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 The Sharenet Daily 
Tuesday, 20 October 2015 - 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 - Imperial Holdings Ltd

Imperial holdings Ltd is an international group of companies listed under the Industrial sector on the JSE. The Group has a market capitalisation of around R 37bn and operates across different areas of transportation and mobility, both locally and abroad.

Imperial started out as a single Chrysler car dealership in downtown Johannesburg in 1948, and in 1973 became a Toyota dealership. Truck and car rentals were added to the Group’s offering in 1975 and 1979 respectively and, up to 1999, various transport companies were acquired to form the backbone of Imperial’s logistics business today. In 1996 the Group diversified into vehicle-related financial services, with the establishment of Imperial Bank and Regent Life Assurance. Imperial Bank was subsequently sold to Nedbank in two tranches. In 2008, the Group unbundled its leasing and capital equipment division as JSE-listed Eqstra.

Imperial Holdings Ltd is not a conglomerate that operates in disparate sectors or industries, but focusses completely on three major areas of mobility:

    1.Consumer and industrial logistics

This division includes traditional logistics services in SA across almost every industry, as well as more comprehensive route-to-market solutions in the rest of Africa. Warehousing, inland waterway shipping and container port management is offered in Europe and South America.

    2.Vehicle import, distribution, dealerships, retail, rental and aftermarket parts

This unit imports and distributes passenger and commercial vehicles through 126 owned dealerships in SA and 6 in Australia, with brands including Hyundai, Kia, Renault, Mitsubishi, Tata, Daihatsu and Bentley. The group operates the largest network of franchised dealerships in SA, as well as the largest pre-owned network.

    3.Vehicle-related financial services

Imperial provides motor-related, value-added insurance products via its Regent brand. Around a third of the insurance business originates through Imperial dealerships, with the rest through other partnerships and call centres. Given that a large, fast-growing portion of Regent’s revenue and profits are no longer related to Imperial’s core business, Imperial is in the process of selling Regent to the Hollard Insurance Group.

Latest Results
Imperial recently released its results for the financial year ended 30 June 2015, and despite the weak rand and pressure on SA consumers the Group managed to recover somewhat from a very poor first half of the year.

Revenue grew by 7% to R 110.5bn, while operating profit increased by only 1%. Headline EPS remained stable, while core EPS dropped by 3%. However, cash flow from operating activities increased by 68% and the final dividend also grew 6% to 445 CPS.

The graph below illustrates the financial performance across all three major divisions of the group, and although revenue increased across the board, operating profit in the Vehicles division fell dramatically, with import costs increasing significantly and sales numbers staying stable. Operating margins have been squeezed down to 5.4% from 7.3% last year.

Management does not expect the current headwinds facing SA consumers and SA businesses to change markedly in the short term, and single digit growth in revenue and operating profit is expected for the 2016 financial year. A faster recovery in the German economy would improve matters for Imperial, as would an oil price recovery for its operations in Nigeria, while further rand weakness can add further pressure to its margins.

Imperial is currently held at a 2.5% weight in the Seed Equity Fund, with the share’s good Dividend Yield and Earnings Yield earning it a place in the Value portfolio.

Kind Regards,

Cor van Deventer

Sources: imperial.co.za, moneyweb.co.za

Tel +27 21 914 4966
Fax +27 21 914 4912
Email info@seedinvestments.co.za

Seed is hiring: Visit the Seed Analytics LinkedIn profile to view vacancies.


