SA Investment Strategy | Feedback from the Avior Corporate Summit
Avior Capital Markets hosted SA's National Treasury, South African Reserve Bank, Eskom and 67 SA corporates at the Avior Corporate Summit. It was attended by 190 domestic and international clients. We highlight some of the key themes that emerged.Policy uncertainty and slow implementation of reforms continue to impact SA's confidence and growth outcomes. In a bear-case scenario, we forecast SA's budget deficit at 6% of GDP in 2019/ 2020. SA's fiscal outlook has deteriorated with a weaker GDP affecting revenue collection. Further capital injection into Eskom appears likely to address liquidity concerns. Licensing for the telecommunication spectrum expected earlier this year will probably be delayed (>12 months). Meanwhile, we believe restructuring Eskom will remain a challenge in the near-term given recent board departures.
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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