Anchor Capital Review, 2 July 2014

2 July 2014
INVESTOR
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FROM THE
DESK
Gold counters shine in June
June saw the JSE hitting new highs yet again with the FTSE JSE All
Share Index closing at an all-time high of 51,322.7 on 20 June as
surging gold counters buoyed the bourse. The local exchange also
initially seemed to brush off the move by ratings agencies Standard &
Poor’s (S&P) and Fitch which changed their economic outlooks for
the country - S&P put South Africa a notch above ‘junk’ status while
Fitch changed its rating from stable to negative on the back of poor
economic growth prospects and rising debt levels. Instead the local
market was boosted by the US Federal Reserve’s (Fed’s)
announcement that it would keep interest rates low for the
foreseeable future with investors betting that monetary policy would
also remain loose in Europe and Japan. MoM the All Share Index
ended June c. 3% higher, while the Resi-20 gained 3.5% MoM and
the Indi-25 and Fini-15 both closed the month c. 3% higher.
On the negative side, mounting violence in Iraq rattled oil markets
with global crude oil prices increasing sharply and hitting nine-month
highs earlier in June. Gains were also capped amid continued labour
market concerns ahead of the planned National Union of
Metalworkers of SA (NUMSA) strike. This, just as the Association of
Top-20 shares: June performance
Market Cap Closing Price Closing Price
(Rmn)
30/05/2014
30/06/2014
Share
%
Change
ZEDER INVESTMENTS LTD
5587
449
570
27%
DRDGOLD LTD
1175
252
305
21%
23800
3870
4570
18%
2271
1161
1352
16%
BRAIT SE
33540
5626
6530
16%
HARMONY GOLD MINING CO LTD
13576
2782
3115
12%
TELKOM SA SOC LTD
PINNACLE HOLDINGS LTD
LITHA HEALTHCARE GROUP LTD
1091
176
195
11%
STEINHOFF INTL HOLDINGS LTD
125894
5351
5925
11%
ASPEN PHARMACARE HOLDINGS LT
136396
27315
29889
9%
AECI LTD
16113
11501
12565
9%
SIBANYE GOLD LTD
25638
2620
2854
9%
ANGLOGOLD ASHANTI LTD
72017
16489
17785
8%
NEW EUROPE PROPERTY INVEST
21190
8814
9500
8%
BRIMSTONE INVESTMENT - N SHS
4782
1415
1525
8%
88012
9082
9748
7%
INVESTEC LTD
INVESTEC PLC
NASPERS LTD-N SHS
88012
9111
9779
7%
522741
116673
125200
7%
TRANSACTION CAPITAL
3781
605
649
7%
TONGAAT HULETT LTD
16320
13843
14841
7%
NORTHAM PLATINUM LTD
18090
4250
4550
7%
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Mineworkers and Construction Union (Amcu) reached a wage deal
with the top-three platinum producers over a five-month old strike that
disrupted global platinum output. MoM the rand strengthened against
the greenback (+0.5%), amid continued concerns over the US’ growth
outlook after GDP data showed a bigger-than-expected 1Q14
contraction and soft consumer spending.
Agri-investment company, Zeder Investments emerged as the best
performer MoM, gaining 27% in June. This after the company said
that it intends making an offer to Agri Voedsel’s minority shareholders
for the remaining 50% stake it doesn’t own. Of note here is that Agri
Voedsel has a c.30% interest in Pioneer Foods. Late in June the
Competition Commission gave Zeder approval to acquire the balance
of the shares. We note that if the Agri Voedsel takeover does go
ahead, Zeder could still be trading at a 30% discount to its sum-of-the
-parts value, despite the share price rally. Among the top-20
performers, Zeder was followed by DRD Gold which strengthened
21% MoM. DRDGold’s share price has been under pressure over the
past few months due to issues the company is having with its gold
recovery technology. Pressure on the gold price had added to the
company’s woes but in June the share price was buoyed by the 5%
MoM gain in the price of the yellow metal. Telkom continued its
upward trajectory during the month, advancing 18% in June, on the
back of a significant rise in its FY14 earnings.
Source: Bloomberg, Anchor Capital
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Pinnacle Holdings saw somewhat of a turnaround in June, with the
share price ending the month c. 16% up. Pinnacle released a SENS
announcement on Monday stating that it has bought back 2.1mn
shares on the open market (equating to c. R29mn) since 14 April and
taking its shares in issue from 170mn to 168mn. The company also
said it would continue to buy shares as and when opportunities arise.
Brait (also up c. 16%) said in June it would use cash to increase its
Premier stake to between 90% and 95% over the next two years. At
the same time the company reported a positive set of results for the
full-year with a 20% increase in its NAV to R31.95/share. Another
gold counter, Harmony was up 12% MoM on the back of a stronger
gold price.
Litha Healthcare turned around its poor performance in May, gaining
11% in June although it is still down 28% YTD. Steinhoff (+c. 11%)
indicated last month that it plans to seek a primary listing on the
Frankfurt Stock Exchange from September 2014. Aspen (+c.9 MoM)
saw a significant drop in its share price on Friday amid press reports
that management had guided for “a softer second half” locally.
However, on Monday the share price turned around, rising nearly 4%
after Aspen said that the comments made during a pre-closed period
conference call with investors were "misconstrued" in the media.
AECI was also up 9% for the month.
So far this year the JSE Gold Mining Index has gained 42%, driven in
large part by the phenomenal performance of Sibanye Gold. The
company’s market cap has more than doubled in 2014 and in June
alone it gained c. 9% as the higher gold price helped boost the share,
while press reports also suggested that Sibanye might purchase an
interest in Anglo American Platinum. The stronger gold price
benefited another gold company, AngloGold Ashanti, which gained c.
8% in June. New Europe property Investments and Brimstone
Investments were both up 8% for the month as well, while Investec
Ltd and Investec Plc ended June c. 7% higher.
Naspers (+7% MoM) released disappointing FY14 results during the
month which showed that revenue jumped 25.8% YoY to R62.73bn.
However, diluted headline EPS dropped to R14.75 from R16.81,
weighed down by the group’s strategy to invest in its Internet and ecommerce businesses. Naspers missed analyst expectations by 15%,
with core EPS of R21 vs the R25 consensus estimate. Following the
results Naspers slumped 5.0%. However, sentiment turned around
later in the month and the share ended June higher. During the
month, Transaction Capital (+7%) said it had raised R665mn in an
inaugural note issue for Transsec. Added to that, despite corporate
reshuffling that has taken place over the past year, Transaction
Capital managed to deliver a good set of half-year results, which saw
1H headline earnings, grow 28% YoY. With an oversupplied world
sugar market and international sugar prices declining from 2011
highs, Tongaat Hulett’s (+7% MoM) FY14 results were boosted by the
best-ever land profit for the company on the back of good
development land deals and a strong deal pipeline. Finally, Northam
Platinum (up c.7.0%) said in June it was finalising its historically
disadvantaged South African (HDSA) share ownership transaction.
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Bottom-20 shares: June performance
Share
