Avior Capital Markets

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Avior is a globally recognised capital markets research and trading firm, with the broadest research coverage within the region, with 100+ SA and 20+ SSA companies under coverage. Avior services clients from offices in London, Cape Town and Johannesburg.

Our research quality is consistently recognised in local and global surveys, with 18 analysts currently rated in their respective sectors (FM 2017). Value add through in-depth, innovative, high quality and consistent research with comprehensive underlying fundamental modelling supported by regular analyst and roadshow interactions.

Avior has proven that by working closely with our clients we can mutually develop dominant positions in certain sectors, going from strength to strength. Avior has a dedicated ESG team, having been ranked #1 in Corporate Governance research since 2008.

Jiten Bechoo ... (+2)
  • Jiten Bechoo
  • Pratish Soni
PREMIUM
1052 Tiger Brands Li...

Tiger Brands | ESG | Pressed to execute

TBS receives a corporate governance score of 3.37 out of 5 (FY '18: 3.42) and is rated as ‘good'. TBS receives an ESG risk score of 2.6 (FY '18: 2.6) which we consider moderate. As in FY '18, there were various changes to the Board which raises corporate governance concerns surrounding succession planning and the execution of strategies. Post year-end, L Mac Dougall retired as CEO of the Group. N Doyle has become the new CEO of the Group as of 1 Feb '20. We note the corporate governance co...

1052 TIGER BRANDS LIMITED
02/07/20 February 7, 2020 15 EN
Ayan Ghosh
  • Ayan Ghosh
PREMIUM

SA Investment Strategy | Review of January 2020 for SA investors: Coro...

From an SA asset-allocation perspective, SA Bonds (ALBI +1.2%) outperformed cash (STEFI +0.6%) and equities (Capped SWIX -2.6%) in Jan ‘20. The ZAR was the worst performing EM currency in Jan ‘20, depreciating by 6.8% against the USD, as EM risk appetite declined, with the Coronavirus spreading further than the Sars virus, which began in 2002, likely to hit global growth. Our discussions with various corporates in China suggest that the Coronavirus will peak over the coming weeks and could ...

02/05/20 February 5, 2020 9 EN
Harry Botha
  • Harry Botha
PREMIUM

SA Banks | Low credit risk in commercial property | Time to buy SA ban...

Challenging SA economic conditions bring SA REITs credit health and banks' lending to the sector into the spotlight. Our analysis in this report provides greater detail on SA banks' exposure to commercial property and listed REITs. Our stress tests highlight that SA banks' lending to listed REITs (exposed to SA or offshore operations) has been conservative to date. REITs' equity capital and diversified portfolios support the property companies' credit health. While SA banks' near-term earning...

01/28/20 January 28, 2020 36 EN
Kevin Mattison ... (+2)
  • Kevin Mattison
  • Ruhan du Plessis
PREMIUM
10BC Naspers Limited...
PRX Prosus N.V. Cla...

Naspers ,PRX | Growth, incentives and discounts

Naspers placed 1.4% of Prosus, raising c.USD1.5bn which will be used for Naspers' first ever N-share buyback. The buyback announcement further signals management's intent on actively managing the discount. The listing of Prosus, unbundling MultiChoice, selling 2% of Tencent and exiting most of Naspers' longtail etail portfolio are previous actions taken as part of the strategic intent to the reduce the c.44% discount that Naspers trades at to its underlying assets. In our view, a key part of...

10BC NASPERS LIMITED CLASS N
PRX PROSUS N.V. CLASS N
01/27/20 January 27, 2020 14 EN
Wade Napier
  • Wade Napier
PREMIUM
103M SASOL LIMITED

Sasol | Slowly settling in

Sasol's (SOL) H1 '20 production update provided additional detail on the explosion and fire that occurred at Lake Charles Chemicals Project's (LCCP) low density polyethylene (LDPE) unit. Although SOL offered no clear guidance on when and how much the repairs to the LDPE unit would be, the Group suggested damage was isolated to smaller LDPE sections, leaving major components unaffected. SOL's commentary was calming in our view, accordingly, we believe the 12.9% YTD decline in the counter's shar...

01/27/20 January 27, 2020 7 EN

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