnerabilities are political risks and the accelerated cycle of monetary tightening in the United States which could, once again, intensify capital outflows from the region and consequently increase pressure on exchange rates. [COTE D IVOIRE]: Created by decree dated in January 2018, the National Economic Policy Council (CNPE) of Côte d'ivoire held its first session, devoted to the reform of the Investment Code, on 11 May 2018. This Council's mission is to identify the major national and international economic challenges that the Ivorian State must address and to make proposals while making sure the coherence of economic policies.
Industry Sector Public Services Sector Distribution Sector Transport Sector The Stock Market SICABLE CI 1 650-2.65% 1469 2 401 9.97 3.03% 7.4% 21.5% FILTISAC CI 4 800-2.04% 1772 7 756 27.57 11.69% 5.4% 22.1% NEI-CEDA CI 775-20.10% 5170 4 783 N/A N/A N/A N/A NESTLE CI 2 700 0.19% 669 1 783 55.08 N/A 2.4% 55.0% CROWN SIEM CI 14 200-2.04% 8 115 18.86 4.77% 2.7% 9.2% AIR LIQUIDE CI 420-17.65% 3845 1 575 53.08 15.00% 0.9% 2.1% SOLIBRA CI 77 000-6.78% 484 37 267 4.6 5.33% 2.2% 4.1% SMB CI 13 500-6.90% 469 6 473 3.84 N/A 7.4% N/A SITAB CI 45 565-6.18% 35 1 595 13.73 9.05% 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 8 000-5.88% 60 505 N/A N/A N/A 40.1% UNIWAX CI 3 160-1.10% 2133 6 804 16.04 5.49% 10.7% 18.1% CIE CI 1 480-15.43% 2333 3 767 7.69 11.71% 0.3% 7.2% ONATEL BF 8 500 1.19% 27490 233 559 12.02 7.28% 17.4% 36.6% SODE CI 3 975-0.63% 406 1 566 13.22 6.79% 3.1% 105.4% SONATEL SN 23 750-0.42% 36696 872 665 11.75 6.32% 17.7% 24.3% Finance Sector BICI CI 7 030-10.96% 161 1 214 9.73 3.94% 34.1% 23.0% BANK OF AFRICA BN 5 100-7.27% 5662 29 950 6.94 7.98% 11.5% 17.8% BANK OF AFRICA BF 5 195-7.15% 3227 16 745 7.59 6.89% 39.7% 34.5% BANK OF AFRICA CI 3 695-12.02% 2165 8 065 6.81 7.42% 18.9% 27.1% BANK OF AFRICA M 3 235-9.64% 1851 6 268 5.32 11.50% 23.6% 26.4% BANK OF AFRICA NG 4 600 6.98% 24842 107 785 8.21 8.21% 27.5% 23.9% BANK OF AFRICA S 2 000-8.47% 9732 20 510 4.75 8.00% 10.5% 14.6% CORIS BANK INTERNATIONAL BF 8 800 0.00% 3067 26 786 14.39 2.55% 48.9% 15.7% ECOBANK CÔTE D'IVOIRE 23 050-7.80% 2254 54 617 9.56 N/A 32.7% N/A ECOBANK TRANS. INCORP. TG 22-8.33% 507474 12 028 3.09 5.49% N/A 5.8% NSIA BANQUE CI 8 900 11.25% 102566 893 069 N/A N/A N/A N/A SAFCA CI 7 000-3.45% 17 119 N/A N/A N/A N/A SGB CI 13 000-2.26% 7575 100 208 11.42 4.49% 30.3% 34.6% SOCIETE IVOIRIENNE DE BANQUE CI 17 900 5.29% 4116 71 009 7.94 4.78% 33.7% 28.7% SERVAIR ABIDJAN CI 1 670 1.21% 720 1 197 18.36 2.96% 7.4% 26.1% BERNABE CI 2 805-12.34% 1062 3 144 7.76 5.80% 5.4% 19.0% CFAO CI 625-10.07% 3612 2 354 27.69 3.25% 6.3% 19.3% TRACTAFRIC MOTORS CI 183 995-0.54% 8 1 477 14.6 7.34% 4.7% 26.2% VIVO ENERGY CI 1 050-8.70% 5296 5 712 15.07 3.17% 1.6% 22.5% TOTAL CI 2 150 4.62% 11457 24 697 15.23 4.51% 2.7% 26.1% TOTAL SN 1 530-7.27% 9048 13 975 N/A 2.94% 0.0% -0.3% BOLLORE AFRICA LOGISTICS CI Ratio marge nette 3 595-2.71% 6748 24 069 19.33 5.01% 14.6% 4.8% MOVIS CI 3 085-7.36% 100 309 N/A 0.00% N/A 89.8%
