Glossary

Terms Detailed explanation

+ve

Positve. Greater than zero, or expresses the idea of a good thing.

-ve

Negative. Less than zero, or expresses the idea of a bad thing.

Adj. EPS

Adjusted Recurrent EPS. Adj. EPS is a company's Att. PAT which has been adjusted to remove discontinued business activities and exceptional items.

AFV

AXYS Fair Valuation. AFV is fairest present value of a fixed income security as per AXYS' proprietary DCF valuation. In the specific case of CBs, AXYS factors the conversion discount/premium, and subsequent shareholder dilution.

AML/CFT

AML/CFT legislation stand for Anti Money Laundering and Combatting Financial Terrorism legislation which have been designed to prevent money laundering and prevent proceeds going to terrorist organisations.

Ask Price

Lowest price a seller is willing to accept for the sale of a security

ATH

All-Time High. ATH is the highest price level or index level ever reached by the security or index.

ATL

All-Time Low. ATL is the Lowest price level or index level ever reached by the security or index.

Att.

Attributable. Relating to.

Bid Price

Highest price a buyer is willing to pay for a security

Bid-Ask Spread

Difference between bid and ask price

Biz.

Business.

bn

The suffix "bn" after a number represents billions, ie 109.

BoM

Bank of Mauritius. The BoM is the Central Bank of the Republic of Mauritius.

Bond

A Bond is form of non-bank borrowing that constitutes debt. The borrower issues "bonds" which carry interest and are re-paid at maturity. The interest payments are made at pre-defined dates. Defaulting on a Bond is equivalent to declaring bankruptcy in most jurisdictions.

bps

Basis Points. One basis point is one one-hundredth of one percentage point.

Business Day

A Business Day is a day, however it excludes Saturdays, Sundays and public holidays.

CB

Convertible Bond. A CB is a debenture that can be converted into equity (shares) at a specified point in time.

CDS

Central Depository & Settlement. The CDS is the centralised depository and clearing house for the trades executed on the SEM. All securities bought and sold are credited to the buyer's and debited from the seller's CDS respective accounts on T+3 upon transfer of funds via the BoM.

Clean Price

For fixed income securities, the clean price is the actual trade execution price.

 

 

COMM

Information Technology & Communications. A COMM company is a technology or telecommunications company.

COND

Consumer Discretionary. A COND company is one that producers goods or intermediate products that will eventually be sold to consumers and are not considered to be basic necessities.

CONS

Consumer Staples. A CONS company is one that producers goods or intermediate products that will eventually be sold to consumers and are considered to be basic necessities or are edible.

Coupon Rate

The Coupon Rate is the interest rate carried by debt instruments.

Cum-Bonus

Including Bonus. A security which is trading with bonus.

Cum-Div

Including Dividends. A security which is trading with dividends.

Cum-Rights

Including Rights. A security which is trading with rights.

Debenture

A Debenture is a debt security issued by a non-governmental body. A debenture carries a coupon rate, ie the interest rate payable per annum based on the debenture's initial issue price.

Default

A Default is a failure to honour a payment by the issuer of a debt security.

DEM

Development and Enterprise Market. The SEM's secondary list of quoted companies.

Dirty Price or Settlement Price

For fixed income securities, the Dirty Price is sum of the clean price and the interest accrued payable to the seller of the fixed income security.

Div.

Dividends. Please see note for DPS.

Dividend

A Dividend is a fraction of a company's PAT which is distributed proportionally to its shareholders. Dividends can be paid annually, semi annually or on an exceptional announcement.

DPS

Dividends Per Share. DPS is seldomly used and often AXYS uses "Dividends" synonymously to DPS.

DTMT

DEM Total Market Turnover. TMT is the sum of the value, in MUR terms, traded on each listed security on the SEM's DEM.

DY

Dividends Yield. DY is the quotient of the division of a security's total dividends per share during a FY by its LCP expressed as a percentage. DY is a measure of the interest-like quality carried by the security. The higher the number, the more the expected payment.

EPS

Earnings Per Share. EPS is the share of PAT attributable to non-minority interests divided by the total number of shares in issue.

Equity

On a company's balance sheet, Equity means the difference between its total assets and total liabilities; which typically equates to the sum of funds contributed by shareholders and retained earnings or losses.

Equity

On a Stockmarket, equity means a security that gives an ownership interest to its bearer.

Ex-Bonus

Excluding Bonus. A security which is trading without bonus.

