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Bytes 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 about 60% of its revenue in annuity form. In its results for the year to 28th February 2025 the company reported revenue up 4,9% and headline earnings per share (HEPS) up 16,5%. The company said, "Existing customers contributed 97% of our GP in this year (2023/24: 97%), at a renewal rate of 109% (2023/24: 109%). Headcount growth of 17.8% to 1,245 (29 February 2024: 1,057), with focus on bolstering sales and service delivery teams while ensuring support areas also grow to support the expanding business." Technically, the share rose strongly to a cycle high of 16100c on 25th January 2024 and then fell to a cycle low of 9574c on 14-1-25. Since then it has been in a new upward trend and was added to the Winning Shares List (WSL) on 29th March 2025 at 11911c. Since then it has moved up to 13018c and we expect it to continue moving up. This share is a solid rand-hedge and will perform well going forward. On 21st February 2024 the company announced the resignation of its CEO, Neil Murphy, with immediate effect. He is replaced by Sam Mudd. Business Day on 3rd July 2025 reported that Bytes had issued a profit warning saying profits for the first half of the year would be flat and operating profit would fall due to lower spending by corporate clients. This caused the share price to drop by almost 30%.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

MAS (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 buying income-generating properties with good growth potential in Central and Eastern Europe (CEE). The company has tripled the size of its asset base since 2016. In its results for the six months to 31st December 2024 the company reported distributable earnings up 13,1% and a tangible net asset Value (NAV) up 7,2% to 178 euro cents per share. The company said, "The Group's self-imposed, long-term overall debt limit is a maximum LTV ratio of 35%, or, on a forward-looking basis, six times NRI, which is considerably more restrictive than its covenant tolerances. On 31 December 2024, the Group's bond and unsecured facility ratios demonstrated satisfactory headroom compared to covenant tolerances." In a trading update for the year to 30th June 2025 the company reported, "Overall, like-for-like ('LFL') footfall in the Group's directly-owned properties in CEE for the five months to 31 May 2025 was slightly above the same period in 2024, and tenants' sales per m2 exceeded prior year levels by 7%, both in enclosed malls and in open-air malls". In our view, this is one of the better REIT's on the JSE and well-worth looking at if you want to buy a property stock in the rapidly expanding European property sector. Obviously, it is a rand-hedge, and it is trading well below its net asset value (NAV). When and if the Ukraine crisis is resolved we see this share recovering rapidly. Technically the share has been moving up since 2020.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Exxaro (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 demand for coal both locally and in the export market has been strong, but the shift towards renewable energy is seen as a long-term threat to the business. It is becoming increasingly difficult to obtain funding for new coal-fired power stations as banks feel the pressure from environmental groups. On 9th April 2021, the company announced that it had sold its interest in Exxaro Coal Central (Pty) Ltd and Leeuwpan Coal Mine operation. Obviously, the Ukraine conflict initially had a beneficial impact on this share through higher commodity prices, but that effect has now disappeared. The company announced that, with the lower price of coal, it was no longer viable to transport coal to port by truck - something it had been forced to do because of the inefficiency of the South African rail and port systems. In its results for the year to 31st December 2024 the company reported revenue up 5% and headline earnings per share (HEPS) down 36%. The company said, "In line with our production guidance, overall coal production volumes, excluding buy-ins, reduced by 7% to 39.5Mt in FY24, from 42.3Mt in FY23. The decrease in production volumes was largely driven by lower Eskom demand at Grootegeluk mine. Belfast mine production improved by 21% to 3.5Mt in FY24 compared to 2.9Mt in FY23, after operating for the full year." In a pre-close update for the six months to 30th June 2025 the company reported, "The average benchmark API4 Richards Bay Coal Terminal (RBCT) export price for 1H25 is expected to average US$91 per tonne. Total coal product (including buy-ins) and sales volumes for 1H25 are projected to decline by 6% and 7%, respectively, primarily due to reduced demand from Eskom. As at 31 May 2025, the group had net cash of R19.5 billion." Exxaro remains a commodity play. Technically, the share is volatile, but has been in a volatile upward trend since November 2015. Within that, it has been moving sideways and downwards since September 2022. On 13th May 2025 the company announced that it had acquired manganese assets from Ntsimbintle Holdings, controlled by Saki Macozoma, for R11,67bn.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Visual 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 units. It is in the process of negotiating the sale of Stellendale. In its results for the six months to 31st August 2022 the company reported revenue unchanged and a headline loss per share of 0,72c compared with 0,95c in the previous period. The company has a negative net asset value (NAV) of -3,63c per share. In its results for the six months to 31st August 2024 the company reported revenue down 98,8% and a headline loss of 93c per share compared with a loss of 63c in the previous period. The company said, "...the Company has been negatively impacted by the impact of the delay in the commencement of the further development of Stellendale due to a number of constraints, including the banking sector contracting its lending to property developers and potential homeowners in the middle-income segment." In a trading statement for the year to 28th February 2025 the company estimated that HEPS would be 0,4c compared with 3,3c in the previous period. The company said, "The main reason for the decline is that the prior year results contained a large reversal of the Expected Credit Loss provision against the RAL Trust loan." In our view, this share is of little or no interest to private investors and there are far better property shares available on the JSE. However, it is interesting to see how the shares are faring now that they have resumed trade. At best this is a very thinly traded penny stock whose 1c price can only be based on the value of its remaining assets and its listing.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Spear (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 generally done better than in the rest of the country and this REIT benefits from being very focused. On 31st January 2022 the company announced that it had received commitments for R253,9m for a placement of 30,2m new shares at R8.40 per share. The money will be used to settle debt and fund the acquisition of the 27 Junction Road property. On 13th February 2023 the company announced that it had sold its Century City office block to Capitec for R400m. In its results for the year to 28th February 2025 the company reported revenue up 11,63% and headline earnings per share (HEPS) up 4,65%. The company's loan-to-value (LTV) was 27,09 and its net asset value (NAV) increased 3,5% to 1220c per share. The company reported, "Completion of a R1.146 billion transformative transaction ahead of schedule and under budget. Asset value growth of over 19.54% compared to FY2024. Market capitalisation increase of R1 billion, reaching R 3.3 billion. Remarkable improvement in occupancy rates to 97%, representing a 388bps increase from FY2024 across the core portfolio." In an update on the 3 months to 31st May 2025 the company reported revenue up 18,79% and HEPS up 14,92%. The company said, "During Q1 FY2026, the core portfolio continued to deliver robust operating performance in line with management's strategy despite some vacancy creep, with the overall portfolio occupancy for Q1 being 95%." In our view, this is one of the better REIT's on the JSE and it has substantial upside potential. We see this as a good value investment at 1030c - about 84% of its NAV.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Lighthouse 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. The CEO, Stephen Delport, says that going forward, the company will focus about 80% of its capital on owning market-beating investments in Europe. Clearly, by changing its name, Lighthouse is attempting to distance itself from the Resilient group of companies and establish itself as an independent property company. The Financial Sector Conduct Authority (FSCA) found that Lighthouse had not been involved in any price manipulation in the Resilient group. Later in September 2019, the FSCA found that there had been no wrongdoing by any of the members of the group at all. Lighthouse held 882m shares in Hammerson worth about 405m euros on 3rd May 2021. On 14th May 2021, Resilient announced that its shareholding of Lighthouse has passed 35% and so it would make a mandatory offer for the balance of Lighthouse's issued shares at 713c per share. On 12th August 2021, the company announced that it had raised R2,6bn in an oversubscribed bookbuild. The funds will be used to purchase four shopping malls in France. In its results for the year to 31st December 2024 the company reported revenue up 34,9% and headline earnings per share (HEPS) of 2,22c compared with 3,65c in the previous year. The company's loan-to-value (LTV) was 25% - up from 14% in the previous year. The company said, "Lighthouse achieved distributable earnings of 2.5671 EUR cents per share for FY2024. This was marginally ahead of the 2.50 EUR cents per share previously guided for FY2024, primarily due to better-than-expected tenant sales performance during 4Q2024." In a pre-close update for the 5 months to end-May 2025 the company reported total sales up 8,6% and footfall up by 4,6%. The company said, "Vacancies in the portfolio increased from 2.0% at December 2024 to 2.8% at May 2025. This was primarily due to the anticipated closure of a 2 624 m2 trampoline park at H2O that was impacted by financial challenges at the national operator level." Technically, since October 2023 the share has been in an upward trend but has been drifting sideways since August 2024. We see this rand hedge company as relatively cheap at current levels.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

