JSE | In need of a catalyst
The JSE released a disappointing trading statement guiding to a 20% to 26% decline in HEPS in FY '19. R43m in once-off costs will affect the results. Despite improved trading activity in H2 '19, we estimate a 1.3% decline in revenue. We expect an improvement in earnings growth in FY '20 as earnings recover off a low base. However, a normalisation in trading activity is required for the JSE to deliver double-digit earnings growth over the next three years. We believe the JSE is defensive relative to other financial shares.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.