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The Daily Update: 18 May

April 16, 2024
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FinMeUp
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FinMeUp

The latest updates from the JSE and NYSE over the past 24 hours.

 

South Africa

Tsogo Sun Gaming Limited- Trading statement

  • EPS is expected to be between 161 and 171 cents, representing an increase of between 20% and 28%.

Afrimat Limited- Announcement of audited summary consolidated financial statements for the year ended 28 February 2023

  • Group revenue increased by 4.9% to R4.9 billion.
  • Headline earnings per share declined by 15.7% to 457.6 cents.
  • Net debt:equity ratio decreased to 4.4%.
  • Final dividend per share of 110.0 cents.
  • Return on net operating assets was 24.0%.
  • Group revenue increased, but operating profit decreased by 13.3% due to increased operating activity and rising costs.
  • Jenkins iron ore mine and Nkomati anthracite mine performed well.
  • Industrial Minerals segment was affected by economic slowdown and electricity supply interruptions.
  • Construction Materials segment also experienced a decrease in operating profit.
  • Future Materials and Metals segment was added to support diversification.
  • The Afrimat Board approved a spend of R300.0 million to purchase all shares in Glenover to optimize its value.

Investec Limited- Results for the year ended 31 March 2023 and Dividend Declaration

  • Adjusted earnings per share increased by 25.0% to 68.9p
  • Funds under management (FUM) decreased by 4.5% to 61.0 billion
  • Net inflows were 377 million, with 810 million inflows in discretionary FUM partly offset by 433 million net outflows in non-discretionary FUM.
  • Net core loans increased to 30.2 billion, driven by corporate lending and residential mortgage lending.
  • Customer accounts (deposits) increased by 5.8% in constant currency but decreased by 1.4% to 39.6 billion on a reported basis.
  • Revenue grew by 14.6%, benefiting from higher global interest rates and loan growth, but fee and commission income was impacted by unfavorable market movements.
  • The cost to income ratio improved to 59.6% as operating costs grew by 9.5%.
  • Pre-provision adjusted operating profit increased by 28.0% to 917.0 million.
  • Expected credit loss (ECL) impairment charges increased to 81.1 million, resulting in a credit loss ratio (CLR) of 23bps.
  • Return on equity (ROE) was 13.7% and return on tangible equity (ROTE) was 14.7%.
  • Tangible net asset value (TNAV) per share remained broadly flat at 474.3p.
  • The Group proposed a final dividend of 17.5p per share, resulting in a full-year dividend of 31.0p.

Purple Group Limited

  • Purple Group has finalized its rights offer, which has received approval from the JSE Limited.
  • The offer aims to raise R105 million and is partially committed and partially underwritten.
  • Shareholders who have provided irrevocable commitments will follow their rights in full.
  • An underwriter will cover the remaining shares not subscribed by existing shareholders.
  • The rights offer includes 129,629,630 renounceable rights to subscribe for new shares.
  • The offer price is 81 cents per rights offer share, representing a discount of approximately 31.87% to the average share price.
  • Trading of letters of allocation will begin on May 24, 2023.
  • Shareholders can apply for excess rights offer shares if they wish to.
  • Fractional entitlements will be rounded up or down to the nearest whole number.

Capitec Bank Holdings Limited- Dealings in securities

  • A Prescribed Officer sold Capitec shares worth over R5.6 million.

Netcare Limited- Trading statement

  • EPS is expected to be between 45.6 cents and 46.1 cents, representing an increase of between 48.5% and 50.2%.

Sanlam Limited- Operational Update

  • The group reported a strong start to the year with robust performance on key metrics.
  • Cash net result from financial services increased by 26%.
  • Net result from financial services increased by 25%.
  • Net operational earnings increased by 38%, driven by higher investment income and lower project expenses.
  • Life insurance new business volumes were 3% lower on a present value of new business premiums (PVNBP) basis compared to the prior year.
  • The group conducted R347 million in share buybacks in the first quarter of 2023.

 

The U.S.

 Alibaba Earnings

  • EPS of $1.52 beating expectations of $1.34.
  • Revenue of $29.61B missing expectations of $29.75B.

Walmart Earnings

  • EPS of $1.47 beating expectations of $1.31.
  • Revenue of $152.30B beating expectations of $148.72B.

Amazon

  • Amazon Web Services plans to invest $12.7 billion in cloud infrastructure in India by 2030.

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