PDSnet Opinions


Code Name Date View
ANGLOVAAL INDUSTRIES ORD2025-07-28Anglovaal Industries (AVI) is a generalised producer of consumer products in the food, cosmetics, and apparel sectors. It has a diverse range of very well-known South African brands such as I&J fish, Five Roses tea, Salticrax, Frisco, Provita, Yardley, Spitz and Kurt Geiger. The company announced that it had sold its Australian sea food company Simplot for R633m yielding a net after-tax profit of about R370m. Over the decades, this share has undoubtedly been one of the best blue chips tradin. . .Read more
HYPROP INVESTMENTS LTD2025-07-28Hyprop (HYP) is a leading property real estate investment trust (REIT) that specialises in high-quality shopping malls in South Africa and some interests in Eastern Europe and Africa to the North. It owns some of South Africa's best-known shopping malls like Rosebank, Canal Walk, Hyde Park, and Clearwater. It has been impacted to some extent by the fall-off in consumer spending through lower trading densities. This share is currently trading at close to half of its net asset value (NAV) of R63.3. . .Read more
MERAFE RESOURCES LIMITED2025-07-28This is a ferrochrome operation controlled by Glencore which operates mines, furnaces and smelters in Mpumalanga and Limpopo. The Glencore-Merafe joint venture can produce up to 2,3m tons of ferrochrome per annum. Merafe gets 20,5% of the proceeds and the balance goes to Glencore. The problem is electricity supply, because smelters require huge amounts of current. The 15,6% increase in Eskom tariffs last year was a major factor and the current year's increase of just under 10% from 1st April 202. . .Read more
CASHBUILD LTD2025-07-28Cashbuild (CSB) is the largest retailer in Southern Africa of building materials and related hardware, concentrating on the home improvements market. In the currently depressed economies of Southern Africa, most of the company's growth comes from opening new stores. Clearly, this is a share which is positioning itself for survival and to benefit from any general recovery in economic conditions in Southern Africa. In its results for the six months to 29th December 2024 the company reported revenu. . .Read more
PHPPRIMARY HEALTH PROP PLC2025-07-25Primary Healthcare Properties is a real estate investment trust (REIT) which owns a portfolio of 516 healthcare properties in the UK worth GBP2,8bn. The company says it is, "Low risk, long term, non-cyclical market with development opportunities on-site and in immediate pipeline, with further emerging in the UK, opportunities in Ireland, priced attractively, majority of rents in both jurisdictions funded by government for long lease terms, WAULT of 11.0 years (2021: 11.6 years) and 89% rent roll. . .Read more
ANGLO AMERICAN PLC2025-07-25With Anglo American (AGL), the risk normally associated with commodity stocks is mitigated in two ways. Firstly, the company has diversity of different minerals which reduces the impact of any one mineral entering a bear trend. Secondly, the traditional mechanism to avoid risk is to have a very strong balance sheet with plenty of headroom. That way, if things turn bad, you can ride out the storm. Anglo has such a balance sheet. Anglo describes itself as a globally diversified mining company with. . .Read more
WEZWESIZWE PLATINUM LIMITED2025-07-25Wesizwe (WEZ) is a miner of platinum group metals through its development of the Bakubung Platinum Mine (BPM). The company is developing a mine to access the Merensky and Upper Group 2 (UG2) resources. The mine is near Rustenburg on the Western limb of the Bushveld complex. The company also owns 17,1% of projects 1 and 3 of Maseve Investments. In its results for the six months to 30th June 2024 the company reported headline earnings per share (HEPS) of 7,36c per share compared with a loss of 59,. . .Read more
KUMBA IRON ORE LIMITED2025-07-25Kumba (KIO) is a highly successful iron mining operation which is owned (79%) and controlled by Anglo American. The share price fell to as little as R223 in March 2020 because of COVID-19 but recovered to R668 before falling on the March 2022 quarterly results. Importantly, exports make up 94% of the company's total sales - which means that it is not heavily dependent on local sales but is vulnerable to any strengthening of the rand and the effectiveness of rail transport to ports. The company i. . .Read more
RENRENERGEN LIMITED2025-07-25Renergen (REN) describes itself as an "...integrated alternative energy business..." which invests in renewable energy projects in Africa. The company listed on the JSE in June 2015 and has been losing money every year since. This is reflected in its falling share price. Renergen is investing in liquified natural gas (LNG) and helium. The R125m rights issue was fully underwritten and enabled it to access a R218m loan facility. Its initial public offer (IPO) on the Australian Stock Exchange (ASX). . .Read more
AECI LTD ORD2025-07-24AECI (AFE) is a leading producer of chemicals and explosives in South Africa. It supplies products for the mining industry, water treatment, animal health, food and beverages, and the industrial sector. It has businesses in Australia, North America, Europe, Asia, and Africa and employs 7600 people in 22 countries. AECI also has a property division called "Acacia". This company has successfully diversified away from its exposure to South Africa (40% of total revenue) and shown its ability to make. . .Read more
KROKAROOOOO LTD2025-07-24Cartrack was folded into a new international listing under the name Karoo (KRO) on 21st April 2021. It operates a vehicle recovery, insurance, telematics, and fleet management company operating in twenty-four countries around the world. It has a 92% recovery rate, which it claims is the best in the industry. It has very rapid organic growth, having grown its subscriber base by 21% compound over the past six years. Approximately 96% of the company's turnover is annuity income. The founder, Zak Ca. . .Read more
ADCOCK INGRAM HOLDINGS LIMITED2025-07-24Adcock (AIP) is a leading supplier of pharmaceuticals to both the private and public sector in South Africa. It has also diversified to India and other sub-Saharan countries. The business that Adcock is in is dominated by the government's "single exit price" mechanism which determines the price for each type of medicine. In terms of this, Adcock was only permitted to increase its prices by 1,3% on regulated medicines in the 2019 year. The problem with this "cost-plus" approach to pricing is that. . .Read more
NPHNORTHAM PLATINUM HLDGS LTD2025-07-24Northam (NPH) is a fully empowered platinum mining company which operates in the Bushveld complex. In the current difficult legislative environment where the 3rd mining charter is regarded as unfriendly from an investment point of view, Northam is probably the only mining house which is buying up new properties. It has come to an arrangement with Anglo American to exploit a property adjacent to its Zondereinde mine (the deepest platinum mine in South Africa). It has also bought Eland Platinum fr. . .Read more
VODVODACOM GROUP LIMITED2025-07-24Vodacom (VOD) is South Africa's largest airtime and data provider for cell phones. It is a subsidiary of the international company Vodaphone. Its competitors are MTN, Cell-C and Telkom. The cell phone industry has been hammered by a steady decline in voice revenue which has to some extent been compensated by a sharp rise in data usage. The disadvantage which Vodacom has as an investment is that a foreign parent owns it. Vodacom has businesses in Mozambique, Tanzania, the DRC and Lesotho. Now the. . .Read more
MR-PRICE GROUP LIMITED2025-07-24Mr. Price (MRP) is a retailer of clothing, household goods and sportswear through shop fronts and online in Africa and Australia. Unlike most retailers, Mr. Price receives most of its sales in cash, but there is a growing credit element. Mr. Price has a reputation for being cheaper than other stores. This was a definite advantage during COVID-19 as consumers tried to stretch the buying power of their income. In our view, this is a good share doing extremely well in a very difficult industry, esp. . .Read more
SOLSASOL LTD2025-07-23Sasol (SOL) is a massive international chemicals and energy company which has its roots in the oil-from-coal technology developed during the apartheid era in South Africa. About 50% of the company's profits are directly linked to the oil price. It has two main growth areas - its 50% stake in an ethane cracker plant in Louisiana, America, known as "Lake Charles Chemical Project" (LCCP), and its development of gas resources in Mozambique. Sasol was awarded two new licences in Mozambique to explore. . .Read more
RNIREINET INVESTMENTS S.C.A.2025-07-22Reinet (RNI) is an investment holding company whose main asset for many years was a stake in British American Tobacco (BAT). In its financial results for the year ended 31 March 2025, the company reported that it had sold its remaining 48.3 million BAT shares for €1.627 billion. At that time, Reinet’s net asset value (NAV) per share was €38.04, up from €34.02 the previous year. In an update on 21st July 2025 the company reported its NAV at 38,54 euros per share on 30th June . . .Read more
JUBILEE METALS GROUP PLC2025-07-22Jubilee Metals Group (JBL) is a diversified metals recovery company which re-processes mine waste and surface materials. It is listed both on the London AIM market and on the JSE's Alt-X. It has operations in South Africa, the UK, Madagascar, and Australia - and it is involved in a joint venture in Zambia to produce lead, zinc and vanadium. The company primarily produces platinum group metals (PGM) and chrome, and its primary asset is a 63% stake in the Tjate project, which is assessed to includ. . .Read more
S32SOUTH32 LIMITED2025-07-22South 32 (S32) was spun out of BHP Billiton in 2015 and contained all of BHP's South African coal assets. It is, in its own right, a diversified miner of base metals and minerals such as zinc, coal, aluminium, silver, lead, nickel and manganese. It operates in South Africa, South America and Australia. The company has separated out its coal assets in South Africa and especially those which supply Eskom, into a separate entity which was sold on 1st June 2020 to Seriti. At the same time the compan. . .Read more
SSWSIBANYE STILLWATER LTD2025-07-22Sibanye (SSW) is a mining house which has been on a rapid acquisition trail accumulating platinum and gold mines in South Africa and America and is now broadening its scope to include base metals and minerals, especially so-called "green" metals. The company is run by Neal Froneman who is well-known in the mining industry for his toughness, expertise, and experience. Froneman has said that he intends to retire in about 2024/5 but intends to double the size of the company before he does. Sibanye . . .Read more
BHGBHP GROUP LIMITED2025-07-21BHP is a world-wide commodities company with its headquarters in Melbourne, Australia. It processes minerals, oil and gas and it has 62000 employees, mostly in the Americas and Australia. It produces copper, iron, coal, oil, and gas. BHP owns 57,5% of the Escondida mine in Chile which is one of the world's largest copper producers and also produces some gold and silver. It owns 33,75% of Antamina in Peru which produces copper and zinc. It owns 100% of Pampa Norte which produces copper cathode in. . .Read more
MAS P.L.C2025-07-21MAS (MSP) is a real estate investment trust (REIT) which invests in office, commercial, logistics, retail, and hospitality properties in Europe and the UK. This REIT was started by Martin Slabbert and Victor Semionov who are well known for establishing NEPI - which merged with Rockcastle. They are very highly regarded as European property experts. The company is involved in a program to "restructure and grow" its balance sheet. This was to be done by selling properties in Western Europe and buyi. . .Read more
MPACT LIMITED2025-07-17Mpact (MPT) is a large producer of paper and plastics packaging in Southern Africa. It recycles paper and cardboard and makes corrugated cardboard containers for a variety of industries as well as polystyrene trays for the food industry. It has 20 manufacturing operations with South African sales accounting for 86% of its business. It employs over 5000 people. The business is impacted by the general level of consumer spending (which has been depressed because of COVID-19 and was improving at lea. . .Read more
PRXPROSUS N.V2025-07-17On 11th September 2019, Naspers (NPN) separately listed Prosus (PRX) on the Euronext in Amsterdam to house all its international assets including its stake in Tencent, Mail.Ru and other internet brands. Naspers holds 73% of Prosus and there is a 25% free float. One of the benefits of the Euronext listing is that it removes the risk inherent in the rand, so Prosus is a rand-hedge which rises when the rand weakens and vice versa. Prosus is now Europe's largest consumer internet company. The main a. . .Read more
VISVISUAL INTERNATIONAL HLDGS LTD2025-07-17Visual International Holdings (VIS) is a small, cash-strapped property development company operating in the Cape Town area. The company announced on 2nd July 2018 that publication of its financial results would be delayed. At that time, it was anticipated that the financials would be published before the end of July 2018. As a result of this delay, trading in the share was suspended by the JSE. Visual's flagship asset is the Stellendale Development near Kuilsriver consisting of 2000 residential . . .Read more
ANGLOGOLD ASHANTI PLC2025-07-17Anglogold Ashanti (ANG) is an international gold producer which used to have operations in South Africa (the last of which, Mponeng, has now been sold), and still has assets in the DRC, Tanzania, Ghana, Mali and the US. It had some significant problems in bringing the Obuasi mine into production and the problems with the Tanzanian government over royalties. The company has 14 operational mines. Anglogold has retained its listing on the JSE despite having no South African assets. On 14th July 202. . .Read more
NY1NINETY ONE LIMITED2025-07-17Ninety-One is an asset management company spun out of Investec and separately listed on Monday 16th March 2020. The listing occurred just as the corona epidemic was causing world stock markets to crash so the shares fell more than 40% below their pre-listing range on the first day. There was no initial public offer (IPO). In our view this massive blue chip share is significantly under-valued at current levels. The company's employees now own 22,5% of its equity.  Obviously, this company's p. . .Read more
COMPAGNIE FIN RICHEMON2025-07-17Richemont (CFR) is the world's second-largest supplier of luxury goods controlled by the Rupert family in Stellenbosch. Its sales are entirely located overseas so it is an excellent rand-hedge. Its luxury brands include Mont Blanc, Cartier, Lancel, Jaeger-LeCoultre, Van Cleef and Piaget. It has boosted online sales to 21% of turnover by acquiring Yoox-Net-A-Porter (YNAP), Watchfinder, a UK online group and entering into a joint venture with the online giant Alibaba, to develop apps to penetrate . . .Read more
THATHARISA PLC2025-07-10Tharisa (THA) is a mining company that mines and beneficiates platinum group metals (PGMs) and chrome. The company is listed in London and on the JSE. The Tharisa mine on the south-west limb of the Bushveld Igneous Complex (BIC) is an open pit operation with an estimated life of 17 years. The company owns a subsidiary, Arxo Metals, which beneficiates chrome to produce high-grade chrome concentrates. The company is planning to expand into the Great Dyke area of Zimbabwe. In our view, this is one . . .Read more
ORNORION MINERALS LIMITED2025-07-09Orion Minerals (ORN) is an Australian exploration company which is listed on the JSE (September 2017) and on the Australian Stock Exchange in Sydney. It is trying to find funding for its copper and zinc mine in Prieska. The Prieska mine was previously operated by Anglovaal, but stopped operating in 1990 after 20 years during which it extracted more than 1 million tons of zinc and 430 000 tons of copper concentrate. The main problem with the mine is flooding. Orion hopes to exploit this resource . . .Read more
HUDACO INDUSTRIES LTD2025-07-06Hudaco (HDC) is an importer and supplier of "...automotive, industrial and consumer products" mostly in Southern Africa. Its business has two sides (1) supplying automotive security, power tools, communications, and business supply products to the consumer market and (2) supplying mainly the mining and manufacturing industries with mechanical and electrical power transmissions, diesel engines, hydraulics and pneumatics, steel and thermoplastics, and fittings and bearings." The company has a very. . .Read more
BYIBYTES TECHNOLOGY GROUP2025-07-03Bytes Technology was spun out of Altron and separately listed on the London Stock Exchange (LSE) and the JSE. At listing it had a market capitalisation of about R13bn which has subsequently grown to R26,5bn. Altron shareholders received GBP542m in shares and cash at the demerger in a significant release of value. It describes itself as "...one of the UK's leading software, security and cloud services specialists." The company is the biggest reseller of Microsoft products in the UK and receives a. . .Read more
ACSION LIMITED2025-07-02Acsion (ACS) is a real estate investment trust (REIT) with properties mainly in the retail sector. The portfolio is worth R8,3bn with a gross lettable area (GLA) of 37628 square meters in 9 properties. In its results for the year to 28th February 2025 the company reported revenue up 6,42% and headline earnings per share (HEPS) up 29,5%. The company's net asset value (NAV) was up 12.5% to 2996c per share. The company generated R753m from operations and has a loan-to-value (LTV) of just 7%. The co. . .Read more
XIIGO LIFE INTERNATIONAL LTD2025-07-02Previously known as "Go Life International" (GLI), Numeral is a company listed in Mauritius with a secondary listing on the JSE's Alt-X market. Its focus is in "nutraceuticals" which are products associated with alternative medicine. In other words, they are not pharmaceuticals directly, but claim to offer consumers health benefits. The company was formed to acquire and exploit companies in South Africa which produce nutraceuticals. The company currently owns Go Life Health Products and Gotha He. . .Read more
SKASHUKA MINERALS PLC2025-07-02Shuka Minerals PLC, formerly Edenville Energy, is a junior mining company with a focus on coal and copper assets. It has recently done a  secondary listing on the JSE to attract South African investors. Revenue for 2024 was  £2,305—down nearly 99% from the previous year. The company posted an operating loss of £1.8 million compared to £1,42 in 2023, and a headline loss of £2 million, compared to £1,68 million in 2023. No dividends were declared, and . . .Read more
EXXARO RESOURCES LIMITED2025-07-01Exxaro (EXX) is a BEE coal company with interests in iron and heavy minerals. It has interests in Australia, America and Europe. It is a provider of coal to Eskom's Medupi power station. The company is trying to improve coal production from 48m tons presently to about 60m tons by 2022, but this policy might be changed due to the lower demand for coal on the world market. This is an immensely cash-generative operation that is usually profitable depending on what happens to the price of coal. The . . .Read more
NCSNICTUS BEPERK2025-07-01Nictus (NCS) is a furniture and electrical appliance retailer with three stores in South Africa. It also sells short-term insurance through Corporate Guarantee. In its financials for the year to 31st March 2025 the company reported revenue up 23,04% and headline earnings per share (HEPS) up 84,07%. The company said, "Group total assets increased by 34.28% to R834.8 million (2024: R621.7 million). Group profit for the year increased by 85.12% to R20.3 million (2024: R10.9 million)." The enduring . . .Read more
INVICTA HOLDINGS LTD2025-07-01The Invicta Group consists of five operational segments, namely: 1. Replacement parts, Services, & Solutions: Industrial; 2. Replacement parts, Services & Solutions: Auto-agri; 3. Capital Equipment; 4. Replacement parts, Services & Solutions: Earthmoving equipment; and 5. Kian Ann Group. Christo Wiese (of Steinhoff fame) is the chairperson and owns a 37,57% shareholding. In its results for the year to 31st March 2025 the company reported revenue up 6% and headline earnings per share . . .Read more
SEPSEPHAKU HOLDINGS LTD2025-07-01Sephaku (SEP) is a construction materials business in South Africa which supplies ready-mixed cement products and cement to the construction industry. The group consists of 100% of Metier Mixed Concrete and 36% of associate company Sepcem where the remaining 64% is held by Dangote. Obviously, Sephaku is directly impacted by the difficulties in the construction industry. In its results for the year to 31st March 2025 the company reported Sephold's revenue at R1,18bn compared to R1,16bn in the pre. . .Read more
SEASPEAR REIT LIMITED2025-07-01Spear (SEA) is a real estate investment trust (REIT) which specialises in properties in and around Cape Town. It was started by Mike Flax and the CEO is Quintin Rossi. Both of these men have a very good understanding of property in the Cape area. At listing in November 2016, the company had a portfolio worth R1,5bn and that has grown to 32 properties worth about 4,5bn now - but the company's market capitalisation has remained well below that at around R1,416bn. Property in Cape Town has generall. . .Read more
CCCCILO CYBIN HOLDINGS LTD2025-07-01Cybin is a company which focuses on the production and marketing of medical cannabis. It was listed in the Alt-X of the JSE 25th June 2024 as a special purpose acquisition company (SPAC) and plans to acquire Cilo Cybin Pharmaceutical. Cilo Cybin is to make 10% of its 71m ordinary shares available to the market - which probably means it will be very thinly traded at least to begin with. The company's CEO is Gabriel Theron. In its results for the year to 31st March 2025 the company reported invest. . .Read more
CPRCOPPER 360 LIMITED2025-07-01Copper 360 describes its business as follows, "The Copper 360 business is focused on (a) processing historical mined copper rock dumps through a process of environmental clean-up, and (b) mining surface and shallow copper resources." The company has acquired (through SHIP) an extensive database from companies such as American Mining Conglomerate Newmont and Global Gold Company Gold Fields who worked the district before. The share listed on 12th April 2023 closing at 500c. Since then it has drift. . .Read more
LTELIGHTHOUSE PROPERTIES PLC2025-07-01Lighthouse Capital (LTE) (previously Greenbay) was one of the Resilient group of REIT's (real estate investment trusts) along with Resilient itself, Rockcastle and Fortress. These companies were the subject of a damning report by 36One Asset Management who said that their share prices were too high because of their cross-shareholdings. Because of this, Lighthouse's share price (after a 20-for-1 consolidation in November 2018) fell from 5420c in December 2017 to as little as 688c in February 2019. . .Read more
RESRESILIENT REIT LIMITED2025-07-01The Resilient group of companies (Resilient, Lighthouse - previously Greenbay, Rockcastle and Fortress) used to be the high-flyers of the property sector until the beginning of 2018 when a damning report was produced by 360ne Asset Management. The report claimed that the high prices enjoyed by the shares of these four real estate investment trusts (REIT) was primarily a result of their incestuous cross-shareholdings. This caused the price of Resilient (and the other members of the group) to plum. . .Read more
RMHRMB HOLDINGS LTD2025-06-29Rand Merchant Bank Holdings (RMH) is a company which used to own 34,1% of Firstrand and, since 2016, has been investing in property. RMBH was started 41 years ago by GT Ferriera, Laurie Dippenaar and Paul Harris and listed on the JSE in 1992 and split off and separately listed Rand Merchant Investment Holdings in 2011. RMH Property was formed with the acquisition of 27,5% of Atterbury, 34,1% of Propertuity and 40% of Genesis. After the sale of its 34% stake in FNB, RMH is now essentially a prope. . .Read more
CROOKES BROS LTD2025-06-29Crookes Brothers (CKS) is an agricultural and property company which was formed in 1913 and listed on the JSE in 1948. The company produces sugar cane, bananas, macadamia nuts, deciduous fruit and has a property division. The company owns Renshaw farm which consists of 1800 hectares between Scottburgh and Umkomaas. Of this, 266 hectares has been re-zoned for development, of which 52 hectares is the subject of a contested land claim. The company has decided to sell the 28 hectares which is being . . .Read more
SACSA CORPORATE REAL ESTATE FUND2025-06-29SA Corp (SAC) owns a group of 199 industrial, retail, storage, residential and office properties in South Africa plus a 50% stake in a joint venture in Zambia with 3 properties. The bulk of this portfolio is in retail (43%) and industrial (28%). The company has problems across its portfolio, and especially in its office and industrial properties where it has been experiencing negative rental reversions. Obviously, it is exposed to the poor economic conditions facing South Africa at the moment. V. . .Read more
MARSHALL MONTEAGLE PLC2025-06-29Marshall (MMP) say the following about their business: "Based in the UK, with strategically located offices, globally, Marshall Monteagle PLC is a diversified investment holding company. The company provides procurement, logistics and trading in various hard and soft commodities, industrial raw materials, consumer food and non-food products. Other non-operational investments include Commercial & Industrial Properties and listed equities.” In its results for the year to 31st March 2025 . . .Read more
CASTLEVIEW PROP FUND LTD2025-06-29Castleview (CVW) is a real estate investment trust that owns two properties - a shopping mall in Port Elizabeth in the Eastern Cape, "Pier 14" which the company describes as a "themed lifestyle centre" with 75 stores and a gross lettable area (GLA) of 30381 square meters and Cravenby Shoprite which has a GLA of 3301 square meters. It intends to buy other retail centres throughout South Africa. In its results for the year ended 31st March 2025 the company reported revenue down 0,02% and headline . . .Read more
PBGPBT GROUP LTD2025-06-29PBT Group (PBG) is a fledgling IT company in the general finance sector. It has operations in South Africa and Europe, having recently exited operations in the Middle East and the rest of Africa. The company operates in data analytics, data visualisation, application development, strategic consulting, the cloud, and data platforms. The company did a 10-for-1 consolidation earlier. The group has established agreements with a number of European companies to expand its operations into Europe. Agree. . .Read more
4SIGHT HOLDINGS LIMITED2025-06-274Sight (4SI) is a Mauritian company which specialises in investing in "4th Industrial Revolution" companies and technologies. The first industrial revolution is seen as that which was involved in mechanisation with water and steam power, the second came about when products were mass-produced, the third was the advent of computers and automation and the fourth is what are called "cyber physical systems". Cyber physical systems involve cloud computing and the internet of things. This is apparent f. . .Read more
ARGENT INDUSTRIAL LTD.2025-06-27Argent (ART) is a manufacturer and beneficiator of steel and aluminium products supplying a wide range of businesses in South Africa. It also has operations in the US and the UK. Many of Argent's products are well-known in South Africa such as Xpanda and Jetmaster. It also supplies bulk steel products and beneficiates to suit specific needs. For example, it sells tube, sheet coil and plate steel. It modifies these products with bending, slitting, and cutting to length. It is the largest distribu. . .Read more
SCDSCHRODER EUR REIT PLC2025-06-27Schroder European Real (SCD), Sereit, is a real estate investment trust (REIT) which invests in properties in Europe. The company listed in London and on the JSE on 9th December 2015. It owns a range of properties in high-growth cities across Europe, especially in London, Paris, Frankfurt, and Zurich. Its properties are logistics, office, retail and leisure and it targets a dividend of 5,5% per annum. In its results for the six months to 31st March 2025 the company reported a net asset value (NA. . .Read more