AFRICAN BANK INVESTMENTS LTD
Market Cap Closing Price Closing Price
(Rmn)
30/05/2014
30/06/2014
%
Change
10192
840
679
-19%
1283
1600
1348
-16%
13845
3600
3106
-14%
CASHBUILD LTD
3149
13900
12500
-10%
ELLIES HOLDINGS LTD
1123
410
370
-10%
HOLDSPORT LTD
1769
4537
4100
-10%
BELL EQUIPMENT LTD
ARCELORMITTAL SOUTH AFRICA
EQSTRA HOLDINGS LTD
2715
729
660
-9%
23273
21400
19500
-9%
INVICTA HOLDINGS LTD
8583
12448
11360
-9%
BLUE LABEL TELECOMS LTD
5774
935
856
-8%
HUDACO INDUSTRIES LTD
3253
10400
9526
-8%
METAIR INVESTMENTS LTD
7464
4090
3751
-8%
CLOVER INDUSTRIES LTD
3067
1830
1681
-8%
24487
4640
4300
-7%
FAMOUS BRANDS LTD
9619
10390
9650
-7%
METROFILE HOLDINGS LTD
2032
515
480
-7%
GRAND PARADE INVESTMENTS LTD
2868
635
592
-7%
SANTAM LTD
LONMIN PLC
ALLIED ELECTRONICS CORP-PRF
SHOPRITE HOLDINGS LTD
ALEXANDER FORBES -PREFERENCE
9228
2719
2535
-7%
87869
16500
15400
-7%
2873
944
885.5
-6%
Source: Bloomberg, Anchor Capital
For the second month running, African Bank Investments (Abil) was
the worst performer as the company’s shares extended the past few
months’ declines, falling a further 19% MoM. In June Moody's cut its
rating on the unsecured lender's international debt to "junk" status
and trading activity in both Abil and JD Group shares were now under
scrutiny for possible insider trading by the Financial Services Board
(FSB). Bell Equipment (-16%) was the second-worst performer for the
month after the company renewed a cautionary announcement,
where it warned that the depressed mining environment would impact
negatively on its financial performance for the six months to end
June. Bell warned it expects EPS and headline EPS to be at least
70% lower than the same period last year. ArcelorMittal (down c.
14%) was the third-worst performer. In June the company agreed to
pay Senegal $150mn in cash (as damages) to settle a dispute over
the failed Faleme mine deal. According to a Senegal government
spokesperson, the country had wanted $750mn in damages after
winning a case at the International Chamber of Commerce's
arbitration court, where the court ruled that Senegal was within its
rights to cancel the 2007 deal due to long delays. ArcelorMittal was
also required to hand over the equivalent of $50mn worth of research
on the site to its next operator.
Cashbuild, Ellies Holdings and Holdsport all dropped c. 10% MoM.
Ellies released disappointing results with revenue down 3.8% YoY
and HEPS down 41% YoY to ZAc25.09. Eqstra Holdings declined 9%
in June after the company said it expected FY14 headline EPS to
drop by 32%-42% YoY. The company added that its profitability was
also negatively impacted by an R70mn plant rental following
abnormally high rainfall in 3Q14 and a further R20mn resulting from
closure and retrenchment costs of non-profitable contracts. Santam
and Invicta Holdings also ended the month c. 9% lower. In June,
Invicta, which recorded a drop in FY14 earnings, said it planned to
grow offshore revenue through targeted acquisitions, adding it would
2
INVESTOR
need to raise equity to partly fund any large future acquisitions. Blue
Label Telecoms slipped c.8%, after it posted a decline in its 1H14
revenue, while Hudaco (-8%) said it wants to offset “one of the most
challenging trading environments” the company has experienced
locally by stepping up its sales into neighbouring countries and
offshore markets. Metair and Clover also lost c. 8% in June.
Despite the five-month long Amcu strike ending, Lonmin lost c. 7%
MoM. Although Amcu has signed a three-year wage settlement
agreement with Lonmin (as well as Anglo American Platinum and
Impala), it would seem investors are remaining cautious over the
recovery in the mining sector after the protracted strike. Famous
Brands, Metrofile, Grand Parade Investments, Allied Electronics and
Shoprite all recorded share price declines of c. 7% for the month.
After having run up in May, Grand Parade’s share price retreated. In
June the company said that the disposal of a number of its gamingrelated investments in May would increase its intrinsic net asset value
(NAV) by almost 95%. The company also highlighted that the deal will
give it significant net cash (exceeding R1.6bn), adding that it is
considering investing some of the proceeds on expanding its Burger
King franchise in Southern Africa. We see value of at least R6.30/
share (of which R3.50 is in cash) for Grand Parade, while the growing
Burger King franchise could add a further R1-R2/share to its value
over the next year.
Top-20 shares: YTD
Share
Market Cap Closing Price Closing Price
(Rmn)
31/12/2013
30/06/2014
SIBANYE GOLD LTD
25638
TELKOM SA SOC LTD
23800
ANGLOGOLD ASHANTI LTD
72017
MERAFE RESOURCES LTD
2919
PALLINGHURST RESOURCES LTD
3042
ZEDER INVESTMENTS LTD
1230
%
Change
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offering to become a one-stop shop for private and business
customers. Telkom noted that it was looking at further partnerships
and acquisitions, as it seeks to bolster areas of weakness.At the
same time the group reported a significant rise in FY14 earnings in
June and although revenue rose marginally to R33.06bn, diluted
headline EPS jumped to R8.47 from R0.60 posted in the previous
year. This was on the back of Telkom’s cost cutting initiatives and due
to a boost to its mobile business, which helped the company snap a
two-year run of losses. AngloGold Ashanti came in third spot, having
gained 45% YTD, boosted by a stronger gold price (+9% YTD). Two
other resource counters (Merafe Resources and Palinghurst
Resources at +43% and +39%, respectively) made up the remainder
of the top-five.
Zeder Investments came in sixth gaining 33% YTD with most of this
gain coming from its robust performance in June. Stocks featuring
prominently among the Top-20 monthly performers including
Steinhoff, Tongaat and Investec, were all up YTD as well (c. 31%).
AdvTech gained 30% YTD, while Investec Plc was up 29% and
Consolidated Infrastructure gained 27%. Peregrine and Petmin were
up 26% YTD, while Reinet, Grand Parade Investments and Brait
gained 25%. Sasol’s share price is up 23% YTD on the back of the
weakening currency and as escalating violence in Iraq drove oil
prices higher. Barclays Africa and Royal Bafokeng have both gained
22% YTD.
Bottom-20 shares: YTD
Share
2854
132%
2800
4570
63%
ALEXANDER FORBES -PREFERENCE
12292
17785
45%
AFRICAN BANK INVESTMENTS LTD
82
117
43%
PINNACLE HOLDINGS LTD
288.01
400
39%
Market Cap Closing Price Closing Price
(Rmn)
31/12/2013
30/06/2014
%
Change
2873
1800
885.5
-51%
10192
1205
679
-44%
2271
2315
1352
-42%
COAL OF AFRICA LTD
776
112
74
-34%
1123
556
370
-33%
5587
430
570
33%
ELLIES HOLDINGS LTD
125894
4513
5925
31%
BELL EQUIPMENT LTD
1283
2000
1348
-33%
INVESTEC LTD
88012
7450
9748
31%
LITHA HEALTHCARE GROUP LTD
1091
270
195
-28%
TONGAAT HULETT LTD
16320
11370
14841
31%
ADCOCK INGRAM HOLDINGS LTD
9334
7090
5314
-25%
30%
KUMBA IRON ORE LTD
109187
44345
33900
-24%
3149
15500
12500
-19%
STEINHOFF INTL HOLDINGS LTD
ADVTECH LTD
3602
657
855
88012
7557
9779
29%
CASHBUILD LTD
CONSOLIDATED INFRASTRUCTURE
3895
2280
2895
27%
LONMIN PLC
24487
5328
4300
-19%
PEREGRINE HOLDINGS LTD
4480
1662
2100
26%
DRDGOLD LTD
1175
374
305
-18%
26%
EQSTRA HOLDINGS LTD
2715
800
660
-18%
3781