The 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 plummet to R51.50 by the 3rd of April 2018. After the report it was wallowing between R50 and R70 until COVID-19 took it down to between R30 and R45. A lengthy investigation by the Financial Sector Conduct Authority (FSCA) finally showed on 8th November 2019 that there had been no insider trading or share manipulation and the share has recovered some of what it lost. In its results for the year to 31st December 2024 the company reported retail sales in South Africa up 3,5% and a total dividend up 8,4% for the year. The company said, "The Group's offshore investments contributed to the growth in distributable earnings. The euro distribution per share from Lighthouse Properties p.l.c. ("Lighthouse") declined by 4,9% compared to FY2023, however, Resilient benefitted from its forward exchange contracts that resulted in the Rand equivalent distribution per share increasing by 4,1%." In a pre-close update the company reported retail sales up 6,9% in the 5 months to end May 2025 with vacancies of 2,3%. The company said, "Resilient successfully installed an additional 5,6MWp of solar energy generation capacity during the Interim Period, with a further 4,4MWp scheduled for completion by the end of the financial year." Technically, the share moved downwards until the end of October 2023. Since then it has been moving up. We believe it will continue to rise. The company is considering delisting from the JSE.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Crookes 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 developed as Renshaw Hills, a 500-unit residential development. The deciduous fruit operation consists of 5 farms in the Western Cape with 43 hectares of deciduous orchards. The macadamias are grown on a farm in Mozambique on a 99-year lease. The sugarcane operation is on 4 leased farms in Mpumalanga plus other farms in KwaZulu Natal, Swaziland and Zambia. In its results for the year to 31st March 2025 the company reported revenue up 15% and headline earnings per share (HEPS) up 27%. The company said, "The property division achieved a significant milestone with the conclusion of the sales of the shopping centre and filling station sites. The fair value in biological assets decreased by 69% to R15.4 million (2024: R50.3 million). Operating profit after biological assets increased by 19% to R132.5 million (2024: R111.2 million). The banana joint venture Quinta Da Bela Vista successfully returned to profitability for the first time in three years." A problem with this share is that it is sometimes thinly traded. The average value of shares changing hands each day is about R15000 and on many days it does not trade at all. This generally may make it riskier even for private investors.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

SA 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. Various offers have been made to buy out the company which have been rejected by the board. The new (and returning) CEO, Rory Mackey, plans to turn the company around over the next year - by getting it out of the office market and concentrating on residential and retail portfolio. On 15th March 2023 the company announced that it had made a firm offer to acquire the entire issued share capital of Indluplace (ILU) for R3.40 per share which would result in the delisting of that company. On 18th July 2023 the Indluplace announced that the deal had been approved and so we expect ILU to be delisted in due course. In its results for the year to 31st December 2024 the company reported distributable income up 5,1% and like-for-like net property income up 6,7%. Headline earnings per share (HEPS) was 26,12c compared with 22,98c in the previous period. The company said, "Net asset value per share of 443 cents (2023: 439 cents) Distribution declared of 24.37 cps at 90% payout ratio (2023: 23.18 cps at 90% payout ratio)." In a pre-close presentation for the six months to 30th June 2025 the company reported an LTV of 41% and disposals being negotiated to reduce LTV to 36.7%. Technically, the share is in an upward trend and should continue to perform well.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

PBT 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. Agreements have been concluded in the Netherlands and Ireland and are imminent in the UK. This is a company that will probably benefit from COVID-19 because it is involved in digitalisation and the facilitation of remote work sites. In its results for the year to 31st March 2025 the company reported revenue up 1,4% and headline earnings per share (HEPS) down 3,8%. The company said, "Our normalised headline earnings decreased by 2.5% to R68.4 million, with normalised headline earnings per share decreasing by 0.6% to 66.7 cents. Cash generated from operations decreased by 2.1% to R140.8 million, and compared to EBITDA of R140.9 million, again proves the consistently strong (seven-year average cash conversion*: 100%) cash generation of our business." We suggest that since this company has been radically re-invented, you may need to allow some time for the direction of the trend to be established and for the effect of its new European operations to become apparent. The share has been drifting down for most of 2023, 2024 and 2025 so far. You should wait for a new upward trend to emerge.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Sea Harvest (SHG) is South Africa's most popular frozen fish brand with about 38% of the market. It was controlled by Brimstone which had a 54,92% stake. Sea Harvest catches, processes and freezes fish for local and export consumption. They acquired the business of Viking which began 40 years ago and now employs 1600 people with a fleet of 30 vessels operating in Cape Town, Durban, Hout Bay, Mossel Bay and Maputo. Viking catches, processes and sells horse mackerel, hake, pilchards, anchovy, prawns, tuna and rock lobster. As part of this deal they have also acquired 50% of Viking's aquaculture business which is one of the largest in South Africa. The cost was a total of R565m of which R315m was paid in cash and the balance through the issue of 19,2m Sea Harvest shares. Sea Harvest announced the acquisition of the Ladismith Cheese Company for R527m. This company produces cheese, butter and related products and signals Sea Harvest's intention to diversify away from the fishing industry. The price paid seems quite high since it is based on Ladismith's R58m after-tax profit for the year to January 2018. On 8th March 2023 the company announced that it was increasing its stake in Viking Aquaculture to 82% for R210m. In its results for the year to 31st December 2024 the company reported revenue up 16% and headline earnings per share (HEPS) down 45%. The company said, "The Sea Harvest Group experienced its most challenging year since listing in 2017, impacted by hake catch rates at historical lows, weak market conditions in abalone, continued soft global prawn pricing, and high interest rates. This was offset by strong demand and improved pricing in hake, a solid performance from the newly acquired Sea Harvest Pelagic business, and a firm result from Ladismith despite challenges from foot-and-mouth disease (FMD), resulting in the Group delivering EBIT of R609 million (2023: R577 million, up 6%) and HEPS of 55 cents (2023: 100 cents, which included a once-off gain on purchased loans of R93 million that contributed 34 cents to HEPS)." In a trading statement for the six months to 30th June 2025 the company estimated that HEPS would increase by at least 60%. The company said, "The increase in earnings is primarily attributable to international sales price increases, improved catch rates and efficiency gains in the South African fishing business." The Sea Harvest share is fairly volatile with reasonable volume traded. From its listing in March 2017, the share has moved mostly sideways and more recently downward since June 2022. Obviously, the Viking acquisition has changed the nature of this business substantially, but it remains subject to the weather (which affects the catch) and the regulatory environment (where quotas can be changed by the government). In our view, given the volatility, the share remains fairly fully priced. On 15th May 2024 the company announced that the acquisition of 100% of Terrasan had received approval from the Competition Tribunal.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