Tue, 20 Oct 2015
Top News
The black economic empowerment legal battle engulfing South Africa's mining industry could be resolved outside the court room, as miners hold private talks with government, the head of the Chamber of Mines said on Tuesday.  Full story

Local markets Losses across sectors saw the JSE All Share end 0.57% lower on Tuesday, with industrial shares leading the downward trend.  Full story
Canada's Prime Minister-designate Justin Trudeau, having trounced his Conservative rivals, will face immediate pressure to deliver on a swathe of election promises, from tackling climate change to legalizing marijuana.  Full story
Canada's new prime minister, Justin Trudeau, is moving back to the house where he grew up.  Full story
Chinese President Xi Jinping on Tuesday hailed the "bright future" of closer relations with Britain, addressing lawmakers as part of a pomp-laden visit during which more than $46 billion (29.75 billion pound) of deals are expected to be signed.  Full story
Stocks in major world markets rose to a two-month high on Friday and the dollar ticked up, boosted by views that the European Central Bank may provide more stimulus to the euro zone economy.. . .  Full story
Foreign investors turned net buyers of Japanese stocks last week for the first time in nine weeks, exchange data showed, on expectation the U.S. Federal Reserve would wait longer before starting to raise interest rates.. . .  Full story
SA Business
South Africa is looking at buying depressed mining assets as the industry grapples with weak commodity prices, the newly appointed mining. . .  Full story
The expected interest rate increases by the U.S. Federal Reserve have been partly priced into South Africa's rand exchange rate, but. . .  Full story
South Africa's rand was firmer against the dollar on Tuesday, but market analysts said it could come under renewed pressure if. . .  Full story
Belgian brewer Anheuser-Busch InBev may have won over peer SABMiller, but the $100 billion-plus deal could face delays in South Africa,. . .  Full story

South African students burned tyres and erected barricades at their Cape Town campus, leading to 23 arrests on Tuesday, as protests hit universities across. . .  Full story
Belgian brewer Anheuser-Busch InBev may have won over peer SABMiller , but the $100 billion-plus deal could face delays in South Africa, where the. . .  Full story
The United States vowed on Monday to press ahead with a review that could cut South Africa's access to trade benefits after the. . .  Full story
The United States is still working with South Africa to resolve barriers to agricultural trade, a spokesman for the U.S. Trade Representative said. . .  Full story
Company News
The purpose of this announcement is to provide clarity to ExxaroĂs shareholders regarding the announcement by Universal Coal Plc (Universal Coal),. . .  Full story
Shareholders are advised that Singular Systems (Pty) Ltd. (˘Singular Systems÷) will replace Computershare Investor Services (Pty) Ltd. as transfer secretary to. . .  Full story
Further to the cautionary announcement published on 7 September 2015, shareholders are advised that negotiations are still in progress which if. . .  Full story
Shareholders are advised that Resgen has posted a notice of General Meeting of the Shareholders of Resgen, together with the proxy. . .  Full story

The board of directors of Taste advised that all legal proceedings against, inter alia, Taste, Taste Food Franchising (Pty) Ltd. (˘TFF÷), a wholly owned subsidiary of Taste Holdings Ltd. and Domino's Pizza International Inc. (˘DominoĂs÷) have been unconditionally and irrevocably withdrawn against Taste, TFF and Domino's on the basis that same have become fully and finally settled.. . .  Full story
World Markets (Spot Prices)
NameTimeRPMove% Move
JSE Overall17:0052880.16-303.91-0.57%
JSE Top 4017:0047410.34-309.83-0.65%
JSE Gold17:001073.47-.95-0.09%
JSE Financial17:0044602.71-228.27-0.51%
JSE Industrial17:0078667.93-479.85-0.61%
JSE Indust 2517:0070804.42-479.25-0.67%
JSE Resource17:0034604.68-179.59-0.52%
DJ Futures19:4217132.0015.000.09%
DJ Ind19:5817207.92-22.62-0.13%
SP 50019:582027.19-6.47-0.32%
FTSE 10017:356345.13-7.20-0.11%
All Ords07:405271.60-33.00-0.62%
NZSE 5006:485895.4960.661.04%
NameTimeRPMove% Move
Gold $19:591174.963.680.31%
Gold R19:5515646.6682.850.53%
Gold R/kg19:5850341712640.25%
Silver $19:5915.8850.04600.29%
Platinum $19:581017.527.020.69%
Palladium $19:59691.259.501.39%
Brent Crude19:1248.47-.26-0.53%
USD / ZAR19:5913.31330.02700.20%
GBP / ZAR19:5520.54260.02660.13%
EUR/ ZAR19:5515.09890.04710.31%
NZD/ ZAR19:558.9902-0.0365-0.40%
AUD / ZAR19:559.66210.02500.26%
USD / JPY19:59119.89800.43400.36%
EUR / USD19:591.13430.00150.13%
GBP / USD19:591.5453-0.0011-0.07%