Exchange

An exchange is a platform where securities can be traded between multiple parties. An exchange works like an auction house with bids and offers at various prices. Executions occur when bid and offer conditions match.

Ex-Div

Excluding Dividends. A security which is trading without dividends.

Exp.

Exponential or Expenses. Expenses are all the costs incurred by a company during the course of conducting business.

Ex-Rights

Excluding Rights. A security which is trading without rights.

EY

Earnings Yield. EY is the quotient of the division of a security's EPS by its LCP expressed as a percentage.

FDI

Foreign Direct Investment.

FI

Foreign Investors. FI can be either institutional or individual in nature.

FSC

The Financial Services Commission, Mauritius (FSC) is the integrated regulator for the financial services sector other than banking, and global business.  The FSC was established in 2001 and operates within the Financial Services Act, the Securities Act and the Insurance Act. The FSC licenses, regulates, monitors and supervises the conduct of business activities in the non-banking financial services sector.

FY

Financial Year. FY spans a period of one year and is set by the company. It can start at any date, and end one year later.

FY H1

The 1st Semester during the specified Financial Year, ie first six months within the FY.

FY H2

The 2nd Quarter during the specified Financial Year, ie the final six months within the FY.

FY Q1

The 1st Quarter during the specified Financial Year, ie first three months within the FY.

FY Q2

The 2nd Quarter during the specified Financial Year, ie the period spanning the fourth to sixth months within the FY.

FY Q3

The 3rd Quarter during the specified Financial Year, ie the period spanning the seventh to ninth months within the FY.

FY Q4

The 4th Quarter during the specified Financial Year, ie the final three months within the FY.

G

The suffix "G" after a number represents billions, ie 109, and stems from "Giga".

GMTB

Government of Mauritius Treasury Bill. A GMTB is a government of Mauritius issued debt security whose maturity does not exceed 364-Days. A GMTB is a face-value discounted bond.

H1

1st Semester. Unless specified otherwise, H1 is the period from 01-Jan to 30-Jun inclusive.

H2

2nd Semester. Unless specified otherwise, H2 is the period from 30-Jun to 31-Dec inclusive.

Index

A statistical measure giving the change in a market. The main index in the local market is the Semdex.

Investment Dealer

An investment dealer is the fancy Mauritian legislative jargon meaning trader, ie a person or institution that is allowed to execute trades on Mauritian based exchanges.

IRS

Integrated Resort Scheme. Specific to Mauritius, an IRS is a luxury gated housing development typically consisting of a Golf Course and Fine Dining Restaurants where non-Mauritian citizens are allowed to purchase freehold property.

k

The suffix "k" after a number represents thousands, ie 103, and stems from "kilo".

KRR

Key Reverse Repurchase Rate. Please see note at Repo Rate.

LCP

Last Close Price. The final trade price of a security on the SEM's normal equity/debt boards.

M

The suffix "M" after a number represents millions, ie 106, and stems from "Mega".

Marg.

Margins. The quotient of the division of a specified type of profit by turnover expressed as a percentage. This is a measure of efficiency of company. The higher the number, the more efficient the company.

Market

Market is the generic term to describe the exchanges on which securities can be traded

Mean

Mean, as used by AXYS, typically means arithmetic average.

MH

Month High. MH or Mth-High is the highest price level or index level reached by the security or index during the specified period in months.

Mkt

Market. Real-Time or last available price level or index on the SEM.

ML

Month Low. ML or Mth-Low is the Lowest price level or index level reached by the security or index during the specified period in months.

MoM

Month on Month. MoM is the comparison of a given quantity at a specified point within the month compared to its value at the same corresponding point during the previous month.

Morcellement

Real-Estate Land Development. Typically a parcelling of land which is then made available for sale.

NAVPS

Net Asset Value Per Share. NAVPS is the company's equity that is attributable to non-minority interests. NAVPS is seldomly used and often AXYS uses "NAV" synonymously to NAVPS.

NFCI

Net Fee and Commission Income. NCFI is the difference between the sum of fees and commission charges earned and sum of fees and commission charges paid by a financial institution.

NFP

Net Foreign Purchases

NFS

Net Foreign Sales/Selling

NII

Net Interest Income. NII is the difference between interest earned and interest paid by financial institution which is allowed to take deposits and provide credit facilities.

Offer Price

Please see note at Ask Price.

Op.