785
649
-17%
INVESTEC PLC
PETMIN LTD
REINET INVESTMENTS SA-DR
GRAND PARADE INVESTMENTS LTD
BRAIT SE
SASOL LTD
BARCLAYS AFRICA GROUP LTD
ROYAL BAFOKENG PLATINUM LTD
1396
192
242
49573
2019
2530
25%
TRANSACTION CAPITAL
2868
474
592
25%
ARCELORMITTAL SOUTH AFRICA
13845
3730
3106
-17%
IMPALA PLATINUM HOLDINGS LTD
67571
12300
10688
-13%
WILSON BAYLY HOLMES-OVCON
8382
14600
12700
-13%
22%
AVENG LTD
9646
2644
2315
-12%
22%
NAMPAK LTD
25777
4100
3679
-10%
RCL FOODS LTD/SOUTH AFRICA
14687
1750
1580
-10%
33540
5244
6530
25%
411370
51450
63236
23%
136912
13626
13225
5825.19
16150
7100
Source: Bloomberg, Anchor Capital
Source: Bloomberg, Anchor Capital
YTD, Sibanye Gold again took top honours, recording an increase of
132%. In June The Financial Times reported that Sibanye would
move ahead with its plans to get into the local platinum sector by the
end of 2014. According to the report, Sibanye will likely target mines
owned by Anglo American Platinum. Telkom (+63%) continued to put
in a robust YTD performance, coming in second position as the fixedline operator’s restructuring process seemed to meet with market
approval. The company has been preparing for what it terms “brutal
consolidation” in the telecoms sector by overhauling its product
With Alexander Forbes Pref’s share price decline mainly due to the
payout of a special dividend, that again leaves Abil (-44%) as the
worst performing share on an YTD basis as well. Pinnacle, despite
recouping some of its losses in June, is down 42% YTD, while Coal of
Africa was down c. 34% and both Ellies and Bell Equipment lost c.
33%. A good performance in June was not enough to lift Litha
Healthcare out of the YTD bottom-20 and the share is down c. 28%.
Adcock Ingram (-25% YTD) again featured among the bottom-20 as
3
INVESTOR
the company struggles with a weak local currency and a constrained
consumer environment. Adcock’s last results were also disappointing
as it showed a headline loss of ZAc23/share in the six months to
March compared with earnings of ZAc188/share for the same period
last year.
As iron ore prices continue to drop, recording a second straight
quarterly decline, Kumba Iron Ore has seen its share price plummet
24% YTD. Cashbuild and Lonmin have both weakened 19% YTD,
while DRDGold (despite a robust performance in June), is still down
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18% YTD. Eqstra has lost 18% YTD, while Transaction Capital and
ArcelorMittal are both down 17%. Here we note again that
Transaction Capital’s YTD performance was impacted by the R2.10
special dividend it paid in March relating to the sale of Bayport.
Impala Platinum and Wilson-Bailey Holmes Ovcon (WBHO) have
both lost 13% YTD, with Aveng down 12% and Nampak and RLC
Foods recording losses of c. 10% YTD.
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South Africa Market Review
Gains in mining sector stocks led South African markets to advance and close at
a record high yesterday. Gold miners, Harmony Gold Mining, Gold Fields and
Sibanye Gold soared 4.9%, 4.3% and 3.2%, respectively. Peer, AngloGold
Ashanti climbed 4.0%. The company concluded the sale of its unit, AngloGold
Ashanti Namibia Proprietary to QKR Corporation. Old Mutual added 1.8%, after it
acquired Intrinsic Financial Services and announced the appointment Gail
Klintworth, as its Group Customer Director. On the contrary, Times Media Group,
African Bank Investments and Brimstone Investment Corporation dropped 3.7%,
3.5% and 3.0%, respectively. The JSE All Share Index advanced 0.6% to close
at 50,945.26.
JSE All Share - Last Month
51,738
50,953
50,169
49,385
30-May
10-Jun
19-Jun
30-Jun
19-Jun
30-Jun
19-Jun
30-Jun
UK Market Review
Markets in the UK ended in the green yesterday, tracking gains in mining sector
stocks. Anglo American, Rio Tinto and BHP Billiton advanced 4.0%, 3.0% and
2.9%, respectively, on the back of encouraging Chinese manufacturing activity
data. Brewers, Diageo and SABMiller rose 2.0% and 0.8%, respectively, amid
speculation that the companies would merge their operations. Banking sector
stocks, Lloyds Banking Group and HSBC Holdings gained 1.7% and 0.9%,
respectively. Bucking the trend, retailers, Wm Morrison Supermarkets slipped
1.7%, weighed down by dismal 1H14 revenue reported by its partner, Ocado
Group. The FTSE 100 Index advanced 0.9% to close at 6,802.92.
FTSE 100 - Last Month
6,944
6,851
6,759
6,666
30-May
10-Jun
US Market Review
US markets ended higher yesterday, with the S&P 500 and the DJIA indices
registering new record close. Regeneron Pharmaceuticals advanced 7.4%, after
Sanofi SA indicated that it would raise its stake in the company. General Motors
rose 3.6%, after it reported a rise in its US car and light truck sales in June.
Technology sector stocks, International Business Machines, Cognizant
Technology Solutions and Hewlett-Packard added 2.8%, 1.8% and 1.5%,
respectively. However, Ford Motor fell 0.2%, after it posted a decline in its US
vehicle sales in June. The S&P 500 Index advanced 0.7% to close at 1,973.32,
while the DJIA rose 0.8% to end at 16,956.07. The NASDAQ Composite Index
gained 1.1% to finish at 4,458.65.
S&P 500 - Last Month
1,993
1,963
1,934
1,904
30-May
10-Jun
Asia Market Review
Asian markets are trading mostly firmer this morning. In Japan, Ryohin Keikaku
advanced 5.5%, after it posted upbeat sales and operating profit for 1Q15.
Nippon Yusen KK rose 2.0%, following a rise in a measure of commodity freight
rates. Mazda Motor, Nissan Motor and Toyota Motor gained 1.5%, 1.3% and
0.7%, after they reported an increase in their US car sales. In Hong Kong,
gaming company, Galaxy Entertainment Group rose 2.4%, amid reports that its
Macau casino revenue would rebound this month. In Seoul, LG Chem Limited
ticked 0.5% higher. The company has signed a memorandum of understanding
to build a factory for electric vehicle batteries in China by 2015. The Nikkei 225
Index is trading 0.5% higher at 15,404.60, while the Kospi Index is trading 0.6%
firmer at 2,011.11. The Hang Seng Index has risen 0.9% to 23,402.57.
Nikkei 225 - Last Month
15,530
15,182
14,834
14,486
30-May
10-Jun
19-Jun
30-Jun
Key Global Indices
Last Close
1D Chg
1D % Chg
YTD% Chg
1M % Chg
1Y % Chg
P/E Multiple (x)
JSE All Share
51,480.19
534.93
1.1
11.3
3.7
28.9
19.54
JSE Africa Resource 10
58,371.08
1,403.13
2.5
14.4
6.0
35.8
20.11
JSE Africa Financial 15
14,609.48
108.18
0.7
14.6
3.5
29.2
14.49
JSE Africa Industrial 25
59,925.68
313.12
0.5
10.0
3.2
29.2
22.76
FTSE 100
6,802.92
58.98
0.9
0.8
-0.6
7.8
19.59
German DAX 30
9,902.41
69.34
0.7
3.7
-0.4
24.0
18.37
France CAC 40
4,461.12
38.28
0.9
3.8
-1.3
18.4
26.13
S&P 500
1,973.32
13.09
0.7
6.8
2.6
22.2
18.07
16,956.07
129.47
0.8
2.3
1.4
13.2
15.86
4,458.65
50.47
1.1
6.8
5.1
29.8
35.59
15,404.60
78.40
0.5
-5.9
4.7
10.6
20.25
2,045.04
-5.34
-0.3
-3.1
0.5
2.8
9.99
23,402.57
211.85
0.9
-0.5
0.5
11.5
10.89
Dow Jones Industrials
Nasdaq Composite
Nikkei 225*
Shanghai Composite*
Hang Seng Index*
*Time - SAST 6:00:00 AM
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Commodities
Yesterday, corn spot prices continued to trade lower and dropped 0.8% to
$3.96/bushel, after the US Department of Agriculture forecast better-thanexpected crop supplies this year.

