Avior Capital Markets - JSE (14SC) JSE | Gradual progress

Report

Avior Capital Markets

David Talpert ...

Harry Botha

JSE | Gradual progress

The JSE reported a 6% increase in FY â€˜18 HEPS, below our expectation of an 18% HEPS increase. Revenue and operating expenses declined by 1%. Over the past two years, the JSE has successfully cut costs and improved operational efficiency. However, the JSE has not diversified its revenues away from cash equity trading activity. Cash equity value traded is down 30% YoY in 2019.

05/03/2019 14 EN

Underlying

JSE

JSE provides a range of products and services from trading to post-trade services and market data sales relying on automated systems. Co.'s segmants include: Cash Equities, which provides trading in equities, warrants and exchange-traded products; equity and currency derivatives, which provides trading in currency futures and options; Commodity derivatives, which provides trading in agricultural grain products and cash-settled rand-denominated derivatives on various international benchmark commodities; interest rate market, which provides trading in interest rate products in both the cash and the derivative Markets; and Market data, which sells live, statistical, historical and data.

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ZAE000079711 Johannesburg Stock Exchange South Africa

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

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JSE | Gradual progress

1 director sold

Avior Financials | Nedbank CPF update | Bank lazy deposits | JSE | SNT | DSY

JSE | Getting out of the doldrums

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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