Agricultural Sector Other Sectors The Stock Market PALM CI 5 490-5.34% 155 857 20.54 2.19% 6.5% 10.7% SUCRIVOIRE 1 305-8.42% 5458 7 262 5.99 10.52% 5.6% 6.4% SICOR CI 2 825-13.87% 15 43 8.44 N/A 28.4% 30.5% SOGB CI 3 895-2.63% 4775 18 247 8.07 8.23% 11.0% 11.0% SAPH CI 3 800-1.30% 1169 4 481 83.02 N/A 8.5% 19.4% SETAO CI 350 0.00% 1969 709 4.23 0.00% 24.8% N/A Currencies* Other Markets * Weekly evolution of the average (order the day before the close of trading) Raw Materials Price Evol USD / XOF 549.17 0.17% GBP / XOF 743.69 0.26% EUR / XOF 655.96 0.00% JPY / XOF 5.02-0.10% CNY / XOF 86.70 0.55% ZAR / XOF 44.81 2.03% NGN / XOF 1.52-0.12% EGP / XOF 31.06-0.24% KES / XOF 5.48 0.06% 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 m EGX 100 INDEX m MOROCCAN ALL SHARE INDEX m 1.59% 3 599.25-1.46% 176.74-0.48% 41 022.31-4.24% 2 195.71-1.25% 12 876.00 Price Evol Silver (USD/Oz) 16.7 0.79% Gold (USD/XAU) 1 318.2 0.20% Natural gas (USD/MMBtu) 2.8 3.76% Crude oil (USD/bbl) 70.5 1.06% 17,2 17 16,8 16,6 16,4 16,2 16 S16 S17 S18 S19 Silver (USD/Oz) Gold (USD/XAU) 1340 1335 1330 1325 1320 1315 1310 1305 1300 3000 2500 2000 1500 1000 500 0 S16 S17 S18 S19 Cococa London (GBP/t) Cacao New York (USD/t) Coffe US (USD/lb) 124 123 122 121 120 119 118 117 116 115 114 Cococa London (GBP/t) 1 958.0-0.27% Cacao New York (USD/t) 2 802.5 0.92% Coffe US (USD/lb) 119.3-3.00% Rubber (JPY/kg) 177.9-1.55% 71 70,5 70 69,5 69 68,5 68 67,5 67 66,5 S16 S17 S18 S19 2,84 2,82 2,8 2,78 2,76 2,74 2,72 2,7 2,68 2,66 2420 2400 2380 2360 2340 2320 2300 2280 2260 S16 S17 S18 S19 181 180 179 178 177 176 175 Palm oil (Riggints/t) 2 359.0 1.72% Crude oil (USD/bbl) Natural gas (USD/MMBtu) Palm oil (Riggints/t) Rubber (JPY/kg)
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 Rating expired 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 Confidential 31/08/2018 CI Energies Monitoring of the energy sector and electrical infrastructure works Ongoing reassessment CIE Cote d'ivoire Electricity AA+ Stable A1+ Stable 31/08/2018 Commune du Plateau Côte d'ivoire Local community BBB- Stable A2 Stable Rating expired Côte d Ivoire Céréales Corn and rice processing / Bond issue Confidential Rating expired CROWN SIEM CI Cote d'ivoire Metal packaging BBB+ Stable A3 Stable 30/06/2018 DEKEL OIL Seed and palm oil products Confidential 31/08/2018 District d'abidjan Local community BBB Stable B Stable 31/10/2018 Ecobank Banking sector AA- Stable A1 Stable 31/03/2019 Emission de la ville de Dakar Senegal Financial instrument A Stable A1 Stable Rating expired FCTC Energie 5% Côte d'ivoire Securitisation Confidential 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 Rating expired 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 