GROWTHPOINT PROP LTD2025-06-27Growthpoint (GRT) is South Africa's largest real estate investment trust (REIT) with a primary listing on the JSE. Prior to COVID-19, it consistently grew its dividends 3% above the inflation rate on average over the last 15 years. The company owns 434 properties in South Africa worth R71bn. In addition, it has a 62,2% interest in Growthpoint Properties Australia (GOZ) which is listed on the Australian Stock Exchange (ASX) and owns 57 properties worth R49,8bn and an 18,2% investment in ASX-liste. . .Read more
TGATHUNGELA RESOURCES LTD2025-06-27Thungela (TGA) is Anglo American's coal assets which has been unbundled into the hands of Anglo shareholders and separately listed on the JSE and the LSE because of Anglo's policy of moving away from carbon-based fossil fuels like coal. Anglo sold its last 8% of Thungela on 25th March 2022 for R1,67bn. Thungela is a major thermal coal exporter in South Africa. It has over 7500 employees and exports coal to Asia, India, SEA, and East and North African countries. The company owns 50% of Phola, whi. . .Read more
OAOOANDO PLC2025-06-26Oando (OAO) is an oil and gas company located primarily in Nigeria. It has listings on both the JSE and the Nigerian stock exchange. The problem with a share like this from a private investor's perspective is that it is highly risky. Firstly, it is a commodity share whose fortunes are determined by the international price of oil. Secondly, its business is located in Nigeria which tends to be politically unstable. Oando's shares are also very thinly traded. In its results for the year to 31st Dec. . .Read more
NEDNEDBANK GROUP LIMITED2025-06-26Nedbank (NED) is the smallest of South Africa's five big banks with a client base of just over 8 million. It has (10-10-18) separated from Old Mutual (which is busy selling its remaining stake). Nedbank is extremely well capitalised and is making good progress in managing costs and implementing technical improvements. The company is clearly benefiting from higher interest rates. Overall, we view this share as being a solid blue chip which is undervalued at current prices. In its results for the . . .Read more
FIRSTRAND LTD2025-06-26FirstRand (FSR) has five divisions - First National Bank (FNB), Rand Merchant Bank (RMH), WesBank, Ashburton (in the UK) and Aldermore. It operates in 10 African countries, has platforms in Africa, Asia and Europe. It also has representative offices in Dubai and Shanghai. FNB has a branch in India. The company was founded by Laurie Dippenaar, G.T. Ferriera and Paul Harris in the 1970's. With a market capitalisation of about R385bn it is by far the largest banking group in South Africa. FNB offer. . .Read more
PMVPRIMESERV GROUP LTD.2025-06-26Primeserv (PMV) describes itself as a "...provider of integrated business support services focused on providing client-centric human capital services, spanning staffing and recruitment services, productivity and functional outsourcing services and training and consulting services." In its results for the six months to 30th September 2024 the company reported revenue up 14% and headline earnings per share (HEPS) up 17%. The company's net asset value (NAV) increased 10% to 273c per share. The comp. . .Read more
ATTACQ LIMITED2025-06-25Attacq (ATT) is a BEE level 2 property developer that converted to a real estate investment trust (REIT) in May 2018 and has been listed on the JSE since 2013. It is the owner of the Mall of Africa in Halfway House and the developer of the Waterfall City complex. It is now building the Ellipse Waterfall residential high-rise, which will have 590 apartments priced between R1,5m and R12m. Overall, Waterfall City is expected to consist of over 1 million square meters of multi-use space over the nex. . .Read more
CAPITAL APPRECIATION LTD2025-06-25Capprec (CTA) is a fintech company offering payments and payment infrastructure as well as software and services. Patrice Motsepe's African Rainbow Capital (ARC) owns a stake. The payments side of the business is done through African Resonance and Dashpay. The software side involves systems development and consulting. The company owns 17,5% of Resonance Australia - a startup business. The company has all the major banks in South Africa as clients. In its results for the year to 31st March 2025 t. . .Read more
GRINDROD LTD.2025-06-25Grindrod (GND) is an international freight and financial services company which operates in twenty-eight countries. In mid-June 2018, Grindrod unbundled and separately listed its loss-making shipping division (Grinship - GSH). This accounts for the "cliff" in the share price at that time. The company is now focused on its two remaining divisions - freight and financial services. Grindrod owns the North-South railway line from Beitbridge to Victoria Falls as well as port terminals at Richards Bay. . .Read more
HARMONY GOLD MINING CO LTD2025-06-24Harmony (HAR) was probably South Africa's most marginal gold mine until it got Mponeng gold mine working effectively. The development of this mine and its processing plant are expected to cost around US$2,8bn - and Harmony does not at this stage have its share of that cash (about R20bn). During 2021 the company purchased Mponeng gold mine for R4,2bn. Mponeng is the world’s deepest mine and has all the problems of ultra-deep level mining. The company is building a 30mw solar park in the Fre. . .Read more
GRSPGOLDRUSH HOLDINGS LTD2025-06-24Previously, RECM Calibre, Goldrush is a company engaged in Bingo, Limited Payout Machines, and Retail Sports Betting. In its results for the six months to 30th September 2024 the company reported net asset value (NAV) up 25,9% to 1540c per share and headline earnings per share (HEPS) of 113,77c compared with a loss of 243c in the previous period. The company said, "Total Gross Gaming Revenue for the six months was R902.5m, 5% up from last year. Food and beverage revenue, which is only associated. . .Read more
NPNNASPERS LTD -N-2025-06-24Naspers (NPN), Africa's largest company, is a massive international social media, gaming, and IT company whose main asset is 73% of Prosus (PRX) which in turn owns 26% of Tencent - a Hong Kong-listed company that provides social media services and gaming in China. Tencent has 10 of China's 20 top mobile applications reaching over 1,1bn users. Naspers itself has an archaic capital structure where it is dominated by its 907128 unlisted "A" ordinary shareholders. Each "A" ordinary share has 1000 ti. . .Read more
OUTOUTSURANCE GROUP LIMITED2025-06-23OUTsurance (OUT) took over the listing of Rand Merchant Insurance (RMI) with effect from 7th December 2022. RMI unbundled its stakes in Discovery (DSY), and Mommet (MTM) and sold its 30% stake in Hastings Plc for R14,6bn. By March 2023, all that was left was the insurance business of OUTsurance. In its results for the six months to 31st December 2024 the company reported gross written premiums up 17,4% and new business up 17,9%. Embedded value rose by 6,8% to 1969c per share. The company said, ". . .Read more
JSE-FOOR DIS-CHEM PHARMACIES LTD2025-06-23Dis-Chem Pharmacies (DCP) listed in November 2016 and competes directly with Clicks (CLS) in the pharmaceutical, medicine and beauty products markets. It is a family business run by the Saltzman family who had a controlling stake in the business through a private company, Ivlyn. On 24th August 2021 Ivlyn announced the sale of 7,5% of its shares in a bookbuild, 3,75% to selected management (with a 10-year lock-in) and 10,5% to a BEE consortium. This left the Saltzman family's interest at 31.4% wh. . .Read more
VUNVUNANI LIMITED2025-06-22Vunani (VUN) is a black-owned financial services group with interests in asset management, investment, banking, property and stockbroking. It also has an interest in coal mining which has been performing well with the rise in coal prices. In its results for the year to 28th February 2025 the company reported revenue up 4% and a headline loss of 2,8c compared with a profit of 7,4c. From a private investor's perspective, the biggest problem with this share in the past was that it was too thinly tr. . .Read more
GMLGEMFIELDS GROUP LIMITED2025-06-22The Gemfields Group (GML) (previously Palinghurst Group) is a mining group that has two major projects: (1) Kagem, the world's largest producer of emeralds (in Zambia) and rubies (at Montepuez in Mozambique); (2) Jupiter Mines, a South African producer of manganese. The group is led by Brian Gilbertson, previously the CEO of BHP Billiton. Gilbertson identified that the semi-precious stones market was under-developed and offered an opportunity for consolidation and professional management - hence. . .Read more
BRIKOR LTD2025-06-20Brikor (BIK) is a company that manufactures bricks, roof tiles and clay pipes. It was listed on the Alt-X in August 2007 and describes itself as "...a diverse manufacturer and supplier of building and construction materials across a broad spectrum of the market from low-cost housing, residential to commercial, industrial, civil engineering and infrastructure projects and has a brick and coal segment through its subsidiary, Ilangabi Investments." The company is trying to improve its BEE status. T. . .Read more
LIBSTAR HOLDINGS LTD2025-06-20Libstar (LBR) is a recently listed decentralised food and beverage company producing "consumer packaged goods" which raised R3bn in an initial public offer (IPO) in May 2018. It owns the Denny brand which is a leading mushroom supplier, and Lancewood which is known for dairy products and other food brands. Altogether it makes over 9000 products and has launched 88 new products in the past six months. The company makes private label brands for retailers like Spar, Woolworths, Pick 'n Pay and Shop. . .Read more
BRAIT PLC2025-06-19Brait (BAT) is an investment holding company which owns 78% of Virgin Active, 93,7% of Premier and 18,5% of New Look (a clothing retailer in the UK). It sold its stake in Iceland Foods for R2,4bn in June 2020 and used the proceeds to pay down debt. It is itself 46% owned by Christo Wiese's company Titan. The company's most important performance measure is its net asset value (NAV). The NAV was impacted by a change in the valuation multiple for Premier which was reduced from 12,4 times to 11,4 ti. . .Read more
SPGSUPER GROUP LTD2025-06-19Super Group (SPG) is a large international logistics group offering transportation to the industrial sector. The company has a policy of not paying dividends, preferring to undertake share buy-backs and investing in organic and acquisitive growth. Its policy of diversifying outside South Africa has paid off with as much as 51% of operating profit now coming from non-South African sources. This reduces the company's exposure to the strength of the rand and to the relatively depressed economic con. . .Read more
PWRPOWER FLEET INC2025-06-18Powerfleet merged with Mix Telematics (MIX) as a company which specialises in vehicle tracking technology and the Internet of Things (IOT). It has operations in South Africa, Australia, the UK, the US, Brazil, Thailand, and Romania. It is a service company which means it has very low working capital and receives a high proportion of its income as annuity or debit-order income. This means it is the best kind of company for private investors. It can expand its global footprint virtually without li. . .Read more
VKEVUKILE PROPERTY FUND LIMITED2025-06-18Vukile (VKE) is a real estate investment trust (REIT) trading on the JSE and the Namibian Stock Exchange. It owns properties directly, shares in other REITs, property in the UK as well as a growing portfolio of properties in Spain. 50% of its assets are in Southern Africa, mainly in retail, 46% in Spain and 4% in the UK. Vukile has a policy of re-investing into its existing properties and has struck a deal with MTN, who have invested R80m to install fibre into 37 of its malls. Vukile has a R595m. . .Read more
SSSSTOR-AGE PROP REIT LTD2025-06-18Storage (SSS) is the JSE's only real estate investment trust (REIT) which specialises in buying and running domestic storage facilities in all major South African cities and in the UK. Its business is split about 60% in South Africa and 40% in the UK. It expects its UK business to exceed the South African business in due course. The company owns 103 properties worth R17,3bn. The business of Stor-age tends to do well in recession as well as in boom periods of the economy. The average client keeps. . .Read more
NVSNOVUS HOLDINGS LIMITED2025-06-15Novus (NVS) is South Africa's largest printing company with 11 printing plants. Until recently, it had the monopoly contract to do all of Media24's printing. With effect from 1-4-18, that contract was reduced to roughly 58% of Media24's printing and the price paid by Media24 for printing was also reduced. The company appointed a new CEO, Neil Birch, who has decided in the short term to abandon the company's acquisitions and focus on consolidating the business and improving its operating performa. . .Read more
AFRICAN RAINBOW MINERALS LTD2025-06-13African Rainbow Minerals (ARI) is a diversified mining company controlled by Patrice Motsepe, involved in a variety of mining ventures. Its interests include platinum group metals (PGM), iron ore, manganese, chrome, coal and copper. It also owns 12,2% of Harmony Gold. There has been some speculation about a possible acquisition. One possibility is an involvement in the Wafi-Golpu copper and gold resource which is jointly owned by Harmony and Australian mining company, Newcrest. Harmony is lookin. . .Read more
SDLSOUTHERN PALLADIUM LTD2025-06-13An Australian palladium mining company with a secondary listing on the JSE. South PD owns 70% of a South African company called "Miracle upon Miracle" (MUM). In cooperation with the Bengwenyama community the company is engaged in exploration for platinum group metals. The main business activity of the Company is the advancement of its Bengwenyama Platinum Group Metal (“PGM”) project, located in South Africa. The company raised A$19m to explore in the Limpopo bushveld complex where MU. . .Read more
PANPAN AFRICAN RESOURCE PLC2025-06-12Pan African Resources (PAN) is a London- and JSE-listed re-treatment gold producer. With its Elikhulu plant it will be able to produce about 700 000 ounces of gold a year at a cost of about R450 564 per kilogram against a current gold price of close to R1m. This means that over its life it will produce revenue of approximately R15bn of which R5,3bn will go back into the economy in the form of mine expenses, creating a highly profitable entity with minimal risks. It will also employ 350 people. T. . .Read more
MCGMULTICHOICE GROUP LTD2025-06-12MultiChoice (MCG) is a leading entertainment company in Africa and one of the fastest-growing pay-TV broadcast providers in the world with 21,1m subscribers in 50 countries. The company's 90-day subscriber base is split 42% (8,9m) in South Africa and 58% (12,2m) in the rest of Africa. The share was spun out of Naspers and separately listed on the JSE on 27th February 2019. The potential for pay-TV in Africa appears to be substantial but is being eroded by internet access and companies like Netfl. . .Read more
KAP LIMITED2025-06-11KAP International Holdings (KAP) is a diversified industrial company which produces and markets timber, chemicals (PET and related chemicals), bedding and car parts. It also has a logistics division. The acquisitions of Safripol and Hosaf were integrated into a polymers business under the Safripol name. The bedding division showed strong growth with new investment in infrastructure and manufacturing capability. Growth in the automotive parts division was muted. This company was 43% owned by Stei. . .Read more
SPPTHE SPAR GROUP LIMITED2025-06-11Spar (SPP) runs a chain of supermarkets across Southern Africa with 2402 stores. It also operates the Build-It chain in hardware and building materials and the Tops Liquor chain. It has operations in Southern Ireland under the name "BWG" which operates through 1392 stores and the Spar chain of 388 stores in Switzerland. As a group, Spar is a very serious competitor in the South African retail industry, making extensive use of franchising to expand its network. The development of the new Polish e. . .Read more
TKGTELKOM SA SOC LTD.2025-06-11Historically, Telkom (TKG) was the government-controlled provider of fixed line telephone connectivity in South Africa. With the advent of cell phones, Telkom was forced to subsidise the development of its own competition in the form of Vodacom, MTN and more recently Cell-C. This subsidy takes the form of termination rates for calls which are now being phased out. Over the past twenty years, the CEO of Telkom, Sipho Maseko, says that Telkom has effectively subsidised other networks to the tune o. . .Read more
PMRPREMIER GROUP LIMITED2025-06-11Premier is a food producer which was spun out of Brait (BAT) through an initial public offer (IPO) and separately listed on 24th March 2023 which raised R3,6bn at a share price of 5382c per share. Brait retained 47,1% of Premier. Premier has managed to mitigate the impact of loadshedding on its operations, the costs of which were not a material impact on its financial performance. In its results for the year to 31st March 2025 the company reported revenue up 7% and headline earnings per share (H. . .Read more
PPCPRETORIA PORT CEMNT2025-06-10PPC is a leading manufacturer and supplier of cement, aggregates, ready-mix, lime, limestone, and fly-ash in Africa. It has eleven cement factories in South Africa, Botswana, the DRC, Zimbabwe, Rwanda, and Ethiopia with a total production capacity of 11,5 million tons. It produces aggregates at its Mooiplaas quarry in Gauteng which is the largest aggregates producer in South Africa. It has twenty-six batching plants for ready-mix in South Africa and Mozambique. Importantly, the company has manag. . .Read more
AVENG LTD2025-06-10The once-massive construction company, Aveng (AEG), which traded at R69 a share in 2008, was reduced to a penny stock. This sad demise was brought about by a number of factors. Among these, the reduction in construction spending following the sub-prime crisis has been critical. The government ceased infrastructure development after the 2010 World Cup which had a further detrimental impact. This was then followed up by the competition commission's R1,4bn fines in the construction industry. The di. . .Read more
OMNOMNIA HOLDINGS LTD2025-06-10Omnia (OMN) is a diversified chemicals company supplying products to the agricultural, chemicals and mining industries in South Africa and 48 other countries. The Agricultural division is the leader in fertilizers in Southern Africa. It supplies granular, liquid and speciality fertilizers in Southern Africa, Eastern Africa, Australia, New Zealand, and Brazil. The mining division is the leading supplier of explosives in South Africa, Mali, Swaziland, Sierra Leone, Malawi, Senegal, Zambia, Zimbabw. . .Read more
ALEXANDER FORBES GRP HLDGS2025-06-10Alexander Forbes (AFH) is a financial services company offering asset management, insurance, healthcare, retirement, consulting, and wealth management to both corporate and private clients. It has a presence in 5 countries in Africa outside South Africa - Namibia, Nigeria, Botswana, Uganda, and Zambia. In the past, the share has fallen from its high of just over R10 in February 2015 to around 430c today. Much of the fall was blamed on its previous CEO, Andrew Darfoor, who was said to have lost t. . .Read more
TFGTHE FOSCHINI GROUP LTD2025-06-09The Foschini Group (TFG) is an international retailer of 28 fashion brands. It has 4083 trading outlets in 32 countries around the world. It has a division in London and one in Australia, aside from its extensive presence in the South African market. One of the notable achievements of TFG is that it has managed to establish a successful business in Australia where many other retailers (like Woolworths) have failed. TFG bought the Retail Apparel Group (RAG) in Australia for just over $300m in 201. . .Read more
FTBFAIRVEST LIMITED B2025-06-09Fairvest (FTB) is a real estate investment trust (REIT) which specialises in investing in smaller rural and non-urban shopping centers that are focused on consumers who have a lower living standard measure (LSM). It has 131 properties valued at R11,8bn. This is broken down as 67% retail, 23% office and 10% industrial. It also owns 26,3% of Dipula (DIB). The company boasts that it is the top-performing REIT in South Africa with a return to investors of just under 18% for the year. In its results . . .Read more
FORTRESS REAL EST INV B2025-06-09Fortress (listed on the JSE as FFA and FFB) is a real estate investment trust (REIT) with properties held in its own name and shareholdings in other REIT's. Principally, it owns shares in Nepi Rockcastle and Greenbay (now called "Lighthouse"). The properties which it owns directly are worth R30bn and are in logistics, offices and commuter retail. It has a dual share structure with lower risk "A" shares (FFA), which get a dividend which is incremented by the lower of the CPI or 5% in any period, . . .Read more
AYO TECH SOLUTIONS LTD2025-06-06AYO is a black-owned technology company that was spun out of AEEI and in which AEEI still holds 49,4%. There were suspicious circumstances with a massive R4,3bn investment by the Public Investment Corporation (PIC) which has been the subject of a court action by the PIC and finally settled on 31st March 2023 with the AYO paying the PIC R619m.In effect the PIC pensioners appear to have been fleeced out of billions of rands. Ayo shares listed at R43, fell to as low as 105c, but is now at around 30. . .Read more
APHALPHAMIN RESOURCES CORP2025-06-06Alphamin (APH) is a tin mining and exploration company operating out of Mauritius. Its primary asset is just over 80% of Alphamin Bisie Mining which has a tin mine in the DRC. The company claims that it is the best tin ore body in the world. In its results for the year to 31st December 2024 the company reported revenue of $528m up from $288,5m in the previous year and earnings per share (EPS) of 7,9c (US) compared with 3,7c in the previous year. In an update on the 3 months to 31st March 2025 th. . .Read more
BARLOWORLD LTD.2025-06-06Barloworld (BAW) is an international supplier of heavy earth-moving equipment and vehicles to the mining, agriculture, infrastructure, power, automotive and logistics sectors. Its best-known brands include Caterpillar, Avis, Massey-Ferguson, and Challenger. It operates in 24 countries, especially in Southern Africa, Russia, and other emerging markets. Its wide diversity of operations and geographical activities give it some insulation against recession. BAW has sold its Spanish and Portuguese op. . .Read more
BRIMSTONE INVESTMNT CORP2025-06-06Brimstone (BRT) is a black-controlled investment holding company with a diverse portfolio of holdings. It owns: 1. 54,2% of Sea Harvest, which is a listed fishing company and has a market capitalisation of just over R4,5bn. 2. 100% of Lion of Africa, a loss-making insurance company, which decided in November 2018 to cease operations and close its doors. 3. 100% of House of Monatic, a loss-making clothing manufacturer, 4. 24% of Oceana, the largest fishing company in South Africa with a market ca. . .Read more
BRITISH AMERICAN TOBACCO PLC2025-06-04British American Tobacco (BTI) describes itself as a "leading consumer goods company" - which is a euphemistic way of saying that they produce and sell an enormous number of cigarettes and related products world-wide. It is also the second largest company on the JSE after Naspers. In recent decades, cigarette companies have become increasingly oppressed. Their ability to advertise their products and even package them has been severely curtailed in many countries. They are seen to be exploiting a. . .Read more
TONTONGAAT-HULLET LTD2025-06-04Tongaat (TON) is two businesses - land development and sugar. The company owns 17600 hectares of land of which 9100 hectares along the Natal coast can be developed. The property is valued at R11,7bn. A strategy was developed to own developed properties that can generate rental income - instead of selling them off. 57% of the land between Ballito and Umhlanga known as the "Durban Aerotropolis" next to King Shaka airport belongs to Tongaat. Its production and sales of sugar is essentially a commod. . .Read more
BELL EQUIPMENT LTD2025-06-03Bell (BEL) is a manufacturer and distributor of heavy equipment, earth-moving equipment to the mining construction, agriculture, and waste management industries. As such, it has been directly impacted by the slow-down in construction since 2008 and collapse of the mining industry. Bell's articulated dump trucks are exported world-wide from South Africa and Germany. Bell also has dealerships for a number of other global manufacturers, giving it a product range of over 120 products. Roughly 60% of. . .Read more
MTMMOMENTUM GROUP LIMITED2025-06-03Momentum Metropolitan (MTM) is an insurance company listed on the JSE and the Namibian stock exchanges. It was formed by the merger of Momentum and Metropolitan in December 2010. The company participates in all aspects of short and long-term insurances and various financial services. The company was the first insurance company to achieve level 1 BBBEE status. The company is closing its businesses in Mozambique, Mauritius, Zambia, Tanzania, and Swaziland. At the time of the merger between Momentu. . .Read more
RBXRAUBEX GROUP LIMITED2025-06-03Raubex (RBX) is a construction company that was started in 1974 and listed on the JSE in 2007. The company has three divisions in construction, materials, and infrastructure. Recently, with the dearth of work in road-building, especially from Sanral (who have halved the value of the tenders which they issue), the company has branched out into solar and wind energy and has won contracts worth R500m in this area, doing work on the Droogfontein photovoltaic farm and the Copperton wind farm in the N. . .Read more
SRESIRIUS REAL ESTATE LTD2025-06-03Sirius (SRE) is a real estate investment trust (REIT), listed on the JSE and the London Stock Exchange (LSE), which specialises in office, manufacturing, and warehousing properties in Germany. The company owns 141 assets with a book value of about 2bn euros. Obviously, this is a well-managed and growing rand-hedge which was benefiting directly from the recovery of the German economy before COVID-19. The company has formed a joint venture (JV) with AXA Investment Managers in terms of which AXA wi. . .Read more
SYGSYGNIA LIMITED2025-06-03Sygnia (SYG) describes itself as a "specialist financial services group". It is South Africa's largest provider of exchange traded funds (ETF) and has a number of unit trusts. The company has R217,7bn under management and appears to be taking market share away from other asset managers. Sygnia Itrix makes it possible for Sygnia to attract funds looking for offshore exposure. The fact that Sygnia was able to increase assets under management during such a challenging time, indicates that it has ca. . .Read more
ALVALTVEST CAPITAL LTD2025-06-03Altvest (ALV) is an investment company that offers: "Private equity, Property & community housing, Sustainable agriculture, Fintech and block-chain led projects, Renewable energy and Luxury assets..." The share listed on the JSE on 16th October 2024 and 83160 shares changed hands at 642c. Since then the share has fallen to 640c but very few shares have been traded. In its results for the year to 28th February 2025 the company reported revenue of R7,5m compared with R972361 in the previous ye. . .Read more
HUGE GROUP LIMITED2025-06-02Huge (HUG) is a telecommunications, media, and software company. It has operations in South Africa, Mozambique, Namibia, Lesotho, Swaziland, Botswana, Zambia, and Zimbabwe. It has the following main operating subsidiaries - Huge Cellular (49%), Huge Networks (50,03%), Huge Technologies (100%), Huge Telecoms (100%), Huge Soho (49%), Huge Media (96%), Huge Messaging (100%) and Huge Mobile (100%). It is involved in payment connectivity - connecting payment terminals of merchants, ATMs, points of sa. . .Read more
