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 The Sharenet Daily 
Wednesday, 26 March 2014 - 20:00
Top News
SA Business
Company News
Company Results
World Markets (Spot Prices)
JSE Today
JSE Trading Statistics
Major Moves
Index Summary
Latest Consensus Changes / Results Expected
Recent Dividends / Ex Div
Upcoming AGMs
Stock Exchange News Service (SENS)

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Seed Weekly - Aspen ? Healthy and Growing

Seed has two vacancies available at our Cape Town office. Please feel free to look at the job descriptions and if you meet the criteria, kindly forward us your CV.

Seed Investments – Financial manager (CT)
Seed Analytics – Operations manager (CT)

Seed Weekly - Aspen – Healthy and Growing

Aspen Holdings has been one of the darlings of the JSE over the past five years, with phenomenal momentum taking the share price to new highs every year. Judging by the group’s latest interim results, the ride is by no means over yet.

Aspen supplies branded and generic pharmaceuticals in more than 150 countries across the world, and operates 23 manufacturing plants on 6 continents. It is a true heavyweight on the JSE, being the largest locally listed pharmaceutical company, Africa’s largest pharmaceutical manufacturer, and the ninth largest generic medicine provider in the world as of June 2013. Aspen further benefits from a strategic partnership with the global pharmaceutical giant GlaxoSmithKline, from which it acquired four branded products in 2008 in order to enter the global market.

Latest Financial Results

Aspen recently released its interim results for the six months ended 31 December 2013, and it was clear that its non-SA operations were the primary drivers behind a promising 6 months. Revenue increased by 33% to R 12bn, operating profit rose by 16% to R 2.9bn and normalised headline earnings per share jumped 23% to 467 cents compared to the previous reporting period. Cash generated from operations amounted to R 2.2bn, which is a 9% increase on a gross basis, but reduces to an 11% decrease after finance costs and tax.

The graphs above provide a breakdown of Aspen’s gross revenue and earnings by region. The proportion of revenue and earnings derived from outside SA has increased remarkably since 2011 due to Aspen’s aggressive offshore expansion strategy.

The group’s EBITA (Earnings before interest, tax and amortisation) margin has been at 27% consistently over the past 3 years, but this figure has dropped to 25% for this reporting period. Currency depreciation has caused Aspen’s SA and Asian Pacific operations to struggle, but this was partly offset by the good performance of the other international regions. The group’s margin in SA is under severe pressure due to price regulation, and the company has not been able to respond with increased volumes or enhanced productivity.

MAT = Moving Average Total

Aspen has a 16.5% value share of SA’s private pharmaceutical market, and specifically a 31% share of the fast-growing generic sector. Aspen’s market position in SA is illustrated in the graph below, and with these comparisons it is not often that the heaviest balloon also flies the highest!

Despite being the largest company by market capitalisation (size of balloon) and already having the largest value share (x-axis), Aspen was still able to outgrow its competitors.

Current Valuation and Prospects

Aspen’s share price has enjoyed a strong run over the past 12 months, with an increase of 48% compared to the ALSI’s 16% excluding dividends. The share trades at a PE of 33, which is nearly twice that of the market’s 16.8. Although strongly cash-generative, Aspen has not historically paid high dividends, and the DY of 0.6% is only a fraction of the ALSI’s 3.2%.

The global healthcare sector has had very strong defensive and non-cyclical attributes historically, and an ageing global population is expected to provide a welcome tailwind going forward. Aspen’s global exposure positions it well to take full advantage of this going forward, and provides a useful rand hedge to SA-based investors.

Aspen is held in the Seed Equity Fund at a weight of 5.0%, and is one of the top holdings of the momentum strategy.

Kind regards,

Cor van Deventer

Source: www.aspenpharma.com

021 914 4966

Wed, 26 Mar 2014
Top News
South African stocks rose for a third straight session on Wednesday as banking stocks like FirstRand extended recent gains on hopes of a interest rate hike, which could boost their bottom lines.  Full story