A- Stable A1- Stable 30/09/2018 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 Confidential 31/07/2018 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 Rating expired SENELEC Senegal Production. distribution. import and export of electricity AA- Stable A1- Stable 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 Rating expired 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 Confidential Rating expired Tropical Packaging Metal industry Confidential Rating expired UIREVI Export agriculture Confidential Rating expired 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 10 000 10 000 327.29 28 feb / 28 august SIFCA 6.90% 2013-2021 6 000 6 000 676.2 08-august Regional Entities Bonds Quantity Previous Coupon Maturity BIDC-EBID 6.50% 2014-2021 31 10000 10000 325 28 apr/ 28 sep BIDC-EBID 6.510% 2017-2027 10000 10000 610 16 june BOAD 5.95% 2012-2019 84 10000 10000 595 06-march BOAD 5.95% 2014-2021 10000 10000 260.82 26-dec CRRH-UEMOA 6.10% 2012-2022 10000 10000 305 13 feb / 13 august CRRH-UEMOA 6.10% 2012-2024 9950 9950 305 17 jan / 17 july CRRH-UEMOA 6% 2013-2023 10 000 10 000 300 26 apr / 26 oct CRRH-UEMOA 6% 2014-2024 9 950 9 950 300 30 june/ 30 dec CRRH-UEMOA 5.85% 2015-2025 10 000 10 000 290.9 04 jan / 04 july CRRH-UEMOA 5.85% 2016-2026 10 000 10 000 290.9 03 jan / 03 july CRRH-UEMOA 5.95% 2017-2019 10 000 10 000 297.5 17-mai Government Bonds Quantity Previous Coupon Maturity ETAT DU BURKINA FASO 6.50% 201 94 9999 9999 325 29-june ETAT DU MALI 6.20% 2016-2023 10000 10000 620 23-may ETAT DU MALI 6.50% 2017-2024 10000 10000 650 20-apr ETAT SENEGAL 6.5% 2014-2021 10000 4000 670 27 may/27 nov ETAT SENEGAL 6.70% 2012-2019 4000 10000 325 14-dec ETAT SENEGAL 6.50% 2013-2023 10000 8000 325 29 jan / 29 july ETAT SENEGAL 6.30% 2015-2025 8000 9999 313.28 25 may / 25 nov TPBF 6.50% 2013-2020 2 9999 10000 325 29 may / 29 nov TPBF 6.50% 2017-2027 10000 10000 650 31 jan / 31 july TPBJ 6.50% 2017-2027 640 10000 9250 650 07-apr TPCI 6.30% 2013-2018 10000 10000 315 03 june / 03 dec TPCI 6.55% 2014-2022 400 10000 10100 655 20-may TPCI 5.85% 2014-2021 10000 10000 150 19 june / 19 dec TPCI 3% 2014-2024 10000 10000 292.5 19 june / 19 dec. TPCI 5.99% 2015-2025 9945 9945 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 10000 10000 590 17-nov TPCI 6.25% 2017-2029 10000 10000 312.5 31 march / 30 sep. 1TPCI 5.95% 2017-2024 A 10000 10000 297.5 24-apr TPCI 5.95% 2017-2024 B 10000 10000 297.5 10-may-18 SUKUK ETAT DE COTE D'IVOIRE 5.75% 2015-2020 30 10000 10000 292.292 28 june/28 dec SUKUK ETAT DE COTE D'IVOIRE 5.75% 2016-2023 10000 10000 289.097 7 sept/7 march SUKUK ETAT DU SENEGAL 6.25% 2014-2018 10000 10000 321.181 18 july/18 jan SUKUK ETAT DU SENEGAL 6% 2016-2026 10000 10000 306.667 26 july/26 jan SUKUK ETAT DU TOGO 6.5% 2016-2026 10000 10000 0 17 august/ 17 feb
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