AXYS

AXYS Stockbroking Ltd (ASL) is one of the most active stockbroking firms on the Stock Exchange of Mauritius (SEM). With over 20 years' experience as registered brokerage house, ASL's team of qualified investment dealers and research analysts will help you make informed decisions for your investments on the SEM.

ASL's full range of services covers trade execution, intermediary settlement on behalf of the CDS, intermediary custodian services through the CDS, lead brokerage services for an IPO, additional listing or takeovers. In addition to our share trading related services, we also cover in-depth market analysis with the help of our leading Mauritian Equity research team who regularly produces an economic perspective on key market sectors and company valuations. 

Regulatory Information

Alexis Corson ... (+2)
  • Alexis Corson
  • Bhavik Desai

Recommendation: IBL's Offer for LUX:

We recommend that you decline IBL’s offer for LUX shares   While IBL’s offer represents a fair exit opportunity, our recommendation stems from reasons we discuss in our document   We Fair Value LUX at Rs72.25 representing a 2% upside and therefore downgrade its rating to “HOLD”

Alexis Corson ... (+2)
  • Alexis Corson
  • Bhavik Desai

Recommendation: IBL's Offer for BLFE

We recommend that you decline IBL’s offer for BLFE shares   While IBL’s offer represents an exit opportunity, our recommendation stems from reasons we discuss in our document and also because the market at Rs2.40 offers a higher exit point   We Fair Value BLFE at Rs2.56 representing a 6.5% upside and therefore introduce an “ACCUMULATE” rating on the stock

Bhavik Desai
  • Bhavik Desai

GRIT "ACCUMULATE" Rating Introduced

Our consensus valuation is computed to be $1.54 which represents an 6.0% upside on today’s closing price and therefore introduce an ACCUMULATE rating   GRIT invests in yielding properties deemed to be ‘safe’ on the basis of its core tenants and jurisdiction across all of Africa except South Africa   In H1-FY18, Adj. PAT jumped 5x to $11.4M reflecting portfolio growth. Going forward, we expect income and profits to grow through additional purchases in-line with a target to achieve a...

Bhavik Desai
  • Bhavik Desai

MCBG "ACCUMULATE" Rating Maintained

Our consensusvaluation is computed to be 85 which represents an 11.9% upside on today’s closing price and therefore maintain an ACCUMULATE rating   NII growth has slowed in FY-17 but picked up pace in H1-FY18 boosted by increased lending to customers in Q2-FY18.   NFCI recouped its 5% dip in FY-16 back to Rs3.35bn wherein a growing Cards & Premiumised banking services offset the drop in trade finance income.   We believe MCB’s PAT willcross the Rs7bn-mark in FY18 then gradual...

Bhavik Desai
  • Bhavik Desai

SBM Earnings Review CY16

Recommendation: BUY. We fair value SBM at Rs8.70 offering an upside potential of ~23% in coming months. We calculate SBM’s Rolling 12Mth recurrent EPS to stand at Rs0.89 (+44%) resulting in A deteriorated Price-to-Earnings Ratio (PER) of 7.9x against 7.4x on its Sep-16 12M EPS, But an improved Price-to-Book Value Ratio (PBV) of 0.76x against 0.78x on its Sep-16 NAV Earnings Before Impairments & Taxes (EBIT) for FY16 declined to Rs3.7bn (-7%) mainly as a result of increased Amortisation charg...

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