MHBMAHUBE INFRASTRUCTURE LTD2025-06-02Mahube (MHB) is an infrastructure holding company which reversed into Gaia and is involved in large-scale energy transport, water and sanitation projects. It is 41,35% owned by the Government Employees Pension Fund (GEPF). The company says, "Mahube Infrastructure owns five renewable energy assets – two wind farms and three solar PV (photovoltaic) farms – all of which were licensed by South Africa’s department of energy in the first round of bids of the renewable energy independ. . .Read more
INSIMBI IND HLDGS LTD2025-06-02Insimbi (ISB) is a group which manufactures and supplies specialist products to the industrial sector. They source, buy, package and process ferrous and non-ferrous alloys, refractory and foundry materials, plastic blow-moulding and injection moulding. They recycle metal alloys and they provide technical support to users of their products. In its results for the year to 28th February 2025 the company reported revenue down 11% and a headline loss per share of 6,5c compared with a profit of 12,54c. . .Read more
MTUMANTENGU MINING LIMITER2025-06-02Previously known as Mine Restoration, this company invests in mining resources. It owns the Langpan Project which mines and processes chrome with a high concentration of platinum group metals (PGM). The Langpan orebody consists of 3.1 million tonnes of open cast resource and over 4.9 million tonnes of underground resource, as confirmed by MSA Competent Persons report. In its results for the year to 28th February 2025 the company reported revenue of R317,5m compared with R109,9m in the previous y. . .Read more
RHBRH BOPHELO LIMITED2025-06-02RH Bophelo (RHB) is a black-owned African healthcare company that listed on the JSE in July 2017 as a "special purpose acquisition company" (SPAC) after raising R500m (50 000 shares at R10 per share). It has since acquired shares in African Healthcare (Pty) Ltd. (AHC), Vryburg Private Hospital (VPH) and Rondebosch Medical Center (Pty) Ltd. (RMC) - which resulted in its reclassification by the JSE on 30th September 2018. The company acquired 30% of RMC - a company that was independently valued at. . .Read more
SLGSALUNGANO GROUP LIMITED2025-06-02Salungano, previously Wescoal, engages in the mining and trading of coal. The company began production in 2021 producing coal from its Moabsvelden mine for Eskom. Today the company produces 300m tons from five coal mines. Mining accounts for 82% of revenue, but it owns 50% of the Arnot Mine and is looking to broaden its business into other parts of energy. In its financials for the six months to 30th September 2023 the company reported revenue down 30% and a headline loss of 90c per share compar. . .Read more
AFRICAN MEDIA ENTERTAINMENT LIMITED2025-05-30African Media Entertainment (AME) is a company which specialises in running radio stations and whose revenue comes principally from advertising on those stations. It has four divisions - (1) Algoa which broadcasts from the Garden Route to the Wild Coast, (2) OFM which broadcasts in the Free State, North-West province, Northern Cape, Southern Gauteng and Northern Natal, (3) United Stations which sells and creates advertising material for the radio stations and (4) Radio Heads which offers media p. . .Read more
HOSKEN CONS INVEST LTD2025-05-30Hosken Consolidated Investments (HCI) is a BEE investment holding company owned by the South African Clothing and Textile Workers' Union. It has investments in gaming, hotels, media, transport, mining, and property. It owns 47% of a suite of gaming companies including JSE-listed Tsogo Sun, which owns casinos and hotels, Galaxy Bingo and Vukani Gaming (which operates gaming machines). They also own the JSE-listed E-Media group which includes ENCA, Openview HD and E-Sat TV. In transport they own 7. . .Read more
ANIAFINE INVESTMENTS LTD2025-05-30Afine (ANI) is a real estate investment trust (REIT) formed in 2021 which specialises in acquiring petrol stations. The company acquired 5 petrol stations in February 2021 and 2 more in May 2021. In its results for the year to 28th February 2025 the company reported revenue up 7,37% and headline earnings per share (HEPS) up 13,26%. The company said, "Afine’s balance sheet comprised assets of R444.8m at year-end, including, amongst other items, 10 service stations valued at circa R436.1 m. . . .Read more
2025-05-30Delta Property (DLT) was a level 2 black empowered real estate investment trust (REIT) with a portfolio valued at R11,3bn and a loan-to-value ratio of 44,3%. Roughly 80% of its rental income was from the government or state-owned enterprises such as Eskom. The company specialised in renting buildings to government and quasi-government organisations in major South African cities. During COVID-19 the company's exposure to government leases has turned out to be a benefit because those leases contin. . .Read more
DENEB INVESTMENTS LTD2025-05-30Deneb (DNB) is a 67,8% subsidiary of Hosken Consolidated Investments (HCI), listed on the JSE under specialty financial services. Deneb is an investment holding company with four divisions - (1) a property portfolio in Natal, the Western Cape and Gauteng worth about R1bn, (2) a branded products division which supplies toys, electronics and stationery, (3) a manufacturing division which produces products for the mining, agriculture, construction and automotive industries, and (4) a textile divisi. . .Read more
GLOBE TRADE CENTRE S.A2025-05-30GTC is a property group operating in central and Eastern Europe. The company has properties in Poland, Bucharest, Budapest, Belgrade, Sophia and Zagreb. It manages forty-seven office buildings and 6 retail properties with gross lettable area (GLA) of 829 000 square meters worth about 2,35bn euros. The company is listed on the Warsaw Stock Exchange (WSE) and the JSE. In its results for the year to 31st December 2024 the company reported rental revenue up 2% and a profit after tax of 53m euros. Th. . .Read more
LEWIS GROUP LIMITED2025-05-30Lewis (LEW) is a retailer of furniture and electrical appliances operating through 840 stores under the Lewis (498 stores), Beares (150 stores), Best Home (170 stores), Bedzone (12 stores) and most recently, United Furniture Outlets (39 stores) brands. Of these, 138 are in neighbouring countries. The company does 59,9% of its business on credit and offers customers credit insurance and other financial products. The plan is to increase the number of UFO stores from 39 to 70 over the next few year. . .Read more
ADCORP HLDGS LTD ORD2025-05-30Adcorp (ADR) is an employment company with subsidiaries operating in South Africa and Australia. Managerially, efforts have been made in (1) defining and focusing on the core business (2) reducing costs (3) strengthening the brand and (4) transforming the culture. In its results for the year to 28th February 2025 the company reported revenue up 2% and headline earnings per share (HEPS) of 135,4c compared with 83,8c in the previous period. The company said, "Adcorp achieved a substantial uplift i. . .Read more
E MEDIA HOLDINGS LTD2025-05-30E-Media Holdings (EMH) owns 67,7% of E-Media Investments which in turn runs ETV and E-News as well as other smaller operations. This company is investing heavily into multi-channel businesses which are showing good growth, but are still loss-making. E-Media's sole asset is a 67,69% stake in E-Media Investments and that, in turn, owns ETV, ENCA and Openview. In its results for the year to 31st March 2025 the company reported revenue up 3,1% and headline earnings per share (HEPS) down 10%. The com. . .Read more
OMUOLD MUTUAL LIMITED2025-05-30Old Mutual (OMU) is a premium African financial services group that offers a broad spectrum of financial solutions to retail and corporate customers across key market segments in seventeen countries. Old Mutual's primary operations are in South Africa and the rest of Africa, and it has niche businesses in Latin America and Asia. This company is what is left after Quilter, Brightsphere and most of Nedbank, were unbundled from the original Old Mutual Plc which was listed on the London Stock Exchan. . .Read more
FTHFRONTIER TRANSPORT HLDG LTD2025-05-30Frontier Transport (FTH) is a bus company whose major asset is Golden Arrow bus services, but which also owns Sibanye Bus Services, Table Bay Rapid Transit, N2 Express, Eljosa Travel and Tour, Shuttle Up and Alpine Truck and Bus. The company says, "The current portfolio is rooted in the commuter bus and luxury coach segments. Through its principal subsidiary Golden Arrow Bus Services, with over 160 years of proven operational expertise." In its results for the year to 31st March 2025 the company. . .Read more
EMIRA PROPERTY FUND2025-05-29Emira Property (EMI) is a real estate investment trust (REIT) which has substantial exposure to the South African economy through its office properties. It owns the prestigious Knightsbridge office park in Bryanston. It has a new CEO in the form of Geoff Jennett and the business has been improving consistently since he took over. It has about R760m of overseas exposure mostly to outdoor shopping malls in America and a further R918m in Growthpoint Australia - but most of its exposure is still her. . .Read more
RLOREUNERT LIMITED2025-05-29Reunert (RLO) is a company involved in electrical appliances, electrical engineering, and information communications. The company has been in existence for 130 years and listed for 70 years. It has operations in Australia and Sweden as well as in Zimbabwe, Zambia, and Lesotho. It exports to many countries around the world. Electrical engineering accounts for roughly half of its annual turnover which is about R10bn. In its results for the six months to 31st March 2025 the company reported revenue. . .Read more
BTNBURSTONE GROUP LIMITED2025-05-29Burstone (previously Investec Property Fund) is a diversified South African real estate investment trust (REIT) with a R27,2bn portfolio with 92 properties in South Africa worth R15,7bn. Like most REIT's, Burstone suffered from the general sell-off in property shares on the JSE during 2018 following the Resilient group's melt-down. It is currently trading well below its net asset value (NAV) and represents good value. The fund includes property investments in South Africa and Europe. The company. . .Read more
2025-05-29Homechoice (HIL) is South Africa's largest home shopping retailer operating through two divisions - retail and financial services. It offers a broad range of home appliances, clothing, fashion, footwear and related products through a variety of showrooms and online. The share is very tightly held with over 92% of issued shares held by the controlling shareholder, Richard Garrat and his family. A planned issue of shares was shelved because conditions in the retail sector are depressed. This would. . .Read more
TBSTIGER BRANDS LTD.2025-05-29Tiger Brands (TBS) is a massive, diversified food producer and marketer in South Africa. It produces and sells such well-known brands at Jungle Oats, Tastic Rice, Koo, All Gold, Albany bread, Purity, Renown, Oros, Five Roses, Black Cat, and Fizzer. This company went through extreme difficulties over the listeriosis outbreak which was linked to two of its factories and an abattoir. The outbreak resulted in the death of over 200 people. The company has insurance which covers any potential losses a. . .Read more
TSH2025-05-29Tsogo (TSG) is a gaming, hotel and entertainment business which has split into separate gaming and hotel businesses in order to unlock shareholder value and to enable each business to become much more focused. As President Ramaphosa stabilises the economy, following the pandemic and introduces more growth-oriented policies we can expect business and consumer confidence to gradually recover. The company's investment in limited payout machines (LPM) and electronic bingo terminals (EBT) has proved . . .Read more
ZZDZEDA LIMITED2025-05-28Zeda is a car rental company unbundled and spun out of Barloworld with a fleet of 250 000 vehicles and 14 dealerships around South Africa. It holds the licence for the Avis brand in South Africa. The company is 55 years old and listed on the JSE on 13th December 2022, with Ramasela Ganda as its CEO. In its results for the six months to 31st March 2025 the company reported revenue down 1,6% and headline earnings per share (HEPS) up 11,2%. The company said, "Our diversified offering helped cushion. . .Read more
CORONATION FUND MANAGERS2025-05-28Coronation (CML) is one of South Africa's largest asset managers and the only one listed on the JSE. Founded in 1993, the company grew very well until 2015. At that point, the founding CEO resigned and a new CEO, Adrian Pillay, took over. Pillay is eminently well-qualified for the job, but things have not done well since he took over. The company was heavily invested in African Bank and lost a lot of money there. It was also heavily invested in Steinhoff. These missteps have caused the investmen. . .Read more
DATATEC LTD2025-05-28Datatec (DTC) is an international IT and telecommunications company operating in more than fifty countries. It operates in the United States, South America, Europe, Africa, the Middle East, and Asia. Its business is divided into three main divisions - technology distribution through Westcon International, integration and managed services through Logicalis, and consulting and financial services through Datatec Financial Services and Analysys Mason. The CEO, Jens Montanana, is a 10% shareholder. I. . .Read more
PPHPEPKOR HOLDINGS LTD2025-05-28Pepkor Holdings (Pep) (PPH), previously known as Pep, is 71,01% owned by Steinhoff International. With the collapse of the Steinhoff group following admissions of "accounting irregularities", the directors of Pep decided to change their name back to Pepkor Holdings to avoid negative publicity. The group includes Ackermans, PEP Stores and Bradlows and HiFi Corporation. Since the problem began in December 2017, and with the COVID-19 pandemic the share price fell as low as R10 per share in May 2020. . .Read more
SSKSTEFANUTTI & BRESSAN HLDGS LTD2025-05-28Stefanutti (SSK) is a South African construction company which offers roads and earthworks, marine construction, concrete structures, bulk pipelines, piling, geotechnical services, open pit contract mining, affordable housing, mine residue disposal, and other services. It operates in sub-Saharan Africa and the United Arab Emirates (UAE). The company is considering further down-sizing to match its falling order book, and this will mean retrenchments. The share price has fallen from its high of 26. . .Read more
ALLIED ELECTRONICS CORP A2025-05-27Allied Electronics Corp, or Altron (AEL), is an information and communications technology company which was started by Bill Venter in 1965. It has recently been re-focusing on its core business and has sold its 80% stake in Powertech and its 100% subsidiary, Altech UEC (a developer of set-top boxes). Powertech was also sold to a BEE consortium. Altron is in the process of selling CBI Telecom Cables. Altron operates in six African countries as well as the UK and Australia. The company said it had. . .Read more
EXEMPLAR REITAIL LTD2025-05-27Exemplar (EXP) is a real estate investment trust (REIT) which specialises in developing rural shopping centres through its relationship with McCormick Property Development. It listed on the JSE on 12th June 2018. It owns 26 shopping malls in rural and urban areas close to concentrations of the population such as Alexander township and at the Chris Hani Crossing. It has a gross lettable area (GLA) of 414555 square meters. Its total assets are worth just over R5bn and it has a further R10bn worth . . .Read more
PIKPICK 'N PAY STORES LTD2025-05-27Pick 'n Pay (PIK) is a retail grocery chain with over 2000 stores, mostly in South Africa, but also in the rest of Africa. The company was started by Raymond Ackerman in 1967 and became the dominant grocery retailer over time, before being displaced by Shoprite/Checkers. Summers has once again resumed the role of CEO, following his stint at Pick n Pay as CEO between 1999 and 2007. In its results for the 53 weeks to 2nd March 2025 the company reported turnover up 5,6% and a headline loss of 61,54. . .Read more
ISA HOLDINGS2025-05-24ISA Holdings (ISA) is a small Alt-X listed IT company offering network, internet, and information security in sub-Saharan Africa. The company claims to employ some of the leading IT security specialists and to have the tools and experience to offer effective information security solutions. In its results for the year to 28th February 2025 the company reported revenue up 17% and headline earnings per share (HEPS) down 12%. The company said, "Profit before other income and expenses increased by 15. . .Read more
NPKNAMPAK LTD ORD2025-05-24Nampak (NPK) is Africa's largest packaging company with interests in South Africa and ten other African countries. About 60% of its turnover comes from South Africa, but only 36% of its trading profit. The rest of Africa accounts for 59% of trading profit and only 31% of turnover. The company also has small interests in the UK and Ireland. It produces four kinds of packaging products - plastics, metals, paper, and glass. The great preponderance of its trading profits come from metals - which con. . .Read more
FINBOND PROP FINANCIAL LIMITED2025-05-24Finbond (FGL) is a micro-lending and insurance operation which operates in South Africa and America. This company wants to expand in the US to the point where 70% to 80% of its income is derived from that country within 3 to 5 years. It already has 66% of its income coming from the US and believes that the US offers significant growth opportunities. Including South Africa, Finbond has a total of 694 branches. In its results for the year to 28th February 2025 the company reported revenue up 7,9% . . .Read more
QFHFISHING & PLANTATIONS2025-05-24Quantum (QFH) is in the chicken business. It has four divisions - Animal feeds, eggs and layers, broilers and an African division where it sells related products. Quantum was obviously badly impacted by the drought in Southern Africa, but since that abated and the price of animal feeds came down, it has benefited from the much higher prices of eggs and the lower cost of feeds. In general, the chicken business is a tough business. It is labour intensive which creates exposure to union action, it . . .Read more
INVESTEC LTD.2025-05-23Investec (INL) does specialist banking and asset management in South Africa, Australia, Europe, the UK, and a few other countries. Brexit in the UK has put pressure on Investec shares over the past 4 years. The decision to separately list its asset management division in the form of Ninety-One has unlocked shareholder value, which is becoming more apparent now that the pandemic is coming under control. The new listing's major challenge has been to convince investors that it is not a South Africa. . .Read more
LIFE HEALTHCARE GRP HLDG LTD2025-05-23Life Healthcare (LHC) is the second-largest, JSE main-board listed, healthcare company with private hospitals, same-day clinics and surgeries and healthcare companies in South Africa, the UK (alliance Medical) and Western Europe. The out-going CEO, Shrey Viranna, says that the group is trying to diversify away from conventional hospitals more towards day-clinics and non-acute services. It is also trying to diversify away from medical aid schemes towards people who pay for their medical attention. . .Read more
SHCSHAFTESBURY CAPITAL PLC2025-05-23Shaftesbury Capital is a real estate investment trust (REIT) which invests in properties in London's West End including Covent Garden, Carnaby, Chinatown and Fitzrovia. It has a property portfolio worth GBP4,9bn and 2,9m square feet of lettable space in 2000 buildings. The share is listed on the London Stock Exchange (LSE) and on the JSE. The share is obviously a rand hedge, but it has been on a protracted downward trend. In its results for the year to 31st December 2024 the company reported hea. . .Read more
SSUSOUTHERN SUN LTD2025-05-22Previously called Tsogo Sun Hotels, Southern Sun Hotels is a gaming, hotel and entertainment business which has split into separate gaming and hotel businesses in order to unlock shareholder value and to enable each business to become much more focused. As President Ramaphosa stabilises the economy, following the pandemic and introduces more growth-oriented policies we can expect business and consumer confidence to gradually recover. The company's investment in limited payout machines (LPM) and . . .Read more
RFGRHODES HOLDINGS LIMITED2025-05-22Rhodes (RFG) is a Western Cape manufacturer of convenience foods - started by Cecil John Rhodes in 1896. It has several well-known South African brands like Bisto, Bull Brand and Hinds. It has 15 manufacturing plants in South Africa and a fruit processing plant in Swaziland. In its results for the six months to 30th March 2025 the company reported revenue up 3,5% and headline earnings per share fell by 11,9%. The company said, "Revenue in the international segment declined by 17.2%, impacted by . . .Read more
NTUTRANSACTION CAPITAL LTD2025-05-21Nutun (previously Transaction Capital - TCP) is a company which has two divisions - minibus taxis and risk services. It has unbundled and separately listed WeBuyCars (WBC). Its subsidiary, SA Taxi, specialises in financing, repairing, insuring and selling minibus taxis in South Africa. It completely dominates the entire value chain associated with the minibus taxi industry. The company listed in June 2012 and until 2023, the company generated an annual compound growth in earnings per share of 21. . .Read more
ASTRAL FOOD LTD.2025-05-20Astral Food (ARL) is a leading poultry producer in South Africa. The company's activities include integrated broiler operations, where they have a processing capacity of 4,4 million broilers per week; Ross Poultry Breeders, which supplies breeding stock to the South African broiler industry; National Chicks, which is a day-old chick and hatching egg supplier; and Meadowfeeds, which has seven mills producing a wide range of specialised products for farm animals. Buying this share is a gamble on w. . .Read more
NTCNETCARE LIMITED2025-05-20The Netcare Group (NTC) operates hospitals and medical response teams throughout South Africa and Lesotho. It has fifty-nine hospitals, four of which are public/private partnerships, employs 22000 people in South Africa and has 10600 beds. Netcare 911 operates from seventy-nine sites and has over 1000 paramedics. Healthcare is generally not impacted by the business cycle because consumers have to pay for their healthcare, even in a recession, but Netcare says it is being impacted by the competit. . .Read more
FAMOUS BRANDS LTD.2025-05-20Famous Brands (FBR) is Africa's largest branded fast-food retail franchisor with seventeen brands and 2925 restaurants. It has 2574 restaurants in South Africa, 62 in the UK and 76 in the rest of Africa and the Middle East. The company owns well-known South African brands like Wimpy, Debonairs Pizza and Steers. For the last two years, even before COVID-19, the company has been battling to grow in an environment where the consumer has been hammered by rising fuel costs, loadshedding, rising fuel . . .Read more
WBCWE BUY CARES HLDS LTD2025-05-20WeBuyCars was separately listed on the JSE on 11th April 2024. It was unbundled from Transaction Capital (TCP) in order to raise capital and to protect it from that company's difficulties in its taxi division. The company has 417,2m shares in issue which began trading on the JSE at around R20 per share giving it a market capitalisation of just over R8,5bn. The company's free float is about 57,5% of its issued shares with significant institutional participation. Read our article "WeBuyCars"for mo. . .Read more
BLUE LABEL TELECOMS LIMITED2025-05-19Blue Label Telecoms (BLT) is a company which has interests in selling secure tokens of value - such as airtime, starter packs and electricity. It bought 45% of Cell-C in September 2016 thus its results have been substantially determined by that company's results. In April 2019, S&P Global Ratings downgraded Cell-C's debt to CCC- from CCC+ because its capital structure was "unsustainable". The total cost of acquiring its stake in Cell-C was R7,55bn, R3,9bn of which was paid for by the issue o. . .Read more
CPPCOLLINS PROPERTIES GRP LTD2025-05-19Collins (previously Tradehold) has "...a portfolio of more than 140 properties with a total gross lettable area of 1.6 million square metres. Of these properties, most are industrial, among them a number of major distribution centres and industrial complexes let on long-term triple-net leases to leading corporate clients. Collins also manages Tradehold’s Namibian portfolio consisting of a number of sought-after properties in that country’s main towns such as Windhoek, Walvis Bay and . . .Read more
NRLNEWPARK REIT LTD2025-05-19Newpark is a South African real estate investment trust (REIT) which has commercial and industrial properties worth R1,37bn and with a gross lettable area (GLA) of 57249 square meters. It owns four properties - two in Sandton CBD and one in Linbro Business Park and one in Crown City. In its results for the year to 28th February 2025 the company reported revenue up 1,5% and headline earnings per share (HEPS) down 19,18%. The company's loan-to-value (LTV) was 43,1%. The company said, "The positive. . .Read more
NRPNEPI ROCKCASTLE N.V.2025-05-19Nepi-Rockcastle (NRP) is a R124bn real estate investment trust (REIT) which operates more than 56 shopping malls in 9 central and eastern European countries, mostly in Poland (24%), Romania (35%), Slovakia (9%), Bulgaria (8%), Croatia (5%) and Hungary (11%). The share fell with the rest of the Resilient group (as a result of the 360ne report in January 2018) from its high of R217 in December 2017 to as low as R99 in November 2018 and then the COVID-19 pandemic took it down to under R55 in March . . .Read more
DKRDEUTSCHE KONSUM REIT-AG2025-05-16DKR is a real estate investment trust (REIT) which specialises in investing in German retail property in micro locations away from the top cities. The company has a portfolio of 173 properties of 989000 square meters and worth 1,14bn euros. In its financials for the six months to 31st March 2025 the company reported rental income of 35,4m euros and a loan-to-value (LTV) of 52,5% down from 57,2% in the previous period - but still unacceptably high. The company said, "...equity increased by EUR 37. . .Read more
CAFCA LTD2025-05-16Cafca (CAC) is a cable manufacturer that produces over 900 cable and transmission products. Most of its business is conducted in Southern Africa. The company is 70% owned by Reunert. Cafca is listed on the JSE as well as the London Stock Exchange and the Zimbabwe Stock Exchange. Cafca is also involved in re-cycling copper and other materials. In its results for the six months to 31st March 2025 the company reported revenue of R478m compared with R274m in the previous period. Headline earnings pe. . .Read more
SLMSANLAM LTD2025-05-16Sanlam (SLM) is one of the largest insurance and financial services groups in South Africa. It was established in 1918 and demutualised in 1998 and then listed on the JSE and the Namibian Stock Exchange. It has operations in South Africa, the UK, America, Europe, India, and Australia as well as a range of other African countries. Its product range includes general insurance, life insurance, asset management, banking, credit, health and bancassurance. The business has four essential elements: 1. . . .Read more
AFRIMAT LIMITED2025-05-16Afrimat (AFT) is an open-pit mining company that supplies composites, construction materials and other commodities to a range of industries in Southern Africa. Until the end of 2015, Afrimat was one of the best performing shares on the JSE. The share broke up out of a 3-year sideways pattern which included the COVID-19 crisis. It rose to a peak of R76 on 6th April 2022, but has been declining since then as the commodities cycle came to an end. The acquisition of the Demaneng iron mine in the Nor. . .Read more
EQUITES PROP FUND LTD2025-05-16Equites (EQU) is the only real estate investment trust (REIT) on the JSE which specialises in industrial logistics and distribution properties in South Africa and the UK. It has about R12bn worth of assets in South Africa and R7,4bn worth in the UK. Its most recent acquisition of a 100 000 square meter logistics property in Germiston was expensive, but it has an A-grade tenant in the form of Simba and a good yield which will make the property highly profitable in years to come. The property was . . .Read more