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 RANGOLD  2012413.56.%67
2 CAPITAL  11998.18.%6404434
3 INTEWASTE  12997.50.%249625
4 CULLINAN  150107.14.%5000
5 SEPHAKU  695446.76.%34598
6 AEEI  320206.67.%63134
7 MARSHALL  17501006.06.%9560
8 MRHLD  1051474.68.%2867910
9 DRDGOLD  243104.29.%1750058
10 PRESCIENT  11243.70.%342388
11 STEFSTOCK  426153.65.%215955
12 TRNSHEX  290103.57.%154855
13 RHODES  2131713.45.%260253
14 HUDACO  110653653.41.%15837
15 SA-CORP  515163.21.%3714278
16 AECI  95372973.21.%133704
17 RIPLC  1140353.17.%3395780
18 AQUARIUS  23773.04.%882770
19 FAIRVEST  17552.94.%92
20 ETFPLD  92002582.89.%28605

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Major Moves Down
SharenameSaleMove% MoveVolume
1 NVEST  255-20-7.27.%23015
2 ARCMITTAL  1000-70-6.54.%398986
3 YORK  245-15-5.77.%422296
4 NAMPAK  2290-110-4.58.%4775699
5 HOSP-B  320-15-4.48.%33250
6 ARM   5835-253-4.16.%632298
7 SYGNIA  1391-59-4.07.%259215
8 BEE-SASOL  33059-1341-3.90.%254
9 TFG  14200-550-3.73.%1390468
10 BOWCALF  915-35-3.68.%32425
11 TASTE  341-12-3.40.%189524
12 STELLAR  290-10-3.33.%176735
13 TIGBRANDS  32000-1000-3.03.%522407
14 SIBANYE  2325-71-2.96.%2259782
15 ITLTILE  1200-35-2.83.%19980
16 ANCHOR  1450-39-2.62.%74419
17 MMIHLDGS  2422-63-2.54.%4268876
18 ANGLOPLAT  27365-635-2.27.%255962
19 MAS  1955-45-2.25.%63761
20 SANLAM  6430-129-1.97.%3289886

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New Highs
SharenameSaleHighMove% MoveVolume
1 CAPITAL  11912098.18.%6404434
2 ADAPTIT  11201125201.82.%420609
3 ASCENDIS  17001745301.80.%423637
4 CIL  35223560140.40.%67725
5 INTUPROP  70757096130.18.%1098232
6 AFRIMAT  225023400.87010
7 ARROW-B  9871084-3-0.30.%45873
8 BATS  7783578799-526-0.67.%382389

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New Lows
SharenameSaleLowMove% MoveVolume
1 NAMPAK  22902279-110-4.58.%4775699
2 METAIR  284027760.139559
3 MRHLD  1051990474.68.%2867910

