Avior Financials | Peregrine investment performance | JSE trading stats | OOBA mortgage stats | Life Insurance sector valuation
• We analyse Peregrine Capital and Citadel's funds performance and net flows. The funds appear to have maintained their performance throughout a difficult quarter for global markets.• Coronation announced Dec '18 AUM of R550bn, ahead of the R548bn we expected based on factsheet data.
• The JSE Ltd's trading statistics (to 18 Jan ‘19) show 30.1% YoY decline in cash equity value traded YTD.
• The Q4 '18 Ooba mortgage origination stats show that the trends from H1 '18 continued into the second half of the year. Competition among banks in a low growth environment has increased.
• The JSE Life insurance index is currently trading at its seven-year historic average (11.8x forward P/E). In our view, the FY '18 and H1 '19 earnings cycle will mark the bottom of the earnings cycle for SA insurers.
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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