At 06:00 SAST today, gold prices remained nearly flat to trade at
$1,326.25/oz. Yesterday, gold dropped 0.1% to close at $1,326.46/oz.

Yesterday, copper remained almost unchanged to close at $7,039.50/mt.
Aluminium closed 0.1% lower at $1,854.25/mt.
4.4
113.1
4.3
110.1
4.1
107.0
30-May
3.9
10-Jun
Crude - LHS
19-Jun
30-Jun
Corn - RHS
Gold & Platinum Prices Spot
1354
1540
1309
1494
1264
1448
1219
30-May
$/oz

At 06:00 SAST today, Brent crude oil rose 0.3% to trade at $111.67/bl,
after the American Petroleum Institute reported that crude oil inventories
declined 0.87mn bls last week. Yesterday, Brent crude oil fell 0.7% to settle
at $111.32/bl, after data indicated that the US ISM manufacturing activity
eased marginally in June.
$/oz

116.2
$/bushel
$/bbl
Crude Oil and Corn Prices Spot
1402
10-Jun
Gold - LHS
19-Jun
30-Jun
Platinum - RHS
7182
1924
6958
1872
6734
1820
6511
30-May
$/MT
$/MT
Copper & Aluminium Prices Spot
1768
10-Jun
Copper - LHS
19-Jun
30-Jun
Aluminium - RHS
Currencies
USD/ZAR Movement
10.9479
10.7877
10.6275
10.4673
30-May
10-Jun
19-Jun

Yesterday, the South African rand weakened against the majors, as
negotiations to avoid a wage strike by the South African largest union,
NUMSA, stalled. Additionally, data indicated that South African
manufacturing activity rose less-than-estimated in June. However, the
widely watched US ISM manufacturing report showed an easing trend for
June, although it continued to remain in the expansion phase. Going
forward today, markets would keep a tab on the domestic consumer
confidence report along with the US ADP employment numbers for further
direction.

The yield on benchmark government bonds were mixed yesterday. The
yield on 2015 bond fell to 6.66% while that for the longer-dated 2026 issue
advanced to 8.32%.

At 06:00 SAST, the US dollar is trading slightly lower against the South
African rand at R10.6641, while the euro is trading 0.1% weaker at
R14.5846.

Yesterday, the British pound advanced against its major currencies, after
data indicated that manufacturing activity in the nation rose surprisingly in
June. Later in the session, investors would keep a close watch on the
eurozone final Gross Domestic Product numbers along with the UK
construction activity report.