4Sight (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 from the development of so-called "smart factories". The business is broken into two areas - mining & manufacturing and software, cloud, and enterprise solutions. It has 400 employees and 3000 customers in 30 countries. It claims to have 42% of its income coming from outside South Africa. Since listing in October 2017, the share price fell from 235c to levels around 13c in September 2019. Since then it has rallied to 31c. The company does not yet pay dividends. Obviously, a company like this is extremely difficult to evaluate unless you have a deep understanding of the 4th industrial revolution. We would recommend a strict stop-loss strategy. On 6th October 2020, the company announced that it had bought back 30,6% of its issued ordinary shares and that it had finalised its sale of Digitata for just over R90m. In its results for the year to 28th February 2025 the company reported revenue down 8,8% and headline earnings per share (HEPS) up 21,7%. The company said, "Gross profit increased by 16.8% over two years to R 414.6 million. The total operating expenses for the period rose by 15.6%. Net profit after tax increased by 20.4%, with net margins improving from 3.0% to 4.0%." We added this share to the Winning Shares List on 3rd August 2023 at 31c. It rose as high as 110c on 14th March 2024. It may be now about to begin a new upward trend. Technically, the share is a penny stock which trades about R249 000 per day on average which makes it practical for private investors. We believe it is beginning to attract the attention of institutional investors.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Argent (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 distributor for Hulamin and offers a full range of aluminium products. It manufactures ladders, castors, and storage bins. It also produces paint and a range of steel cupboards, desks, filing cabinets and other office furniture. It manufactures and markets a variety of steel fencing and gates. Most of these businesses are directly impacted by the state of the South African economy so the current conditions have forced the company to restructure substantially. In its results for the year to 31st March 2025 the company reported revenue up 3,6% and headline earnings per share (HEPS) up 12,5%. The company said, "Earnings after tax attributable to shareholders rose to R270 million, up from R244.9 million in FY2024 (10.2%). We will recommence our share repurchase programme with our shares trading on an ex-cash P/E of 3.3x." The average daily value traded in this share is about R934 000 which means that it is viable for private investors. This company is trading on a very low multiple of 5,86 - which we think makes it good value. The share has been rising since its low of 1416c on 8th May 2023. We regard this as a good investment at current levels. Obviously, it will benefit directly from any improvement in the economy. On 19th August 2022 the company announced that it had acquired 100% of the UK company, Standmode, for R159,3m.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Hyprop (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 R63.39 - which in our view makes it a good buy. The new CEO, Morne Wilken, is intent on building roof-top gardens and offering shared workspaces to lure customers back to its shopping malls. In its results for the year to 31st December 2024 the company reported distributable income up 14,5% and a loan-to-value (LTV) of 36,3%. Headline earnings per share (HEPS) increased by 24,1% and the company's net asset value (NAV) increased by 1,7% to 5967c per share. The company said, "Cash collections from tenants in the SA and EE portfolios of 99.8% and 100.8% of net billings for the period, respectively - Strong liquidity position with R807 million of cash and R1.1 billion of available bank facilities as at 31 December 2024." In a pre-close update on the 26th of June 2026, the company reported a loan-to-value (LTV) of 36,3% and tenant turnover up 7% with trading density up 10,2%. Retail vacancies were 3,9%. The company said, "Demand for space in Hyprop's centres in South Africa ("SA") and Eastern Europe ("EE") remains resilient, contributing to year-on-year growth in tenant turnover and trading density." Technically, the share found support at 2562c in November 2023 and has been rising ever since. Hyprop is trading at well below its NAV and on a P:E of 14,32. We still see it as a potential buying opportunity. We added it to the Winning Shares List (WSL) on 15th August 2024 at 3439c per share. It has since moved up to 4241c. On 23rd September 2024 the company announced the sale of its interests in Nigeria and Ghana for a combined value of just over R1billion. The cash will strengthen its balance sheet.

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All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Schroder 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 (NAV) of 120,1 euro cents per share compared with 122,7c in the previous period. The company had cash of 25m euros with a loan-to-value (LTV) of 18,2%. The company said, "Direct property portfolio independent valuation declined marginally by 1.3% to €205.6 million (net of capex), with a 4% increase in industrial portfolio valuations continuing to offset declines in other sectors, primarily driven by shortening lease terms." Technically, the share has been in a decline since February 2022 but has recently flattened out and looks to be entering a new upward trend. We believe that this rand-hedge REIT is one of the better options on the JSE. We especially like its low LTV, but its portfolio may still be impacted by developments in the war in Ukraine. The company is expecting to spend at least 50m euros on acquisitions. Unfortunately, it is relatively thinly traded with only R40 000 worth of shares changing hands on average each day - which makes it more risky for private investors.

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All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Growthpoint (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-listed Industrial REIT. It also has 4 equity-accounted investments worth R16bn - including a 50% holding of the V&A Waterfront in Cape Town, a 29,4% stake in Global Real Estate Investments which is listed on the London Stock Exchange (LSE) and a 21,6% interest in Global Worth Poland Real Estate (GWRE) which is listed in Warsaw. Altogether, Growthpoint has 59,2% of its assets in South Africa and 40,8% elsewhere. The company has acquired a 60,8% stake in Capreg which is listed in London and on the JSE and owns 7 properties in the UK worth R14,8bn. We regard Growthpoint as a high-quality blue-chip property group and a solid long-term investment for private investors. The company is battling with an over-supply of office space following COVID19 and the work-from-home move. In its results for the year to 31st December 2024 the company reported distributable income up 3,9% and property income up 6,2% with the V&A producing a 16,6% increase. The company's loan-to-value (LTV) was 40,8% and its net asset value (NAV) decreased by 2,6% to 1967c per share. The company said, "Despite disposing of 37, mainly B and C grade office assets and properties deemed high risk or in deteriorating business nodes, for a total of R5.2bn since FY15, the sector still suffers from an imbalance of supply and demand. The sector has however reached the bottom of the cycle." In an update on the 9 months to 31st March 2025 the company reported a vacancy rate of 5,7% and a renewal rate of 84,6%. The company expects distributable income per share (DIPS) to increase by between 2% and 3% for the full year. Technically, the Growthpoint share has been trending up since October 2023 and looks set to continue in that direction, especially as interest rates continue to fall. The share is still trading well below its NAV. We regard it as a solid, if unexciting, investment.

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All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Thungela (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, which operates a coal processing plant, and it has a 23,22% interest in the Richards Bay Coal Terminal (RBCT). The company has the capacity to produce over 90m tons of coal per annum. The company operates 7 mines in South Africa, 4 open cast and 3 underground. The share began trading on the JSE on 7th June 2021 and immediately fell to 2190c from 2600c. It was originally estimated to be worth a minimum of 4400c but reached a high of 37752c on 16th September 2022. Since then it has been moving sideways and downwards with lower coal prices and problems with Transnet. Obviously, it is also subject to the volatility of being a single commodity share and dependent on Transnet to get its product to port. The company has committed to paying out at least 30% of "...adjusted operating free cash flow" in the form of a dividend. In its results for the year to 31st December 2024 the company reported revenue up 16% and headline earnings per share (HEPS) down 27%. The company said, "Adjusted operating free cash flow* of R3.6 billion for the year and net cash* of R8.7 billion at 31 December 2024, after capital expenditure of R3.4 billion. Declaration of a final cash dividend of R11 per share, taking full year dividend to R13 per share. Share buyback announced of up to R300 million." In a pre-close update on the six months to 30th June 2025 the company reported, "Rail performance for the period January 2025 to May 2025 was 55.5Mt on an annualised basis for the industry, reflecting a 7% improvement on the FY 2024(2) performance of 51.9Mt, and a 17% improvement on the H1 2024 performance." Benchmark coal prices fell to an average of $91,74 compared to an average of $101,71 in 2024. Thungela is drifting sideways and downwards will continue to do so until the price of coal increases - if it ever does. On 21st January 2025 the company announced that its CEO, July Ndlovu, will retire in July 2025 and be replaced by Moses Madondo on 1st August 2025.

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All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Nedbank (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 six months to 30th June 2024 the company reported revenue up 4% and headline earnings per share (HEPS) up 8%. The company's net asset value (NAV) increased by 2% to 23097c per share. The company said, "The group's return on equity (ROE) improved to 15,0% from 14,2% in the prior period. Diluted headline earnings per share (HEPS) increased by 12%, benefitting from the R5bn capital optimisation programme." In a pre-close update on 24th June 2025 the company reported flat growth in headline earnings ofr the first 5 months of 2025 but expects an improvement in the second half of the year. The company said, "At the end of May 2025, the group's impairment charge and the annualised credit loss ratio (CLR) improved period on period to well within the top half of the group's through the cycle (TTC) target range of 60 bps to 100 bps." Nedbank's share peaked at 31300 in March 2018 at the height of Ramaphoria. It then fell to 7320c in March 2020 and then recovered strongly from those levels in a steady upward trend. The share made a double top in September and December of 2024 and has been trending down since then. It is on a P:E of 6,65 which compares with Firstrand's 10,52 and Standard's 8,47.

