reports
- 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
- 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
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
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
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...
- Bhavik Desai
- Bhavik Desai
CIM sells Global Business Arm
​Following the announced sale of CIM Global Business,o We Fair Value (FV) CIM at Rs9.09 representing an 11% upsideo We introduce an “Accumulate†rating on CIMo Our FV excludes a speculative potential for an exceptional dividend being paid out to shareholders.o Assuming one-third of proceeds are paid out as dividends, it would amount to Rs1.67 per share
- Bhavik Desai
Economic Outlook 2017
Having grown at sub-optimal rates in recent years due to a plethora of events, business sentiment turned around in the 2nd half of 2016 following a generally well-received National Budget Internationally, 2016 was dominated by unexpected results of votes whose end-results remain largely unknown.With the IMF forecasting the fastest in growth rate in 5Yrs, the outlook for appears to be brighter. We conservatively forecast a steady Mauritian GDP growth rate of 3.8% for 2017 picking up to 3.9% in 2...
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