At 06:00 SAST, the euro remained almost unchanged against the US dollar
and the British pound to trade at $1.3677 and GBP0.7975, respectively.
30-Jun
EUR/ZAR Movement
14.8311
14.6423
14.4536
14.2648
30-May
10-Jun
19-Jun
30-Jun
GBP/ZAR Movement
18.5719
18.2275
17.8832
17.5388
30-May
10-Jun
19-Jun
30-Jun
6
INVESTOR
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Yield Corner
% Closing
Yield
% Change
on Day
Yield % 1M Ago
South Africa CPI*
6.60
0.00
6.10
South Africa Repo Rate
5.50
0.00
5.50
JSE SA Listed Property Index
6.30
-0.32
6.38
R157 (2015) (SA Bond)
6.66
-0.61
6.61
R207 (2020) (SA Bond)
7.80
0.00
7.79
R186 (2026) (SA Bond)
8.32
0.14
8.31
US 10 Year Treasury
2.56
1.36
2.48
US 30 Year Treasury
3.40
1.14
3.33
Italian 10 Year Treasury
2.83
-0.56
2.96
German 10 Year Treasury
1.25
0.00
1.36
South African Government Bond Yields
9.3%
8.5%
7.8%
7.0%
6.3%
5.5%
Jul-13
Sep-13
Dec-13
Mar-14
R157 (2015)
* As on May 2014
Jun-14
R186 (2026)
JSE All Share Index - Major Gainers & Losers
Times Media Group Ltd (2100.00, -80.00, -3.7%)
African Bank Investments Ltd (655.00, -24.00, -3.5%)
Brimstone Investment Corp Ltd (1480.00, -45.00, -3.0%)
Aspen Pharmacare Holdings Ltd (29090.00, -799.00, -2.7%)
Curro Holdings Ltd (2727.00, -72.00, -2.6%)
Harmony Gold Mining Co Ltd (3266.00, 151.00, 4.8%)
PSG Group Ltd (9686.00, 436.00, 4.7%)
Royal Bafokeng Platinum Ltd (7407.00, 307.00, 4.3%)
Gold Fields Ltd (4004.00, 164.00, 4.3%)
Hudaco Industries Ltd (9286.00, -240.00, -2.5%)
Anglo American PLC (27129.00, 1104.00, 4.2%)
Eqstra Holdings Ltd (644.00, -16.00, -2.4%)
AngloGold Ashanti Ltd (18500.00, 715.00, 4.0%)
Oceana Group Ltd (8500.00, -200.00, -2.3%)
Invicta Holdings Ltd (11140.00, -220.00, -1.9%)
Investec Ltd (9575.00, -173.00, -1.8%)
-6.4%
Pioneer Foods Ltd (11137.00, 637.00, 6.1%)
-4.8%
-3.2%
-1.6%
Anglo American Platinum Ltd (47921.00, 1814.00, 3.9%)
Sibanye Gold Ltd (2945.00, 91.00, 3.2%)
Net 1 UEPS Technologies Inc (12200.00, 370.00, 3.1%)
0.0%
1.6%
3.2%
4.8%
6.4%
Figures in bracket indicate (Last Close, Absolute Change, % Change)
7
INVESTOR
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Dual Listed Companies - Price Differential
Company Name
Price (R) - Local
Exchange
Primary Exchange
Price (Primary Equivalent Price Price Difference
Exchange)
(R)
(R)
Anglo American Plc
271.29
London Stock Exchange
14.87 GBP
271.94
-0.65
BHP Billiton Plc
355.35
London Stock Exchange
19.45 GBP
355.61
-0.26
British American Tobacco Plc
642.71
London Stock Exchange
35.24 GBP
644.47
-1.76
60.11
London Stock Exchange
3.28 GBP
59.97
0.14
93.10 CHF
111.83
0.17
Capital & Counties Properties Plc
Cie Financiere Richemont SA*
112.00
SIX Swiss Exchange
Intu Properties Plc
57.18
London Stock Exchange
3.13 GBP
57.24
-0.06
Investec Plc
96.22
London Stock Exchange
5.24 GBP
95.83
0.39
Lonmin Plc
43.61
London Stock Exchange
2.39 GBP
43.76
-0.15
Mondi Plc
195.61
London Stock Exchange
10.67 GBP
195.13
0.48
New Europe Property Investments Plc/Fund
95.00
London Stock Exchange
5.63 EUR
82.04
12.96
Old Mutual Plc
36.61
London Stock Exchange
2.00 GBP
36.59
0.02
Pan African Resources Plc
2.66
London Stock Exchange
0.15 GBP
2.70
-0.04
Reinet Investments SCA*
25.51
Luxembourg Stock Exchange
17.68 EUR
25.79
-0.28
SABMiller Plc
622.93
London Stock Exchange
34.15 GBP
624.54
-1.61
AngloGold Ashanti Ltd
185.00
New York Stock Exchange
17.10 $
182.36
2.64
DRDGOLD Ltd*
3.08
New York Stock Exchange
2.90 $
3.09
-0.01
Gold Fields Ltd
40.04
New York Stock Exchange
3.67 $
39.14
0.90
Harmony Gold Mining Co Ltd
32.66
New York Stock Exchange
2.97 $
31.67
0.99
9.60
London Stock Exchange
0.53 GBP
9.68
-0.08
61.10
London Stock Exchange
3.33 GBP
60.94
0.16
Redefine International Plc/Isle of Man
Glencore Xstrata Plc
* Depositary Reciepts (DR) trade in the ratio of ten DRs to each Company share; Exchange Rate - USDZAR:10.6641, EURZAR:14.5846,
GBPZAR:18.2881, CHFZAR:12.0117, Conversion rate as of 6:00 SAST
JSE All Share Stocks Hitting 52 Week High / Low
Company Name
Closing Price (R)
1D% Chg
124.45
2.0%
Hits 52 Week High
EOH Holdings Limited
90.81
0.6%
Hits 52 Week High
Investec Plc
96.22
-1.6%
Hits 52 Week High
183.40
1.4%
Hits 52 Week High
36.61
1.8%
Hits 52 Week High
111.37
6.1%
Hits 52 Week High
4.10
2.5%
Hits 52 Week High
230.61
0.3%
Hits 52 Week High
Sibanye Gold Limited
29.45
3.2%
Hits 52 Week High
Steinhoff International Holdings Limited
59.73
0.8%
Hits 52 Week High
Sanlam Limited
61.52
2.0%
Hits 52 Week High
Super Group Limited/South Africa
30.29
-0.5%
Hits 52 Week High
110.20
0.2%
Hits 52 Week High
Woolworths Holdings Limited/South Africa
79.10
1.2%
Hits 52 Week High
ArcelorMittal South Africa Limited
31.13
0.2%
Hits 52 Week Low
125.70
-1.0%
Hits 52 Week Low
Astral Foods Limited
Mr Price Group Limited
Old Mutual Plc
Pioneer Foods Limited
Pallinghurst Resources Limited
Remgro Limited
Sun International Limited/South Africa
Wilson Bayly Holmes-Ovcon Limited
52 Week High / Low
8
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Economic Updates

The Bureau of Economic Research has reported that the seasonally adjusted manufacturing Purchasing Managers’ Index (PMI) in
South Africa increased to a reading of 46.60 in June, less than market expectations of a reading of 47.00 and compared to a reading of
44.30 recorded in the previous month.