APOAREIT PROP LIMITED2025-05-15This is a newly formed real estate investment trust (REIT) which says that its strategy is to, "...invest in yield-enhancing assets and areas that offer consistent, long-term rental growth...". The company said, "The investment properties comprise of three properties held by way of leasehold for 40 years, which has been independently valued ahead of the intended listing as a Real Estate Investment Trust (“REIT”) on the Main Board of the JSE. The purchase consideration was settled thr. . .Read more
AHRASSURA PLC2025-05-15Assura is a UK real estate investment trust (REIT) which specialises in healthcare. It was listed on the JSE on 26th December 2024 and has been very thinly traded so far. In a trading update for the third quarter of 2024, ending on 31st December 2024, the company reported that it had acquired 14 hospitals and disposed of 17 properties. The company said, "As the UK's leading diversified healthcare REIT, our progress in the third quarter, and a dividend yield of over 9%, strengthens our position a. . .Read more
2025-05-15Rebosis (REB) was the first substantially black-owned and black-controlled real estate investment trust (REIT) listed on the JSE. It has a 50% exposure to retail property with the balance in commercial and industrial property in Gauteng, Natal, the Eastern Cape and the North-West province. It has announced (12/7/2019) the sale of its 49% of New Frontier Properties in the UK taking a huge loss in the process. Moti's total beneficial interest now amounts to 56% through his holding of the company's. . .Read more
DIBDIPULA INCOME FUND LTD B2025-05-15Dipula is a real estate investment trust (REIT) which is 30.24% owned by Coronation. On 6 June 2022, the company repurchased all of the Dipula A-shares in issue in consideration for the issue of 2.4 Dipula B-shares for every Dipula A-share. The company describes itself as "...a Johannesburg-based internally managed REIT that owns a diversified portfolio of 186 properties worth about R9bn, comprising mainly retail, office and industrial properties located across all provinces in South Africa. The. . .Read more
ENX GROUP LIMITED2025-05-15The enX Group (ENX) is a "...diversified industrial group that provides branded products and services to the petrochemical, fleet management, logistics and industrial sectors." It includes Austro which distributes wood-working equipment and tooling. Finally, it includes New Way Power which manufactures, installs, and maintains diesel generators. Its fleet division engages in fleet management and logistics as well as vehicle tracking. Then ENX Petrochemicals produces and markets oil lubricants, p. . .Read more
EASTERN PLATINUM LIMITED2025-05-15East Plats (EPS) is a mining exploration and development company engaged in the platinum group metals (PGM) and chrome markets in South Africa. The company is listed on the Toronto Stock Exchange (TSX) and the JSE. The company has three projects - the Crocodile mine, which ceased operating in 2012 and is under care and maintenance, Sound Mine Solutions engaged to produce an independent technical report on the Zandfontein tailings retreatment and storage facility to recover chrome, and the Zandfo. . .Read more
SNTSANTAM LTD2025-05-14Santam (SNT) is South Africa's largest short-term insurer with about 22% of the market. This means that it does not engage in endowment insurance, annuities or any kind of investment insurance. It insures assets, like buildings and vehicles and individuals against risks which they cannot afford such as the loss of their income through disability or death. Santam pays the first R150m of any claim and then relies on its re-insurance policy. The company has level 1 BEE status and employs more than . . .Read more
OCTOCTODEC INVEST LTD2025-05-14Octodec (OCT) is a real estate investment trust (REIT) which owns 246 properties mainly in the inner cities of Johannesburg (33,9%) and Pretoria (66,1%). It has a gross lettable area (GLA) of 1 557 460m² and is valued at R11bn. It is owned and controlled by the founding Wapnick family and Jeffrey Wapnick is the CEO. It owns Killarney Mall and Woodmead Value Mart. In its results for the six months to 28th February 2025 the company reported distributable income of R221,7m and net asset value . . .Read more
BOXBOXER RETAIL LIMITED2025-05-13Boxer, which was spun out of Pick ‘n Pay and separately listed on 28th November 2024, published a pre-listing statement in which it is offering 202,380,953 shares to “selected investors” at a price of between R42 and R54 per share. This amounts to just over 40% of Boxer’s total listed shares. The company plans to use the capital raised to open 500 new stores over the next 7 years. Boxer’s main competitor is the Usave chain belonging to Shoprite which already has 463. . .Read more
BALWIN PROPERTIES LTD2025-05-13Balwin Properties (BWN) is a developer of secure sectional title properties in South Africa. The company is now turning its attention to renting out some of the properties that it develops to improve its income. The company reports strong demand for its units and is also moving into supplying solar power and internet fibre. The share was listed 5 years ago at R10 per share but trades today for 270c. Obviously, the property development market is a function of consumers' disposable income and the . . .Read more
SNVSANTOVA LOGISTICS LTD2025-05-13Santova (SNV) is an international logistics company with 19 offices in 7 countries. The company designs, implements, coordinates, controls and monitors international supply chain activities. Through a virtual client-centric information system the company facilitates inventory management to provide far more than simple tracking and tracing services. The company has offices in the East in Thailand, Vietnam and Malaysia and in Europe in Germany, the Netherlands and the UK and in major cities in Sou. . .Read more
RDFREDEFINE PROPERTIES LTD2025-05-13Redefine (RDF) is the second largest real estate investment trust in South Africa (after Growthpoint) with assets worth R72,9bn against a market capitalisation of R25,1bn. The company mainly holds industrial and office properties with investments in Poland, the UK and Australia. In our view, this is a massive REIT which has a large exposure to South African office space. It is very much impacted by developments in the South African economy and by the local political risk and especially the elect. . .Read more
CALGRO M3 HOLDINGS LIMITED2025-05-13Calgro (CGR) is a developer of large-scale integrated properties, rental units and memorials. It was established in 1995 and listed on the JSE in November 2007. It acquires suitable land and then plans a development and sells off or rents the residential or memorial park units. The company has negotiated further funding of $25m to fund new development projects. A major problem for this company has been illegal land invasions. In its results for the year to 28th February 2025 the company reported. . .Read more
MTN GROUP LTD.2025-05-13MTN is a leading emerging market mobile operator, serving 290 million people (including 29m in South Africa) in 19 countries across Africa and the Middle East. MTN's three largest subscriber bases are in Iran, Nigeria and South Africa. Generally, companies supplying a mobile service have been faced with very stiff competition and declining voice revenue. The sharp increase in data usage has, to some extent, mitigated this change, but these companies remain quite risky. MTN is especially risky be. . .Read more
SAPSAPPI LTD2025-05-10Sappi (SAP) manufactures paper, dissolving wood pulp (DWP) and paper pulp internationally and supplies products in 150 countries. DWP is used to manufacture clothing, packaging products and many other applications. DWP, specialty and packaging products were seen as the profit generator in the future, but until recently, the price of DWP had fallen sharply. Then in 2021 the price of DWP began to rise as demand from China surged. It is directly linked to the level of consumer spending, and it is w. . .Read more
MONDI PLC2025-05-10Mondi (MNP) is a massive international paper and packaging company that started in South Africa, but now has interests in 30 countries and employs 26000 people at about 100 sites. It has businesses in the full spectrum of packaging, and it is extremely professionally managed. It owns and runs forests, produces wood pulp, paper, and plastic films for the production of a wide variety of packaging solutions. The company has been impacted by developments in the Ukraine crisis. In an update on 28th F. . .Read more
KAL GROUP LIMITED2025-05-10Previously, Kaap Agri, the KAL Group is an agricultural company owned 40,9% by Zeder, which is, in turn, 43,7% held by PSG. The company operates through over 190 retail outlets offering a wide range of products and services mainly to the farming community. Kaap Agri has seven divisions: (1) Pakmark offers a wide range of packaging materials for the local and export markets, especially to the fruit industry. (2) Agrimark has over 70 stores in South Africa and Namibia offering a wide range of anim. . .Read more
OCEFISHING & PLANTATIONS2025-05-08Oceana (OCE) is Southern Africa's largest fishing business which also has significant fishing interests in the US through its Louisiana-based subsidiary Daybrook Fishing. It is listed on both the JSE and the Namibian stock exchange. The company produces canned fish, fish meal, fish oil, hake, and mackerel as well as lobster and squid. It is subject to quotas which are issued by the government periodically and as such can be affected by moves towards Black economic empowerment. It is also subject. . .Read more
DRD GOLD LIMITED2025-05-08DRDGOLD (DRD) was listed in 1895 and is the JSE's oldest listed company. It was followed by SA Breweries which was listed in 1897 and has now been acquired by Anheuser Busch. DRD is now a gold surface treatment operation which is at an all-in sustaining cost of extraction of just over R627247 per kilogram which compares to the average received gold price of R917996. They are re-treating surface dumps which still have traces of gold that can be profitably extracted with modern extraction methods.. . .Read more
GOLD FIELDS LTD.2025-05-07Gold Fields (GFI) is a relatively high-cost international gold mining house with a single mine in South Africa - South Deep. South Deep was bought by Gold Fields in 2006 and it has struggled to make the mine profitable, pouring in a total of R32bn (R22bn purchase price plus R10bn in development costs) into it over the past 14 years. Brett Kebble once described South Deep as, "The world's most expensive long drop...". South Deep is 3 kilometres deep and a very difficult mine with many technical c. . .Read more
KORE POTASH PLC2025-05-06Kore (KP2) is a potash mining company which owns 97% of Sintoukola Potash which has the Kola and Dougou (DX) mining leases in the Congo. Kola has a resource of 508m tons and Dougou has a resource of 1,1 billion tons of lower grade material. On 29th January 2019, the company announced the completion of a definitive feasibility study (DFS) done by a consortium of French engineering companies. The DFS showed an internal rate of return (IRR) of 17% at a price of $350 to $360 per ton generating a fre. . .Read more
MCZMC MINING LIMITED2025-05-03MC Mining (previously "Coal of Africa") (MCZ) is a small metallurgical coal-mining company with a single producing mine (Uitkomst). Aside from Uitkomst, the company is developing the Makhado project, the Vele colliery and MbeuYashu. The Makhado project is the company's flagship operation in the Limpopo province. It is an opencast mine with a life of 16 years and the potential to be extended. In January 2019, the company announced the acquisition of surface rights which will make the Makhado proj. . .Read more
COMBINED MOTOR HLDGS LTD2025-04-30Combined Motor Holdings (CMH) runs 43 car dealerships with 28 brands including Nissan, Volvo, Toyota, Opel, Subaru, Lexus, Mazda, Isuzu and Ford - selling both new and used vehicles. The motor industry is especially affected by the state of the economy because consumers can usually keep their vehicles on the road for longer in recessionary times. The company is planning to cut its car rental staff by as much as one third, its fleet by 40% and 20 of its branches because of COVID-19. Electricity d. . .Read more
ASTORIA INVESTMENTS LTD2025-04-30Astoria (ARA) is an investment company which was formed to give investors exposure to an international selection of equities in developed economies. The share trades below its NAV and has only recently begun trading after being suspended from September 2020 to April 2021. The company benefited from the sale of "non-lethal self-defence" products during the period as a result of the civil unrest. The company owns one third of Outdoor Investment Holdings, a 35,7% stake in Trans Hex and has sold its. . .Read more
IMPALA PLATINUM HLGS LTD.2025-04-29Impala Platinum Holdings (IMP), or Implats, is the world's third largest platinum group metals (PGM) producer. It has been suffering over the past 7 years from aggressive union action and legislative uncertainty. The CEO says that they are focused "...on developing a portfolio of long-life, low-cost, shallow, modern, mechanised mining assets." This is similar to what Anglo American Platinum has been doing for the past 10 years. The market for platinum itself has been damaged by a reduction in au. . .Read more
ZEDZEDER INVESTMENTS LIMITED2025-04-25Zeder (ZED) is PSG's listed, 43,7%-held, investment holding company in agriculture. Zeder sold its stake (28,6%) in Pioneer Foods (PFG) with a sum-of-the-parts (SOTP) value of R10,7bn to PepsiCo for which Zeder got about R6,41bn - and Zeder declared a special dividend of 230c as a result. Zeder's largest investment now is its 98% stake in Capespan which markets fruit both locally and overseas. Then comes a 93% holding in Zaad which specialises in seeds and seed production and a 41% holding in Ka. . .Read more
ASPEN PHARMACARE HOLDINGS LTD.2025-04-24Aspen (APN) is a pharmaceutical company which trades in 150 countries in a wide range of specialty and branded products aimed at a range of acute and chronic medical conditions. They have 25 manufacturing facilities on 15 sites. Their main product categories are thrombosis, anaesthetics, cytotoxics and nutritionals. Pharmaceuticals generally are a defensive industry which does well even during a recession because people are compelled to buy chronic medications. However, a major factor in Aspen's. . .Read more
CAPITEC BANK HOLDINGS LTD.2025-04-24Capitec Bank (CPI), now the country's largest bank by customer numbers (21,1m), was launched by PSG, and has been a major disrupter in the South African banking system. It has steadily taken retail market share from the other banks by offering a cheaper and easier solution, especially for the previously unbanked section of our population. The company is adding about 90 000 funeral policies every month. In our view, this share is a "must-have" for any private investor's portfolio. Its parent comp. . .Read more
QLTQUILTER PLC2025-04-24Quilter Plc (QLT) is a company spun out of Old Mutual as part of that group's "managed separation" process. It was admitted to trading on the London Stock Exchange (LSE) and has had a secondary listing on the JSE from 25th June 2018 following the issue of a prospectus on 20th April 2018. Quilter is a UK financial services group which offers asset management in the UK and internationally. It has 900 000 customers and had GBP101,7bn assets under management (AUM) at 30th June 2023. It is also invol. . .Read more
OASOASIS CRESCENT PROPERTY FUND2025-04-23Oasis (OAS) is a property company that manages various properties applying the principles of Islamic finance. It also manages institutional investments and retirement portfolios for governments, parastatals, collective investment schemes and private individuals. It has a number of wholly owned subsidiaries that engage in insurance, fund management and property management. In its results for the year to 31st March 2025 the company reported a growth in net asset value (NAV) and distribution income. . .Read more
JSE-FOOR CLICKS GROUP LTD2025-04-17Clicks (CLS) describes itself as a retail-led healthcare group. It incorporates Clicks, GNC and The Body Shop. Clicks has 782 stores of which 585 include pharmacies - which makes Clicks the largest pharmacy chain in Southern Africa. Although more retail outlets are installing pharmacies in their shops, the listed Dischem is Clicks main competitor. Probably the only negative about this company was its involvement with the fifty-nine stores of Musica, which it has now closed. On 10th May 2021 the . . .Read more
KSTPSG FIN SERVICES LTD2025-04-17PSG Fin (previously PSG Konsult) is a well-established financial services group which grew out of PSG's stockbroking business and which now offers a wide range of financial services including financial planning, unit trusts, healthcare, short-term insurance and estate planning. PSG still holds 60% of the company. In its results for the year to 28th February 2025 the company reported core income up 15,6% and headline earnings per share (HEPS) up 24,7%. The company said, "Total assets under manage. . .Read more
ARCELORMITTAL SA LIMITED2025-04-17ArcelorMittal (ACL) is South Africa's largest steel producing company. It has survived where companies like Highveld Steel have disappeared. Arguably, ArcelorMittal felt the impact of the sub-prime crisis more than any other South African company and has fallen from its high of R260 in June 2008 to as low as 25c in August 2020. Since then, it has rallied strongly and now trades at 1052c. It has had to deal with the collapse of the construction industry locally, which was a major consumer of stee. . .Read more
PPEPURPLE GROUP LTD2025-04-11Purple Group (PPE) is a trading platform and asset management company that is aimed mainly at the private investor and offers the cheapest costs of dealing in shares on the JSE. The company has three divisions: (1) Easy Equities which enables investors to buy very small quantities of shares with very low dealing costs. For example, buying R100 worth of a share costs the investors just 64c. 95% of accounts opened are first-time investors and the company has 150 000 active investors. (2) Emperor A. . .Read more
MURMURRAY & ROBERTS HOLDINGS LTD2025-04-11Murray and Roberts (MUR) is a large South African construction company which has suffered from the sub-prime crisis and then the slump in construction spending following the 2010 World Cup. This brought the share down from a massive double-top formation at around R100 per share to a low below R5 in May 2020. The company has been consolidating and reducing costs. It has transformed itself into a "...multinational engineering and construction Group focused on the natural resources market sectors... . .Read more
NWLNU-WORLD HOLDINGS LTD2025-04-11NuWorld (NWL) is an importer and exporter of a range of consumer goods, especially, consumer electronics, appliances, and consumer durables. Its product range includes agencies for Telefunken and JVC as well as a range of vacuum cleaners, fans, large and small appliances, cell phones, heaters, and liquor. The share has been listed on the JSE since 1987 and has been a consistent producer of profits and dividends over many years. The share is relatively thinly traded and has many days without trad. . .Read more
TMTTREMATON CAPITAL INV LTD2025-04-11Trematon (TMT) is an investment holding company with subsidiaries, joint ventures and associate companies, mostly in the Western Cape. The company also invests in listed and unlisted shares. Originally most investments were related to property, but its investments have moved outside that. The company owns Club Mykonos.  In its results for the six months to 28th February 2025 the company reported revenue up 5% and headline earnings per share (HEPS) down 20%. The company's net asset value (NA. . .Read more
SGPSAIL MINING GROUP LTD2025-04-04Previously Chrometco. Chrometco (CMO) is a company involved in the exploration and mining of chrome. Chrometco is obviously dependent on the international price of chrome and has all the risks associated with a mining company and a commodity share. In its results for the six months to 31st August 2021 the company reported revenue down 43,6% and a headline loss per share of 2,02c compared with a loss of 2,95c in the previous period. The company said, "...the Group has been under severe financial . . .Read more
IOCIOCO LIMITED2025-04-03Previously called Enterprise Outsourcing Holdings (EOH), Ioco was Africa's largest information technology company with involvement in almost every aspect of computer applications. At one point the company had 11000 staff members, but that has now been reduced to 6151. It was, until August 2015, the darling of the JSE because it had a long track-record of steadily improving profits. It made a peak of R178 per share at a P:E of 35. An unsuccessful attempt to exceed that high (i.e., a double top) c. . .Read more
YRKYORK TIMBER HLDGS LTD2025-04-01York Timber Holdings (YRK) is a forestry company which owns plantations and processing plants, as well as a wholesaling distribution network. It is the biggest player in the South African plywood and timber market. The company was founded by a Russian immigrant, Herman Katzenellenbogen in 1916. The company was listed on the JSE in 1946. The National Union of Metalworkers of South Africa (NUMSA) is the majority union at the company. York has obviously also been impacted by the general malaise in . . .Read more
ACCELERATE PROP FUND LTD2025-04-01Accelerate Property (APF) is a real estate investment trust (REIT) which has 56 properties valued at R12,7bn, split 70% retail, 15% office and 15% industrial across six South African provinces. Its flagship property (which it has 50% of) is the new Fourways Mall. Fourways Mall has more than doubled its previous size to 178 000 square meters and is purportedly the largest shopping centre in Africa. The ultimate intention is for it to compete with Sandton City. A feature will be the "Kidzania" sit. . .Read more
AH VEST LIMITED2025-03-31AH Vest (AHL) produces a range of sauces under the All-Joy brand and seeks to diversify into ready meals, soups and canned vegetables. It is the second largest producer of tomato sauce in South Africa. In its financials for the six months to 31st December 2024 the company reported revenue down 12,84% and headline earnings per share down (HEPS) down 93,44%. The company's net asset value (NAV) was up 0,34% at 49,7c per share. The problem with this share is that it is virtually untraded on the JSE,. . .Read more
CONDUIT CAPITAL LIMITED2025-03-31Conduit Capital (CND) is a small financial services company, mainly in the insurance industry. It has two operating divisions - Investments and Insurance & risk. Through its subsidiary, Conduit Risk & Insurance Holdings, the company does underwriting, investments and earns commissions. It does both short- and long-term insurance. It offers a range of niche insurance products covering medical malpractice, primary health, funeral, and life insurance, guarantee and indemnity solutions, medi. . .Read more
EUZEUROPA METALS LIMITED2025-03-31Europa (EUZ) is a European metals developer which operates primarily in Spain where it mines lead, zinc, and silver. They own 100% of the Toral project in Leon Province which has a 3-year investigation permit. In December 2018 a comprehensive scoping study was completed and now Europa is pursuing infill drilling in high-grade areas towards a full feasibility study. This is a mining exploration company included in the JSE's fledgling index. It recently applied to terminate its listing on the Aust. . .Read more
RNGRANDGOLD & EXP CO LTD2025-03-31Rangold (RNG) is a mining exploration company. It has a strong asset base which is mostly now in cash. It is being used to pursue legal claims and may be applied to investment opportunities. Since Brett Kebble died, the company has been going after various entities against which it has a legal claim. In early 2011 the company paid a dividend of 90c as a result of a British court order against Paul Main which was forced to repay GBP4m. In July 2014, the company was able to pay out a dividend to s. . .Read more
RTOREX TRUEFORM GROUP LTD2025-03-31This share is extremely thinly traded companies listed on the JSE - which makes then completely impractical for private investors in their current form. RTO was established in 1937 and has been listed on the JSE since 1945. It manufactures and markets clothing and accessories through a nation-wide chain of Queenspark and J. Crew stores. It also owns a portfolio of properties in the Cape Town area. The group is controlled by a consortium led by Marcel Golding and his partner Hugh Roberts. The gro. . .Read more
AFR & OSEAS ENTERPRS ORD2025-03-31This is the holding company of listed company Rex Trueform (RTO) which is also listed on the JSE. Both this share and Rex Trueform (RTO) are extremely thinly traded companies which makes then completely impractical for private investors in their current form. RTO was established in 1937 and has been listed on the JSE since 1945. It manufactures and markets clothing and accessories through a nation-wide chain of Queenspark and J. Crew stores. It also owns a portfolio of properties in the Cape Tow. . .Read more
HERIOT REIT LIMITED2025-03-28Heriot (HET) is a real estate investment trust (REIT) which owns a diverse portfolio of 44 properties worth R4,827bn in retail, industrial, commercial and specialist property. It was listed on the Alt-X of the JSE on 24-7-2017 but has hardly traded since then. They are developing a property in Adderley Street in Cape Town into 215 residential units. It also owns 48,7% of Safari (SAR). In its results for the six months to 31st December 2024 the company reported distribution per share up 14% and h. . .Read more
ASCENDIS HEALTH LTD2025-03-28Ascendis Health (ASC) is a South African company which manufactures brands aimed at health in animals, plants, and people. Its objective is to focus on four businesses - pharmaceuticals, medical, consumer health and animal health. On 25th January 2021, the company announced that it was now negotiating with two companies, L1 Health and Blantyre Capital to recapitalise the company rather than selling off Remedica. Those two companies acquired 75% of Ascendis' debt and on 12th May 2021 struck a dea. . .Read more
CAACA SALES HOLDINGS LTD2025-03-28CA Sales listed on the JSE on 27th June 2022 and traded 34 deals on the day opening at 505c and closing at 745c. The company supplies food, health, alcohol and fast-moving consumer goods (FMCG) to a wide range of companies. It is involved in warehousing, distribution, marketing and point-of-sale. In its results for the year to 31st December 2024 the company reported revenue up 10,6% and headline earnings per share (HEPS) up 25,3%. The company said, "Total assets increased by 9.6% to R5.65 billio. . .Read more
TLMTELEMASTER HOLDINGS LTD2025-03-28Telemaster(TLM) is a company which supplies voice, data and cloud communications using fixed line, fixed cellular, fixed data, and PBX services. It has three divisions - voice, cloud PBX and internet. The business consists of (1) Catalytic Connections (Pty) Limited is a diversified ICT managed solutions provider to medium and small enterprises. (2) Contineo Virtual Communications (Pty) Limited operates a Next Generation Unified Communications (“UC”) platform based on Cisco Broadsoft . . .Read more
PSVPSV HOLDINGS LIMITED2025-03-27This is an Alt-X listed industrial holding company with two divisions - Omnirapid which supplies mining and industrial consumables, and Specialised Services consisting of Cryoshield designs, which manufactures and supplies process control equipment, and Rand Air, which designs and produces vessels for the cryogenic industry. In its results for the year to 28th February 2019, the company reported turnover up 59% and after-tax profit of R1,3m. The headline loss per share was 7,65c. The company sai. . .Read more