Local markets At close of trade on Wednesday, the JSE All Share was up by 0.59% with 2.73% losses in gold mining shares offset by gains in financials and other sectors.  Full story
The United States and the European Union agreed on Wednesday to work together to prepare possible tougher economic sanctions in response to Russia's behaviour in Ukraine, including on the energy sector, and to make Europe less dependent on Russian gas.  Full story
Washington State officials were hoping on Wednesday to cut the numbers on a list of scores of people missing after a weekend landslide, one of the deadliest in recent U.S. history, that has killed an estimated 24 people.  Full story
New satellite images have revealed more than 100 objects in the southern Indian Ocean that could be debris from a Malaysian jetliner missing for 18 days, while planes scouring the frigid seas on Wednesday also reported seeing potential wreckage.  Full story
European stocks rose on Wednesday as easing tensions over Ukraine and positive U.S. economic data helped the market extend the recovery rally that started. . .  Full story
Shares in British bank Lloyds plunged 4.9 percent on Wednesday after the government sold a stake in the lender at a discount. . .  Full story
U.S. stocks mostly edged higher on Wednesday as geopolitical tensions over Ukraine appeared to ease and the latest U.S. economic data pointed to improving. . .  Full story
Global equity markets advanced on Wednesday as investors left behind concerns about Ukraine to focus on the potential for fresh stimulus from China, while. . .  Full story

Gold fell nearly 1 percent to a five-week low on Wednesday as the dollar firmed, equity markets strengthened and the U.S. economy showed. . .  Full story
U.S. stock opened higher on Wall Street Wednesday as geopolitical tensions eased after Western powers agreed to hold off on more damaging economic sanctions. . .  Full story
European shares hit two-week highs on Wednesday, led by UK insurer Standard Life on deal news, with broad sentiment buoyed by stronger U.S.. . .  Full story
A rebound in blue chip insurance stocks, such as Standard Life and Legal & General, pushed Britain's top equity index to its highest level. . .  Full story
SA Business
South Africa's government mediator said it will meet with the striking Association of Mineworkers and Construction Union (AMCU) on Wednesday to. . .  Full story
Zambia's kwacha fell nearly 2 percent against the dollar on Wednesday on increased demand from corporates taking advantage of the currency's. . .  Full story
Shares of mid-cap South African technology firm Pinnacle Holdings extended their slide into a second day on Wednesday, tumbling 21 percent. . .  Full story
The chief executive of platinum producer Lonmin has told staff to take voluntary leave because a wage strike at its South. . .  Full story

Democratic Republic of Congo aims to double tax revenues from minerals but investors warned that an overhaul of the mining code. . .  Full story
Robert Friedland's Ivanhoe Mines Ltd's Platreef project in South Africa could produce some 785,000 ounces of platinum, palladium, rhodium and gold. . .  Full story
South Africa's rand touched its strongest in a week against the dollar on Wednesday, as a recovery in global sentiment boosted. . .  Full story
South African mass-market lender Capitec Bank Holdings reported a sharp slowdown in full-year profit growth on Wednesday, with earnings rising 16. . .  Full story

South Africa's government mediator said it will meet with the striking Association of Mineworkers and Construction Union (AMCU) on Wednesday to restart talks aimed at ending a crippling platinum strike now entering its tenth week.. . .  Full story
Gold edged up on Tuesday as a combination of bargain hunting, technical buying and lingering geopolitical tensions helped bullion to rebound from its previous session's two-percent drop. The yellow metal initially fell to a five-week low after data showed U.S. consumer confidence. . .  Full story
World Markets (Spot Prices)
NameTimeRPMove% Move
JSE Overall17:0047652.89265.330.56%
JSE Top 4017:0042943.04221.750.52%
JSE Gold17:001476.95-45.35-2.98%
JSE Financial17:0034962.53591.151.72%
JSE Industrial17:0061649.16255.980.42%
JSE Indust 2517:0054451.61203.730.38%
JSE Resource17:0055692.6539.420.07%
DJ Futures15:0814213.17-2084.83-12.79%
DJ Ind19:5816306.39-61.49-0.38%
SP 50019:581858.87-6.75-0.36%
FTSE 10018:356605.30.410.01%
All Ords07:495387.2036.200.68%
NZSE 5006:485124.89-5.81-0.11%
NameTimeRPMove% Move
Gold $19:591303.25-7.93-0.60%
Gold R19:5913913.9813913.980.00%
Gold R/kg19:58447400-5832-1.29%
Silver $19:5919.7910-.1920-0.96%
Platinum $19:591402.50-14.00-0.99%
Palladium $19:59777.70-8.30-1.06%
Brent Crude19:58106.64-.35-0.33%
Rand / Dollar19:5910.6758-0.0580-0.54%
Rand / Pound19:5517.6631-0.0468-0.26%
Rand / Euro19:5514.7237-0.1157-0.78%
Rand / NZD19:599.1890-0.0143-0.16%
Rand / AUD19:559.85150.01680.17%
Yen / Dollar19:59102.0800-0.1940-0.19%
Euro / Dollar19:590.72520.72520.00%
Dollar / Euro19:591.3784-0.0041-0.30%
Pound / Dollar19:550.6029-0.0018-0.30%