The National Association of Automobile Manufacturers of South Africa has reported that on an annual basis, new vehicle sales in South
Africa dropped 2.3% in June, compared with a 9.2% decrease in the previous month. Markets were expecting new vehicle sales to decline
9.0% in June.

Markit Economics has reported that the manufacturing PMI in the UK advanced to a reading of 57.50 in June from a reading of 57.00
reported in the previous month. Markets had expected the index to fall to a reading of 56.80 in June.

The SVME - PMI in Switzerland increased unexpectedly to a reading of 54.00 in June from a reading of 52.50 in the previous month.
Markets had expected the index to fall to a reading of 52.30 in June.

The unemployment rate in Italy rose to 12.6% in May, in line with the market expectations and compared with a revised rate of 12.5% in
the previous month.

The final manufacturing PMI in France declined to a reading of 48.20 in June, less than the preliminary estimate of 47.80 and compared
with a reading of 49.60 in the previous month.

The manufacturing PMI in Germany dropped to a reading of 52.00 in June, more than the preliminary estimate of 52.40 and compared
with a reading of 52.30 reported in the previous month.

On a seasonally adjusted basis, the unemployment rate in Germany remained unchanged at 6.7% in June, in line with market
expectations. Meanwhile, the number of people unemployed in Germany rose by 9.00K in June, compared with a revised unemployed
people of 26.00K reported in the previous month.

The final manufacturing PMI in the eurozone dropped to a reading of 51.80 in June, compared with a flash reading of 51.90 and the
previous reading of 52.20 in May.

The seasonally adjusted unemployment rate in the eurozone stood at 11.6% in May, compared with a similar revised rate recorded in
the previous month. Markets were expecting the unemployment rate to rise to 11.7% in May.

The Institute for Supply Management (ISM) has reported that the manufacturing PMI in the US rose to a reading of 55.30 in June as
against market expectations of an increase to a reading of 55.50 and compared with a reading of 55.40 posted in the previous month.

The Investor's Business Daily (IBD) & TechnoMetrica Institute of Policy and Politics (TIPP) has reported that the economic optimism
index in the US eased to a reading of 45.60 in July, lower than market expectations of a reading of 48.00 and compared with a reading of
47.70 in the previous month.

The US Treasury Secretary, Jacob Lew, opined that an increase in the Chinese house prices would not impact global financial markets the
same way the US mortgage crisis did. He opined that Chinese local currency is still significantly undervalued and stated that he would hold
high-level talks next week to convince authorities to let the currency appreciate.
Key Economic Releases Today
Country
SAST
Economic Indicator
Japan
01:50
Monetary Base (YoY) (Jun)
UK
08:00
Nationwide House Prices n.s.a. (YoY) (Jun)
UK
08:00
Nationwide House Prices s.a. (MoM) (Jun)
Spain
09:00
Unemployment Change (Jun)
UK
10:30
Markit Construction Purchasing Managers' Index (Jun)
Eurozone
11:00
Gross Domestic Product s.a., Final (YoY) (1Q)
Eurozone
11:00
Producer Price Index (YoY) (May)
Eurozone
11:00
Gross Domestic Product s.a., Final (QoQ) (1Q)
Eurozone
11:00
Producer Price Index (MoM) (May)
South Africa
12:00
BER Consumer Confidence (2Q)
US
13:00
MBA Mortgage Applications (27-Jun)
US
14:15
ADP Employment Change (Jun)
US
15:45
ISM New York Index (Jun)
US
16:00
Factory Orders (MoM) (May)
US
Note:
17:00
 High
Fed's Yellen Delivers Lecture at IMF in Washington
 Medium
Relevance















Consensus/
*Actuals
Previous/
**Previous Est.
Frequency
42.6%*
45.6%
Monthly
11.2%
11.1%
Monthly
0.5%
0.7%
Monthly
-150.10K
-111.90K
Monthly
59.80
60.00
Monthly
-
0.9%**
Quarterly
-1.0%
-1.2%
Monthly
-
0.2%**
Quarterly
0.0%
-0.1%
Monthly
-5.00
-6.00
Quarterly
-
-1.0%
Weekly
205.00K
179.00K
Monthly
-
55.30
Monthly
-0.3%
0.7%
Monthly
-
-
-
 Low
9
INVESTOR
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Corporate Updates
South Africa

Vodacom Group: The telecommunications company indicated that it has won a lawsuit battle with its former employee over the
company’s “please call me” service after the High Court in Johannesburg dismissed the case.

Old Mutual: The insurer announced that its unit, Old Mutual Wealth, has completed the acquisition of Intrinsic Financial Services, one of
the largest networks of financial advisers in the UK. Additionally, the company indicated that it has appointed Gail Klintworth, as its Group
Customer Director, effective from 1 August 2014.

Mondi: The packaging and paper company indicated that it has concluded the purchase of the industrial bags and kraft paper business of
Graphic Packaging International in the US.

Anglogold Ashanti: The gold miner announced that it has completed the sale of AngloGold Ashanti Namibia Proprietary, its wholly owned
subsidiary, to QKR Corporation Limited.

Ascension Properties: The company stated that Ashraf Mohamed, its CEO, has resigned from his position with immediate effect.

S&P affirms major SA banks' credit ratings: Ratings agency, Standard & Poor’s (S&P), which downgraded South Africa’s sovereign
credit rating by one notch to just above junk status on 13 June, affirmed the country’s major banks at BBB-/A-3 despite rising economic
and industry risks.

Ethos Private Equity consortium acquires 80.0% of RTT: A private equity consortium led by South Africa’s Ethos Private Equity,
including the Public Investment Corporation (PIC) as co-investors, has acquired 80.0% of Africa’s largest privately-owned parcel
distribution company, RTT.

Chinese firm denies lack of suppliers for Transnet contract: China South Rail (CSR) has denied a report that claims the company has
been unable to find local suppliers for its locomotive contract with Transnet, and has even fabricated some of them to meet its contractual
obligations.

Telkom considers franchising shops - for efficiency: Fixed-line provider, Telkom is looking at franchising some of its 137 stores as a
part of its overall business review to reduce inefficiency and cut costs.

Mouton puts R47.40mn where his mouth is: PSG founder and Chairperson, Jannie Mouton, has invested R47.40mn in buying shares in
the investment holding group.