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All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

FirstRand (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 offers a diverse range of banking products to consumers, small and large businesses and government departments. WesBank is the largest asset financing company in Southern Africa covering vehicles of all types, both private and consumer as well as aviation assets and agriculture. RMH offers corporate and investment banking in 35 African countries. Banking shares in general have been taking strain in the current economic environment, but FirstRand has benefited from its strong focus on innovation and technology. All banks are now benefiting from rising interest rates. The full impact of the coronavirus on its performance is unknown at this time, but it appears that FNB gained market share in this difficult environment and has weathered the storm very well. In its results for the six months to 31st December 2024 the company reported income from operations up 5% and headline earnings per share (HEPS) up 10%. The company's net asset value (NAV) rose 9% to 3695c per share. The company said, "Given its high return profile, the group remained capital generative, with the Common Equity Tier 1 (CET1) ratio at 13.6% (December 2023: 13.3%). Taking this strong capital position into account, the board is comfortable to increase the total dividend 10% to 219 cents, which translates into a dividend cover of 1.7 times." In a trading update for the year to 30th June 2025 the company reported, "Overall balance sheet growth remained healthy with absolute advances and deposits increasing broadly in line with guidance. The South African lending franchises remained resilient. Corporate origination and overall production year-on-year showed good momentum." In our view, this is a very solid secure investment trading at a good price. On a P:E of 10,52 and a dividend yield of 4,64% it looks like good value, especially considering the improved prospects for the South African economy following the advent of the government of national unity (GNU). In May 1989, you could have bought this share for 15c and today it trades for R74.90. It is a long-term performer that has shown its resilience to economic recessions and political uncertainty. Technically, the share has been falling since September 2024, but we see this as a buying opportunity for private investors.

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All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Grindrod (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, Natal, Walvis Bay, Namibia, and Maputo. The company is positive on the growth of its financial services division which is about 30% of the business. The company is focused on getting its retail banking division involved with small and medium sized businesses. The conflict in northern Mozambique is a problem for this share. The flooding in Natal caused five of their sites to be suspended for several weeks. On 6th November 2024 the company reported that it had closed down all its rail, port and terminal operations in Mozambique because of the closure of the Lebombo border post due to violence on the Mozambique side. A few days later on 8th November 2024, the company reported that the restrictions at Lebombo had been lifted - but the event showed Grindrod's vulnerability and exposure to unrest in Mozambique. In its results for the year to 31st December 2024 the company reported port volumes up 14% and group revenue up 3%. Headline earnings per share (HEPS) fell by 69%. The company said, "The drybulk terminal operated by the port of Maputo achieved record chrome exports of 14.3 million tonnes per annum (mtpa) compared to 12.6 mtpa in 2023. Drybulk volume exports from Grindrod's terminals in Maputo, Matola, Richards Bay and Durban marginally softened to 16.5 mtpa compared to 17.3 mtpa achieved in 2023. The impact of the border disruptions was 4.4 mtpa on volume and between R180 million and R200 million on headline earnings." In a pre-close update on 24th June 2025 the company reported, "Grindrod's 24.7% share of earnings from the Port of Maputo was R165.9 million (2024: R178.0 million). The earnings before interest, tax, depreciation and amortisation ("EBITDA") margin in the Port and Terminals segment was 35% (2024: 33%). The Logistics EBITDA margin, excluding transport brokering, slowed to 25% (2024: 32%). Gross debt as at 31 May 2025 increased to R3.7 billion." Technically, the share has been falling since July 2024, but over the longer term it is in an upward trend. We expect the share to continue to perform well despite being volatile. On 19th June 2025 the company announced that its CEO, Xolani Mbambo, would resign with effect from 31st December 2025.

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All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

On 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 asset of Prosus is 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. Tencent remains vulnerable to the authoritarian regulators in China and their involvement in the gaming industry. Prosus describes itself as, "...a global consumer internet group operating across a variety of platforms and geographies and is one of the largest technology investors in the world. The Prosus Group's businesses and investments serve more than 1.5 billion people in 89 markets and are the market leaders in 77 of those markets. The Prosus Group's consumer internet services span the core focus segments of Classifieds, Payments and Fintech as well as Food Delivery, plus other online businesses including Etail and Travel." On 18th May 2022 Tencent issued a statement saying that its profit in the March 2022 quarter was half of what it had been in 2021 - leading to a negative impact of Prosus shares. On 24th June 2022, the company said that it intended to sell some of its Tencent shares to finance an extended open-ended share buy-back program. This caused the share price to jump up. On 24th October 2022, the re-election of Chinese leader Xi Jinping for a third term caused Prosus shares to fall heavily. Jinping is part of a faction in Chinese politics which aims to keep the "disorderly expansion of capital" under control. In its results for the year to 31st March 2025 the company reported revenue up to $6.17bn compared to $5,47bn in 2024. Core headline earnings were $7,4bn. The company said, "Our ecommerce businesses recorded improvement on revenue growth of 21% in local currency, excluding acquisitions and disposals, outpacing peers. We continue to invest in ourselves. As noted by the chairman, the open-ended share-repurchase programme remains in place." Technically, the Prosus share had been trending up since November 2023. We still believe that the share is undervalued at current levels.

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All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Harmony (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 Free State and has plans to build a further 80mw of green power. On 6th October 2022, the company announced that it had agreed to buy 100% of the Eva copper project in Australia for R4,1bn. Harmony remains a volatile gold producer and hence risky - although recent acquisitions could change its direction significantly, taking it out of precious metals. Eva is only expected to commence production in 3 years and is expected to add 260 000 ounces of gold and 1,7 billion pounds of copper to Harmony's reserves. On 3rd April 2024 the company announced that it had signed a wage deal with all of its unions for the next five years. In its results for the six months to 31st December 2024 the company reported gold revenue up 19% and headline earnings per share (HEPS) up 33%. The company said, "Operating free cash flow, up 46% to R10 392 million (US$579 million) driven by the high average gold price received. Strong, flexible balance sheet in a record net cash position of R7 283 million (US$386 million)." In an operational update for the 9 months to 31st March 2025 the company reported a 2% increase in the recovered grade to 6,28 grams per ton and a 25% increase in the average gold price received. The company said, "Robust balance sheet with net cash increasing by 49% to R10 831 million (US$592 million) from R7 283 million (US$386 million) as at 31 December 2024 (H1FY25)." In a pre-close update on 23rd June 2025 the company said that it was on track to meet its guidance of 1,4m to 1,5m ounces of production with all-in sustaining costs of R1,02m per kilogram and a grade of 6 grams per ton. Technically, the share, while volatile, is in a strong upward trend. It is a play on the gold price and the rand/US dollar exchange rate. It was added to the Winning Shares List (WSL) on 16-11-23 at 9920c. It is now trading for 26448c. On 5th February 2025 the company announced that two employees had lost their lives at the company's mines. On 27th May 2025 the company announced that it had acquired the Australian gold and copper company MAC for $1,03bn (R18,4bn) in cash to diversify its income stream. On 4th June 2025 the company announced the death of an employee - the tenth such death in six months according to Business Day.

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All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Previously, 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 with our Bingo premises, reduced by 15% to R34.2m as some restaurant areas were outsourced to specialist operators. The gross profit of the gaming operations increased by 2% to R522.8m, and Goldrush repaid R34m of its bank debt." In a trading statement for the year to 31st March 2025 the company estimated that HEPS would be between 4c and 6c compared to the previous year's loss of 51,42c. Goldrush owns 50% of Sizekhaya which has just been awarded the lucrative R90bn contract to run the national lottery. Business Day reported on 24th June 2025 that the awarding of this contract may be controversial as members of the National Lottery Commission (NLC) have links to the adjudication committee which decided the winner indicating a conflict of interest. Since the listing of Goldrush, the volume traded has picked up substantially and the share now trades about R1374 000 in value on average every day. The share price has also risen which indicates that there is some accumulation. It is early days, but it looks like this share may become a winner in time provided it can overcome questions about the correctness of national lottery contract.