METAIR INVESTMENTS ORD2025-03-27Metair (MTA) produces energy solutions (batteries) and components for the vehicle manufacturing business. It has operations in Africa and in various European and Middle East countries. The company's energy storage business is located in Turkey in an operation called "Mutlu". The business it is in has the prospect of growing rapidly as electric motor vehicles replace those powered by internal combustion engines. The company has announced its intention to split into its European acid battery busin. . .Read more
METROFILE HOLDINGS LIMITED2025-03-27Metrofile (MFL) is a company which specialises in records storage and management, image processing and backup. The company has been listed since 1995 and has a 57,4% Black ownership. The Mineworkers Investment Company owns 38,64% of the business and Sanlam owns 5%. The company's record managements division has 52 facilities at 27 locations with over 100 000 square meters of offices and warehousing. Housatonic Partners, a US company, made an offer to buy 100% of Metrofile for 330c per share, but . . .Read more
REMREMGRO LTD.2025-03-26Johann Rupert's Remgro (REM) is an investment holding company which owns 28,2% of Rand Merchant Bank Holdings (RMH) and 3,9% of Firstrand. But that is not Remgro's only investment. It also owns Mediclinic, an international healthcare company with divisions in Switzerland, Southern Africa and United Arab Emirates which has now been delisted from the JSE. Remgro recently sold its 25,8% stake in the London-listed Unilever Group for R4,9bn in cash plus the Unilever spreads business in Southern Afric. . .Read more
TRETRENCOR LTD2025-03-26Trencor's (TRE) primary asset is 47,78% of Textainer, a US listed renter of shipping containers (Twenty-foot units or TEUs). It should be noted that Trencor spent R100m buying back its own shares between 4-10-18 and 6-12-18. Investors have been unhappy with the fact that Textainer has been under-performing its competitors. For example, Triton had a return on equity of 16% compared to Textainer's 1,7%. Trencor has unbundled its holding of Textainer into the hands of its shareholders which resulte. . .Read more
MASTER DRILLING GRP LTD2025-03-26Master Drilling (MDI) is a South African company that specialises in drilling exploration and other holes for the mining industry, and which has diversified into drilling for hydro-electrical projects and construction. The company has moved away from the South African mining industry and now provides services in North and South America, Europe and elsewhere. It has developed a new horizontal drilling technology, or tunnel boring machine, which could revolutionise the mining industry world-wide. . . .Read more
SDOSTADIO HOLDINGS LIMITED2025-03-25Stadio (SDO) is a tertiary education institution that offers a wide range of post-school training. The company offers higher education through five universities offering higher certificates, degrees, masters, and PhD qualifications. It currently has over 46 000 students enrolled in 6 faculties offering more than 50 accredited training programmes. 86% of these student study online. The company has a vision of having 100 000 students, most of whom are expected to be distance learning students. In . . .Read more
SUISUN INTERNATIONAL LIMITED2025-03-25Sun International (SUI) is a casino and hotel operator with interests in South Africa, Chile, Peru and recently, Argentina. The depressed economy in South Africa impacted on the performance of South African casinos and hotels even before COVID-19. The company increased its stake in Sun Dreams in Peru by 10% to 65%. It also bought a hotel and casino in Argentina for $25,5m. The company invested R4bn in the Time Square casino near Pretoria which was beginning to perform before COVID-19. The group . . .Read more
ADVTECH EDUCATION LTD2025-03-25ADvTECH (ADH) is one of three listed commercial educational companies on the JSE (the others are Curro and its separately listed sister company, Stadio). ADvTECH has two divisions - a schools division (including Crawford, Trinity House and Abbots) and a tertiary division (including Varsity College, Rosebank College and a variety of specialist tertiary offerings). The group includes 109 schools and thirty-three campuses with 78500 students. In the past, the company was supported mainly by its sch. . .Read more
GRAND PARADE INVESTMENTS LTD2025-03-25Grand Parade Investments (GPL) is an investment holding company with interests in the gaming industry. The company is a BEE company which was listed on the JSE in 2008. It decided to terminate its Dunkin' Doughnuts and Baskin Robbins franchises in February 2019 and Burger King in February 2020. It had sold its remaining 10% in the Spur Corporation back to Spur in June 2019. On 15th June 2022, the company announced that it had unbundled its 9,28% shareholding in Spur on the basis that shareholder. . .Read more
SOHSOUTH OCEAN HOLDINGS LTD2025-03-23South Ocean (SOH) is a manufacturer of low-voltage electrical cables and an importer of light fittings and electrical accessories. The company has an electrical cable manufacturing plant at Alrode and employs 400 people. The company described itself as, "...an investment holding company, comprising two operating subsidiaries which manufacture low voltage electrical cables, and which holds property for investment purposes." It also owns Anchor Park which is a property company. In December 2010, t. . .Read more
CHOPPIES ENTERPRISES LTD2025-03-23Choppies (CHP) is a Botswana-based grocery retailer with 212 stores which operate in South Africa, Botswana, Zimbabwe, Zambia and Kenya. The company has a primary listing on the Botswana Stock Exchange (BSE) and a secondary listing on the JSE. What is clear is that the grocery market in Southern Africa is fiercely competitive and it will always be difficult for a small operation like Choppies, without the buying power of the larger chains, to compete. For two years this company was suspended on . . .Read more
SBPSABVEST CAPITAL LIMITED2025-03-20Sabvest Capital (SBV) is an investment holding company which listed on the JSE in 1988. Previously, the company had both ordinary and "N" shares which were very thinly traded. To rectify this situation a new company was registered, called Sabcap, and the shares of Sabvest were swapped out for Sabcap shares. This happened on 12th May 2020. Sabcap has investments in five private companies, by far the largest of which is SA Bias where its investment is 60% and worth R673m. SA Bias is predominantly . . .Read more
AIL2025-03-19African Rainbow Capital (AIL) is a BEE investment company that was formed in 2015 and listed on the JSE in September 2017. Since it was formed, AIL has invested in more than forty listed and unlisted investments in a wide range of industries from telecommunications to mining, construction, energy, property, agriculture, insurance, asset management and banking. ARC Investments is 44.4% effectively owned by African Rainbow Capital Proprietary Limited (ARC), which in turn is 100% owned by Ubuntu-Bo. . .Read more
HULAMIN LIMITED2025-03-18Hulamin (HLM) is a producer and supplier of aluminium products in South Africa and trades in more than fifty countries internationally. It supplies foil, heat-treated plate as well as standard coils and flat sheet which represents 22% of Hulamin sales. Like any commodity share, Hulamin is subject to rapid changes in the price of its commodity which are generally outside of its control. Russia supplies about 6% of the world's aluminium and so the current crisis in Ukraine has impacted prices. On . . .Read more
2025-03-18Montauk (MKR) is an American company that specialises in extracting methane from landfills, mostly in America. The company benefits from the fact that America requires refiners of fuel to include a percentage of renewable fuels in their product. This gives Montauk a lucrative guaranteed market for its product. In fact, they do not have sufficient landfills in America and they are now experimenting with cow manure as a new source. In its results for the year to 31st December 2024 the company repo. . .Read more
ABSA GROUP LIMITED2025-03-18ABSA (ABG) is one of the largest banking groups operating in Africa. It has well-established branches in 12 African countries and representative offices in at least 6 more. It offers a range of products for personal and business banking, credit cards, insurance, and asset management. Obviously, as one of the "big five" banks, ABSA has been impacted by the recession in South Africa and the generally low consumer spending in the economy. The company announced a joint venture with Patrice Motsepe's. . .Read more
SBKSTANDARD BANK GROUP LTD.2025-03-14Standard Bank (SBK) is 160 years old and is South Africa's second largest bank by market capitalisation - after First National Bank. It has widespread interests in the rest of Africa which are now contributing 34% of its headline earnings. 20% of its shares are owned by the Industrial and Commercial Bank of China (ICBC) and it owns 40% of ICBC Standard Bank - which was previously Standard Bank Plc in the UK (ICBCS). Following COVID19 bank had about 70% of its staff working from home. This busine. . .Read more
SRISUPERMARKET INCOME REIT2025-03-13Supermarket Income is a real estate investment trust (REIT) which focuses on investing in supermarket real estate in the UK and Europe. It has a portfolio worth GBP1,8bn with tenants such as Tesco, Waitrose and Sainsbury. In its results for the six months to 311st December 2024 the company reported passing rent up 13% and headline earnings per share (HEPS) of 2,4 pence up from the previous year's 0,3 pence. The company's loan-to-value (LTV) was 39%. The company said, "Proposed internalisation of. . .Read more
EPE CAPITAL PARTNERS LTD2025-03-13Ethos Capital Partners (EPE) is a private equity fund (PEF), incorporated in Mauritius, which invests into unlisted companies for long-term capital appreciation on behalf of its investors. Like most investment holding companies, Ethos trades at a significant discount to its net asset value (NAV). Fifty-six percent of their assets are in South Africa and 39% in the rest of Africa. It has stakes in Tymebank, Ster Kinekor and Brait. The risk in this company appears to be minimal since it does not i. . .Read more
CLIENTELE LIMITED2025-03-12Clientele Life (CLI) is a small insurance company selling short- and long-term policies and underwriting insurance products. Their products are sold through agents and brokers as well as by tele-sales. On 3rd November 2023 the company announced that it had acquired 1Life Insurance for R1,914bn to be paid by the issue of 117,815,756 ordinary shares in Clientele. In its results for the six months to 31st December 2024 the company reported headline earnings per share (HEPS) up 37,3%. The company sa. . .Read more
TEXTEXTON PROPERTY FUND LTD.2025-03-11Texton (TEX) is a small real estate investment trust (REIT). The company owns forty-eight retail, industrial and office properties, 55,4% of which are in South Africa and the balance in the UK. After reaching a high of 1235c in March of 2015, the share fell steadily to a low of 78c on 29th October 2020. This fall was exacerbated by the recent revelation that the company's share price has triggered a "default event" in terms of which the Public Investment Corporation (PIC) has decided to "put" it. . .Read more
PPRPUTPROP LIMITED2025-03-10Putprop (PPR) is a property company which was spun out of Putco (the bus company) and separately listed on the JSE in July 1988. The company owns 16 properties in industrial, retail and office with a gross lettable area (GLA) of 97601 square meters and a value of R1095m. In its results for the six months to 31st December 2024 the company reported rentals and recoveries of R74,8m and headline earnings per share (HEPS) of 28,35c compared with 22,37c in the previous period. The company's loan-to-va. . .Read more
RBORAINBOW CHICKEN LIMITED2025-03-10Rainbow is a chicken farming business from broilers through all stages of chicken production. It was unbundled from RCL Foods on 26th June 2024 with RCL shareholders getting 1 Rainbow share for every RCL share they held on 25th June 2024. The chicken business is a very tough business because it has huge working capital requirements with both stock and debtors. It employs large numbers of unionised staff and it is subject to cheap imported products from other countries. It is also subject to dise. . .Read more
MSTMUSTEK LTD2025-03-08Mustek (MST) is South Africa's largest assembler of personal computers under its brand name Mercer. It also imports a variety of computer products such as Samsung, Acer and Microsoft. The company consistently trades well below its net asset value (NAV). The company is beginning to benefit from its fibre-to-the-home activities and selling additional hardware as a result. The CEO, David Kan, is very excited about the exploitation of the fibre-to-the-home market. He says there can be exponential gr. . .Read more
CURRO HOLDINGS LIMITED2025-03-06Curro (COH) is a private education group that concentrates on building and running schools for children up to matric. Their tertiary division was unbundled with effect from 3-10-2017 and separately listed on the JSE as Stadio (SDO). Curro has taken advantage of the general decline in government education since 1994. It is a spin-off from PSG (which now holds 17,2%). On 30th December 2015, it reached one of the highest price:earnings (P:E) ratios ever recorded on the JSE at 245. This was mostly b. . .Read more
WHLWOOLWORTHS HOLDINGS LTD2025-03-06The sad fall of the Woolworths share (WHL) price was occasioned by the decision of previous CEO, Ian Moir, and his board to buy David Jones in Australia for AU$2,1bn which has now had R12bn written off its original purchase price of R20bn in 2014. The only aspect sustaining the Woolworths group was its food sales. Woollies announced on 14th January 2020 that they had appointed Roy Bagattini, from Levi Strauss, to replace Ian Moir as Group CEO with effect from 17th February 2020. Woolies fashion . . .Read more
SURSPUR CORPORATION LTD.2025-03-06Spur (SUR) is a very well-known franchisor with 701 fast-food restaurants. In South Africa it has 559 restaurants (with 80% able to trade during load-shedding) and it has branches overseas. About two-thirds of its sales in South Africa come from Spur Steak Ranches, and the balance comes from a variety of franchise brands which the company has acquired over the years. Among these are John Dory, Panarottis and, more recently, RocoMamas and Hussar Grill. It would appear that South Africans (at leas. . .Read more
TRLTRELLIDOR HLDGS LTD2025-03-06Trellidor (TRL) is a manufacturer of barrier security products, blinds and security shutters since 1976. The company is divided into the Trellidor business (security barriers) and the Taylor business (security and decorative blinds). Taylor also imports and distributes cornicing and skirting. The company has 70 franchise outlets in South Africa and a very strong brand name. The company has representation in 24 countries, 17 of which are in Africa. Obviously, this company is linked to the constru. . .Read more
WBOWILSON BAYLY HLM-OVC ORD2025-03-05WBHO (WBO) is now South Africa's largest construction company - after the relative demise of Aveng and Murray & Roberts. It has a market capitalisation of over R5bn. It diversified early into Africa to the North, Australia, and the UK. In its results for the six months to 31st December 2024 the company reported revenue up 10% and headline earnings per share (HEPS) of 1072c compared with 897c in the previous period. The company said, "Activity in South Africa remains at elevated levels suppor. . .Read more
AFROCENTRIC INVESTMENT CORP LIMITED2025-03-05Afrocentric (ACT) is a black-owned investment holding company which focuses on health administration and insurance. Sanlam recently acquired 28,7% of the company which will help with its financing and marketing. The group owns 100% of Pharmacy Direct (a courier company), 100% of Curasana (a pharmaceutical wholesaler) and has recently acquired the other 74% of Activo Health (which distributes generic medicines and nutraceuticals) to give it 100%. This acquisition was executed for R588m in cash an. . .Read more
CAXTON CTP PUBLISHERS & PRINTERS2025-03-05Caxton (CAT) is a South African printer and publisher. This company is at the heart of the displacement of hard copy by digital and it is adjusting by reducing costs and trying to move across to digital platforms. But there has been a steady erosion of advertising revenue and even before COVID-19, the purchase of magazines has been in decline. In its results for the six months to 31st December 2024 the company reported revenue down 1,6% and headline earnings per share (HEPS) up 12,3%. The compan. . .Read more
SHPSHOPRITE HLDGS LTD ORD2025-03-05Shoprite (SHP) is the largest grocery retailer and consumer goods company in Africa. Intense price competition has prevented supermarkets from passing on price increases to consumers. The share price was hammered down from a high of R275 in March 2018 to levels around R100 in July 2020 but has since recovered strongly. We expect it to benefit directly from any improvement in the South African economy. Chair, Christo Wiese's major stake in Shoprite has been reduced to just over 10% of the ordinar. . .Read more
DISCOVERY LTD.2025-03-05Discovery (DSY), developed and built by Adrian Gore over the past 25 years, offers the A/B income group of people a matrix of financial services which are inter-linked and cross-selling. Thus a customer can begin with his/her medical aid and then add to that a variety of insurance products and now, most recently, personal banking products. Discovery's "Vitality" concept, which rewards clients for looking after their health in various ways, is extended to their driving record and a rewards system. . .Read more
JSE LIMITED2025-03-04The Johannesburg Stock Exchange (JSE) is listed on the JSE. It is a securities exchange which allows the trade of shares, bonds and derivatives. It has approximately 282 shares which are listed and quoted, and, by market capitalisation, it is by far the biggest stock exchange in Africa, and the 17th largest exchange in the world. In the past it has been a consistently profitable entity, mainly because it had a monopoly on the trade in equities in South Africa. During 2017, a number of other stoc. . .Read more
RCLFISHING & PLANTATIONS2025-03-04RCL is a large producer of food, sugar products and chicken in South Africa which is owned 80.4% by Remgro. The company owns a number of very well-known South African brands such as 5 Star maize meal, Farmer Brown and Yum Yum peanut butter. It competes with overseas imports of sugar, chicken, and other foods. It was impacted by the listeriosis outbreak which damaged the market for processed meats and caused costs estimated at about R158m. The company has been impacted by the weak economy, low co. . .Read more
BVTTHE BIDVEST GROUP LIMITED2025-03-04Bidvest (BVT) is a highly diversified South African company with dozens of subsidiaries. Its most notable investments are 66% of Bidvest Namibia which also owns a large property portfolio rented out to various Bidvest companies and 56.13% of Adcock Ingram. Its subsidiaries are organised into 6 divisions - Services, Freight, Automotive, Office, Print & Commercial Products, Financial Services and Electrical. The directors of each operating company are allowed considerable autonomy within this . . .Read more
ITALTILE LTD2025-03-04Italtile (ITE) is a franchisor of tiles, sanitary ware, flooring, and home finishing products - which it manufactures and wholesales itself. The company is controlled by the Ravazotti family. It has 206 stores and 6 online web stores. It also has a property portfolio of retail and industrial properties worth about R4,3bn. The company has acquired 95,47% of Ceramic Industries and 71,54% of Ezee Tile, which it styles as its manufacturing business (as opposed to its retail business). The company ga. . .Read more
SARSAFARI INVESTMENTS RSA LTD2025-03-02Safari (SAR) is a real estate investment trust (REIT). The company owns 7 operational properties in South Africa - 8 retail outlets and one day-care center with a total value of R3,46bn and a vacancy of 3,03%. Six of the seven retail outlets are in Gauteng. The group's gross lettable area (GLA) in South Africa is 175 167 square meters with arrears of 2,2%. The share is thinly traded with many days where there is no volume. On 18th August 2021 the company gave an update on the impact of the unres. . .Read more
MOTUS HOLDINGS LTD2025-02-28Motus (MTH) was unbundled from Imperial (IPL) and separately listed on the JSE on 22-11-2018. It is a company that owns motor dealerships in South Africa, the UK and Australia. The company has four divisions - import and distribution, retail and rental, motor-related and financial services and aftermarket parts. It imports and sells more than 80 000 vehicles per annum and runs 356 dealerships and 134 rental outlets for Tempest and Europcar. It offers vehicle finance and fleet management in South. . .Read more
TRUTRUWORTHS INTERNATIONAL2025-02-28Truworths (TRU) is a clothing, footwear and accessories retailer that operates in Southern Africa and the UK and is listed on the JSE and the Namibian Stock Exchange. It makes 70% of its sales in South Africa on credit - so its credit management strategies are critical. It is in a highly competitive industry where everyone is selling clothes from Woolworths, Checkers and Pick 'n Pay to the Foschini Group, Mr. Price, Ackermans and Pep. It is an industry constantly beset by the entry of overseas b. . .Read more
BID CORPORATION LTD2025-02-27Bidcorp (BID) is a diversified international food company which operates in 34 countries around the world. It was spun out of Bidvest in June 2017 to release shareholder value. We see this as a solid blue chip, rand hedge share which should perform well. About 95% of its income is generated outside South Africa. Bidcorp focuses on the wholesaling and delivery of what it describes as "fit-for-purpose" product ranges which it says will continue to grow strongly. Obviously, this company is highly d. . .Read more
ANHANHEUSER-BAUSCH INBEV SA NV2025-02-27Anheuser-Busch, or AB-InBev (ANH), is the world's largest brewer of beer, operating in both first world countries and emerging markets. ANH trades on the JSE as ANH, the Brussels Stock Exchange as ABI and the New York Stock Exchange (NYSE) as BUD. It announced its intention to list its Asia-Pacific arm on the Hong Kong stock exchange to raise approximately $10bn. The cash will be used to reduce its debt. The company has brands like Budweiser, Stella Artois, Castle, Becks and Corona. After the ac. . .Read more
HMNHAMMERSON PLC2025-02-27Hammerson (HMN) is a massive international property company that has listed on the JSE to take advantage of South African investors who want exposure to offshore property investments. The company has re-focused itself to invest only in "...flagship retail destinations and premium outlets." The objective is to try to keep up with modern trends in online retail technology and consumer demand for a sophisticated digital experience. Obviously, the company's UK properties have been impacted by the Br. . .Read more
CITY LODGE HTLS LTD ORD2025-02-20City Lodge (CLH) runs a group of about 62 hotels in six African countries, with most of its business in South Africa. It is primarily aimed at the business traveller and hence its performance is mostly a function of the South African economy. Over the long-term, this is a company which is well-run and should grow as the economy recovers. Cost-cutting by most South African companies has resulted in less conferencing and business travel. On-going load-shedding is also negative, but the greatest im. . .Read more
GLENCORE PLC2025-02-20Glencore (GLN) describes itself as, "...one of the world’s largest global diversified natural resource companies and a major producer and marketer of more than 90 commodities." The group's operations comprise around 150 mining and metallurgical sites, oil production assets and agricultural facilities. With a strong footprint in both established and emerging regions for natural resources, Glencore's industrial and marketing activities are supported by a global network of more than 90 office. . .Read more
LABAT AFRICA LTD2025-02-14Labat (LAB) is a 57% black-owned investment holding company which listed on the JSE in 1999. The company buys and improves subsidiaries and then sells them for a profit. At the moment, Labat has two operations - South African Micro-Electronic Systems (SAMES) and Labat Logistics. On 14th April 2020 the company announced that it had acquired 70% of Biodata, an East London based company that is focused on cannabis healing. The acquisition is to be paid for in shares. The market for cannabis in Sout. . .Read more
LSKLESAKA TECHNOLOGIES INC2025-02-07Previously known a Net1 UEP Technologies, Lesaka is listed on the Nasdaq and the JSE (LSK). It is a provider of fintech products in a number of countries. Its universal electronic payment system (“UEPS”) uses biometrically secure smart cards that operate in real-time but offline, which allows users to enter into transactions at any time. In its results for the year to 30th June 2024 the company reported revenue up 11% and a net loss of R326,1m compared with a loss of R629,2m in the p. . .Read more
SEBMICROMEGA HOLDINGS LTD.2025-02-06Sebata (SEB) is an investment holding company with four divisions - software solutions, water technologies, ICT support services and consulting. Their software solutions division consists of Sebata which offers IT services to municipalities and public entities, Freshmark which provides IT solutions to fresh produce providers, and Rdata which offers an accounting package for the public sector. Water technologies consists of Utility Systems, electronic water control and pre-payment devices, and Am. . .Read more
BOWLER METCALF LTD2025-02-06Bowler Metcalf (BCF) is a plastics manufacturing company that began in 1972 and listed on the JSE in 1987. The company's products include tube manufacture, printing, injection stretch blow-moulding, foiling and extrusion blow-moulding. This is a company which is clearly badly impacted by loadshedding. In its results for the six months to 31st December 2024 the company reported revenue up 6% and headline earnings per share (HEPS) up 17%. The company said, "There were several positive indicators f. . .Read more
LNF2025-01-29London Finance and Investment Group (LNF) is a British company involved in management and finance in the UK, America, and Europe. It is listed on the London Stock Exchange (LSE) and the Fledgling division of the JSE. In 2021, the company held 43,8% of Western Selection Plc (Western), 4,6% of Finsbury Food and 11,69% of Northbridge 4,6%. Western has investments in companies that sell specialist industrial equipment and also cosmetics and toiletries. It also owns 12% of a company called Bilby whic. . .Read more
KIBO ENERGY PLC2024-12-24Kibo (KBO) is an African-orientated energy exploration company listed on the AIM (Alternative Investment Market) on the London Stock Exchange and on the Alt-X (Alternative Exchange) on the JSE. The company began exploration activities in Tanzania (100% of the Mbeya project in coal and other minerals which has been disappointing), but has since expanded to have interests in Mozambique (65% of the Benga coal power station which they said in an announcement on 30th of January 2019 and then on 9th M. . .Read more
2024-12-12Capital and Regional (CRP) is a UK real estate investment trust (REIT) which owns and manages in-town community centres in England. Obviously, both the UK consumer and property owners in the UK have been depressed by the advent of Brexit and then COVID-19, which have lowered footfall traffic and caused some retailers to go into the British equivalent of business rescue. A massive GBP77,9m injection by Growthpoint gave it 51,2% of the business. The share has been trading at a significant discount. . .Read more
AFRICAN DAWN CAPITAL LIMITED2024-12-01Afdawn (ADW) is a small micro-lending company, listed on the Alt-X in 2004. Its share price rose as high as 550c in November 2007, but has since fallen back to 21c. The company is in the process of transforming itself into a venture capital company, selling non-core assets and settling debt - some of which is owed to SARS. The company has two operating divisions - Elite Group, a lending platform and YueDiligence which helps entrepreneurs identify growth opportunities in their businesses. In its . . .Read more