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Index Summary
Index NameRPMove% Move
Top 4047,410.34-309.83-0.65%
Mid Cap68,030.24-213.71-0.31%
Small Cap58,817.65370.040.63%
Resource 2034,604.68-179.59-0.52%
Industrial 2570,804.42-479.25-0.67%
Financial 1516,611.59-142.69-0.85%
Financial & Ind. 3074,919.15-515.69-0.68%
All Share52,880.16-303.91-0.57%
Oil & Gas 9,320.53.000.00%
Mining 20,614.71-103.18-0.50%
Gold Mining1,073.47-.95-0.09%
Platinum Mining20.65-.23-1.10%
GENERAL MINING6,088.59-30.57-0.50%
Oil & Gas Producers 50,
Basic Materials 20,689.92-71.02-0.34%
Chemicals 21,515.90-62.38-0.29%
Forestry & Paper 48,989.16208.470.43%
Industrial Metals 5,362.76-131.09-2.39%
Industrials 45,465.26-226.98-0.50%
General Industrials 166.22-.97-0.58%
Consumer Goods 76,245.34-728.87-0.95%
Automobiles & Parts 6,431.06.000.00%
Household Goods570.98-6-1.00%
Health Care 9,495.20-44.51-0.47%
Beverages 277.11-1.37-0.49%
Index NameRPMove% Move
Food Producers 9,224.75-116.56-1.25%
Personal Goods 1,105.83-18.38-1.63%
Consumer Services 16,870.39-15.36-0.09%
General Retailers 8,061.11-111.67-1.37%
Travel & Leisure 5,874.6317.010.29%
Media 425.681.560.37%
Support Services 2,921.0635.731.24%
Telecommunications 9,326.86-124.97-1.32%
Financials 44,602.71-228.27-0.51%
Banks 7,452.23-52.29-0.70%
Non-life Insurance 56,914.52-51.05-0.09%
Life Insurance 41,220.27-593.52-1.42%
General Financial 4,715.08-22.02-0.46%
Technology 60,124.54-195.23-0.32%
SHARIAH TOP40 3,266.82-21-0.65%
FTSE/JSE SHARIAH ALL3,492.13-20-0.58%
COAL MINING7,711.47-88-1.13%
FTSE JSE Fledgling 6,703.2790.14%
FTSE/JSE Alt X 1,539.41-5-0.31%
RESOURCE 18,721.60-94-0.50%
DIVIDEND PLUS203.91-2-1.20%
FTSE/JSE RAFI 409,327.78-69-0.73%
Capped Top 4025,191.75-172-0.68%
Capped All Share26,819.48-154-0.57%
JSE TABACO 9,945.95-67-0.67%

Click here for the Sharenet Index Summary page
Latest Consensus Changes**
CodeCompany NameStatusUpdated
Results Expected**
ExpectedCompany NameFin. Date
21/10/2015ADCORPAugust 2015 (Interim)
21/10/2015CARAugust 2015 (Interim)
21/10/2015DATATECAugust 2015 (Interim)
21/10/2015FRONTIERAugust 2015 (Final)
21/10/2015OCTODECAugust 2015 (Final)

Recent Dividends**
Share NameDec-DateLDTPay-DateAmount
EQUITES15/10/1530/10/1509/11/15ZAR 0.1639
OASIS14/10/1513/11/1523/11/15ZAR 0.6057
MAS14/10/1530/10/1511/11/15EUR 0.0220
PIKWIK13/10/1504/12/1514/12/15ZAR 0.1160
DCENTRIX13/10/1530/10/1509/11/15ZAR 0.0923
Ex Div**
Share NameDec-DateLDTPay-DateAmount
ILPREF230/09/1516/10/1526/10/15ZAR 13.2937
ILRPREF130/09/1516/10/1526/10/15ZAR 13.2937
CAPITEC29/09/1516/10/1526/10/15ZAR 3.7500
ELBGROUP23/09/1516/10/1526/10/15ZAR 0.6700
RCL01/09/1516/10/1526/10/15ZAR 0.2200

Upcoming AGMs**
CodeCompany NameDateStatus
IMPImpala Platinum Holdings Ltd.21/10/2015Confirmed
IMPCBImpala Platinum Holdings Ltd.21/10/2015Confirmed
SNUSentula Mining Ltd.21/10/2015Confirmed
VLEValue Group Ltd.21/10/2015Confirmed
TWRTower Property Fund Ltd.21/10/2015Confirmed