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All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Naspers (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 times the voting power of the 438,3m "N" shares which are listed - so they effectively control the company with 67,4% of the vote. Naspers has many other interests, mainly in e-commerce and operates in 120 countries worldwide. It has recently bought a further $500m worth of shares in Letgo - an American classifieds platform that has more than 100 million users. It also owns Takealot and Mr. D Food in South Africa among other interests - but all those other investments are dominated by Tencent. The share's discount to its inherent value is mainly because of its "N" share structure which is frowned upon in the investment community. Naspers has retained its online shopping operations, Takealot, Mr. D. Food, PayU and Autotrader. On 11th September 2019, Naspers separately listed Prosus on the Euronext in Amsterdam which houses all its international assets including its stake in Tencent, Mail.Ru and other internet brands. Naspers held 73% of Prosus and there was a 25% free float. The company has a secondary listing on the JSE. One of the benefits of the Euronext listing is that it removes the risk inherent in the rand. Prosus is now Europe's largest consumer internet company. Tencent continued to grow through the pandemic as more people turned to online gaming. In its results for the year to 31st March 2025 the company reported revenue of $7,18bn compared with the previous year's $6,43bn and headline earnings up 46% or $1bn to $3,1bn. The company said, "At corporate level, Naspers has a net cash position of US$1.9bn, comprising US$17.4bn in central cash and cash equivalents (including short-term cash investments), net of US$15.5bn in central interest-bearing debt (excluding capitalised lease liabilities). In addition, we have an undrawn US$2.7bn revolving credit facility." Technically, since May 2022 the share has staged a strong recovery. We still regard this share as under-priced at the current price.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Dis-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% which has subsequently been reduced to 29,31%. Ivan Saltzman was the CEO, but has resigned and will be replaced by Rui Morais. Dischem's objective on listing was to expand its store base from 108 stores, which it has now far surpassed. Theoretically, Dischem can have a store in every shopping mall where Clicks has a store. Clicks had about six hundred stores when Dischem was listed and has spoken of plans to expand its store base to as many as 1200. This means that Dischem has considerable "blue sky" potential - which accounts for its relatively high rating (P:E of around 23,04). The company is buying Springbok Pharmacy and Quenets which shows that it is growing rapidly. The company is opening between 10 and 20 new stores a year. At 28th February 2025 the company had 2285 pharmacies and 45 baby stores. It may be possible for the company to expand into spaces left in malls as a result of COVID-19. These may be available for lower rentals. The company is benefiting from an increased awareness among customers of the need to boost their immunity and general health by buying more vitamins. The company is expanding into healthcare insurance with the acquisition of 25% of Kaelo Holdings. In its results for the year to 28th February 2025 the company reported revenue up 8% and headline earnings per share (HEPS) up 20%. The company said, "The biggest contributor to earnings growth during this period was effective cost management, particularly payroll cost. The successful deployment of staffing framework 1.0 contributed to positive operating leverage, with operating profit growth of 18.3%." In our view, this is a solid blue-chip company with a good future. Technically, the share moved sideways and downward since making a long-term "triple top" with peaks in January 2018, April 2022 and November 2024. It is now moving up again, but needs to break above the long-term resistance at 3750c per share. We consider Dischem to be a solid defensive share with good long-term potential, but it has shown itself to be technically volatile.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

The 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 the Gemfield's operation. Jupiter was listed on the Australian Stock Exchange (ASX) in April of 2018 and in the process, Gemfields disposed of 60% of that company in line with its decision to cease being a diversified mining company and to focus purely on gemstones. The share is fairly well-traded with approximately R,5m worth of shares changing hands on average every day. Like all commodity shares it is risky and its fortunes depend on the prices of emeralds and rubies on the international market - as well as the risks associated with mining in third-world countries. It appears to have found a niche for itself where there is very limited competition, and it should do well as the world economy recovers. On 24th October 2022 the company announced that operations have resumed at MRM and key personnel had returned following an insurgent attack on a mine about 12km away on 20th October 2022. On 7th August 2023 the company announced that it would construct a new processing plant that would triple its output from the Montepuez ruby mine. In its results for the six months to 30th June 2024 the company reported revenue of $128m, down from $153,6m in the previous period. Headline earnings per share (HEPS) fell 25%. The company said, "Gemfields is working through a complex year, balancing the availability of cash with the considerable investments we're making at the Kagem emerald mine ("Kagem") in Zambia, the Montepuez ruby mine ("MRM") in Mozambique and our development assets." In an operational update for the year to 31st December 2024 the company reported total revenue of $196m and net debt of $80,5m. The company said, "Emerald exports are, since 1 January 2025, paused while Zambia's reintroduced 15% export duty remains in place. Kagem anticipates that the duty may be revoked and allow a commercial-quality emerald auction to go ahead in Q1 2025." In a strategic update on 23rd December 2024 the company said that lower revenue from recent auctions was due to (1) oversupply of Zambian emeralds by a competitor (2) lower production of premium rubies at Montepuez and (3) weaker luxury and gemstone market. In a trading statement for the year to 31st December 2024 the company estimated that it would make a headline loss of 2,1c (US) per share compared with a loss of 0,9c in the previous period. The company also said it would be seeking approval to conduct a rights issue to raise $30m. In a market update on the 20th of June 2025, the company said "Construction of MRM's second processing plant (or "PP2"), designed to triple MRM's ore processing capacity from 200tph to 600tph, is 95% complete and materially on budget. PP2 is now expected to produce its first rubies during August 2025." This share tends to be volatile for a variety of reasons, but mostly because of the volatile nature of the product which it sells. Technically, the share rose off an island formation and entered a strong new upward trend which lasted until July 2023 when the trendline was broken. We recommend waiting until the new downward trendline is broken - which has not yet happened.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Brikor (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. The share was suspended on the JSE from end of July 2013 to 31st July 2020 at 9c per share. Since it resumed trading, it has shot up to 199c before settling back to 15c. In its results for the year to 29th February 2025 the company reported revenue up 8,6% and headline earnings per share (HEPS) of 0.5c compared with 1,3c in the previous period. The company's net asset value (NAV) fell 11,2% to 10,3c per share. The company said, "Revenue increased to R380,7 million (F2024: R350,5 million) for the reporting period, with the Group realising a loss before earnings from its associate of R1,4 million (F2024: profit of R4,7 million)." The average value of shares changing hands each day has fallen to around R2 800 which makes it impractical for private investors. The patchy revival of the construction sector since 2021 has been a positive factor. Selling bricks is a tough business in South Africa and this company seems to have survived COVID-19 which speaks volumes for its management, but it remains a thinly-traded penny stock.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Libstar (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 Shoprite. A centralised head office supports and invests further in autonomous production units. It supplies capital and expertise and makes acquisitions. The company has spent R60m on coping with COVID-19. Consumer spending is under pressure because of load-shedding, civil unrest, retrenchments, high unemployment the residue of COVID-19, and now developments in central Europe. This company is entirely dependent on consumer spending. In its results for the year to 31st December 2024 the company reported revenue up 3,1% and headline earnings per share (HEPS) of 53,4c compared with 57,1c in the previous year. The company said, "...positive trajectory has been tempered by the impact of the loss of significant production volumes related to a Food Service customer in its Perishable Products category." In a trading update for the 21 weeks to 30th May 2025 the company reported revenue up 10,1% with a 5,2% increase in volume and a 4,9% increase due to price and product mix. The company said, "The wet condiments sub-category continued its strong momentum in Retail & Contract manufacturing channel sales, driven by extended own-branded ranges, continued growth of private label offerings, increased contract manufacturing demand and the sustained improvement of its baking-aids ranges, operations and distribution reach." Libstar trades on a multiple of 8,53 and a dividend yield (DY) of 3,34%. Technically, the share has been in a downward trend for some time. We suggest waiting for a clear break above the long-term downward trendline.

