BMCE Capital Research - Forecast Q3 2018
- After a rather misguided H1, we expect in 2018 a landing at the balance of the annual financial achievements of our Scope 40 (95% of the market capitalization at 10/05/2018) with a near-stagnation (-0.2 %)* expected profitability of MAD 30.9bn;
- This situation could be explained in part by a gloomy 2018 year impacted by an ambient wait-and-see attitude combined with the non-recurrence of exceptional items (MANAGEM’s capital gain);
- Excluding MANAGEM’s capital gain in 2017, the overall bottom line is expected to grow by 1% in 2018;
- The African relay is now the engine for the growth of the profits of companies listed on the Casablanca Stock Exchange;
- In 2018, the contribution of the Industries in financial achievements remained dominant over the period 2017-2019E, with an average of 56%, followed by Financial Services with 40% and Insurances with 4%.
BMCE Capital Global Research is a subsidiary of BMCE Capital Group dedicated to Research and Financial Analysis. It is addressed to professional investors (financial institutions, management companies, etc.) to which it provides information and independent analysis aligned with international standards. BMCE Capital Research covers equities, interest rate, Forex and commodities markets in Morocco, Tunisia and WAEMU region (Bourse Régionale des Valeurs Mobilières, BRVM). Thanks to its latest generation technology platform, to its teams and to those of its partners, the Research Office of BMCE Capital is now able to cover simultaneously several places in Africa and to produce several publications co-branded under its umbrella brand African Securities Network, ASN.
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