Click here for the Sharenet Spot Price page
The JSE Today

Trading Statistics
* Includes all listed instruments on the JSE
Major Moves Up
SharenameSaleMove% MoveVolume
1 KAYDAV  1703021.43.%56760
2 ZCI  4407721.21.%100
3 OANDO  1442117.07.%4300
4 TRUSTCO  1201413.21.%127172
5 MARSHALL  90710112.53.%300
6 LITHA  1912112.35.%378383
7 OCTODEC  18981488.46.%21050
8 TELEMASTR  135108.00.%662
9 RARE  699497.54.%8050
10 ABIL  1055565.61.%2807920
11 AVENG  23201205.45.%3078108
12 ELBGROUP  42002005.00.%33576
13 POYNTING  320154.92.%18475
14 SANTOVA  17584.79.%19880
15 NIVEUS  23201004.50.%508501
16 INTEWASTE  12554.17.%526662
17 WBHO  134005003.88.%119516
18 MRHLD  2470913.83.%482276
19 ASSORE  4150015153.79.%94727
20 ROLFES  425153.66.%147438

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Major Moves Down
SharenameSaleMove% MoveVolume
1 RBPLAT-N  1100-400-26.67.%22536
2 PINNACLE  1145-355-23.67.%10675325
3 SABVEST-N  2300-250-9.80.%120000
4 VUNANI  200-20-9.09.%40200
5 TREMATON  350-19-5.15.%17145
6 MERAFE  103-5-4.63.%2179249
7 MMG  1050-50-4.55.%4347
8 PETMIN  234-11-4.49.%245331
9 HARMONY  3425-161-4.49.%711077
10 DCENTRIX  420-18-4.11.%283329
11 DIAMONDCP  101-4-3.81.%9000
12 METROFILE  500-19-3.66.%27000
13 PAN-AF  246-9-3.53.%807707
14 ANGGOLD  18450-667-3.49.%1139685
15 METMAR  140-5-3.45.%13268
16 CAPEVINH  745-25-3.25.%231655
17 TASTE  350-10-2.78.%3500
18 AUSTRO  152-4-2.56.%53180
19 KELLY  195-5-2.50.%10131
20 GFIELDS  4297-110-2.50.%1764217

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New Highs
SharenameSaleHighMove% MoveVolume
1 KAYDAV  1702003021.43.%56760
2 TELEMASTR  135135108.00.%662
3 INTEWASTE  12513554.17.%526662
4 AFRIMAT  14471500473.36.%97532
5 SANLAM  562056201703.12.%4700578
6 FIRSTRAND  366536651052.95.%23065198
7 STANBANK  13650137003692.78.%5390778
8 NEDCOR  22495227375952.72.%987402
9 JSE  914091402402.70.%212582
10 ANGLOPLAT  48250493399452.00.%178603
11 SASOL  597016000010731.83.%1241130
12 CML  975097951751.83.%402129
13 INVLTD  847084891451.74.%454022
14 AMECOR  31531551.61.%50507
15 INVPLC  849085411021.22.%455548
16 GRANPRADE  55055510.18.%1329014

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New Lows
SharenameSaleLowMove% MoveVolume
1 PINNACLE  11451120-355-23.67.%10675325
2 ELLIES   397390-10-2.46.%1389165
3 ETFPLD  84008385-98-1.15.%70078
4 CAT  15801580-5-0.32.%11984
5 EHSV  909750-1-0.11.%3339

