The Week Ahead
Companies going Ex-div on 02 March 2015
•
•
•
Arrowhead Properties
Assore
Gold fields
•
•
23-February-15
Monday
Company
Spot
(cps)
Share
code
Historic PE
Event
AngloGold
Ashanti
ANG
13,665
-9.22x
Q4 Results
(3m to Dec 14)
Hulamin
HLM
910
11.97x
Final Results
(12m to Dec 14)
Hyprop
Investments
HYP
10,380
20.60x
Nedbank Group
NED
25,653
13.07x
Rolfes Holdings
RLF
350
9.67x
Interim Results
(6m to Dec 14)
Sun International
SUI
13,475
23.81x
Interim Results
(6m to Dec 14)
Super Group
SPG
3,720
15.41x
Interim Results
(6m to Dec 14)
Wilson Bayly
Holmes - Ovcon
WBO
12,394
10.59x
Interim Results
(6m to Dec 14)
Economic data
Time
Country
11h00
GE
11h00
GE
11h00
GE
17h00
US
Interim Results
(6m to Dec 14)
Final Results
(12m to Dec 14)
Tuesday
Company
Spot
(cps)
Share code
Historic PE
Event
Interim Results
(6m to Dec 14)
AVL
190
29.50x
AECI
AFE
12,400
16.00x
BHP Billiton
BIL
28,128
10.76x
Brimstone
BRT
1,720
8.14
Final Results
(12m to Dec 14)
Discovery
DSY
11,500
21.76x
Interim Results
(6m to Dec 14)
Imperial Holdings
IPL
20,155
12.55x
Interim Results
(6m to Dec 14)
17.29x
Final Results
(12m to Dec 14)
22,725
MNP
Prior Comp.
Period HEPS
No trading statement with regards to earnings
guidance has been released.
According to their trading statement,
management expects Headline Earnings Per
Share (HEPS) to increase between 96% and
116%, translating into an expected HEPS of
between 112cps and 123cps.
No trading statement with regards to earnings
guidance has been released.
No trading statement with regards to earnings
guidance has been released.
According to their trading statement,
management expects HEPS to increase between
12% and 17%, translating into an expected HEPS
of between 22.3cps and 23.3cps.
According to their trading statement,
management expects HEPS to increase between
10% and 15%, translating into an expected HEPS
of between 359cps and 375cps.
No trading statement with regards to earnings
guidance has been released.
According to their trading statement,
management expects HEPS to decrease between
15% and 20%, translating into an expected HEPS
of between 519cps and 552cps.
Period
Feb
Feb
Feb
Jan
Advanced Health
Mondi Group
Guidance
Indicator
IFO Business Climate
IFO Current Assessment
IFO Expectations
Existing Home Sales
24- February -15
Hudaco Industries
Woolworths Holdings
Final Results
(12m to Dec 14)
Interim Results
(6m to Dec 14)
Relevance
Medium
Medium
Medium
Medium
Previous
106.7
111.7
102.0
5.04M
Guidance
According to their trading statement,
management expects HEPS to decrease by 44%
which translates to an expected HEPS of 2.33cps.
No trading statement with regards to earnings
guidance has been released.
No trading statement with regards to earnings
guidance has been released.
According to their trading statement,
management expects HEPS to decrease between
32% and 44%, translating into an expected HEPS
between 106.3cps and 127.5cps.
According to their trading statement,
management expects normalised HEPS to
increase between 10% and 20%, translating into
an expected normalised HEPS of between
325.8cps and 355.4cps.
According to their trading statement,
management expects HEPS to decrease between
8% and 11%, translating into an expected HEPS
between 740cps and 765cps.
According to their trading statement,
management expects HEPS to increase between
7% and 11%, translating into an expected HEPS
between €0.98 and €1.01.
Please refer to the disclaimer at the end of this document
FY Forecast
HEPS
$0.11
830.1cps
57cps
87.8cps
257.1cps
524.5cps
1,884cps
2,040cps
19.9cps
-
326cps
826.4
121cps
263.1cps
649cps
1,251cps
Consensus
107.2
112.7
103.3
5.00M
Prior Comp.