EFORA ENERGY LTD2024-11-27Efora Energy (EEL) is an African oil and gas company incorporated in 1993 and listed on the JSE in October 1994. The company is involved in numerous projects from oil production to midstream and downstream distribution. It has operations in Egypt, Nigeria, the DRC, Zimbabwe and South Africa. Africoil is a subsidiary which distributes 45m litres of oil products monthly. It has two depots in Boland and Beitbridge. Most of its sales are in South Africa. In Egypt, the company owns the Mena Internati. . .Read more
SXMSABLE EXPLORATION & MINING2024-11-19This is a very thinly traded mining exploration company. It bought two gold projects in the DRC in 2020. In its results for the year to 28th February 2023 the company reported a headline loss per share of 143,34c compared with a loss of 141,76c in the previous period. The company has a negative net asset value (NAV) of 741,36c per share. In its financials for the six months to 31st August 2024 the company reported zero revenue and a loss for the period of R5m - up from the R3,16m in the previous. . .Read more
2024-10-24Enterprise Outsourcing Holdings (EOH) was Africa's largest information technology company with involvement in almost every aspect of computer applications. At one point the company had 11000 staff members, but that has now been reduced to 6151. It was, until August 2015, the darling of the JSE because it had a long track-record of steadily improving profits. It made a peak of R178 per share at a P:E of 35. An unsuccessful attempt to exceed that high (i.e., a double top) came a year later in Sept. . .Read more
SFN2024-10-23Sasfin (SFN) is a banking group that specialises in various types of finance for small businesses and high net-worth individuals. It was listed on the JSE in 1987. The company has been investing heavily into its digital platforms and into acquisitions. The share was in a strong downward trend and we advised investors to wait until there was a measurable turn in the price such as an upside break through its long-term trendline before investigating further. That upside break has not yet occurred m. . .Read more
2024-10-03Chrometco (CMO) is a company involved in the exploration and mining of chrome. Chrometco is obviously dependent on the international price of chrome and has all the risks associated with a mining company and a commodity share. In its results for the six months to 31st August 2021 the company reported revenue down 43,6% and a headline loss per share of 2,02c compared with a loss of 2,95c in the previous period. The company said, "...the Group has been under severe financial pressure due to the pr. . .Read more
WKF2024-08-30Workforce (WKF) is a labour broker that also does recruitment, specialist staffing, training, consulting, employee health management and sells financial and insurance products. The Constitutional Court decision known as the "Assign" case found that a tri-partite relationship existed between the labour broker, the employee and the client and that temporary employees would be regarded as permanent after they had been continuously employed for a period of three months or longer. This ruling legitim. . .Read more
TPCTRANSPACO LTD2024-08-29Transpaco (TPC) is a small manufacturer of paper and plastic packaging. It is also involved in re-cycling. In its results for the year to 30th June 2024 the company reported revenue down 4% and headline earnings per share (HEPS) down 8,3%. The company's net asset value (NAV) increased by 9,3% to 3232c per share. The company said, "Transpaco's operating profits decreased 15,7% to R212,7 million (June 2023: R252,5 million), reducing operating margin to 8,6% (June 2023: 9,7%). Notwithstanding the d. . .Read more
BKI2024-06-28Previously called Imbalie, Buka is a beauty franchisor which operates through 150 salons and retailers. It sells its own health and beauty brands. It has 3 types of franchises - Placecol, Dream Nails and Perfect 10. The company is in the process of delisting from the JSE. The company was granted a COVID-19 loan from ABSA bank on condition it de-listed from the JSE - which it is in the process of doing. In its results for the six months to 31st August 2023 the company reported a headline loss of . . .Read more
TTOTRUSCO GROUP HLDGS LTD2024-06-04Trustco (TTO) is a financial services group operating out of Namibia and controlled by its CEO, Dr. Q. van Rooyen who holds just over 50% of the shares. The company has three main areas of activity - (1) insurance & investments, (2) resources and (3) banking/finance. In its results for the six months to 29th February 2024 the company reported a net asset value (NAV) of NAD128,2c compared with 117,1c in the previous period. The company said, "Group’s profit for the period was NAD 110 mi. . .Read more
ELLIES HOLDINGS LTD2024-04-23Ellies (ELI) is a fledgling electronics company which imports and distributes electrical products and supplies solar power solutions. From its heyday in 2013 when the share traded at almost R10 a share, it has fallen to just 2c. Technically, the share has been in a strong downward trend. It is a fairly thinly traded penny stock with only about R100 000 worth of shares changing hands every day on average. On 2nd March 2020 the company announced the commencement of section 189 proceedings in terms. . .Read more
2024-03-01Grindrod Shipping (GSH) originated in South Africa as far back as 1910. The company is now based in Singapore with offices in Cape Town, Durban, London, Tokyo, and Rotterdam. It has a primary listing on the Nasdaq and a secondary listing on the JSE. It has a diversified fleet of dry- and wet-bulk carriers some of which it owns, and others are part of a joint venture or chartered. It operates under two brands - Island View Shipping and Unicorn Shipping. Island View operates 32 vessels (13 in join. . .Read more
2024-02-19Cognition (CGN) is a group of companies which specialises in agency-based payment systems, fax to e-mail services, knowledge creation and management. Cognition describes itself as "...a multi-disciplinary data collection, communication, research and marketing company that provides a broad range of services to Fast Moving Consumer Goods (FMCG) companies, media and digital agencies." In its results for the six months to 31st December 2023 the company reported revenue down 8,6% and headline earning. . .Read more
TXT2024-02-14Textainer (TXT) is one of the world's largest lessors of containers with 3,5m twenty-foot-equivalent units (TEU) in its fleet. It is listed on the New York Stock exchange and on the JSE. The company supplies dry freight, specialised and refrigerated containers to 250 customers all over the world and sells more than 140 000 units each year. The company has 14 offices and 500 depots. In its results for the year to 31st December 2023 the company reported total lease rental income down 4,9% and attr. . .Read more
2024-02-02Mix Telematics (MIX) is a company which specialises in vehicle tracking technology and has operations in South Africa, Australia, the UK, the US, Brazil, Thailand, and Romania. It is a service company which means it has very low working capital and receives a high proportion of its income as annuity or debit-order income. This means it is the best kind of company for private investors. It can expand its global footprint virtually without limit and does not have a cumbersome workforce or vast amo. . .Read more
2023-12-14This is a black-owned investment holding company which is itself a subsidiary of Sekunjalo, a company controlled by Iqbal Surve and his family. Surve is a medical doctor who had very strong political contacts with various ANC stalwarts in the Zuma era. AEEI has spun off and separately listed AYO as a technology company but still holds 49,4%. This listing was controversial because the Public Investment Corporation (PIC) bought 99,8m shares for R43 each by way of a private placement. The total val. . .Read more
IBX2023-12-12Ibex Investments is a wholly-owned subsidiary of Ibex Topco B.V. and is the issuer of variable rate, cumulative, non-redeemable, non-participating preference shares with a capital value of R1.5 billion. The preference shares are listed on the JSE. In a trading statement for the year ended 30 September 2023, headline earnings per ordinary share is expected to be a profit of between 1423.0 cents and 940.0 cents compared to a profit of 26 796.4 cents in the previous corresponding period, which equa. . .Read more
RACP2023-10-25RECM and Calibre (RACP) is an investment holding company which has listed its preference shares on the JSE since June 2010. The company is controlled by Theunis de Bruyn, Piet Viljoen and Jan van Niekerk through the unlisted ordinary shares held by them. Coronation owns 7,3% of the preference shares. Roughly 66% of RACP's assets are in a Bingo company called Goldrush. It has 35 bingo licences and 4200 limited payout machines and does sports betting. It has increased its investment in listed comp. . .Read more
PSG2023-10-12PSG Konsult (KST) is a well-established financial services group which grew out of PSG's stockbroking business and which now offers a wide range of financial services including financial planning, unit trusts, healthcare, short-term insurance and estate planning. PSG still holds 60% of the company. In its results for the year to 28th February 2023 the company reported core income up 8% and recurring headline earnings per share (HEPS) up 5%. Gross written premiums increased 9% and assets under ma. . .Read more
LUX2023-09-27Luxe (Previously called Taste Holdings) consisted of two businesses - a food franchisor and a luxury goods retailer. It had master franchises in Southern Africa for Starbucks and Domino’s. The luxury retail division consists of the jewellery chain NWJ, Arthur Kaplan Jewellers and World Finest Watches. A rights issue raised R398m through the issue of 376m shares at 90c and resulted in Riskowitz Value Fund (RVF) ending up with 64,5% of the company. Riskowitz has also provided it with a R200m. . .Read more
RBP2023-08-06Royal Bafokeng Platinum (RBP) is a platinum company controlled by Royal Bafokeng Holdings (RBH) which holds about R32bn worth of assets on behalf of the Bafokeng tribe, a tribe of 128 000 people which owns 1400 square kilometres of land in the North West province which is rich in platinum. RBP has two platinum mines - Rasimone and Styldrift. The Styldrift mine is a shallow, highly mechanised mine which should have costs of about 15% below that of Rasimone. This will enable the mine to survive lo. . .Read more
2023-07-19Indluplace (ILU) is a real estate investment trust (REIT) which specialises in residential property, and which is 66,24% owned by Arrowhead Properties. It owns residential properties in South Africa with a total of 9199 residences worth R3,5bn and with a residential vacancy rate of 11,3%. The company had to give tenants bonuses, like a month rent-free, to maintain the vacancy rate. Rentals also have not been escalating in the difficult environment. The company is anticipating a substantial reduc. . .Read more
2023-07-03Mediclinic International (MEI) has its primary listing on the London Stock Exchange (LSE) with secondary listings on the JSE and the Namibian Stock Exchange. It has operations in Switzerland, the United Arab Emirates and Southern Africa, with a 29,9% stake in the UK hospital group Spire Healthcare. It has seventy-four hospitals, 20 day clinics and twenty outpatient facilities. It has 410 theatres, 10600 beds and 31500 employees. Mediclinic's Parkview hospital in Dubai was opened together with da. . .Read more
2023-06-29Advanced Health (AVL) is a small Alt-X listed company in the healthcare industry that specialises in day clinics in South Africa and Australia. The company listed in April 2014. So far, its Australian clinics are proving to be more successful than those in South Africa. This is because the medical aids do not appear to have gotten the message that many procedures can be done more cheaply at a day clinic. The company now has 10 day hospitals, 300 specialist doctors, 170 employees and 200 beds. In. . .Read more
MLI2023-06-27Industrials Reit (MLI), previously called Stenprop, is a real estate investment trust (REIT) which is listed on the London Stock Exchange and the JSE. It owns commercial property in the UK, Switzerland, and Germany. The company has re-structured itself into a multi-let industrial (MLI) property company focused in the UK. MLI properties are let out to companies selling their products online and are located near to urban centers and consist of industrial space and "last-mile warehousing". The comp. . .Read more
2023-06-22This share has been the subject of considerable drama since the Viceroy Report was produced in December 2017. The company has admitted to "accounting irregularities" - which essentially means that no reliance could be placed on its previous financials. Claims in respect of this were finally settled with a distribution of 1,7bn euros in February 2022 in accordance with a court-approved settlement. Technically, Steinhoff made an almost perfect descending triple top about 15 months before the Vicer. . .Read more
TDH2023-05-29Tradehold (TDH) is a real estate investment company in Southern Africa which is 48% owned by Christo Wiese. More than 40% of its assets were in the UK and held through its 100% holding of the Moorgarth Group which owns 23 properties in the UK which has now been sold. It owns 100% of Tradehold Africa which owns properties in Africa outside of South Africa and 100% of the Collins Group which owns 153 properties inside South Africa. It has spun off its financial services business interests into a s. . .Read more
TPF2023-05-29Transcend (TPF) is an Alt-X listed real estate investment trust (REIT) which specialises in residential property. It listed at the start of 2016, but is exceedingly thinly traded with a portfolio which is worth only R2,8bn in 23 properties primarily in Gauteng (77%), the Western Cape (17%) and Mpumalanga (6%). In time the idea of a residential REIT might have some merit, but it needs to increase its free-float shares so that the share trades more than it does. The company is aiming to move to th. . .Read more
PFB2023-05-28Premier Fishing (PFB) is a 55% subsidiary of listed AEEI - an investment holding company controlled by the Sekunjalo Group and ultimately by the Surve family. The company catches, processes and markets pilchards, anchovy, squid, rock lobster and hake. It has boats, factories and facilities in 3 provinces and employs about 1000 people. The company has two major subsidiaries - Premfresh Seafoods and Marine Growers. Marine Growers has an abalone farm in Gansbaai which produces fish for export. Prem. . .Read more
2023-05-21Union Atlantic (UAT) is a junior mining operation which seeks to exploit base metals and minerals through brownfield exploration (development where the minerals have already been discovered). The company aims to re-list on the JSE in early 2019, to sell its non-core assets and then to raise capital to explore the Rozynenbosch base metals in the Northern Cape. Rozynenbosch is a polymetallic ore body containing silver, copper, lead and zinc valued at between R31m and R42m. In this regard, the comp. . .Read more
2023-05-20Investec Property Fund (IPF) is a diversified South African real estate investment trust (REIT) with a R27,2bn portfolio with 92 properties in South Africa worth R15,7bn. Like most REIT's, IPF suffered from the general sell-off in property shares on the JSE during 2018 following the Resilient group's melt-down. It is currently trading well below its net asset value (NAV) and represents good value. The fund includes property investments in South Africa and Europe. The company owns 9,2% of Ingenui. . .Read more
PEM2023-05-17Pembury Lifestyle Group (PLG) has two divisions - running schools and retirement villages. They were listed on the JSE in April 2017 at 100c and had fallen to 38c by April 2018 when the JSE suspended the share because it had not produced its financial results. On 10th April 2018 the company made an announcement that this was because of the IFRS treatment of one of its acquisitions. The suspension was lifted on 21st November 2018 but was re-imposed on 1st July 2020 when the share was at 10c and r. . .Read more
2023-03-07Jasco (JSC) is a technology and electronics group that produces and markets products mainly in South Africa but also in East Africa. It serves a wide range of customers from water management and renewable energy to security, IT infrastructure and communications. The company is busy restructuring the non-performing areas of the business. Warren Prinsloo, who has been the CFO for the last 15 years has been appointed the new Chief Executive Officer as from 1 March 2021. The company estimates that t. . .Read more
2023-03-02Capital Counties Properties (CCO), Capco, is a real estate investment trust (REIT) with a primary listing on the London Stock Exchange (LSE) and a secondary listing on the JSE. It is included in the FTSE250 index and is one of the largest property companies in London. It owns properties in greater London, including Covent Gardens (which now comprises about 94% of the portfolio). Covent Gardens is one of the most visited shopping destinations in London. The fallout from the Brexit decision has ne. . .Read more
DGH2023-02-25Distell (DGH) is a Remgro (REM) subsidiary which produces a variety of alcoholic beverages which are well-known brands in South Africa and elsewhere. Their brands include Savanna, Nederburg, Klipdrift and Amarula. Aside from South Africa, the company sells in Europe, the US and Asia - as well as in Africa to the North. The company generates 26,1% of turnover outside South Africa. Distell was listed on the JSE on 31st May 2018 at R130 per share. The company benefits from any improvement in econom. . .Read more
AVV2023-02-21Alviva Holdings (AVV) is \"...one of Africa\'s largest providers of information and communication technology products and services\". It has three operating divisions - ICT Distribution which imports, assembles, and sells hardware directly or through resellers, Solutions and Services which supplies integrated software solutions including for cybersecurity and renewable energy, and Financial Services which offers financial and office automation solutions for small and medium sized companies. Most. . .Read more
OLG2023-02-08OneLogix (OLG) is a logistics company which listed on the JSE in 2004. The company has three divisions - cross-border delivery of new cars (47% of turnover), auto-logistics for commercial vehicles (46% of turnover) and freight logistics at the Durban harbour, managing shipments of freight (7% of turnover). In its results for the year to 31st May 2022 the company reported revenue up 24% and headline earnings per share (HEPS) down 69%. The company\'s net asset value (NAV) was 1% lower at 408,1c pe. . .Read more
2023-01-19Etion (ETO), previously Ansys, is an Alt-X listed technology company that started 31 years ago and listed on the JSE in June 2007. It seeks to capitalise on the digital revolution by offering a range of solutions in safety, productivity, connectivity and cyber-security. It operates through 4 divisions - original design manufacturing, safety and productivity solutions, digital network solutions and cyber-security solutions. The company has diversified away from South Africa and now has clients in. . .Read more
NUT2022-12-07Imuniti Holdings (NUT), or Nutritional Holdings, is a manufacturer and marketer of dried foods and water purification which it supplies to the lower LSM and mass feeding markets. It listed on the JSE in December 2006 at 150c. Since then the share has fallen to just 1c. It has now entered the cannabis business through a management contract with Ukusekela Holdings which it has an agreement to buy. On 9th September 2020, the company announced that Ukusekela had secured a contract in Germany which c. . .Read more
2022-11-30Buffalo (BUC) mines high-quality bituminous coal and anthracite in Dundee, Natal. It has a primary listing on the Toronto Stock Exchange (TSX) and a secondary listing on the Alt-X of the JSE. It has two operating mines - Magdalena and Aviemore which have substantial resources of thermal and metallurgical coal. Magdalena ceased operations in 2018. Coal is supplied domestically and exported. In its results for the six months to 30th June 2022 the company reported revenue up 7% and a headline loss . . .Read more
WEA2022-11-23Wearne (WEA) is a supplier of materials to the building and construction industry. It supplies pre-mix products, pre-cast concrete products, readymix concrete and aggregates. It is listed on the Alt-X of the JSE, but the JSE has suspended trade in its shares since 29th June 2018, because its latest financials have not yet been published. In a SENS announcement on 12th October 2018, the company said that the results would be published on 30th November 2018, but the share remains suspended because. . .Read more
2022-11-23This share is now listed as Buka (BKI).. . .Read more
ATI2022-11-01Afristrat (formerly Ecsponent) is a penny stock, listed in the venture capital fledgling sector of the JSE. The company presents itself as a financial services group with operations in Botswana, Swaziland, Zambia and South Africa. Its business activities are divided into investment services in South Africa and the rest of Africa and what it describes as "equity holdings". The company runs what it describes as a "preference share program" through which it claims to have raised R1,1bn. The company. . .Read more
2022-10-06Hwange (HWA) is a coal mining and processing company with a mine in the North West province of Zimbabwe and is 37% owned by the Zimbabwean government. This company has a primary listing on the Zimbabwe stock exchange with secondary listings on the JSE and the London Stock Exchange (LSE). The company is technically insolvent with $138m owed to the government and a total debt of $290m. The company is actually a self-contained community of about 55 000 people in a remote part of Zimbabwe. The compa. . .Read more
RMI2022-09-23Rand Merchant Investment Holdings (RMI) is an investment holding company which previously owned a financial services portfolio worth R56bn consisting of 24,8% of Discovery which is now unbundled), 27,4% of listed insurance company Momentum Metropolitan (which has been unbundled), and 89,1% of short-term insurer, OUTsurance. In addition, it has its own 100%-held businesses, RMI Investment Managers and Alphacode. The company reported on the unbundling of Discovery and Mommet as well as the sale of. . .Read more
SVB2022-09-15Silverbridge (SVB) is a small IT and communications company which focuses on the financial sector. The company operates in 4 divisions - software, outsourcing, data and digital solutions. In its results for the year to 30th June 2022 the company reported revenue up 10% and headline earnings per share (HEPS) down 31%. The company said, "Cost increased by 11%. Other than normal inflationary increases, the increase was driven by the cost to onboard and train new people to create more capacity for f. . .Read more
2022-08-30Massmart (MSM), 51% of which was bought by the international grocery chain Walmart in June 2011 for $2,5bn at a price of R148 per share, consists of Massmart itself, Massdiscounters, Masswarehouse, Massbuild, and Masscash. The group operates 423 stores in 13 sub-Saharan countries with about 51000 employees, but 91,3% of group sales come from South Africa. These are retail operations or the support companies for retail outlets. They are primarily focused on non-grocery products. Much of what Mass. . .Read more
RAV2022-08-22Raven Property Group (previously Raven Russia) (RAV), which took a secondary listing on the JSE from 10th September 2018, specialises in property in Russia and it is the 18th completely foreign property company to list on the JSE. The company is already listed on the London Stock Exchange (LSE) in the Alternative Investments Market (AIM) and has a market capitalisation of under R5bn at current exchange rates. The company receives half of its income in US dollars and half in Russian roubles. This. . .Read more
INVESTEC PLC.2022-05-20Investec Plc (INP) is the holding company for most of Investec's non-Southern African operations. It is controlled by the same group of shareholders that own and control Investec Limited but with different percentage shareholdings. It has the same board of directors. Investec Plc began in 1992 with the acquisition by Investec Ltd of Allied Trust Bank in the UK and then in 1998 with the acquisition of Guinness Mahon and Henderson Crosthwaie (a stockbroking company). The company has operations in . . .Read more
2022-05-16Bauba (BAU) is a black-empowered junior mining company which has recently moved away from platinum group metals (PGM) production because of low prices to concentrate on chrome production. Bauba is 34,4% owned by Ndarama Resources and 37,5% owned by the Bapedi nation. In its results for the 8 months to 28th February 2022 the company announced a change of financial year-end to 28th February to comply with its parent company, Raubex, resulting in an 8-month financial period. During the period reven. . .Read more
NT12022-05-12Net1 (NT1) is a provider of payments solutions and related financial products in South Africa and South Korea. It also sells insurance and other financial products such as micro-lending to its customer base. It has a very large network of branches and ATMs, including mobile ATMs on vehicles which it is enabling to handle withdrawals and other banking functions for other banks. Net1 claims that this network will be as large as that of any of the big four banks. Net1 also owns 15% of Cell-C which . . .Read more
2022-05-11Irongate, (IAP), previously Investec Australia Property Fund, is a real estate investment trust (REIT) which concentrates on property investments in Australia and New Zealand. It is owned 23% by Investec Property Fund and 17% by Investec itself - giving Investec control. Obviously, the performance of this REIT is dependent on the Australian economy which has managed the COVID-19 pandemic very well, compared to other countries. The company owns 30 properties worth about A$1,425.3 million. That ec. . .Read more
2022-04-24Long 4 Life (L4L) is an investment company which listed on the JSE on 7th April 2017. It raised over R2bn on listing mainly because its CEO was Brian Joffe, who is very well known for having built up the Bidvest Group of companies into a massive international business. Since listing, L4L has acquired Holdsport, Sorbet, Inhle Beverages, Chill Beverages and other businesses. L4L's strategy has been to acquire "lifestyle" businesses in South Africa, presumably to benefit from any upturn in the econ. . .Read more
FTAFAIRVEST LIMITED A2022-03-24See the opinion for Fortress Property B - FTB. . .Read more
2022-02-24Imperial (IPL) was a massive logistics and motor business. It operated in 32 European and African countries and employed 27 000 people. The company split off and separately listed Motus on 22nd November 2018, which contains all the company's motor interests. Imperial Logistics remains as the supplier of logistics services. This hugely simplifies the company's capital structure. Imperial is a long-standing blue-chip share on the JSE that has been through a difficult time over the past two years. . . .Read more
2022-02-14ARB Holdings (ARH) is an electrical contracting company that owns property and is involved in vehicle leasing. It owns 74% of ARB Electrical Wholesalers which has 23 branches throughout South Africa and a 60% stake in Eurolux which is an importer of light fittings. Obviously, a company like this is dependent on the level of consumer spending in the economy as well as on the roll-out of government programs. CEO, Billy Neasham says they have reduced their reliance on Eskom from 25% of their busine. . .Read more
NVE2022-02-07Nvest is a financial services group with the following subsidiaries - NFB Private Wealth Management, Independent Executor and Trust, NFB Insurance Brokers, NFB Asset Management, NFB Properties and NVest Securities. It was listed on the JSE on 29th May 2015. The company has a total of R30,1bn of assets under management (AUM). It also owns its own stockbroking company. In its results for the six months to 31st August 2020 the company reported revenue up 1,75% and headline earnings per share (HEPS). . .Read more