Zim wants 2015 FDI to double: Zimbabwe’s investment authority wants to draw $2.00bn in foreign direct investment next year, doubling
from this year’s target, as the government clarifies black economic-empowerment laws for investors.

ANC said to decide on minerals export taxes: South Africa’s ruling African National Congress (ANC) decided to introduce measures
including export taxes in the next five years to encourage companies to use raw local materials for domestic manufacturing, according to a
person with knowledge of the matter.

NUMSA ups wage demands to 15.0%: South Africa's striking engineering and metal workers union, NUMSA, said it was reverting to a
demand for a 15.0% wage increase, because employers had failed to respond in kind to its concession of a lower 12.0%.

Protech employees face uncertain future: The hopes of about 1,000 employees of embattled construction group, Protech Khuthele, that
a buyer might come forward and save the group from liquidation, were squashed when Protech announced that it would apply for
liquidation for Protech, Protech Khuthele Proprietary and Protech Readymix Proprietary.

Brian Dames appointed to Nedbank board: Former Chief Executive of Eskom, Brian Dames, has been appointed to the board of
Nedbank Group as an independent non-Executive Director.
UK and US

Paychex: In its results for FY14, the company reported an 8.3% increase in its revenue to $2.52bn, compared with the preceding year.
Diluted EPS climbed 9.6% to $1.71, compared with the previous year, helped by growth in its payroll and human-resource-services
businesses. The company expects its net income for FY15 to rise in the range of 6.0% to 8.0%, compared with market expectations of a
7.0% growth.

A Schulman: The company, in its 3Q14 results, indicated that its revenue soared 17.7% to $645.74mn, compared with the same period
preceding year. Adjusted diluted EPS came in at $0.74, higher than market estimates of $0.66/share. The company hiked its FY14 EPS
guidance and expects it to be in the range of $2.31 to $2.36, surpassing market consensus of $2.27/share.

CalAmp Corporation: The company, in its 1Q15 results, announced a 9.7% increase in its revenue to $58.98mn, compared with the
corresponding period previous year. Adjusted non-GAAP diluted EPS stood at $0.19, marginally better than market expectations of $0.18/
share. However, the company expects 2Q15 EPS to be between $0.17 and $0.21, trailing market consensus of $0.22/share.

Google: The company announced that it has acquired Songza, a music streaming company. Financial terms of the deal were not
disclosed.

Ocado Group: The online supermarket and food retailer, in its 1H14 results, indicated that its revenue climbed 20.7% to GBP429.70mn,
compared with the corresponding period previous year. It swung to a diluted EPS of 1.20p from a loss of 0.66p posted in the similar period
a year earlier.
10
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Corporate Updates

St. Modwen Properties: The company, in its results for 1H14, stated that its revenue jumped to GBP110.10mn from GBP63.80mn
recorded in the same period preceding year. Diluted EPS rose to 19.40p from 15.40p posted in the corresponding period previous year,
helped by an increase in demand for property.

Vodafone Group: The telecommunications company indicated that it has sold its entire 49.0% stake in Vodafone Fiji Limited to the Fiji
National Provident Fund for a cash consideration of GBP51.00mn.

Standard Life: The company confirmed that Standard Life Investments Holdings Limited has completed the acquisition of Ignis Asset
Management from a subsidiary of Phoenix Group Holdings for GBP390.00mn.
Financial Times

Elite UK law firms kick-off reporting season with strong results: Two of the UK’s biggest law firms by revenue kick-started the elite
firms’ reporting season by posting rises in both revenue and profit after advising on big-ticket takeovers and global regulatory
investigations.

Gigaclear speeds up broadband programme: Gigaclear, the UK telecoms group, is accelerating the pace of its rural broadband
programme, backed by veteran investor Neil Woodford’s fund management group.

Aviva Investors Chief outlines plans to revive flagging fortunes: The Chief Executive of Aviva Investors, which is a chronically
underperforming division of the insurance group, launched the first in a new range of “outcome-oriented” funds.

AstraZeneca Chief increases stake in drugmaker: AstraZeneca’s Chief Executive has signalled his confidence in the company’s
prospects by buying GBP2.00mn worth of its shares, just weeks after the collapse of a GBP69.40bn takeover bid from Pfizer.

La Senza goes into administration for second time in two years: La Senza has gone bust for the second time in two years after its
owner Alshaya called in administrators, putting about 750 jobs at risk.

Miners seek to take the plunge: Nautilus Minerals hopes a trio of machines being assembled in the northeast of England will foment a
mining revolution on the other side of the world.

Newmont subsidiary calls for arbitration over mineral export limits: The local subsidiary of US mining group, Newmont has filed for
international arbitration against the government of Indonesia over restrictions on mineral exports, risking a political backl ash during the
country’s presidential election.

Bilfinger warns shift to renewables will hit profits: Bilfinger, the German industrial services group, says it will cut jobs and capacity
because its profit will be hit by falling investment from Europe’s power generation sector.

BNP fine sparks calls for cultural change: Equity investors may have shrugged off BNP Paribas’s record $9.00bn fine for breaching
sanctions on Sudan, Iran and Cuba, but the bank still faces calls from other quarters for more senior executives to be held responsible.

EY appoints record number of new partners: EY has announced a record number of partner promotions, becoming the latest of the Big
Four accountancy firms to boost its top ranks, highlighting improved economic growth and corporate activity.

Russia boost for Visa and MasterCard: Russia has raised hopes that Visa and MasterCard can continue operating in the country without
paying hefty security deposits required under new legislation which took effect on Tuesday.

Barclays hires leading Cameron adviser: Barclays has turned to one of David Cameron’s most senior business advisers to help it stay
atop the rampant activity in the technology, media and telecommunication sector, where dealmaking has returned to pre-financial crisis
levels.

ABI appoints AXA UK Chief to become next Chairman: Paul Evans, Head of AXA UK, will replace Prudential’s Chief Executive, Tidjane
Thiam in the high-profile role as a spokesman for the UK’s insurance industry - the largest in Europe.

Novartis faces Japan charges over data manipulation by ex-staff: Novartis is facing criminal charges in Japan over allegations that it
failed to adequately oversee a former employee who allegedly manipulated clinical data.

Buyout trio weighs bid for Lafarge and Holcim’s EUR5.00bn asset sale: Blackstone, Cinven and a Canadian pension fund are
exploring a joint bid for EUR5.00bn worth of assets earmarked for sale by cement makers Lafarge and Holcim, two people familiar with the
talks said.