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Index Summary
Index NameRPMove% Move
Top 4042,943.04221.750.52%
Mid Cap60,039.53564.700.95%
Small Cap51,306.59-3.21-0.01%
Resource 2055,692.6539.420.07%
Industrial 2554,451.61203.730.38%
Financial 1513,458.24243.151.84%
Financial & Ind. 3058,266.96409.920.71%
All Share47,652.89265.330.56%
Oil & Gas 45,178.47811.991.83%
Mining 32,939.13-129.09-0.39%
Gold Mining1,476.95-45.35-2.98%
Platinum Mining50.26.460.92%
GENERAL MINING9,471.54-20.59-0.22%
Oil & Gas Producers 24,291.63436.591.83%
Basic Materials 29,218.21-59.42-0.20%
Chemicals 23,767.3824.560.10%
Forestry & Paper 31,953.66469.081.49%
Industrial Metals 20,870.02424.842.08%
Industrials 43,194.02677.291.59%
General Industrials
Consumer Goods 56,525.40261.530.46%
Automobiles & Parts 9,456.3870.200.75%
Household Goods356.8500.00%
Health Care 74,818.10206.900.28%
Beverages 177.78-1.82-1.01%
Index NameRPMove% Move
Food Producers 68,187.29596.510.88%
Personal Goods 1,022.3323.672.37%
Consumer Services 11,286.98-16.94-0.15%
General Retailers 60,158.18659.001.11%
Travel & Leisure 5,433.92-50.82-0.93%
Media 256.58-2.02-0.78%
Support Services 2,630.369.100.35%
Telecommunications 10,209.4310.210.10%
Financials 34,962.53591.151.72%
Banks 60,460.771620.452.75%
Non-life Insurance 48,938.83957.081.99%
Life Insurance 33,963.04574.831.72%
General Financial 3,493.1164.871.89%
Technology 40,341.33-886.81-2.15%
SHARIAH TOP40 4,128.8870.16%
FTSE/JSE SHARIAH ALL4,219.8780.18%
COAL MINING17,955.09820.46%
FTSE JSE Fledgling 6,532.88-2-0.02%
FTSE/JSE Alt X 1,191.21-0-0.02%
RESOURCE 30,430.1990.03%
DIVIDEND PLUS215.1941.66%
FTSE/JSE RAFI 409,570.37640.67%
Capped Top 4022,748.301260.56%
Capped All Share24,132.521380.57%
JSE TABACO 7,325.51-40-0.55%

Click here for the Sharenet Index Summary page
Latest Consensus Changes**
CodeCompany NameStatusUpdated
Results Expected**
ExpectedCompany NameFin. Date
27/03/2014DIAMONDCPDecember 2013 (Final)
27/03/2014HWANGEDecember 2013 (Final)
27/03/2014HWANGE-ADecember 2013 (Final)
27/03/2014MASNITEADecember 2013 (Final)
27/03/2014MASNITEBDecember 2013 (Final)

Recent Dividends**
Share NameDec-DateLDTPay-DateAmount
METAIR25/03/1416/05/1426/05/14ZAR 0.7000
VUNANI24/03/1410/04/1422/04/14ZAR 0.0500
VUNANI24/03/1410/04/1422/04/14ZAR 0.2500
INTUPLC20/03/1410/04/1420/05/14GBP 0.1000
TIMESMED19/03/1404/04/1414/04/14ZAR 0.2500
Ex Div**
Share NameDec-DateLDTPay-DateAmount
SHOPCONV03/03/1420/03/1403/04/14ZAR 325.0000
MTN GROUP05/03/1420/03/1431/03/14ZAR 6.6500
SANTAM26/02/1420/03/1431/03/14ZAR 4.3300
IMPERIAL26/02/1420/03/1431/03/14ZAR 4.0000
LIB-HOLD27/02/1420/03/1431/03/14ZAR 3.6900

Upcoming AGMs**
CodeCompany NameDateStatus
HDCHudaco Industries Ltd.27/03/2014Confirmed
TLMTeleMasters Holdings Ltd.28/03/2014Confirmed
MMHMiranda Mineral Holdings Ltd.31/03/2014Confirmed
MTEMarshall Monteagle PLC01/04/2014Confirmed
MMPMarshall Monteagle PLC01/04/2014Confirmed

