Avior Capital Markets - Capitec Bank Holdings Limited (11FH) Capitec Bank | Viceroy still lacks credibility

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Avior Capital Markets

Harry Botha

Capitec Bank | Viceroy still lacks credibility

Viceroy published a third report on Capitec yesterday. The report makes some concerning claims about Capitec's loan curing (or restructuring), credit extension to distressed or high-risk customers, and debit order disputes. While Viceroy provides some examples, there is no conclusive evidence in the report. Viceroy highlights that they have evidence that they are willing to share with the SARB and NCR. Considering Viceroy's lack of credibility following the first two reports, Viceroy should publicly release the full details of their evidence.

15/02/2018 5 EN

Underlying

Capitec Bank Holdings Limited

Capitec Bank a bank controlling company.Through its subsidiaries, Co. is engaged in providing banking services and provides savings, transacting and un–secured lending products to individuals. Co. provides a nationwide network of 668 branches and 3,418 Automated Teller Machines at which clients can gain access to its banking services. As of Feb 28 2015, Co.'s total assets amounted to R53 916 475,000.

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ZAE000035861 Johannesburg Stock Exchange South Africa

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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

Harry Botha

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Capitec Bank | Viceroy still lacks credibility

CAPITEC BANK is slightly downgraded to Slightly Positive due to an increasingly adverse environment

1 director sold

Capitec Bank | Actively managing the book

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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