reports
1 director sold
A director at JSE Limited sold 14,000 shares at 131.000ZAR and the significance rating of the trade was 59/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly sh...
- David Talpert
- Harry Botha
- Warwick Bam
Avior Financials | Nedbank CPF update | Bank lazy deposits | JSE | SNT...
In this week's Avior Financials note: Nedbank's Commercial Property Finance presentation showed that Nedbank's book is suitably diversified to withstand challenging economic conditions. Management expects credit impairment charges to increase to within the CIB target range (15bps to 45bps) while aggregate Stage 3 (default) exposure increases. The trends are in line with our expectations (credit loss ratio H2 '19f: 15bps, H1 '20f: 20bps). Capitec recently conducted a survey and found that 86%...
- David Talpert
- Harry Botha
JSE | Getting out of the doldrums
The JSE has experienced declining revenues due to lower trading activity. We believe the 15% YTD decrease in cash equity value traded is due to reduced SA business confidence and a global reduction in volatility. The JSE has successfully cut R170m in costs. We expect inflationary cost increases and a normalisation of trading activity to support an improvement in earnings growth. We expect full year earnings to decline with earnings growth recovering in FY ‘20f. However, as the JSE's share...
- David Talpert
- Harry Botha
JSE | All quiet on the local front
We expect the JSE to report a 28.4% decline in H1 '19 HEPS. In H1 ‘19, cash equity value traded declined by 17%. The JSE has implemented the ITaC system upgrades, which has resulted in increased start-up costs and amortisation expenses. We expect a reduction in capex to support improved free cash flows and potential for a further special dividend in 2020. However, the JSE's outlook remains negative and a sustained improvement in value traded is required to support meaningful earnings growt...
- David Talpert
- Harry Botha
JSE | Gradual progress
The JSE reported a 6% increase in FY ‘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.
- David Talpert
- Harry Botha
- Warwick Bam
Avior Financials | Sanlam | MMI | Transaction Capital | JSE | Standard...
•SLM's FY'17 results based on an analysis of the change in the director's valuation (GEV). The return on GEV for the period was 14.8%, ahead of management's SA risk free rate plus 4% target. The GEV increased 10% YoY while the SLM share price increased 36% in CY'17. SLM currently trades at a 58% premium to the director's valuation. •SLM and SNT's purchase of the remaining 53.37% of SAHAM Finances through SEM. SAHAM Finances appears sub-scale with an underwriting margin of -0.7% in FY'17...
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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