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All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Brait (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 times. The turnaround at New Look is very important to the group. In January 2019, Brait announced that it had come to an agreement which would see its holding of New Look reduced to just 18,5%. This was done through a debt-swap which takes New Look's debt down from GBP1,35bn to GBP0,35bn. The news of this capitulation saw Brait's share price drop by over 20%. Virgin Active is 65% of the Brait portfolio and has been battling with the impact of COVID19. Business Day (14/11/22) reported that Brait will have a cash pile of R2,1bn after the Premier listing. Technically, Brait had a series of falling tops at around R170 in 2015 and 2016 that would have scared any private investor. This was followed by a collapse of the share price down to 231c in March 2020. Since then the share has been moving sideways, but spiked up on its latest results. The announcement of the R3bn rights offer in its latest results did not please the market and the share fell over 10%. In its results for the year to 31st March 2025 the company reported revenue at Virgin Active (which is 62% of the Brait portfolio) up 13%, Premier (which is 32% of the Brait portfolio) up 7% and New Look (3% of the Brait portfolio) down 4%. Earnings before interest taxation depreciation and amortisation (EBITDA) was up 45% at Virgin and 15% at Millibake. The company said, "Completed the Recapitalisation in August 2024 which included 3 year extensions on the maturities and partial repayments of the Convertible and BIH Exchangeable Bonds, a fully underwritten Rights Offer amounting to R1.5 billion and an extended maturity and facility limit for the BML RCF." Brait lost some of the appeal that it once had, with Christo Wiese is under a cloud following the collapse of Steinhoff, but it is now recovering. Technically, the share has entered a strong new upward trend and we added it to the Winning Shares List (WSL) on 28th September 2024 at 147c per share. It is now at 218c.

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All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Super 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 conditions which exist in SA at the moment. The company may have lost as much as R100m during the civil unrest. This is usually a profitable company which generates strong free cash flows. On 19th July 2023 the company announced that it had acquired 78,82% of CBW Group in the UK for GBP0,30,3m (R700m). In its results for the six months to 31st December 2024 the company reported revenue down 7,6% and headline earnings per share (HEPS) down 24,2%. The company said the fall was, "...primarily due to weaker performance in the UK Dealerships and Supply Chain Africa Commodity businesses. Operating profit fell by 13.0% to R959.8 million, with the overall operating margin decreasing slightly to 4.1% from 4.3%. This was largely attributed to margin pressure in the Supply Chain Africa Commodity businesses and UK Dealerships. Fleet Africa, however, saw an improvement in operating profit margins." It has strong support at around 2500c per share and may bounce off this lower level. On 25th November 2025 the company published a cautionary announcement which caused the share price to jump. An Australian company offered A$3.50 per share for all the shares of Supergroup Fleet. Following the sale of SG Fleet, the company paid out a special dividend of 1630c to shareholders holding its shares on 17th June 2025. This resulted ion a "cliff" in the share price chart.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Cartrack 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 Calisto, owns 68,5% of the Singapore firm called "Karooooo". Given its rapidly growing annuity income and its rand-hedge character, we regard this share as an ideal investment for private investors. It is attracting strong institutional interest. The company has almost no working capital and its annuity income ensures that its overheads are already covered before it opens its doors at the beginning of each month. We suggest that you accumulate this share on any weakness. On 7th December 2020, the company announced that it would list the company on the NASDAQ with an inward listing on the JSE. This enables the company to raise funds on the international market. On 12th February 2024 the company announced that it would be buying back up to 1 million of its own ordinary shares in the market. In its results for the year to 28th February 2025 the company reported subscription revenue up 15% and subscriber numbers up 17% to 2,3m. Earnings per share (EPS) increased 25% and operating profit was up 26%. The company said, "After adjusting Karooooo's earnings per share to exclude the costs of a contemplated secondary public offering in July 2024, gain on disposal of subsidiaries and the impairment of goodwill, Adjusted EPS (a non- IFRS measure) increased 33% to ZAR31.67 (FY 2024: ZAR23.85)." On a P:E of 27.22, this share is not cheap, but it has an amazing growth track record and it is a rand hedge. We continue to regard this as a "must have" investment for private investors and it should be bought on any weakness. On 12th June 2025 the company reported that CEO, Isaias Calisto, was selling 1,5m ordinary shares at $50 per share. The news caused the share price to fall.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Powerfleet 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 limit and does not have a cumbersome workforce or vast amounts of capital tied up in assets. In its results for the year to 31st March 2025 the company reported revenue up 169% and a headline loss of 0,43c per share compared with a loss of 1,04c in the previous period. The company's net asset value (NAV) increased 222% to 335c per share. The company said, "Total revenue increased 26% to $362.5 million, with ~75% derived from high-margin, recurring SaaS revenue - underscoring the successful pivot to a subscription-first business model. - Adjusted EBITDA increased 65% year-over-year to $71 million, with adjusted EBITDA margins expanding by 5% to 20%." The share was added to the Winning Shares List on 28th December 2023 at a price of 590c. It has subsequently merged with Powerfleet yielding an effective gain of over 106%. On Tuesday 4th April 2024 Powerfleet listed on the main board of the JSE through a secondary inward listing to ensure continuity of trade. On 10th of May 2024 the company announced the change of its year-end to 31st March.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Vukile (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 investment in Fairvest, a R1,3bn investment in Atlantic Leaf (34,9% which it is now in the process of selling) and a R790m investment in Gemgrow Properties, which they are trying to sell. Vukile is probably one of the best REITs on the JSE and its share price has risen steadily over the 15 years, despite various setbacks. The CEO Laurence Rapp says that the company is selling its shareholding in other REITs and its UK assets to focus on portfolios in Southern Africa and Spain. In its results for the year to 31st March 2025 the company reported revenue up 9,4% and net asset value (NAV) of 2239c per share, up 3,9%. The company's loan-to-value (LTV) is 40,95%. The company said the South African portfolio had, "Acquired flagship Bonaire Shopping Centre in Valencia Spain for EUR305 million at a yield of c.7.2% - Post year-end acquired Forum Madeira in Portugal for c.EUR63 million at a yield of c.9.5%. Acquisition of four shopping centres in Portugal for a combined value of c.EUR260 million at a blended yield of c.8.9%." Its shares are trading on a multiple of 12,47 which still looks cheap to us. This share has been a good long-term investment.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Storage (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 his storage unit for 2 years. The client base is widely diversified and very stable from a statistical point of view. The company's foray into the UK demonstrates its ability to find appropriate properties and add them to its portfolio. It also gives the share a rand-hedge element. In its results for the year to 31st March 2025 the company reported property revenue up 7,4% and headline earnings per share (HEPS) up 13,3%. The company's net asset value (NAV) was up 11,4% at 1724,62c per share. The company said, "Portfolio occupancy up 16 000m² (SA 14 300m²; UK 1 700m²). Closing occupancy 91.8% (SA 94.0%; UK 83.9%). Third-party management fees up 12.6% to R71.0 million. Net investment property value up 6.0% to R12.0 billion." We believe that this is one of the best property investments available on the JSE. It offers a steady growth and minimal risk. Technically the share was rising steadily until April 2022 then it began a downward trend which ended in October 2023. Now moving up again, this share represents a potential buying opportunity in our opinion. On 13th May 2024 the company announced that it had entered into a 3rd party agreement with Hines to manage their self-storage business in the UK.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Novus (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 performance. The board may also look to sell the company's tissue business. The company has a level 4 BEE status but will need to improve that to become more competitive. On 12th August 2022 the company announced that it would acquire 75% of Pearson South Africa. In its results for the year to 31st March 2025 the company reported revenue up 6,6% and headline earnings per share (HEPS) was 88,3c compared with 78,8c in the previous year. The company said, "Group revenue and operating profit increased compared to the prior year, with improved profitability in the Print segment being the major contributor." Technically, the share price fell steadily after listing in March 2015 until August 2020. Then it began to move up and we suggested waiting for a convincing break up through a 65-day moving average before investigating further. That happened on 8-10-20 at 88c and the share has since moved up to 780c. The share trades about R374 000 worth of shares a day on average which makes it practical for private investors. The share was added to the Winning Shares List (WSL) on 5th June 2024 at 524c and has gained 48,8% to date (13-6-25).

