SENS AT A GLANCE
Thursday, 20 November 2014
- Investec Group (mkt cap R94.2bn) interims to end September: HEPS +31% to 312cps (238cps); DPS +11.5% to 146cps (131cps). Adjusted EPS +21% in Rand, 4% in Sterling. Tangible NAV +1.1% to R54.87. Recurring income 77% (71%) of total. Operating Profit: Combined SA businesses +21.5% in Rand; UK businesses +17.6% in Sterling. Strong liquidity with cash or near cash balances of R166bn, capital well in excess of regulatory requirements; bad debt charge 0.7% of total advances.
- Woolworths Holdings (mkt cap R82.2bn) trading update 20 weeks to mid November: Sales +47.5%; excluding recently acquired David Jones +11.9% year on year. Clothing sales +8.8%; general merchandise +7.2%; Food +13.3% (prices +9.3%). David Jones sales +1.6% in Aus Dollars. Financial services book grew 9.4%; ’s impairments rose to 5.2% (5%).
- Gold Fields Ltd (mkt cap R38.2bn): quarterlies to end September: Net earnings unchanged from previous quarter at $19m. Production up 2% to 559 000oz. All-in costs including South Deep of $1 096/oz. On track for achieving full year production guidance of 2.2m oz.
- Tsogo Sun (mkt cap: R31.9bn) interims to end September: Unchanged HEPS 81cps and DPS 29cps. Revenues up 4%. Invested R4.7bn mostly through R2.8bn share buyback from SABMiller at R20.96 cps (12% of equity). Other investments include increasing stake in Cullinan Hotels from 50% to 60% (from Liberty Group); acquiring 25% of UK hotel management group Redefine BDL; and expansion and refurbishment of of Emnotweni Casino; Southern Sun Maputo; Silverstar Casino; and Gold Reef City Casino. Opened 353-room Southern Sun Abu Dhabi and secured contract for 150-room Tete Mozambique hotel. Approved R1.8bn expansion at Suncoast Casino in Durban.
- Investec Property Fund (mkt cap R6bn) interims to end September: DPS +8.3%; Total portfolio +89% to R8.1bn; Gearing of 22.6%; vacancies of 3%. Expects a repeat of growth in second half.
- Accelerate Property Fund (mkt cap: R3.9bn) interims to end September: Distributable profit fractionally above forecast R141.2m in prelisting statement (Nov 2013). The Tito Mboweni-chaired company declared a distribution of 24cps in line with promises. Also announced purchase, for R468m of various properties including the Shoprite Distribution Centre in Montague Gardens, Cape Town at a yield of 13.8%.
- Investec Australia Property Fund (mkt cap 2.8bn) interims to September: Distribution of 4.03cps, +6.7%. Gearing of 23.6% paid down to zero post September through proceeds of A$120m rights issue. Three properties at combined yield of 8% acquired in period, taking total to 12. Second half growth will be lower due to impact of rights issue.
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