Download Country Presentation Mauritius 11 September 2005

THE STOCK MARKET IN
MAURITIUS
Performance and Attributes
Presented by
Sunil Benimadhu
Chief Executive
(ASEA Meeting Cairo, 11-12 September 2005)
PRESENTATION OUTLINE
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Salient features of the Mauritian Economy
Performance indicators of the Mauritius Stock
Market
Comparative valuation ratios
Performance indicators of Top Ten most liquid
stocks
Why invest on the Mauritius stock market
Operational and regulatory features of the Stock
Exchange of Mauritius
Looking ahead
Salient Features of the
Mauritian Economy
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Mauritius has undergone a radical change of its
economic structure during the last two decades.
Reliance on a diversified economic base and an
export-oriented economy has generated an annual
average growth rate of 6% for 15 years.
Mauritius enjoys one of the highest GDP/capita of
US$ 5100 in Africa.
Mauritius is developing as a service-oriented
economy, which will try to derive its growth from
BPO activities.
Mauritius enjoys political stability which britishbased parliamentary democracy .
Performance indicators of the
Mauritius Stock Market
1989 *
2005 **
SEMDEX (End of Period)
100.00
806.99
706.99
13.77
SEMTRI ( in Rs terms)
100.00
1,924.85
1,824.85
20.05
1,437,084,250
76,108,432,889
14,259,850
2,426,471,506
Price Earnings Ratio
6.56
9.27
Dividend Yield - (%)
5.42
4.43
Market Capitalisation (Rs)
Turnover (Rs)
Note: * 5 July 1989
** 7 September 2005
Holding Period Return (%)
Annualised Return (%)
Comparative valuation ratios
Exchanges
Stock Exchange of Mauritius
JSE Securities Exchange
Namibian Stock Exchange
Buenos Aires Stock
Exchange
London Stock Exchange
Euronext-Paris
Singapore Exchange
New York Stock Exchange
Bombay Stock Exchange
Price Earnings
Ratio (PER)
9.27
13.2
7.00
11
Dividend Yield
(%)
4.43
2.97
3.28
1.78
14.3
14.5
14.3
18.6
15.2
3.2
2.73
2.81
1.71
1.85
Performance indicators of Top
Ten Most liquid stocks
Stocks
Mauritius Commercial Bank Ltd
Date
Market
Annualised Total
Price
Dividend
of Listing
Capitalisation
Return Since Listing
Earnings
Yield
as at 7 Sept 2005
(%)
Ratio
(%)
5-Jul-89
14,105,522,800
24.83
9.11
3.80
New Mauritius Hotels Ltd
12-Jun-96
11,783,918,128
16.82
13.85
4.11
State Bank of Mauritius Ltd
30-Jun-95
11,587,158,441
19.86
8.76
4.29
Sun Resorts Ltd
26-Jan-93
6,667,513,319
16.38
11.44
4.96
Rogers & Co. Ltd
27-Jun-90
3,604,247,790
21.97
8.66
4.90
5-Jul-89
3,250,101,594
22.69
10.08
6.19
Ireland Blyth Ltd
17-Aug-94
2,707,512,821
8.94
5.88
5.01
Shell (Mauritius) Ltd
13-Nov-91
2,653,663,806
26.88
17.27
8.18
Air Mauritius Ltd
17-Feb-95
1,984,717,000
1.34
2.67
7.73
Promotion and Development Ltd
17-Jan-96
1,885,008,760
10.95
9.13
2.06
Mon Trésor Mon Désert Ltd
Why invest on the Mauritius
Stock Market
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A forward-looking economy which aims at
growing at a rate of 7% per year.
Listed companies earnings are expected to grow at
double-digit percentage levels.
Average market valuation level is healthy and is
below 10.
Market offers potentially attractive returns.
Market operates in line with international
standards (technical, operational and regulatory).
Good corporate governance and proper disclosure
(i.e at the forefront of listed companies’ priorities).
Operational and regulatory
features of the Stock Exchange
of Mauritius
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Fully automated stock exchange.
Modern CDS – strict delivery versus payment on
T+3.
Modern automated trading system which
incorporates interest trading facilities.
Stock Exchange of Mauritius operates as a SelfRegulatory organisation under the supervision of a
regulator, the Financial Services Commission.
SEM’s activities governed by a newly enacted
Securities Act.
Looking Ahead
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Stock Exchange of Mauritius is going through a
major structural change.
 An Alternative Development Market will soon be
created.
 Trading of medium-term and long-term
government bonds will soon be introduced.
 SEM looking to develop into an international
exchange for the listing of offshore funds.