reports
- David Talpert
- Harry Botha
PSG Konsult | A platform for growth
PSG Konsult (KST) has built a defensive business model by investing in technology, a nationwide office network and its large adviser base. We believe KST's H1 '20 earnings growth of 8% provides evidence of the Group's scalable distribution platform that can gain market share despite muted economic growth. KST's asset management performance was weak. However, a diversified revenue model resulted in offsetting growth in wealth management and insurance. KST's earnings growth and high barriers t...
- David Talpert
- Gari Chigwedere
- Harry Botha
Avior Financials | GTB meeting notes | Q3 investment banking data | Ne...
• We met with the Guaranty Trust Bank (GTB) CFO last week. Management noted that the bank's operations trends in Q3 ‘19 had been in line with management's guidance after the interim results. In our view, GTB's performance has been positive YTD given the challenging operating environment in Nigeria. However, due to regulatory risks (CBN increasing minimum LDR) and the impending entry of major telcos (e.g. MTN) into the mobile money banking space, we caution that asset quality and the Bank'...
- David Talpert
- Harry Botha
PSG Konsult | Let down by their investment style
We expect PSG Konsult (KST) to report 5% H1 '19 HEPS growth relative to the 14% CAGR achieved over the past four years. KST's asset management division will probably report a decline in earnings due to benchmark underperformance and lower AUM levels. Despite short-term headwinds, we are positive on KST's long-term growth prospects. We expect KST to gain wealth market share as its franchise model attracts top advisers and generates positive net flows. We expect strong growth (17% CAGR in earn...
- David Talpert
- Harry Botha
PSG Konsult | Hitting a speed wobble
PSG Konsult (KST) reported a 4% increase in recurring HEPS. We are disappointed in the growth rate compared to our forecast of 16% growth and KST's rating. Benchmark underperformance and declining asset management performance fees will affect FY ‘20f earnings growth. However, KST continues to attract net inflows in both wealth and asset management. We remain positive on KST's long-term business model and growth outlook. However, we believe KST is trading at an elevated valuation relative to it...
6 directors sold after exercising options/sold
Six Directors at Psg Konsult Ltd sold after exercising options/sold 15,516,867 shares at 10.350ZAR. The significance rating of the trade was 100/100. 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 direct...
- David Talpert
- Harry Botha
PSG Konsult | Running ahead of its AUM
In FY '19, PSG Konsult (KST) returned 26% relative to a SWIX return of -5.8%. Due to negative market returns and benchmark underperformance, we expect KST to have a weaker H2 '19 compared to H1 '19. Despite a slowdown in H2, we expect FY '19 wealth and asset management net flows of R10.8bn and R10.5bn respectively. We believe KST has rerated relative to its AUM and is therefore expensive at current levels.
- David Talpert
- Harry Botha
PSG Konsult | Alpha driven growth
PSG Konsult's (KST) H1 '19 results highlight impressive earnings growth due to strong investment performance, positive net flows and a growing insurance operation. KST has developed a resilient advice-led distribution network of 862 advisers in 239 offices. We believe distribution and investment in technology are key competitive advantages that will contribute to earnings growth of 20% CAGR over the next three years.
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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