Operating or Operational. Relating to a company's operations.

P&L

Profit and Loss Statement. An accounting standard method of reporting a company's business revenue and net income after all expenses.

Par

Par Value. Par Value is the initial value of a fixed income security at its issue date.

PAT

Profit After Tax. The net income earned by a company after all expenses have been accounted for.

PBT

Profit Before Taxation. The net income earned by a company after all expenses except for tax.

PBV

Price to Book Value. PBV is the quotient of the division of a security's LCP by its NAVPS. PBV is a measure of expensiveness of a security relative to its net assets aka "book value". The higher the number, the more expensive the security.

PER

Price-Earnings Ratio. PER is the inverse of the EY, ie it is the quotient of the division of the LCP of a security by its EPS. PER is a measure of the expensiveness of a company. The higher the number, the more expensive it is.

PLIBOR

Port-Louis Interbank Offer Rate. The mean rate at which Mauritian Banks are willing to lend to each other.

PLR

Prime Lending Rate. PLR is the base rate upon which all floating interest rates are derived for credit facilities.

Portfolio

The generic term used to describe the collection of securities owned by an investor.

Prof.

Profits. Net income earning by a company. It can be taken at various points within a company's P&L.

Q1

1st Quarter. Unless specified otherwise, Q1 is the period from 01-Jan to 31-Mar inclusive.

Q2

2nd Quarter. Unless specified otherwise, Q2 is the period from 01-Apr to 30-Jun inclusive.

Q3

3rd Quarter. Unless specified otherwise, Q3 is the period from 01-Jul to 30-Sep inclusive.

Q4

4th Quarter. Unless specified otherwise, Q4 is the period from 01-Oct to 31-Dec inclusive.

Qtr

Quarter. A period of time spanning three months, ie one fourth of one year.

Red.

Reduce or Reduction. To decreased in value.

Rel.

Relating or related. Pertaining to.

Repo Rate

Key Reverse Repurchase Rate. The Repo Rate is the rate at which theBoM would be willing to repurchase a lending facility it has provided to banks in Mauritius. The Repo Rate is the baseline interest rate upon which banks will determine deposit and credit interest rate.

RES

Real-Estate Scheme. Specific to Mauritius, a RES is a smaller and less luxurious gated housing developments than an IRS.

Rev.

Revenue. Rev. is synonymously used to mean turnover, ie the total amount of money generated during the course of conducting business by a company.

ROE

Return on Equity. ROE is the quotient of the division of EPS by NAVPS expressed as a percentage. ROE provides a measure of financial performance of the company. The higher the number, the better the performance.

Securities

Securities is the umbrella term for financial instruments such as equity (share/stocks), derivatives (futures/options), or fixed income (bonds/debentures).

SEM

Stock Exchange of Mauritius. The SEM is a Mauritius based securities exchange licensed by the FSC in Mauritius on which equity (shares) and fixed income securities (GMTB and Debentures) can be traded.

Stockbroker/Broker

A broker is an intermediary agent that facilitates an exchange between two parties that may otherwise not have been able to agree on the given trade. A stockbroker is specific type of broker that facilitates the sale and purchase of securities.

T+n

Trade plus "n" days. T+n is the nth business day after trade execution.

TFP

Total Foreign Purchases

TFS

Total Foreign Sales/Selling

TMT

Total Market Turnover. TMT is the sum of the value, in MUR terms, traded on each listed security on the SEM's Official List.

VWAP

Volume Weighted Average Price

WH

Week High. WH or Wk-High is the highest price level or index level reached by the security or index during the specified period in weeks.

Wk

Week. A period of seven days, ie seven full revolutions by the Earth.

WL

Week Low. WL or Wk-Low is the Lowest price level or index level reached by the security or index during the specified period in weeks.

WoW

Week on Week. WoW is the comparison of a given quantity on a specified day compared to its value at on the same corresponding day during the previous week.

YH

Year High. YH or Yr-High is the highest price level or index level reached by the security or index during the specified period in years.

YL

Year Low. YL or Yr-Low is the Lowest price level or index level reached by the security or index during the specified period in years.

YoY

Year on Year. YoY is the comparison of a given quantity at a specified date compared to its value at on the same corresponding date during the previous year.

YTD

Year to Date. YTD is the period spanning from Dec 31st until the current day.

YTM

Yield to Maturity. YTM is the effective annualised compounded interest rate carried by a fixed income security.