Report
David Talpert

Avior Financials | SNT | OML | LBH | MMI | SARB | ASISA | INP | CML | TCP | JSE

In this weeks Avior Financials note we analyse:
• OML: The results of Old Mutual Plc's debt offer and the implications for distributable capital.
• LBH: Liberty Holding's nine-month operational update and investor conference call.
• MMI: MMI Holding's Q1'18 operational update and investor conference call.
• The South African Reserve Banks' recently released directive on the implementation of IFRS 9.
•
• The ASISA Q3'17 asset management fund flows.
• INP: Investec's H1'18 results (report summary).
• CML: CML's FY'17 results (report summary).
• JSE: The JSE's trading statistics to 24 Nov '17.

We include our management meeting notes with:
• SNT: Lize Lambrechts (CEO) and Hennie Nel (CFO) of Santam.
• OML: Paul Feeney (CEO), Tim Tookey (CFO), Andy Thompson (Head of Advice) and Martin Baines (CEO of Quilter Cheviot) of Old Mutual Wealth.
• TCP: David Hurwitz (CEO) and Ronen Goldstein (CFO) of Transaction Capital.
• CML: John Snalam (CFO) of Coronation.
Underlying
Investec plc

Investec is an international specialist bank and asset manager that provides a range of financial products and services in three principal markets, U.K. and Europe, South Africa and Asia/Australia as well as certain other countries. Co. has three main areas of activity: Asset Management, which provides investment capabilities through active segregated mandates or mutual funds to clients; Wealth & Investment, which provides investments and savings, pensions and retirement, and financial planning; and Specialist Banking, which provides services for both personal and business needs right across Investment, Corporate and Institutional Banking, and Private Banking activities.

Provider
Avior Capital Markets
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.

Analysts
David Talpert

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