Stock Exchange News Service
20/10/201517:49EXXARO RESOURCES LIMITED - Universal Coal announcement
20/10/201517:45BUILDMAX LIMITED - Cautionary announcement: Group exposure to a material debtor ...
20/10/201517:07CONDUIT CAPITAL LIMITED - No change statement and notice of annual general meeti...
20/10/201516:45JSE LIMITED - Dealings in securities by an associate of director and a director
20/10/201516:40MURRAY & ROBERTS HOLDINGS LIMITED - Market update on the collapse of the pedestr...
20/10/201516:35WILSON BAYLY HOLMES-OVCON LIMITED - Dealing in securities by Director
20/10/201516:20JUBILEE PLATINUM PLC - Exercise of 5 160 000 warrants
20/10/201516:20ELB GROUP LIMITED - Dealing in securities by a director
20/10/201516:00ILLOVO SUGAR LIMITED - Analyst Site Visit to Zambia
20/10/201515:58ANCHOR GROUP LIMITED - Exercise of Options by Directors
20/10/201515:30OLD MUTUAL PLC - Form 8.3 - Public Opening Position Disclosure
20/10/201515:28THE THEKWINI WAREHOUSING CONDUIT (RF) LIMITED - Redemption of TWC111 Notes
20/10/201515:08MICROMEGA HOLDINGS LIMITED - Change of transfer secretary
20/10/201514:30BLUE GRANITE INVEST NO 1 (RF) LIMITED - Outcome of Note Holder Meeting
20/10/201514:30DELTA INTERNATIONAL PROPERTY HOLDINGS LIMITED - Acquisition of 50% interest in t...
20/10/201514:17THE PIVOTAL FUND LIMITED - Renewal of cautionary
20/10/201513:50FIRSTRAND BANK LIMITED - FRJ25-Listing of Tap Issue
20/10/201513:30BLUE TITANIUM CONDUIT (RF) LIMITED - New Financial Instrument Listing Announceme...
20/10/201512:30SABMILLER PLC - Block Listing Six Monthly Return
20/10/201512:08CSG HOLDINGS LIMITED - Renewal of Cautionary
20/10/201512:05SOUTH AFRICAN COAL MINING HLDGS LIMITED - Correction to firm intention announcem...
20/10/201511:27EXXARO RESOURCES LIMITED - Correction Announcement
20/10/201511:22THE WATERBERG COAL COMPANY LIMITED - Request to ASX for Extension to Voluntary S...
20/10/201510:45PAN AFRICAN RESOURCES PLC - TR-1: Notification of major interest in shares
20/10/201510:45NORTHAM PLATINUM LIMITED - Wage settlement concluded at Northams Booysendal mine
20/10/201510:32RESOURCE GENERATION LIMITED - Notice of General Meeting Requisitioned by Shinto ...
20/10/201510:30PRECINCT FUNDING 1 (RF) LIMITED - Partial Redemption Notice - PRE1A2
20/10/201510:10STANDARD BANK OF SOUTH AFRICA LD - SCIB: The Standard Bank of South Africa Limit...
20/10/201510:00AFRICA ETF ISSUER (RF) LIMITED - Redemption of Africapalladium debentures
20/10/201509:32TAWANA RESOURCES NL - EPA Approval of Mofe Creek ESIA Scoping Report
20/10/201509:16ANCHOR GROUP LIMITED - Dealing in securities by an Approved Executive of the Des...
20/10/201508:30IPSA GROUP PLC - Notification re Sterling Trust Limited
20/10/201508:15AVENG LIMITED - Repayment of the Queensland Curtis Liquefied Natural Gas Pipelin...
20/10/201508:05TASTE HOLDINGS LIMITED - Dominos Master Franchise Agreement Litigation Update
20/10/201508:00COMAIR LIMITED - Resignation from the board of directors
20/10/201508:00REDEFINE INTERNATIONAL PLC - Notification In Accordance With LR 9.6.14
20/10/201507:30FIRESTONE ENERGY LIMITED - Request for Voluntary Suspension

Click here for more SENS news