Period HEPS
Thebe
FY Forecast
HEPS
4.17cps
-
791cps
786.5cps
$1.39
1,720.4cps
188.4cps
-
296.2cps
663.3cps
831cps
1,638cps
€0.91
1,424.8cps
23-27 February 2015, The Week Ahead
Petmin
PET
142
9.50x
Interim Results
(6m to Dec 14)
Shoprite Holdings
SHP
17,500
25.09x
Interim Results
(6m to Dec 14)
Economic data
Time
Country
09h00
SA
09h00
GE
09h00
GE
09h45
FR
11h30
SA
11h30
SA
12h00
EC
12h00
EC
14h00
SA
17h00
US
Indicator
Leading Indicator
GDP - Seasonally Adjusted (SA) (q/q)
GDP Non-SA (q/q)
Manufacturing Confidence
GDP (y/y)
GDP Annualised (q/q)
CPI (m/m)
CPI (y/y)
Finance Minister Nhlanhla Nene delivers Budget Speech
Consumer Confidence Index
25- February -15
Wednesday
Company
Spot (cps)
Share
code
Historic PE
Event
Grindrod
GND
1,918
20.40x
Final Results
(12m to Dec 14)
Murray &
Roberts
MUR
1,899
8.75x
Interim Results
(6m to Dec 14)
Mustek
MST
870
8.64x
Interim Results
(6m to Dec 14)
Economic data
Time
Country
03h45
CH
09h45
FR
14h00
US
17h00
US
Thursday
Company
Spot
(cps)
African Oxygen
British American
Tobacco
Capital & Counties
Properties PLC
Caxton And CTP
Publishers And
Printers
Historic PE
Final Results
(12m to Dec 14)
AFX
1,399
15.60x
BTI
65,817
20.65x
CCO
6,928
226.23x
CAT
1,525
15.50x
Interim Results
(6m to Dec 14)
Final Results
(12m to Dec 14)
Final Results
(12m to Dec 14)
Digicore
DGC
279
55.36x
Interim Results
(6m to Dec 14)
Impala Platinum
IMP
7,814
90.86x
Interim Results
(6m to Dec 14)
Liberty Holdings
LBH
13,500
9.03x
Massmart
Holdings
MSM
16,300
29.51x
Spur Group
SUR
3,662
23.19x
Final Results
(12m to Dec 14)
Final Results
(12m to Dec 14)
Interim Results
(6m to Dec 14)
17.5cps
341cps
781.1cps
Relevance
High
High
High
Medium
High
High
High
High
Previous
100.8
0.7%
1.6%
99
1.4%
1.4%
-0.1%
-0.6%
Consensus
0.7%
1.0%
3.7%
-1.6%
-0.6%
Thebe
-
Feb
High
102.9
99.5
-
Prior Comp.
Period HEPS
FY Forecast
HEPS
118.7cps
100.9cps
86cps
252cps
42.15cps
-
According to their trading statement,
management expects HEPS to decrease between
7% and 12%, translating into an expected HEPS
between 104.5cps and 110.4cps.
No trading statement with regards to earnings
guidance has been released.
According to their trading statement,
management expects HEPS to increase between
20% and 32%, translating into an expected HEPS
of between 50.58cps and 55.64cps.
Period
Feb
Feb
Feb 20
Jan
Event
6.71cps
Period
Dec
4Q
4Q
Feb
4Q
4Q
Jan
Jan
Guidance
Indicator
HSBC China Manufacturing
Consumer Confidence
MBA Mortgage Applications
New Home Sales
26- February -15
Share
code
According to their trading statement,
management expects HEPS to increase between
24% and 26%, translating into an expected HEPS
of between 8.35cps and 8.45cps.
No trading statement with regards to earnings
guidance has been released.
Relevance
High
Medium
Low
Medium
Previous
49.7
90
-13.2%
481K
Guidance
According to their trading statement,
management expects HEPS to decrease between
57% and 67%, translating into an expected HEPS
of between 31.5cps and 40.9cps.
No trading statement with regards to earnings
guidance has been released.
No trading statement with regards to earnings
guidance has been released.
No trading statement with regards to earnings
guidance has been released.
According to their trading statement,
management expects HEPS to increase between
9% and 19%, translating into an expected HEPS
of between 8.94cps and 9.76cps.
According to their trading statement,
management expects HEPS to decrease between
45% and 63%, translating into an expected HEPS
of between 53cps and 77cps.
No trading statement with regards to earnings
guidance has been released.
No trading statement with regards to earnings
guidance has been released.
According to their trading statement,
management expects HEPS to increase between
14% and 19%, translating into an expected HEPS
of between 97.05cps and 101.31cps.
Consensus
49.5
475K
Thebe
-
Prior Comp.
