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  • Zeder cautionary announcement

    Zeder and PSG have released a joint cautionary announcement regarding the internalisation of the Zeder management fee. In exchange Zeder will issue an additional 207.66mn Zeder shares to PSG at Zeder’s 30 day volume weighted average share price up to the effective date. This will increase PSG’s holding in Zeder from 34.5% to 42.4%. PSG will continue to serve on both the Zeder executive committee and the board to help determine strategy and make investment decisions for at least the next 5 years at a nominal fee of R5mn per annum.

  • Anglo American Platinum released a trading statement on today for the half-year ended 30 June 2016

  • Bidvest: Acquisition of Brandcorp

    Bidvest have voluntarily announced the acquisition of Brandcorp Holdings (Pty) Ltd from Ethos Private Equity for an undisclosed sum. The business will form part of Bidvest’s Commercial Products Division (“BCP”).

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  • Richemont

    Announced its audited consolidated results for the year ended 31 March 2016.

    Broadly disappointing, even on our lower than consensus estimates.  The bottom line growth figure is clouded by the one off gain on the merger of Yoox and Net a Porter, as well as non-recurrence of FX losses on financial instruments in the prior year. We would focus on operating profit, which fell 23% to euro2061m during the year – even after adjusting for 97m worth of restructuring charges during the year, the adjusted number of 2158m is a 5-6% miss relative to consensus of 2285m. We were looking for EBIT of 2267 (-15%), but hadn’t pencilled in any restructuring charges in H2 – still a miss.

  • EOH released results

    EOH released results this morning for the financial half-year February 2016.

    After a quick look through the results look in line.

    • Revenue up 30% to R6bn
    • Profit for the period up 36% to R464m
    • HEPS up 24% to 359c.
    • Cash up 6% to R1.56bn

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  • SBK has just released their FY15 results

    • HEPS +27% to R13.59  (above consensus of R13.11 – 4% beat)
    • Headline earnings from pro forma continuing operations up 13% (the relevant number post the disposal of the London operation)
    • ROE of 15.3% up from the pro forma 14.7% reported during FY14

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  • GRT 1H16 Results and Brief Comment

    Summary of the results and our view of the business:

    DPS grew 6.0% (which was in the higher end of the previously guided growth of 5.0%-6.0%) to 89.5c: Management have guided that 2H16 should be in line with the 1H16 growth. This implies the group is trading at a 12m forward dividend yield of 8.0% but 8.3% clean yield (you have accrued R1.23 in distribution today). GRT typically trades at an average 2.0% spread premium (on historical DY) to the RSA government 10 year which implies that the share is currently trading at fair value on a relative basis (unfortunately Bloomberg data for GRT did not extend further than 2012).

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  • Nedbank has released FY15 Results

    • HEPs:     +8.5% to R22.42 (in line with consensus at R22.39) – implies 2H15 growth of 4.3%
    • CLR:       77bps vs FY14 of 79bps (BGA showed an increase in the CLR)
    • DPS:       +7.7% to R11.07
    • ROE:      15.7% (from 15.8% in FY14)
    • NAV up 9% to 156.85 (despite CET1 capital depreciating from 11.6% to 11.3%)
    • Pre provision operating profit growth of 7.3%
    • Interest income up 4% (net interest margin decreased from 352bps to 330bps), NIR up 7% (good to see a recovery here, although off a low base) and expenses up 6.4%
    • Reduced the targeted credit loss ratio range from between 80 and 120bps to between 60 and 100bps (obviously mix is lower risk than going into previous down cycles)

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    In terms of the JSE Listings Requirements, companies are required to publish a trading statement as soon as they are satisfied that a reasonable degree of certainty exists that the financial results for the period to be reported will differ by at least 20% from the financial results for the previous corresponding period or a profit forecast previously provided to the market in relation to such period.

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  • 2016 Budget Speech

    I have the honour to present the 2016 Budget of President Zuma’s second administration.

    We do so in a spirit of frankness, both about our challenges and the opportunity to turn our economy’s direction towards hope, confidence and a better future for all.

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