Serious Fraud Office left with £4m bill for wrongly reclaimed tax on barristers’ fees: The UK’s top anti-fraud agency had to pay more
than GBP4.00mn to HM Revenue & Customs after wrongly reclaiming value added tax on fees paid to barristers and other contractors.

Defence merger creates Franco-German tank force: The manufacturer of the German army’s Leopard tanks is to merge with French
defence company, Nexter, creating Europe’s biggest maker of ground armaments by sales.

Klepierre sells five Swedish shopping centres in EUR354.00mn deal: Klepierre has sold five Swedish shopping centres to Olav Thon,
Norway’s largest private property owner, for EUR354.00mn as part of an “asset rotation strategy to enhance” its overall portfolio.

Dov Charney builds American Apparel stake towards 50.0%: Dov Charney, the controversial founder of US fashion chain American
Apparel, has managed to increase his stake in the company towards 50.0%, according to regulatory filings in New York.

UK cinemas ban Google Glass: Just a week after Google started selling its GBP1,000 Glass headset in the UK, the country’s cinemas
have banned people from wearing the devices out of fear they could be used to illegally record films.
11
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Corporate Updates

FTC claims T-Mobile USA made millions from bogus charges: T-Mobile USA made hundreds of millions of dollars from “bogus
charges” that customers never authorised, the US Federal Trade Commission claimed in a complaint filed on Tuesday.

Wm Morrison: Edged down 1.7% to GBP1.80, after Kantar data showed the grocer’s market share continuing to slip in another month of
weak sales for the industry.

Ocado: Lost 4.3% to GBP3.55, after flagging up industry-wide pressures on pricing and marketing in its first-half results.
Lex:

Twitter: Road to Noto: A warm welcome: Twitter’s stock jumped 5.0% on Tuesday, when it said that Anthony Noto would be the new
CFO. That makes the stock he was granted worth roughly $2.00mn more. The market is looking for turnround, after Twitter lost its Chief
Operating Officer last month amid finger-pointing over slowing user growth. The shares have fallen a third this year. Online ads can be a
good business, with US spending rising 13.0% annually over the next five years, according to UBS. And on Monday, Twitter bought
TapCommerce, which specialises in re-engaging existing customers. Last month it bought Namo, which focuses on advertising woven into
content. Before that, in September 2013, came MoPub, a mobile ad exchange that reaches a billion screens. Mr Noto should help the
market understand Twitter better. That means publishing more useful advertising metrics. It now discloses figures such as monthly average
users (250.00mn in the first quarter of this year) and average ad revenue per user. Slowing user engagement is a concern: these users
help Twitter sell ads. But Twitter’s customers are its advertisers, and shareholders deserve to know more about them. How many are
there? Are their ranks growing? As Pivotal Research points out, the number of users is less important from an ad perspective than how
much time they spend on the site. Online advertising sounds less idealistic than “the power to share ideas”. But this is a business.

America Movil: Ex-Mex: America Movil issued a statement last week saying that, given encroaching reform in Mexico, it has formed a
committee to consider “structural, commercial, technological and other options”. And here’s a big idea: a break-up. The Mexican
government aims to force more network sharing on Movil; limit what it can charge competitors for terminating calls; curb product bundling;
and so on. If all this drives Movil’s share of the market down (70.0% in mobile, even more in fixed line), the company’s margins on earnings
before interest, tax, depreciation and amortisation in Mexico (44.0%) could fall fast. In Brazil, the most competitive Latin American market,
margins average about 25.0%, JPMorgan points out. The rest of the businesses - spread across the Americas from the US to Chile - are
growing faster, too. In the first quarter, EBITDA in Mexico fell 1.0%. Elsewhere, it grew 14.0%. Much of that growth came fro m data and
pay-TV, areas where the authorities seem particularly keen to limit Movil’s expansion. Valuation of the group reflects the Mexic an woes.
Movil’s forward price to earnings multiple is 10.0; Brazilian competitors Oi, Telefonica and Tim trade at 30.0, 14.0 and 20.0, respectively;
AT&T at 13.0.

Fiat Chrysler: Konnichiwa, Namaste: Fiat is close to consummating its merger with Chrysler. FCA - the primary listing of Fiat Chrysler
Automobiles - will flash across ticker screens in New York this autumn. Future buyers of FCA may not have nearly as much enthusiasm
about dealmaking as their CEO. But they would already be backing a carmaker with punchy plans to increase production from the 4.40mn
cars it made in 2013, to 7.00mn by 2018. That requires 10.0% compound annual growth for half a decade. Revenue is meant to grow at a
similar clip, to EUR132.00bn. Rarely do carmakers expand so fast. Rarely, too, can their cyclical industry promise to be quiescent so long.
Fiat expects that net industrial debt would accumulate beyond EUR10.00bn by 2017. The gambit is precarious - especially if you assume
volume and revenue growth are only organic. On Tuesday, Mitsubishi Motors said it would supply Chrysler with cars to rebadge for the first
time in years, so far only within Mexico. The history between the two, however, might be too tangled for a broader alliance. However, that
still leaves Mazda, with 1.30mn cars, or Suzuki, with 2.70m, two in every five of which are sold in India. Suzuki has almost a half of the
market. Here, Fiat has little presence (Mr Marchionne is, meanwhile, a noted admirer of Osamu Suzuki).
12
INVESTOR
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CAMPUS
Key Corporate Releases Today
South Africa
Full Year Consensus
Company Name
Results
Currency
Estimated EPS
Estimated Revenue (mn)
Results
Currency
Estimated EPS
Results
Currency
Estimated EPS
Results
Currency
Estimated EPS
Estimated Revenue (mn)
1Q
$
3.20
4,868.65
No corporate releases today
UK
Full Year Consensus
Company Name
Estimated Revenue (mn)
No corporate releases today
Europe
Full Year Consensus
Company Name
Estimated Revenue (mn)
No corporate releases today
US
Full Year Consensus
Company Name
Constellation Brands Inc.
Note: All Estimates are for Full Year
South Africa Ex-Dividend Calendar
Date
Company Name
Dividend Type
Last Day to Trade
Amount
-
Crookes Brothers Limited
Final
04-Jul-14
R1.20
-
Famous Brands Limited
Final
04-Jul-14
R1.70
-
Invicta Holdings Limited
Final
04-Jul-14
R1.85
-
Liberty Holdings Limited (Preference)
Regular Cash
04-Jul-14
5.50c
-
Taste Holdings Limited
Final
04-Jul-14
6.20c
-
Telemasters Holdings Limited
Final
04-Jul-14
1.00c
13
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The business of money: Global asset management and
stockbroking
CAMPUS
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www.investorcampus.com
The business of knowledge: Financial education, information
and valuation services
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14

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