Period HEPS
FY Forecast
HEPS
95.3cps
87.5cps
3036.4cps
3,700.5cps
45.3cps
23.4cps
59.1cps
-
8.2cps
-
142cps
190.3cps
1559.8cps
1,407cps
615.2cps
539.4cps
85.1cps
-
2
23-27 February 2015, The Week Ahead
Economic data
Time
Country
10h55
10h55
11h00
11h30
11h30
11h30
11h30
12h00
15h30
15h30
15h30
GE
GE
EC
SA
SA
UK
UK
EC
US
US
US
Indicator
Unemployment Change
Unemployment Rate
M3 Money Supply (y/y)
Producer Price Inflation (PPI) (m/m)
Producer Price Inflation (PPI) (y/y)
GDP (q/q)
GDP (y/y)
Consumer Confidence
CPI (m/m)
Durable Goods Orders
Initial Jobless Claims
27- February -15
Friday
Company
Spot (cps)
Share
code
Historic PE
Old Mutual PLC
OML
3898
17.17x
Pan African
Resources
PAN
209
8.46x
Sabvest
SVN
Economic data
Time
Country
01h30
01H30
01h30
01h30
01h30
01h50
08h00
08h00
14h00
14h00
15h30
16h45
17h00
JN
JN
JN
JN
JN
JN
SA
SA
SA
SA
US
US
US
Companies going ex-div
Company
Arrowhead Properties
Arrowhead Properties
Assore
Gold fields
Hudaco Industries
Woolworths Holdings
1)
2)
2,360
4.16x
Period
Feb
Feb
Jan
Jan
Jan
4Q
4Q
Feb
Jan
Jan
Feb 21
Spot
(cps)
980
980
16,371
5,133
12,420
9420
Previous
-9K
6.5%
3.6%
-0.2%
5.8%
0.5%
2.7%
-6.7
-0.4%
-3.3%
283K
Event
Guidance
Final Results
(12m to Dec 14)
Interim Results
(6m to Dec 14)
No trading statement with regards to earnings
guidance has been released.
According to their trading statement, HEPS is
expected to be between 60% and 80% lower,
translating into an expected HEPS of between
3.02cps and 6.04cps
According to their trading statement,
management expects HEPS to decrease between
23.2% and 30.4%, translating into an expected
HEPS of between 423cps and 467cps.
Final Results
(12m to Dec 14)
Indicator
Jobless Rate
Overall Household Spending
Job - To - Applicant Ratio
National CPI (y/y)
Tokyo CPI Ex - Fresh Food (y/y)
Industrial Production (m/m)
Money Supply M3 (y/y)
Private Sector Credit (y/y)
Trade Balance Rand
South Africa Budget
GDP Annualised (q/q)
Chicago Purchasing Managers’ Index
University of Michigan Sentiment
Share
code
AWA
AWB
ASR
GFI
HDC
WHL
Relevance
Medium
Medium
High
High
High
High
High
Medium
High
Low
Low
Historic PE
11.49x
11.49x
6.05x
133.67x
20.70x
25.91x
Period
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
4Q
Feb
Feb
Event
Last day to trade
Last day to trade
Last day to trade
Last day to trade
Last day to trade
Last day to trade
Relevance
Low
Low
Low
Low
Low
Medium
High
High
High
High
High
Low
Low
Dividend Type
Interim
Interim
Interim
Final
Final
Interim
Consensus
-10K
6.5%
3.8%
0.1%
4.8%
0.5%
2.7%
-0.6%
1.6%
-
Thebe
-
Prior Comp.
Period HEPS
FY Forecast
HEPS
229.5cps
309.4cps
15.11cps
-
608cps
-
Previous
3.4%
-3.4%
1.15
2.4%
2.2%
0.8%
7.38%
8.52%
6.8B
22.66B
2.6%
59.4
93.6
Consensus
3.4%
-4.1%
1.15
2.4%
2.2%
3.0%
2.1%
58.0
94.0
Dividend Amount
(cps)
18.545g
18.545g
300g
20g
310g
96.50g
Thebe
-
Trading ex-div on
02-March-15
02-March-15
02-March-15
02-March-15
02-March-15
02-March-15
Based on dividend amount excluding dividend withholding tax of 15% (n=net).
Based on dividend amount including dividend withholding tax of 15% (g=gross).
Sources: Bloomberg; I-Net Bridge, Thebe Stockbroking
3
23-27 February 2015, The Week Ahead
Contacts
Institutional Clients
+27-11-375 1102
Private Clients
+27-11-375 1104
Research
+27-11-375 1195
Disclaimer
General
This publication has been issued by Thebe Stockbroking Ltd for the information of our clients only. The information contained herein has been obtained from
sources which we believe to be reliable, but is not guaranteed for accuracy or otherwise. All opinions expressed and recommendations made are subject to
change. The information contained herein reflects our opinion and recommendations, but does not constitute a solicitation for transactions in any of the
securities mentioned. We accept no responsibility whatsoever arising from actions taken on the basis of this report or any consequence thereof. Readers are
advised that securities of companies have various degrees of risk and volatility. The reader of this research report makes his/her own independent decisions
regarding any securities or financial instruments.
Financial interest
The authors, employees and directors of Thebe Stockbroking Ltd may, from time to time, have positions in the securities mentioned in this report. The analyst(s)
who prepared this report certifies that the views expressed in this report accurately reflect his personal views about the securities mentioned and no part of his
compensation was or will be directly or indirectly related to specific recommendations or views in this report.
Share prices
Prices are taken as of the previous day’s close on the JSE or market of primary listing unless otherwise stated. All company consensus forecasts are obtained from
I-Net Bridge and reflect headline EPS on a fully diluted basis.
Rating definitions
Buy: Total return in excess of 15% over the next 12 months
Hold: Total return between 5% and 15% over the next 12 months
Sell: Total return of less than 5% over the next 12 months
4