2022-02-03Mantengu Mining (MTU), previously called "Mineresi" has not traded on the JSE since July 2016. It was originally in the coal business and then it became a cash shell. More recently it has been involved in manufacturing coal brickets out of coal fines and undertaking acid mine drainage. The company's auditors said there was a material uncertainty about its "going concern" status. The group says it is trying to re-capitalise itself and is looking at a transaction in the chrome industry. In its res. . .Read more
2022-01-14EPP is a Dutch-based real estate investment trust (REIT), listed on both the JSE and the Luxembourg Stock Exchange, and is owned 39% by Redefine. It owns 25 retail centers and 6 offices. It is focused on shopping centers in Poland and is busy selling off its office properties so that it will have 28 shopping centers. In its results for the six months to 30th June 2021 the company reported net property income up by 12% and distributable earnings per share up by 54%. The company's net asset value . . .Read more
WSL2021-12-13Wescoal (WSL) is a 51% black-owned South African coal mining and distribution company. Its revenue is derived 35% from its trading division which supplies coal products to a wide variety of users throughout South Africa and 65% from its mining division which consists of the Elandspruit colliery, the Khanyisa colliery and the Vanggatfontein colliery. Elandspruit produces 210 000 tons of coal per annum from an open cast mine. Vanggatfontein produces about 2,3m tons mostly for Eskom. The company al. . .Read more
AHB2021-11-25Arrowhead Property (AWA and AHB) is a real estate investment trust (REIT) which owns a diversified South African portfolio and shares in a number of other property companies worth in total R8,3bn. Its portfolio is split 52% in retail, 32% in office and 16% in industrial. It owns 61% of Indluplace.  All its assets are located in South Africa. It also owns 8,6% of Dipula. Following its merger with Gemgrow, the company has a dual share system with "A" and "B" shares. The "A" shares have a pref. . .Read more
2021-11-19Liberty (LBH) is a financial services, asset management and insurance company which is a 53,6% subsidiary of Standard Bank. It is Standard Bank's "bancassurance" partner and the two companies cross-sell each other's products. Liberty operates in 24 countries across Africa. Liberty was founded by Sir Donald Gordon at the age of 26 in 1957. The company was listed on the JSE in 1962 at 270c and in 1981 on the London Stock Exchange. Gordon retired in 1999 and, in the absence of his charismatic leade. . .Read more
2021-11-16CSG Holdings (CSG) is an outsource business, supplying staffing solutions, facility management and, recently, security services. In its results for the six months to 30th September 2021 the company reported headline earnings per share (HEPS) up 151% and revenue from continuing operations up by 51%. The company said, "The above improvements were mainly due to the return of most operations to pre-COVID levels, together with newly announced assistance received from government, such as employee tax . . .Read more
2021-11-16Hulisani (HUL) is an energy start-up that intends investing in coal, gas, solar power, wind and hydro. The company was incorporated in 2015 and listed in April 2016. The company has investments in (1) 25% of GRI Wind Towers, (2) a 20% investment in the Khanyisa power station, (3) 60% of the RustMo1 solar farm, (4) 6,67% of the Kouga wind farm, (5) 9% of Avon and Dedisa Peaking Power, and (6) 90% of the uMhlaba wind farm. In its results for the six months to 31st August 2021 the company reported . . .Read more
ACZ2021-10-26Arden Capital (ACZ) is an investment holding company registered in Mauritius which specialises in running tourist-orientated businesses in Zimbabwe, particularly hotels, game farms and casinos. It owns the iconic Victoria Falls Hotel and has hotels in 4 out the 5 national heritage sites. Although listed on the JSE, the share has almost no trades. On 27th March 2020, the company made an announcement concerning the impact of COVID-19, "As hospitality is the major operating segment of the Company a. . .Read more
2021-10-14Grit (GTR) is a pan-African real estate company - which means that it invests in property on the African continent, but not in South Africa. It has a focus on what are known as "frontier" economies - which are economies that are too small to be classified as "emerging". The company is listed in Mauritius, the JSE and London. In late September 2018, the company obtained approval to become part of the S&P Africa Frontier Index - which should see the share re-rated as overseas investment houses. . .Read more
2021-10-13Alaris Holdings (ALH) is a designer, manufacturer and marketer of RF antennas and related equipment. Its products are used in communication, frequency spectrum monitoring, test and measurement, electronic warfare and other specialised markets. Its products are sold all over the world, mostly outside South Africa. The company listed on the Alt-X in July 2008. It has a subsidiary, Cojot, operating in Finland and another, M-Wave, operating in the USA as well as Alaris Antennas in Centurion and Linw. . .Read more
2021-10-08This is a mining exploration company which is evaluating the western limb of the Bushveld Complex. The Chun Can Capital Group reversed into this share in a deal on 9th November 2020. Chun Can has a 73% interest in Akyanga gold deposit in the DRC. In its results for the six months to 31st August 2021 the company reported zero revenue and a headline loss of 36,3c compared with a loss of 34,12c in the previous period. The share was suspended by the JSE on 6th December 2016. The company is hoping th. . .Read more
SPA2021-10-02Spanjaard (SPA) is a thinly-traded distributor and manufacturer of specialised lubricants and related products for industrial and automotive applications. It has operations in the UK, Netherlands and Australia. The company produces products such as Molyslip, copper compound, silicone, tyre fix and chrome compound. Warehousing and distribution was outsourced from September 2018. In its results for the six months to 31st August 2021 the company reported revenue up by 11,8% and headline earnings pe. . .Read more
ZCL2021-09-06This is an A2X-listed investment holding company focused on financial market infrastructure and managing a capital base. Their investment portfolio is located 38% in South Africa and 62% overseas. The company has reduced the discount at which it shares trade to its NAV by 32,3% through increasing its free float. The company changed its financial year-end from 31st March to 30th June. In its results for the year to 30th June 2021 the company reported a net asset value of 474c - down from 600c the. . .Read more
SCP2021-08-30Stellar Capital (SCP) is an investment holding company with interests in financial services companies (Prescient, Friedshelf and Praxis). In its results for the year ended 30th June 2021 the company reported its net asset value (NAV) down 1,5% at 129c and headline earnings per share (HEPS) of 1,25c compared with a loss of 309c in the previous period. During the year the company internalised the Manco structure and disposed of Tellumat and Inyosi. The company said, "Growth in average AUM and AUA . . .Read more
TWR2021-08-23Tower (TWR) is a diversified property company which owns 41 properties worth approximately R4,5bn in South Africa and Croatia (5 properties accounting for 37% of the portfolio). Its properties are split between industrial (7%), office (46%) and retail (46%). Gauteng has 35% of the company's portfolio and Cape Town has 25% with 9% in Natal and 35% in Croatia. Like all property companies, Tower has suffered from the depressed state of the economy and reduced consumer spending. In its results for t. . .Read more
2021-08-05Freedom Property Fund (FDP) is a property share that listed on the JSE on 12th June 2014. The properties are commercial, industrial and residential. The company's shares were suspended on the JSE on 30th June 2016 because of its failure to produce financial statements for the year ended 29th February 2016. The share remains suspended. On 19th August 2019, the company announced the finalisation of the financials for 2017, 2018 and 2019 - but still has not released the latest results. The auditors. . .Read more
DELTA PROPERTY FUND LTD2021-07-31Delta Property (DLT) was a level 2 black empowered real estate investment trust (REIT) with a portfolio valued at R11,3bn and a loan-to-value ratio of 44,3%. Roughly 80% of its rental income was from the government or state-owned enterprises such as Eskom. The company specialised in renting buildings to government and quasi-government organisations in major South African cities. In its results for the year to 28th February 2021 the company reported funds from operations (distributable income) of. . .Read more
TCS2021-05-30This company claims to be an IT company supplying software and administration services to municipalities and provincial governments. It has no active website and the share has been suspended on the JSE at 1c since January 2014. In a quarterly progress report issued on 20th December 2019, the company said, "The rectification of all outstanding compliance matters remains a priority for the Company, and the completion and publication of all outstanding financial statements is the most important are. . .Read more
TGO2021-05-30Tsogo Sun Hotels (THL) was split out of Tsogo Sun (TSG) in June 2019 and separately listed to house Tsogo's hotels and hospitality business. The company is a major supplier of hotel accommodation with over 100 hotels and 19000 rooms. It has hotels in South Africa, Nigeria, the Seychelles (which it has now sold), the UAE, Tanzania, Zambia and Mocambique. In its results for the year to 31st March 2020, the company reported total income up 2% with 2% growth in hotel room revenue and 7% growth in fo. . .Read more
2021-05-30Gaia (GAI) is an infrastructure investment company. It has three divisions - (1) Infrastructure Partners, which invests in large projects in energy, transport, water and sanitation; (2) Fund Managers, which is a specialist asset manager focused on infrastructure investments; and (3) Private Equity, which raises capital to finance various group projects. In its financials for the year to 29th February 2020 the company reported a net asset value up 3% to 1070c and headline earnings per share (HEPS. . .Read more
2021-05-30Afrox (AFX) is the largest company supplying liquid petroleum gas (LPG) and atmospheric gases to the mining and manufacturing industries in South Africa and 7 other African countries. It has been doing this business in South Africa for over 90 years. In its results for the six months to 30th June 2020 the company reported revenue down 10,2% and headline earnings per share (HEPS) down by 31,3%. The company indicated there were lower volumes across all segments due to COVID-19 but that this was mi. . .Read more
2021-05-30Avior (AVR) is a capital markets research and trading firm covering equities, fixed interest and derivative markets in Southern Africa. The company claims to have 200 institutional clients and to provide them with access to 32 markets. In its results for the six months to 31st October 2018, the company reported revenue down by 31% with a headline loss per share of 1275c compared with a loss of 45c in the previous period. During the period the company recognised a loss of R1,4m from its dealings . . .Read more
2021-05-30Assore (ASR) is a miner of base metals, especially iron ore, manganese and chrome. It has 50% of Associated Manganese (Assmang) with partner African Rainbow Minerals. The company owns a manganese mine at Black Rock in the Northern Cape which it plans to modernise and improve. This share is heavily impacted by the strength of the rand. As the rand weakens, it earns more because 95% of its production is sold overseas in hard currencies. Thus the fall of the rand to over R18 to the US dollar in Apr. . .Read more
AXL2021-05-30Phoenix (AXL) is a black-controlled investment holding company whose principal asset is its 100% subsidiary, Standard General Insurance (Stangen). African Bank Investments Limited (ABIL) shares were converted to Phoenix shares from 17th February 2017. There were 1,427bn ordinary shares in issue for Phoenix. In the year to 30th September 2019, the company reported a net asset value per share of 90,1c with cash and financial assets available for investment of R1,19bn. The company said, "Net Asset . . .Read more
UCP2021-05-30Unicorn Capital (UCP) is a company which outsources mainly to the coal mining industry. The company has been listed in the JSE's fledgling division since 1993 and went through a major restructuring in 2017. The company has 4 divisions - drilling and blasting services, mobile crane hire, exploration drilling and anthracite mining. The company says that it has been converted from a diversified mining and mining services company into an investment holding company. Geosearch and Ritchie Crane Hire h. . .Read more
BRNBRIMSTONE INVESTMENT -N-2021-05-30Brimstone (BRT) is a black-controlled investment holding company with a diverse portfolio of holdings. It owns: 1. 54,2% of Sea Harvest, which is a listed fishing company and has a market capitalisation of just under R4bn. 2. 100% of Lion of Africa 3. 100% of House of Monatic, a loss-making clothing manufacturer, 4. 25% of Oceana, the largest fishing company in South Africa with a market capitalisation of R10,5bn. Brimstone is increasing its shareholding by buying 8m shares from Tiger Brands, wh. . .Read more
VLE2021-05-07Value Group (VLE) is a logistics company operating in Southern Africa with six divisions (1) Transportation (2) Distribution (3) Warehousing (4) Import and Export (5) Materials Handling (6) Repairs and Maintenance. In its results for the year to 28th February 2021 the company reported revenue up 2% and headline earnings per share (HEPS) up 11%. The company's net asset value (NAV) also increased 11% to 627,9c per share. The company said, "the implementation of level 5 lockdown from 27 March 2020 . . .Read more
RSG2021-05-04Resource Generation (RSG) is a junior coal mining company that is busy developing the Boikarabelo mine in the Waterberg in Limpopo Province. The company listed on the Australian Stock Exchange (ASX) in October 2006 and on the JSE in July 2010. The Waterberg resource contains about 40% of South Africa's known remaining coal reserves. The Boikarabelo mine has a major problem getting sufficient water for its operations but has acquired an integrated water use licence for enough underground water to. . .Read more
2021-04-19Cartrack (CTK) is a vehicle recovery, insurance, telematics and fleet management company operating in 24 countries around the world. It has a 92% recovery rate, which it claims is the best in the industry. It has very rapid organic growth, having grown its subscriber base by 21% compound over the past six years. Approximately 98% of the company's turnover is annuity income. The founder, Zak Calisto, owns 68,5% of the business through a Singapore firm called "Karooooo". In its results for the six. . .Read more
RPL2021-01-25RDI (RPL) is a real estate investment trust (REIT) listed on the London Stock Exchange (LSE) and incorporated into the FTSE 250 index. It has a secondary listing on the JSE and has Redefine as a 29,44% shareholder. It owns properties in the UK and Germany and has divested itself of between 50m and 100m pounds worth of properties to create capital for more focused re-investment. About 85% of its assets are located in the UK which makes it vulnerable to Brexit. There has been suggestion that it ma. . .Read more
2021-01-21Mazor (MZR) is a construction company which also supplies windows and glass. The company is based in Cape Town and does structural steelworks and aluminum facades. It has two divisions - Mazor Steel in the Western Cape which makes steel structures and frames for buildings, and Mazor Aluminum which supplies and installs aluminum doors, windows, and facades. In its results for the six months to 31st August 2020 the company reported revenue down 48,24% and a headline loss per share of 23,1c compare. . .Read more
2021-01-19The Elb Group Limited (ELR), formally Edward L Bateman, is an engineering and construction company that is involved in materials handling, minerals separation, power solutions and industrial projects. It has the following divisions: (1) ELB Equipment, which manufactures and supplies construction equipment, earthmoving equipment and mining equipment. (2) ELB Equipment Pacific, which is involved in underground equipment and waste management in New Zealand and Australia. (3) ELB Engineering Service. . .Read more
2020-12-18This share is renamed to Afristat (ATI).. . .Read more
2020-12-14Accentuate (ACE) is a supplier of materials to the flooring, chemical blending, commercial cleaning, water treatment and maintenance industries. It has 5 regional offices in South Africa, 2 factories, 4 warehouses, 5 showrooms and 2 laboratories. It conducts business through three subsidiaries - Ion Exchange (a water treatments company), Safic (a chemical and cleaning equipment solutions provider) and Floorworx (a manufacturer of vinyl flooring). Pentafloor was bought for R19,2m which was partly. . .Read more
2020-11-16Anchor (ACG) is a local and off-shore financial services holding company with primarily three businesses - asset management, private clients and stockbroking. It listed on the JSE in July 2014. In its financials for the six months to 30th June 2020 the company reported assets under management (AUM) of R64,9bn - up 13% and headline earnings per share (HEPS) down by 69%. The company's net tangible asset value (NTAV) fell by 9% to 93c. The company said, "Anchor's 2020 statement of comprehensive inc. . .Read more
HPB2020-11-16The Hospitality Property Group (HPB) is a real estate investment trust (REIT) which specialises in owning hotels and leisure activities. Tsogo injected all its hotels into HPG to separate its gaming business from its hospitality business. HPB has a portfolio of 53 hotel and resort properties with 9000 rooms in South Africa worth approximately R13bn. HPB is held 60% by Tsogo Sun Hotels which was separately listed on the JSE on 12th June 2019. Their hotel properties are mostly located in Gauteng a. . .Read more
2020-11-05Consolidated Infrastructure Group (CIL) is an African infrastructure company which listed on the JSE in 2007. The company has four divisions - Power, Rail, Building Materials and Oil & Gas. 71% of its profits are derived from South Africa. The Power division is a leading supplier in Africa of high-voltage electrical substations, overhead power lines and renewable energy. The Building Materials division supplies crushed stone, ready mix and concrete. The Oil and Gas division provides integrat. . .Read more
2020-11-05Indequity (IDQ) is a short-term insurance company which writes personal line business insurance on behalf of larger insurance companies. The company targets the professional and high net worth market. The company has a full short-term insurance licence. In its results for the year to 30th September 2020, the company reported turnover up 3,2% and headline earnings per share (HEPS) up by 26,4%. The company said, "As the Group focuses mainly on personal lines insurance, a reduction in claims due to. . .Read more
2020-11-03Mettle Investments (MLE) is an Alt-X listed financial services group that was spun out of Tradehold and unbundled into a separately listed company on 23rd May 2018. Tradehold injected R445,2m into the company as part of its separation. The company used this money to settle debt and to buy out 90% of the Reward Finance Group from Tradehold. The company's main source of income is now the Rewards Group in the UK which provides short- and medium-term loans and invoice discounting in the UK. Its Sout. . .Read more
2020-09-24Lonmin (LON) is the world's third largest producer of platinum group metals (PGMs). These include platinum, rhodium, palladium, iridium, ruthenium and gold. The company sold 681 580 ounces of platinum (which was ahead of their estimate) in the full year to 30th September 2018 at an average price of R14 512 per ounce - which was 25,5% more than the fourth quarter of 2017. Costs were just 0,8% higher which led to the company having $114m in cash on hand at the end of the year (up from $103m). The . . .Read more
2020-09-18Kaydav (KDV) sells compressed wood-based panelling to the construction industry through outlets in Gauteng, Western Cape and Natal. It also sells packaging materials and machinery through outlets in Cape Town and Johannesburg. The company operates through Davidson's Boards (which supplies melamine and medium density fibreboard), Kayreed Board and Timber (the largest distributor of board in South Africa), Packit (which supplies a range of packaging materials and solutions as well as hygiene produ. . .Read more
TBG2020-09-17Tiso Blackstar (TBG) is primarily a media company with interests in South Africa and the rest of Africa. It owns iconic newsprint brands like the Sunday Times, Business Day and The Sowetan. It also has associated websites like Timeslive, Businesslive and Sowetolive. It owns the marketing company Hirt and Carter and Uniprint, a large printing company. It also owns a number of television and radio stations operating in Southern Africa and West Africa. Strangely, it owns 100% of Consolidated Steel . . .Read more
TAS2020-09-07This share has been re-named Luxe.. . .Read more
2020-09-05Comair (COM) was South Africa's only listed airline until it went into business rescue on 5th May 2020. It operated for British Airways in South Africa and also ran the discount airline, Kulula. It is 27,2% owned by Bidvest, but Bidvest is trying to sell its stake. The industry which it operated had been distorted by the activities of SAA, a government subsidised airline that is continuously loss-making. Comair responded to this unfair competition by improving its efficiency at all levels. The c. . .Read more
NFP2020-08-24New Frontier Properties (NFP) is listed on the Mauritius Stock Exchange and on the Alt-X of the JSE. It is, however, taxed in the UK. It is a property company which aims to invest in properties in the UK and Europe. New Frontier acquired its first two retail properties in April 2015 when it bought the Cleveland Centre in Middlesbrough and Coopers Square in Burton upon Trent. In September 2015, it acquired Houndshill Shopping Centre in Blackpool. In October 2017, New Frontier acquired a modern wa. . .Read more
FFA2020-08-19See the opinion for Fortress "B" - FFB. . .Read more
2020-08-06Intu (ITU) is a UK-based real estate investment trust (REIT) which is part of the FTSE 100 index. It was founded by the late Donald Gordon in 2010. It specialises in retail shopping centres located around London. It owns 17 of the UK's top shopping centres. The company's shopping centres get about 400m visitors per annum with over half of the UK population visiting an Intu centre each year. The company announced on 28th January 2020 that it had sold its Spanish assets and other assets totalling . . .Read more
N91NINETY ONE PLC2020-07-20See the opinion for Ninety 1L.. . .Read more
PGR2020-06-24Peregrine (PGR) is an owner-managed asset management and stockbroking group which was founded in 1996 and listed on the JSE in 1998. It consists of Citadel, Stenham and Peregrine Capital all involved in asset management. In its results for the year to 31st March 2020 the company reported assets under management (AUM) of 142bn - up 15% from 124bn in the comparable period. Headline earnings per share (HEPS) fell by 28% and the company's net asset value (NAV) rose to 889c per share. The company sai. . .Read more
2020-06-10Group 5 (GRF) is one of South Africa's iconic construction and engineering groups which has taken enormous strain over the past 10 years because of the fall-off in government construction contracts, the generally poor state of the economy and the impact of the competition authorities on the sector. Like all construction companies, Group 5 sometimes has big contracts that go bad and result in substantial penalties. In Group 5's case, that was its Kpone power plant contract in Ghana where it has i. . .Read more
AHA2020-06-01See AWAPROPB. . .Read more
2020-05-28Atlantic Leaf Properties (ALP) is a property company, listed on the JSE and the Mauritian Stock Exchange, which has become a real estate investment trust (REIT) and intends to list on the London Stock Exchange (LSE). It is focused on multi-let industrial property in the UK and Western Europe, but has 10% of its portfolio in retail and 20% in offices. It also invests in other listed and unlisted property companies. In its results for the year ended 28th February 2020 the company reported revenue . . .Read more
2020-05-12Phumelela (PHM) is a gambling and gaming company which owns 4 race courses and 5 training centers across South Africa and stages 250 race meetings per annum. It provides betting opportunities via its totaliser system through a network of branches and on an internet betting site. The company has a level 4 BBBEE status. Phumelela's major shareholder is The Thoroughbred Horse Racing Trust which is a non-profit organisation that owns 26,72%. Over the internet, the company imports horse racing from t. . .Read more
2020-04-09Andulela (AND) is an investment holding company listed on the main board. It has two subsidiaries - 83,6% of Kilken Platinum, a producer of low cost PGMs (palladium, platinum, rhodium and gold) and 100% of Pro Roof Steel Merchants (PRSM). In its results for the year to 31st December 2019 the company reported revenue up 19,6% and headline earnings per share (HEPS) of 30,61c compared to a loss of 4,49c in the previous period. The company said, "This was mainly due to the improved results from the . . .Read more
ZPLP2020-04-03. . .Read more
PFG2020-02-13Pioneer Foods (PFG) is one of the largest manufacturers and distributors of food products in South Africa. It has many well-known brands like Bokomo, Ceres, Liquifruit, Weetbix, Marmite, Smash, Safari, Bovril, and White Star. It is 25% held by Zeder, which is in turn 43,7% owned by PSG. It exports products to more than 60 countries in Africa and the rest of the world which accounts for 21% of its operating profits. It produces many staples like rice, wheat, maize, pasta, beans, dried vegetables . . .Read more
2020-02-12Afenergy (AEY) was listed on the JSE on 30th June 2017 as a special purpose acquisition company (SPAC) with the idea of pursuing acquisitions in the energy sector and commercial enterprises. In the year to 30th June 2018, the company reported that it was acquiring First Independent Power Kenya. During the period the only income earned was from interest on cash balances resulting in a loss of R12,3m - which amounted to 235c per share. In its financials for the six months to 31st December 2018, th. . .Read more
J232FTSE/JSE ALT-X INDEX2020-01-14The Alternative Exchange or Alt-X was brought in by the JSE to replace the Venture Capital Market (VCM) and the Development Capital Market (DCM) and its main purpose is to allow smaller shares to list than are allowed on the main Board. Most stock markets around the world have some sort of junior exchange to accommodate smaller companies wanting to list. The New York Stock Exchange (NYSE) has the American Stock Exchange or “Amex”. The London Stock Exchange (LSE) has the Alternative Investment Ma. . .Read more
J259DIVIDEND PLUS INDEX2020-01-14The JSE’s Dividend Plus Index is designed to include only those shares from the JSE Top40 and the JSE Mid-Cap which pay the best dividends based on their dividend yield. The components of the index are weighted according to their dividend yields every quarter and only the best 30 are included. Of the 30 shares, at the time of writing, the one with a high weighting was BHP Group Plc (over 6%). Telkom had a dividend yield of around 4,8% - which is a good yield for a blue chip share – indicating th. . .Read more
