Avior Capital Markets - Avior Financials | JSE impact of Naspers offshore listing | Alexander Forbes | Anchor Capital | Peregrine | Capitec results

Report

Avior Capital Markets

David Talpert ...

Harry Botha
Warwick Bam

Avior Financials | JSE impact of Naspers offshore listing | Alexander Forbes | Anchor Capital | Peregrine | Capitec results

We analyse the impact of Naspers offshore listing on JSE's trading volume. We believe there is a possibility of increased activity (due to arbitrage opportunities) on the JSE. However, a greater share of trading activity will probably move offshore. In our view, the listing will have a small negative effect on JSE value traded.

Alexander Forbes (AFH) released an updated strategy. The new strategy focuses on AFH's core competencies of consulting, administration and investments. AFH is looking to sell its insurance operations.

We hosted Anchor Capital following their FY '18 results. We provide meeting notes.

Peregrine's hedge funds have performed well in 2019 YTD. We now expect some performance fees in Feb â€˜19 and possible performance fees in Mar '19.

Capitec's FY '19 results showed 18.6% YoY growth in HEPS (in line with trading statement guide of +17% to +20%), which is impressive in challenging SA economic conditions. Despite positive trends in credit and insurance products, we are concerned that Capitec's transactional banking revenue growth is slowing considering the stock's P/E rating.

03/04/2019 12 EN

Provider

Avior Capital Markets

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.

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Analysts

David Talpert

Harry Botha

Warwick Bam

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Avior Financials | JSE impact of Naspers offshore listing | Alexander Forbes | Anchor Capital | Peregrine | Capitec results

Tiger Brands | ESG | Pressed to execute

SA Investment Strategy | Review of January 2020 for SA investors: Coronavirus weighs on the ZAR

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

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