Stock Exchange News Service
26/03/201417:50INTU PROPERTIES PLC - Notification of Transactions of Directors/Persons Discharg...
26/03/201417:40PINNACLE HOLDINGS LTD - Update announcement
26/03/201417:28SATRIX COLLECTIVE INVESTMENT SCHEME - Abridged audited results for the year ende...
26/03/201417:26SATRIX COLLECTIVE INVESTMENT SCHEME - Abridged audited results for the year ende...
26/03/201417:26SATRIX COLLECTIVE INVESTMENT SCHEME - Abridged audited results for the year ende...
26/03/201417:25SATRIX COLLECTIVE INVESTMENT SCHEME - Abridged audited results for the year ende...
26/03/201417:25SATRIX COLLECTIVE INVESTMENT SCHEME - Abridged audited results for the year ende...
26/03/201417:24SATRIX COLLECTIVE INVESTMENT SCHEME - Abridged Audited Results for the year ende...
26/03/201417:24SATRIX COLLECTIVE INVESTMENT SCHEME - Abridged audited results for the year ende...
26/03/201417:15SENTULA MINING LIMITED - Changes to the Board of Directors Resignation of Di...
26/03/201416:38MASTER DRILLING GROUP LTD - Trading Statement
26/03/201416:33ANGLO AMERICAN PLC - Publication of Offering Circular
26/03/201415:50SASOL LIMITED - Dealings in securities by a director of major subsidiaries of Sa...
26/03/201415:45BSI STEEL LIMITED - Trading Statement
26/03/201415:42BSI STEEL LIMITED - Repurchase programme
26/03/201415:30BASIL READ HOLDINGS LIMITED - Reviewed results for the year ended 31 December 20...
26/03/201415:09KAYDAV GROUP LIMITED - Salient dates in respect of the cash distribution
26/03/201415:01HUDACO INDUSTRIES LIMITED - Officers Dealing in Securities
26/03/201415:00MERAFE RESOURCES LIMITED - Posting of Integrated Report, No Change Statement and...
26/03/201414:59RBA HOLDINGS LIMITED - Revised trading update
26/03/201414:51SABVEST LIMITED - Notification of director's dealing in shares
26/03/201414:48CAMAC ENERGY INCORPORATED - Camac Energy Petroleum Agreement ratified by Ghana P...
26/03/201414:25THE SPAR GROUP LIMITED - Dealing in securities by the Spar Group Limited Employe...
26/03/201414:20CAPITAL & COUNTIES PROPERTIES PLC - Notification of Major Interests in Shares
26/03/201414:16AVI LIMITED - Dealings in securities
26/03/201414:00IMPERIAL HOLDINGS LIMITED - Dealings in Securities by a Director of Imperial
26/03/201414:00ROYAL BAFOKENG PLATINUM LIMITED - TRP121: Notification of an acquisition of a be...
26/03/201413:45DELTA PROPERTY FUND LIMITED - Acquisition of Tembisa Mega Mart and Cautionary An...
26/03/201413:31DIPULA INCOME FUND LIMITED - Dealings in securities by associates of directors o...
26/03/201413:15HARMONY GOLD MINING COMPANY LIMITED - Harmonys production guidance for the March...
26/03/201413:12TOWER PROPERTY FUND LIMITED - Dealing in securities by an associate of a directo...
26/03/201413:00PINNACLE HOLDINGS LTD - Disclosure of acquisition and disposal of securities
26/03/201412:45JUBILEE PLATINUM PLC - Financial results - interims
26/03/201412:31IPSA GROUP PLC - Director's Dealing
26/03/201412:30IPSA GROUP PLC - CANCELLATION OF S342992 Director's dealing in securities
26/03/201412:30ABSA BANK LIMITED - New financial instrument listing - ASN012
26/03/201412:02PEREGRINE HOLDINGS LIMITED - Dealing in securities by an associate of a director...
26/03/201412:00AFROCENTRIC INVESTMENT CORP LIMITED - Dealings in securities
26/03/201411:58ABSA BANK LIMITED - ABN45-Partial BuyBack
26/03/201411:31SPUR CORPORATION LIMITED - Cautionary announcement
26/03/201411:30GROWTHPOINT PROPERTIES LIMITED - Interest Rate Reset-GRT04
26/03/201411:11KAYDAV GROUP LIMITED - Condensed audited consolidated results for the year ended...
26/03/201411:00IPSA GROUP PLC - Director's dealing in securities
26/03/201410:55UBUBELE HOLDINGS LIMITED - Finalisation announcement in respect of the rights of...
26/03/201409:54SOUTH AFRICAN COAL MINING HLDGS LTD - Trading Statement
26/03/201409:45NIVEUS INVESTMENTS LTD - Dealing in Companys Shares by a Director of a Major Sub...
26/03/201409:30NEW GOLD ISSUER LIMITED - NGPLT Listing of additional NewGold Platinum Debentur...
26/03/201409:00BARCLAYS BANK PLC - Interest Rate Reset-BAR002 and BAR003
26/03/201408:50BRITISH AMERICAN TOBACCO PLC - Transaction in own shares
26/03/201408:00WESIZWE PLATINUM LIMITED - Abridged Group Financial Statements and Notice of Ann...
26/03/201407:33HOSKEN CONSOLIDATED INVESTMENTS LTD - Directors dealings
26/03/201407:05CAPITEC BANK HOLDINGS LIMITED - Audited Summary Consolidated Financial Statement...

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