J580FINANCIALS 24 INDEX2020-01-14This is an index of the financial shares trading on the JSE. It includes 60 companies (counting Investec Ltd and Investec Plc as a single company) including the larger real estate investment trusts (REIT). The property sector has grown substantially in the last five years and is now a major component of the JSE. What is interesting in this index is the percentage free-float of the various companies. For example, at the time of writing, Hammerson had only a 13% free float and so was only given a . . .Read more
J204FLEDGLING INDEX2020-01-14This index consists of ordinary shares which comply with all listing requirements, but are too small to be included in the All Share Index and which are not tested for liquidity. The JSE is broken down into 4 indices – the JSE Top 40 (the 40 largest companies by free-float market capitalisation), the JSE Mid-Cap (the next 60 largest shares) and the JSE Small-Cap (which is the remaining shares in the JSE Overall after the Top 40 and the Mid-Cap). Shares which are too small or not well enough trad. . .Read more
J5202020-01-14The JSE Industrial index contains just 20 shares and, at the time of writing, was dominated by Remgro with a weighting of over 33% and Bidvest with a weighting of over 23%. These two shares had a very high free-float percentage (97% and 100% respectively) which accounts for their dominance. Barloworld also featured with a weighting of 9.7% and KAP with 4.7%. Obviously, this excludes foreign-oriented heavy hitters like Naspers and Richmont – so it gives a good indication of South African involved. . .Read more
J205LARGE CAP INDEX2020-01-14The JSE Large Cap index contains 46 very large companies. In many ways this index is similar to the JSE Top 40 index. At the time of writing, Naspers accounted for over 23% of it, followed by BHP, which accounted for over 11%, and Richmont, which was at over 8%. The rest of the companies were all above R40bn in market capitalisation – so they are very large. An anomaly is Anheuser Busch which had a R1,6 trillion market capitalisation but only a 1% free float and so was only weighted 0,3% in the . . .Read more
J206LARGE AND MID CAP INDEX2020-01-14The Large and Mid-Cap index combines the Large Cap and the Mid Cap indices into a single index. At the time of writing, it had 103 shares in it and Naspers made up over 20% of it and BHP was at over 10%. There are some big financial shares here like Standard Bank (just over 3% at the time of writing), Sasol (just over 3,5% at the time of writing) and Firstrand (just under 3% at the time of writing). So this index is useful if you want to see the performance of the larger companies trading on the. . .Read more
J201MID CAP INDEX2020-01-14The Mid Cap index is supposed to be the next 60 largest shares trading on the JSE, after the Top 40. In practice it sometimes contains 59 or 61. For actuarial reasons. At the time of writing it only consisted of 57 shares. Many of these mid-cap shares are, in fact, high-quality blue chips and they are definitely worthy of your attention as a private investor. At the time of writing, the largest component of the index was Clicks which accounted for over 4.5%. After that came Gold Fields at over 4. . .Read more
J202SMALL CAP INDEX2020-01-14The JSE Small Cap index consists of all the shares which are included in the JSE overall – except for those in the JSE Top 40 and the JSE Mid Cap. The Top 40 index is an average of the 40 largest companies in the JSE Overall index, followed by the mid-cap index which is the next 60 largest companies and, finally, the small cap index which is an average of the balance of the shares in the JSE overall index. At the time of writing, there were 61 shares included in this index. The largest share in . . .Read more
J200TOP 40 (TRADEABLE) INDEX2020-01-14An index of the 40 biggest companies trading on the JSE. This index is weighted for the market capitalisation of the companies it includes and also their "free float". It is one of five "headline" indexes together with the JSE Overall index, the mid-cap index, the small cap index and the fledgling index. Not all the securities listed on the JSE are incorporated into the All Share index, on the basis that movements in the share prices of the constituent companies can be said to represent the move. . .Read more
J233ALTX 15 INDEX2020-01-14The index is supposed to contain the 15 largest companies trading on the Alt-X, but at the time of writing only 11 qualified for inclusion and they were dominated by Anchor Capital, which represented nearly 40% of the index. The next largest share was Renergen, which represented about 22.5%. The remaining shares were Jubilee Metals Group, Alaris Holdings, ISA Holdings, Mettle Investments, Etion Limited, Advanced Health, Workforce Holdings, Europa Metals and African Dawn Capital. Obviously, these. . .Read more
J212FINANCIAL 15 INDEX2020-01-14The Financial and Industrial 15 index consists of the largest 15 companies by free-float market capitalisation, but it excludes Naspers and Richmont. At the time of writing, these 15 companies were ABSA, Capitec, Discovery, Firstrand, Growthpoint, Investec, Nepi Rockcastle, Old Mutual, PSG, Redefine, RMB, Reinet, Standard Bank and Sanlam. Of these the largest weightings were given to Firstrand (just less than 15%) Standard Bank (over 17%) and Sanlam (just less than 10%). This index is much more . . .Read more
J213FINANCIAL & INDUSTRIAL 30 INDEX2020-01-14An index prepared by the JSE actuaries which is a weighted average of the 30 largest financial and industrial shares trading on the Johannesburg Stock Exchange. The Financial and Industrial 30 index includes the top 30 financial and industrial shares by free-float market capitalisation trading on the JSE. Unlike the JSE-Fin 15, this index does include Naspers and Richmont. At the time of writing, Naspers accounted for over 33% of the index, while Richmont accounted for over 12%. Standard Bank an. . .Read more
J211INDUSTRIAL 25 INDEX2020-01-14The Industrial 25 index contains the largest 25 shares in the industrial sector weighted for their free-float market capitalisation. This index is again dominated by Naspers (over 44% weighting at the time of writing) and Richmont (over 16% weighting at the time of writing). Together these two shares accounted for 60% of the index. Of the remaining companies (including Shoprite), the only one at the time of writing which had a material weighting was MTN with just less than 5%. In our view, this . . .Read more
J250SA FINANCIAL AND INDUSTRIAL2020-01-13At the time of writing, the JSE Financial and Industrial index (J250) included 138 industrial and financial shares. The largest component was Naspers which accounted for more than 25% of the index, followed by Richemont with more than 9%, and Standard Bank and FirstRand with about 4%. Other major shares included ABSA which represented over 2%, MTN with about 3%, Old Mutual with around 2%, Remgro with about 2% and Sanlam with nearly 3%. As you can see the major blue chip companies dominate the in. . .Read more
YYLBEEYEBOYETHU RF LTD2019-12-06Yeboyethu (YYLBEE) is a special purpose vehicle (SPV) which was formed on 19th June 2008 as a BEE scheme with the objective of holding "A" ordinary shares of Vodacom. It originally held 3,44% of Vodacom, but has recently made a deal to increase that holding to 6,23%. The new deal unwound the old deal and paid a R73 dividend to shareholders who retained their shares. In its results for the six months to 30th September 2019, the company reported that the dividend received from Vodacom was R457,8m . . .Read more
NIV2019-12-05Niveus (NIV) is an investment holding company which is owned 52,3% by HCI (also listed on the JSE). It holds three main investments - 43,75% of Alphawave Golf, 57,39% of La Concorde and 50,1% of Betcoza. La Concorde consists of investment property, art and cash as well shares in HPLR. Betcoza holds HCI's interest in 5 online and retail sports betting licences. Alphawave is a startup which develops radar tracking in the golf industry. In its results for the six months ended 30th September 2019, t. . .Read more
2019-11-25The Efficient Group (EFG) is an asset management and financial services group managed by well-known economist, Dawie Roodt (who is also a 5,7% shareholder). It is involved in asset management, private client services, financial planning, consulting and fiduciary services. It has 466 employees and 230 financial advisors with more than 65 000 clients. In its results for the year to 31st August 2019, the company reported turnover virtually flat and headline earnings per share (HEPS) of 32,95c compa. . .Read more
RLF2019-11-07Rolfes (RLF) is a black-empowered chemicals company in the fledgling sector of the JSE which supplies products to the agricultural, chemicals, colourants, food ingredients and water industries. The agricultural division supplies products which promote plant root and foliage growth, soil nutrition and disease control. The food division distributes imported and locally produced products to the food, beverage, cosmetics, dairy, bakery and pharmaceutical industries. The industrial division manufactu. . .Read more
2019-10-13Basil Read (BSR) was one of South Africa's leading construction companies involved in mining, civil engineering, road construction, housing and other areas. Like other construction companies, Basil Read has faced a perfect storm of minimal government construction work, a weak economy, the collapse of construction following the 2010 world cup and the fines handed out by the competition commission for collusion. The share has been suspended on the JSE since 18th June 2018, pending the outcome of a. . .Read more
ORE2019-10-08This is a real estate investment trust that was suspended on the JSE in October 2018 because it had not produced audited financial statements by the deadline. On 29th March 2019, the company announced the disposal of the Orion House Enterprise for R97,5m. In its financials for the year to 30th June 2019, the company reported turnover up 3,5% and a headline loss per share of 18,15c compared to a profit of 1,48c per share in the previous period. The tangible net asset value (NAV) fell by 19,5% to . . .Read more
2019-10-03Brainworks (BWZ) is an exclusively Zimbabwean company with investments in the hotel and leisure industry there. It owns an array of hotels like the Monomotapa hotel and the Victoria Falls Hotel as well as the Marineland Harbour on Lake Kariba and two game resorts. The government has adopted a "Transitional Stabilisation Program" (TSP) which centers on currency reform. In its results for the six months to 30th June 2019, the company reported turnover down 31% to US$21,5m. This was mainly due to l. . .Read more
2019-09-10Name change - is now Mommet.. . .Read more
RTNREX TRUEFORM GROUP -N-2019-08-26Rex Trueform (RTO) is an extremely thinly-traded company listed on the JSE - which makes it completely impractical for private investors in its current form. The company was established in 1937 and has been listed on the JSE since 1945. It manufactures and markets clothing and accessories through a nation-wide chain of Queenspark and J. Crew stores. It also owns a portfolio of properties in the Cape Town area. The group is controlled by a consortium led by Marcel Golding and his partner Hugh Rob. . .Read more
2019-08-25Adrenna (ANA) is a very thinly traded small real estate investment trust (REIT) with a market capitalisation of R53m which concentrates on property in the Western Cape. It owns two properties - Consani Industrial Park near Elsies River which has 42 000 square meters of lettable area and Red Sails in Hout Bay which consists of some retail space and two floors of sectional title units, some of which have been sold. In its results for the year to 28th February 2019, the company reported turnover al. . .Read more
2019-08-19Atlatsa (ATL) is a BEE company involved in platinum group metals (PGM) in the Bushveld Complex. It has a primary listing on the Toronto Stock Exchange (TSE) and a secondary listing on the Alt-X of the JSE. It operates the Bokoni mine which has 4 shafts producing 170 000 ounces of PGMs per annum. The ore body is estimated to contain 154m ounces and to have a life of 95 years. The mine also operates an open-cast operation on the Merensky Reef. In its results for the quarter ended 30th June 2019, t. . .Read more
2019-07-23Clover (CLR) is the leading supplier of dairy products in South Africa. In the past year it has been moving towards branded high-margin products and away from bulk products. To achieve this it has placed its bulk products into a new entity called Dairy Farmers South Africa (DFSA). In its results for the six months to 31st December 2018, the company reported turnover up 4,1% and headline earnings per share (HEPS) up 5%. Consumer confidence was constrained and household disposable income was down.. . .Read more
2019-07-16See Mondi Plc (MNP) opinion.. . .Read more
2019-07-12. . .Read more
GPB2019-07-12On 10th April 2019, Arrowhead announced its intention to merge with Gemgrow. Arrowhead owns 53,3% of Gemgrow. The deal will be structured so that Gemgrow buys all of Arrowhead's shares for 0,8237 Gemgrow "B" shares - and then Arrowhead will be de-listed. The combined company will then own property worth R6,8bn and will be re-named "Arrowhead" In its results for the six months to 31st March 2019, Gemgrow reported a 54,54c dividend for its "A" shares and a 35,31c dividend for its "B" shares. R425m. . .Read more
TSX2019-07-04Trans Hex (TSX) is one of the longest standing diamond-mining operations listed on the JSE with more than 50 years in the business. For most of its life, Trans Hex mined diamonds which it found in alluvial deposits on the Orange River. Recently it bought the Namaqualand mine from De Beers which is a coastal alluvial deposit finding diamonds which were washed down thousands of years ago by ancient rivers. It operates in South Africa and Angola through directly-owned mines and joint ventures. It o. . .Read more
WIL2019-06-07Wilderness Holdings (WIL) is a tourism company which is focused on safari tours together with transfers, camps, as well as finance and asset management. It serves an international market with guests from all over the world and is very conservation oriented. The share is listed on the Botswana stock exchange with a secondary listing on the JSE (2-4-2010). The company operates 50 safari camps in Kenya, Botswana, Namibia, Rwanda, Zambia, Zimbabwe and South Africa and employs 2560 staff. In its resu. . .Read more
2019-05-29This is a bankrupt oil and gas exploration company which was listed in New York and on the JSE in 2014. The company is 56,7% held by Camac Energy Holdings, which is a company said to be controlled by a Nigerian businessman, Case Lawal, who had links to the former president, Jacob Zuma. The PIC invested $270m into this company, but apparently has no documentation of the meetings and justification of this investment. Lawal was apparently an ANC donor and accompanied the president when he went to T. . .Read more
GPA2019-05-19On 10th April 2019, Arrowhead announced its intention to merge with Gemgrow. Arrowhead owns 53,3% of Gemgrow. The deal will be structured so that Gemgrow buys all of Arrowhead's shares for 0,8237 Gemgrow "B" shares - and then Arrowhead will be de-listed. The combined company will then own property worth R6,8bn. In its results for the six months to 31st March 2019, Gemgrow reported a 54,54c dividend for its "A" shares and a 35,31c dividend for its "B" shares. R425m worth of non-core assets were s. . .Read more
EMNE MEDIA HOLDINGS LTD N2019-05-19E-Media Holdings (EMH) owns 67,7% of E-Media Investments which in turn runs ETV and E-News as well as other smaller operations. This company is investing heavily into multi-channel businesses which are showing good growth, but are still loss-making. During the six months to 30th September 2018, the company reported profit from continuing operations of R48,4m, an increase of 158,3% from the previous period. This was off-set by a loss from discontinued operations of R29,5m - which meant that the n. . .Read more
2019-05-05Ingenuity (ING) is a property development company which focuses on properties in the Western Cape. The company was listed on the JSE in 2007 with the objective of developing properties in the Western Cape. Its income comes from rentals of its gross lettable area (GLA) of about 156 000 square meters. It has two properties under development - 117 on Strand (upmarket retail office and residential) and 20 Vinyard Road in Claremont (upmarket retail and office). In its results for the six months to 28. . .Read more
RDI2019-04-25Rockwell (RDI) develops and operates alluvial diamond deposits. The company owns and operates the Wouterspan property in Douglas, South Africa. This property has previously been mined, but has been in care and maintenance since November 2008. In 2015 a decision was taken to bring it back into production and extensive pitting has been carried out with the objective of determining the thickness and nature of the gravels, but so far there has been no estimation of the resource. On 23rd April 2019, . . .Read more
TOR2019-04-10Torre (TOR) is an industrial company which operates through various divisions. Torre itself supplies a range of branded products such as Gabriel, Autolite, Textar and High-lift to companies in the automotive, commercial, off-highway and industrial markets. The group also offers lifting equipment, tractor and grader supplies, scientific analysis of used oil and thermography, materials used for mineral assaying, analytical tests of PGMs, gold, uranium and other materials, the supply of moving and . . .Read more
ZXTWITWK INVESTMENTS LIMITED2019-04-01TWK (ZXTWI) describes itself as, "a diversified agriculture and forestry company, headquartered in Piet Retief, Mpumalanga. It operates mainly in Mpumalanga and Kwazulu-Natal, but with business interests in several other provinces as well as in Swaziland. TWK operates businesses in the Timber, Agricultural Retail, Mechanisation, Grain, Financial Services and Motor & Tyre industries." The company is a diversified agricultural group of companies employing over 2000 staff. It has a forestry and tim. . .Read more
2019-03-18This was one of South Africa's large listed construction and engineering companies involved in sanitation, pipelines, building and housing. Esor (ESR) recently went into business rescue in August 2018 to protect itself against its creditors, mainly because of R36m which is owed to it by the Natal municipality, Ethekwini. The company has already cut its workforce from 5000 in 2007 to the current level of 1400 and is busy selling land which it owns and trying to re-negotiate with suppliers. The CE. . .Read more
2019-03-14Global Asset Management (GAM) is a small asset management and energy company that is extremely thinly traded and is about to be de-listed from the JSE. It is therefore of no interest to private investors. On 8th March 2019, the company issued a trading statement in which it said that its loss per share was expected to be 53,6c and that headline earnings per share (HEPS) were expected to fall by 59% to 4,9c. The actual results showed a loss of R10m from continuing operations.. . .Read more
STX40SATRIX 402019-01-30The Satrix Top 40 (STX40) is an ETF (exchange traded fund) that tracks the FTSE/JSE Top 40 providing exposure to the 40 largest shares, by market capitalisation, listed on the JSE. The Satrix 40 ETF includes the 40 shares contained in the JSE Top40 index in the same proportions. The portfolio is re balanced every quarter in response to changes in the JSE Top 40. The most recent re balancing was done on 27th December 2018 in response to a quarterly review of the JSE Top 40. This ETF is dominated. . .Read more
I-COMEXGOLD 100OZ GC COMEX2019-01-24The Comex, which was previously the commodities exchange, is a division of the New York Mercantile Exchange (NYMEX). It trades futures and options in a variety of precious and base metals. This data stream is for the price of the 1000 ounce gold futures contract. This contract is specifically aimed at private investors who want to trade gold in small quantities. The contract can be traded almost 24 hours a day. In many ways this data stream is very similar to the spot price of gold (M-gold$) - a. . .Read more
CRBSPOT2019-01-24This is the Commodity Research Bureau’s spot index of commodities. The index includes 19 commodities and is weighted 39% to energy products, especially oil, 41% to agricultural products, 7% to precious metals and 13% to base metals. So this is an overall commodity index designed to give an idea of the trend of all commodities. What is evident is that commodity prices, led by oil, fell heavily in the second half of 2014. Since then they have stabilised and begun to appreciate as the world economy. . .Read more
DAX-INDXGERMANY DAX INDEX2019-01-24This is a simple index of the thirty largest shares trading on the German stock exchange. The DAX is a Paasche index which began on 30-12-1987 at a base value of 1000. The DAX generally follows the other indexes in Europe like the French CAC index and the British FTSE. And they all follow Wall Street which is best measured by the S&P500. The DAX only includes 30 shares so it does not really represent the broad spectrum of German business - but it is the most commonly used index for assessing the. . .Read more
2019-01-23Dawn (DAW) is a manufacturer and retailer of bathroom fittings, sanitary ware and related products in Southern Africa. The company has been battling with the depressed consumer environment in South Africa for several years and its share price has declined from 1090c in July 2014 to just 1c. Its results to 31st March 2018 reveal that turnover was down by 19,1% which resulted in a loss of R328,9m. In July 2017, the company proposed a radical restructuring plan - which has now had to be abandoned b. . .Read more
2019-01-22Delisted.. . .Read more
EXG2019-01-22Extract (EXG) has only one operating division and that is MCC Contract and Mining Services which offers services to open cast mines including drilling, blasting, load hauling and rehabilitation. The company operates in South Africa, Botswana, lesotho, Swaziland, Mozambique and Namibia. In its results for the year to 31st August 2018, the company reported a loss of R161m. R753m worth of assets were sold and the company is exiting from all mining contracts in order to "monetise its asset base". Th. . .Read more
VMK2019-01-21Verimark (VMK) is a well-known South African retailer of unusual products which cannot generally be found in conventional shops. It sources, develops and distributes products in housewares, fitness, automotive, DIY, toys, and personal comfort categories. The company is 57%-controlled by the van Straaten family and MJ van Straaten is the CEO. The company retails out of specialist shops in shopping malls and via existing retail chains which allow it some marketing space. In its results for the six. . .Read more
AMEXAMEX COMPOSITE INDEX2019-01-18This is an index of approximately 250 shares trading on the ituYSE Amex exchange. The NYSE Amex exchange started life as the “curb” exchange because it consisted of trade in shares which were too small to list on the New York Stock Exchange (NYSE) and so had to trade outside on the curb of the pavement where brokers used specific lamp posts to make a market in certain securities. So today it is the third largest national exchange in America after the NYSE and the Nasdaq.. . .Read more
I-BALTICBALTIC DRY INDEX2019-01-18The Baltic Dry Index (BDI) is a composite index calculated by the Baltic exchange in London and made up of the Capesize, Panamax and Supramax averages. This is a measure of ship sizes. Capesize refers to a ship which is too large to go through the Suez Canal and so has to circumnavigate the Cape. A panama ship is too large to go through the Panama canal and a Supramax ship is small enough to go through either canal. So the BDI is an index which measures the level of shipping in the world - which. . .Read more
CAC-40PARIS CAC INDEX2019-01-18The Cotation Assistee en Continu is an index of the 40 largest shares trading on the Paris stock exchange, now known as the Euronext Paris. It commenced with a base value of 1000 in 1987. It uses the free float market capitalisation of its component shares. Over the past ten years, this index, like other European bourses has consistently under-performed the S&P500.. . .Read more
AUSTSYDNEY ALL SHARE INDEX2019-01-18The Australian All Ordinaries Index is a weighted average of the 500 largest companies trading on the Australian Securities Exchange (sometimes also known as the “Sydney Stock Exchange”). This exchange has companies in the Asia-Pacific region listed and has a market capitalisation of about $1,9 trillion which makes it more than twice the size of the JSE. The “All-ords”, as it is known covers about 95% of the market capitalisation of the Australian Stock exchange. . . .Read more
2018-12-31Greenbay (GRP) is an Alt-X listed share which is one of the Resilient group of REITs (real estate investment trusts) along with Resilient itself, Rockcastle and Fortress. These companies were the subject of a damning report by 36One who said that their share prices were too high because of their cross-shareholdings. Because of this, Greenbay’s share price fell from 271c in December 2017 to as little as 100c in March 2018. Since then it has staged something of a recovery to trade at around 135c. . . .Read more
2018-12-08Master Plastics (MAP) is an Alt-X listed company that was spun out of Astrapak and separately listed on 24th May 2017. It is involved in manufacturing a variety of plastics for the agricultural, food, produce, dairy and general industrial sectors. In its results for the six months to 31st August 2018, the company complained about a number of problems, starting with the drought in the Western Cape and going on to the land expropriation issue which it said had reduced investment in agriculture. It. . .Read more
2018-10-28Howden (HWN) is an engineering company that manufactures and sells a range of specialised air and gas handling solutions such as fans and heat exchangers to a wide range of industrial, mining, petrochemical, iron and steel, water treatment and cement customers. It forms part of the Colfax/Howden Group which is listed on the London Stock Exchange (LSE). In its results for the year to 30th June 2018, the company reported a 35% drop in orders received, resulting in turnover being down by 22%. Earni. . .Read more
2018-10-24Billiton (BIL) is a massive international mining house with 60 000 employees and substantial assets world-wide. It is involved in petroleum, copper, iron, nickel, cobalt and coal. In the September 2018 quarter, the company reported sales of refined Nickel up 18% on the back of demand from electric vehicle manufacturers. In its Operational review for the year to 30th June 2018, it notes that it has met or exceeded production guidance on all its metals and minerals. It is particularly pleased with. . .Read more
J253PROPERTY INDEX2018-10-15The Sapy is an FTSE/JSE index of the top 20 liquid real estate investment trusts (REIT) by market capitalisation. 80% of a REIT's assets must be in property and they are required to earn at least 75% of their income from rentals and pay out 75% of their earnings in the form of a distribution to shareholders. Those dividends (unlike other dividends) are added to the investor's taxable income. In the past five years, there have been many new REITs listed on the JSE, but during 2018, the Resilient . . .Read more
J1772018-10-12It would be fair to say that the South African economy has been substantially built on mining - first diamonds, then gold and then platinum and a host of base metals and minerals. South Africa is home to two geological features which have endowed it with enormous mineral wealth. They are the Witwatersrand Basin and the Bushveld Igneous Complex. The Witwatersrand basin is an ancient sea bed which is buried under layers of sediment. It breaks the surface just south of Johannesburg and dips towards. . .Read more
J1502018-08-31This is a weighted average of all gold shares traded on the JSE. The South African economy has been built on the exploitation of its mineral wealth - and gold was predominant until about 1970. In 1970, South Africa produced 1000 tons of gold - which was more than the rest of the world's total gold production. Since that time, gold production in South Africa has shrunk. The ore bodies have become much deeper and more expensive to access and the gold price has been under pressure because world inf. . .Read more