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

African 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 looking for help in financing its share of the development cost of this massive resource - which is estimated at around R21bn - so maybe ARM could be part of that solution. The company is looking for acquisitions of "green metals" mines that produce metals used in the move to avert climate change. In its results for the six months to 31st December 2024 the company reported headline earnings per share (HEPS) down 49% and lower production volumes. The company said, "Unit costs remained under pressure due to lower production volumes and above-inflation increases in costs at the iron ore and coal operations." Technically, the share has been falling since July 2024 because of weaker commodity prices. We think that this is a good mining share which is gaining stability from its diversification into base metals - but it remains risky and volatile. On 12th June 2025 the company announced a "collar" options agreement consisting of a put option on 18m Harmony shares at 23485c per share and a call option for the same number of shares at 56240c. The purpose of the agreement was to increase the company's available liquidity, taking advantage of the rising US dollar price of gold.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Pan 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. The company has approved the construction of a 10mw solar power plant. On 4th June 2024 the company announced that it signed a five-year wage deal with the National Union of Mineworkers (NUM) for an increase of 5,3% per annum over the period. In its results for the six months to 31st December 2024 the company reported gold production down 3,3% and all-in sustaining costs (AISC) of $1675 per ounce. The company said, "Net debt increased to US$228.5 million (H1FY2024: US$64.3 million), primarily as a result of the construction of the MTR operation and the consolidation of debt acquired as part of the TCMG acquisition." In an operational update for the year to 30th June 2025 the company reported total full-year production up 6% with gold production up 32% in the second half. The company said, "Substantial reduction in Group gearing with net debt of approximately US$155 million expected as at 30 June 2025, a decrease of US$72 million or 32% compared to 31 December 2024 (net debt of US$228.5 million) – the Group is expected to be fully degeared during FY26 at prevailing gold prices." Technically, the share has been in an upward trend since its low of 288c in June 2023 and we added it to the Winning Shares List (WSL) on 31st January 2024 at 430c. It has since risen as high as 1138c. We see this as a good operation, but volatile - which means considerable risk. We would advise investors to be cautious, but with the gold price having broken convincingly above long-term resistance at $2060 it could be a good speculation.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

MultiChoice (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 Netflix and Disney. Sports coverage has been MultiChoice’s strongest appeal, but ICASA may change the rules for this to make it more competitive. This would impact on MultiChoice’s ability to negotiate exclusive sports contracts. On 2nd March 2023 the company announced that it had entered into an agreement with Sky News and NBC Universal to enhance the Showmax service and make it dominant in Africa. On 5th February 2024 MCG reported that Canal+ had increased its stake in MCG to 35,01% triggering a mandatory offer at R105 per share to the remaining shareholders. The company rejected the offer as too low. On 28th February 2024 the company announced that the Takeover Regulation Panel (TRP) had ruled that since Canal+'s ownership of MCG had exceeded 35% it was required to make a mandatory offer to buy out the remaining shareholders in terms of section 123 of the Companies Act (71 of 2008). On 6th March 2024 the company announced that Canal+ had increased its offer to R125 per share. On 7th April 2024 the company announced that it had reached a cooperation agreement with Canal+ in terms of which it would work with Canal+ to implement the takeover. On 24th April 2024 the company announced that Canal+ had acquired 41,6% of its issued shares and it had filed the required notices with the Takeover Regulation Panel (TRP) and the Companies and Intellectual Property Commission (CIPC). On 16th May 2024 Business Day reported that Canal+ had increased its stake to 45,2%. On 4th June 2024 Canal+ made an offer of R125 per share for all the remaining shares in MC Group which it did not own. In its results for the year to 31st March 2025 the company reported revenue down 9% and a headline loss of 258c per share compared with a loss of 715c in the previous year. The company said, "Linear subscribers were down 1.2m or 8% YoY to 14.5m active subscribers, with the loss evenly split between South African (0.6m) and Rest of Africa (0.6m). Although reflecting an improvement on FY24 trends, this indicates ongoing broad-based pressure across the group's entire customer base. Active paying Showmax subscribers were up 44% YoY, reflecting healthy growth and gaining regional market share." Technically, the share had been falling since 6th March 2023 and we recommended waiting for a break up through the 65-day exponential moving average before buying. That happened on 19th December 2023 at a price of 7440c - because of the Canal+ offer. The share is now trading for 11598c. In a joint announcement on 18th June 2024 Sanlam agreed to buy 60% of MultiChoice’s insurance business for R1,2bn in cash. On 21st May 2025 the company reported that the deal with Canal+ had received approval from the Competition Commission. In our view, this share represents a relatively risky investment because of its dependence on channel TV which has become a highly competitive area.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

KAP 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 Steinhoff - which has now divested completely. The renewal of the government's Automotive Production and Development Programme (APDP) until 2035 will be a boost for KAP's parts manufacturing business. The timber division is ramping up after the lockdown and demand for its products has remained buoyant. The automotive components division was severely impacted, and the post-lockdown recommencement has been slow. The bedding division was able to operate through the lockdown with strong demand for medical and agricultural needs. Polymers also operated throughout the lockdown. In a report on 20th April 2022 into the flooding in Natal the company said, "The Company’s operations in the region have experienced some temporary operational and supply chain disruptions, which are in the process of being resolved." In its results for the six months to 31st December 2024 the company reported revenue up 2% and headline earnings per share (HEPS) down 21%. The company's net asset value (NAV) increased by 8%. The company said, "...declines are mostly attributable to the following material items which offset the improved performances from Safripol, Unitrans and Sleep Group: increased operating costs related to the ramp-up of PG Bison’s new MDF line; lower domestic new vehicle assembly volumes by most original equipment manufacturers (‘OEMs’), which affected Feltex’s performance; and increased finance costs, as borrowing costs related to the major capital projects are no longer capitalised." In a trading statement for the year to 30th June 2025 the company estimated that HEPS would fall by at least 30%. The results were negatively impacted by increased operating costs, higher finance costs and lower vehicle production by two OEMs. Technically, the share has been falling since September 2024 and we recommend waiting for it to break up through its downward trendline before investigating further. Obviously, the logistics problems at Transnet have been having an impact. We think it may represent good value at current levels, but it is volatile.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Spar (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 enterprise has been frustrated by COVID-19. Its diversification into Ireland and Switzerland gives it a solid rand-hedge component which does not appear to be reflected in its multiple. In its results for the 26 week to 28th March 2025 the company reported revenue unchanged and headline earnings per share (HEPS) down 0,4%. The company said, "...revenue from continuing operations remained steady at R66.1 billion, while gross profit increased to R7.1 billion. Operating profit grew by 1.6% to R1.5 billion supported by improved cost discipline, with the Group reporting EBITDA of R1.7 billion, up 1.7% from the prior period." In our view, the share is now under priced at current levels and represents something of a bargain. On 4th September 2024 the group said that it would pay an estimated R2,7bn to settle the debts of its Polish operations in order the sell them to a local retailer for R185m. At the time, the once-off cost caused the Spar share price to drop sharply. On 11th June 2025 Business Day reported that Spar's CEO, Max Oliva, had resigned with effect from 1st July 2025.

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All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Historically, 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 of R70bn. Telkom is currently listed and is owned 41% by the government and 11,9% by the Government Employees Pension Fund (GEPF) - so it could still be considered to be government-controlled. In reality, it operates as an independent organisation divided into 5 divisions. (1) Open Serve is South Africa's primary supplier of wholesale connectivity with the country's largest network. (2) Telkom Consumer is the largest supplier of broad-band internet connectivity with a growing mobile phone network. (3) Yellow Pages provides advertising and marketing to local businesses. (4) BCX is an ICT solutions company operating in Southern Africa. (5) Swiftnet" was formed in April 2018 to house Telkom's masts, towers, and property interests. Swiftnet owns a diverse portfolio of 1330 properties and has 40 ear-marked for development. Of course, Telkom is impacted by the ruling of the Independent Communications Authority of South Africa's (ICASA) decisions regarding the so-called "inter-connect" fees. However, in our opinion, Telkom has been well managed, and its downsizing should result in improved profitability going forward. This company is steadily switching from fixed-line to mobile. On 22nd March 2024 the company announced that they had sold Swiftnet for R6,75bn to a consortium of investors. The cash will be used to reduce Telkom's debt. In its results for the year to 31st March 2025 the company reported revenue up 3,3% and headline earnings per share (HEPS) up 44,8%. The company said, "Positive free cash flow(2) of R2 778m, resulting from strong operating cash generation, a R2 354m improvement. Balance sheet strength restored with net debt(2) to Group adjusted EBITDA(1),(2),(3) down from 1.8x to 0.6x and interest-bearing debt reduced by R2 600m." Technically, Telkom's share fell from highs of around R98 in June 2019 to levels around R15.00 in March 2020. It has now entered a new upward trend and it was added to the Winning Shares List (WSL) on 16th November 2024 at 2884c. It has since risen to 4312c. The latest results and the special dividend from the sale of Swiftnet have boosted the share's price. In our view this company is battling to find a new direction in a very difficult economy and against stiff competition, but the latest results are positive.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

PPC 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 managed to re-negotiate its lending so that it no longer requires a highly dilutive rights issue. No dividends have been paid for the last five years. The carbon tax which came into effect on 1st June 2019 costs PPC between R100m and R120m which it intends to pass on to consumers. This will make its pricing less competitive against foreign imports unless tariffs can be increased. PPC is basing its hopes on growth from the rest of Africa. In our view, PPC has been suffering together with the entire construction industry from the lack of new government and quasi-government projects in South Africa. It has been compensating by cutting costs and investing in the rest of Africa, but we regard the cement industry as over-supplied currently, and therefore difficult to manage. The company has also been benefiting from the government's new "localisation" policy in terms of which government operations have to buy locally produced cement. In its results for the year to 31st March 2025 the company reported revenue down by 1,9% and headline earnings per share (HEPS) of 40c compared with 19c in the previous year. The company said, "With disciplined execution on our strategic priorities,PPC achieved significant improvements across all key financial metrics,from EBITDA growth of 28%,to EBITDA margin expansion of 3,8p.p. and free cash flow of 1 049 million (+306% over FY24)." Technically, the share has been in an upward trend since October 2022 which we expect to continue. PPC should benefit from the new government of national unity (GNU) and the reduction of interest rates. On 27th March 2025 the company announced the construction of a new cement plant in the Western Cape for R3bn.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

The 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 difficult operating environment was made worse by losses on various construction contracts which have required extensive write downs and impairments. Its objective has been to focus on McConnell Dowell in Australia and the mining contractor Moolmans, both of which are now profitable. On 26th January 2021, the company announced the terms of a fully underwritten rights issue to raise R300m by selling about 20 billion shares at 1,5c each. Shareholders were offered 103.122 rights for every 100 shares held. This obviously substantially diluted the existing shareholders. On 12th October 2021 the company announced a 500-for-1 consolidation effective 8th December 2021 which resulted in the share price rising to around R28. The company announced the sale of Trident Steel on 3rd May 2023 for R1,2bn - which effectively leaves the company debt-free. The company announced its intention to report in Australian dollars in future, not rands - because it said 91% of its income was now received in Australian dollars. In its results for the six months to 31st December 2024 the company reported revenue slightly down at A$1,4bn with a headline loss per share of A$26,7c compared with a profit of A$8,8c in the previous period. The company said, "Aveng's revenue contracted 8.1%, in line with previous guidance, to A$1.4 billion (R16.6 billion) in the interim period ended 31 December 2024 (December 2023: A$1.5 billion (R18.6 billion)), following an expected softening of infrastructure markets in Australia and New Zealand." In a trading statement for the year to 30th June 2025 the company estimated that it would make a headline loss compared with a profit of 29,6c (Australian cents) in the previous period. Technically, the share has been drifting sideways and downwards since its consolidation. The latest results have seen the share lose most of its gains.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Omnia (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, Zimbabwe, Botswana, Mozambique, and the DRC. The chemicals division is a manufacturer and distributor of speciality, functional and effect chemicals and polymers operating throughout the African continent. The company gets most of its sales from agriculture for fertilizers and the mining industry for explosives. In its efforts to diversify away from the South African economy, OMN acquired Oro Agri in America for $100m and Umongo Petroleum for R780m. They also commenced the construction of a R630m nitro phosphate plant at Sasolburg. This company's performance reflects the general performance of the South African economy. It has been very well managed and grows consistently by acquisition and organically, but it is in very tough markets where it has become difficult to make good profits. It is a relatively risky investment and dependent on commodity prices and agriculture - but both of which have done well. In its results for the year to 31st March 2025 the company reported revenue up 3% and headline earnings per share (HEPS) up 1%. The company said, "Omnia delivered a strong performance across our core businesses, with Mining, Agriculture RSA, and a significantly improved performance in Agriculture International driving solid earnings and cash flows." Technically, the share was in a downward trend since its peak in May 2022. We recommended waiting for it to break up through its long-term downward trendline, which happened on 18th June 2024 at 6087c. The share has since moved up to 7299c. We believe it will continue to perform well.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Alexander 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 the confidence of the board and institutional investors. This was compounded by the resignation of the financial director, Naidene Ford-Hoon, after less than a year with the company. Patrice Motsepe's African Rainbow Capital (ARC) has been instrumental in pushing for changes to the board. In its results for the year to 31st March 2025 the company reported operating income up 13% and headline earnings per share (HEPS) up 15%. The company said the growth was, "...owing to strong investment performance underpinned by positive market growth that resulted in higher average assets under management, inflationary increases from within our retirements and healthcare consulting client base and high client retention." Technically, the share is in a strong upward trend and was added to the Winning Shares List (WSL) on 6th May 2025 at 870c. At its current price it is on a P:E of 12,99. The company has sold its group risk and retail life business for R100m which it may use for acquisitions. We see this share as reasonable value at current levels and in a steady upward trend.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

The 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 2017. TFG has allowed the Australian management team virtual autonomy in the management of the business and has not attempted to manage it from South Africa. Over the long term, TFG has been a consistent performer in one of the most difficult industries in South Africa, with stiff competition from overseas brands and local clothing retailers. We regard TFG as the best of the retail clothing companies and it is well diversified overseas which gives it a rand hedge element. Retail is normally very much impacted by the business cycle, but the TFG board has shown its ability to manage the business profitably in many difficult environments where others have failed. In its results for the year to 31st March 2025 the company reported revenue up 4,1% and headline earnings per share (HEPS) up 4,6%. The company said, "TFG Africa grew sales by 7,0% (and by 5,6% on a like-for-like basis) in the second half of the year as the base normalised from the prior year first half's clearance activity with all brands and categories showing improvement, generating full- year growth of 3,7% (like-for-like: 3,2%). Particular strong growth ahead of the market has come from womenswear, beauty and jewellery, as well as our more recently acquired businesses, Jet and Tapestry." From June 2023 TFG, while volatile, has been in a new upward trend. We believe that this remains a very well-managed company which should be accumulated on weakness. On 27th October 2024 the company announced the acquisition of the UK fashion and lifestyle retailer White Stuff for an undisclosed amount.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Mr. 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, especially in the current economic environment in South Africa. There is little doubt that Mr. Price has grown its market share at the expense of other clothing retailers during the COVID-19 period. On 15th March 2021, the company announced the acquisition of Yuppiechef, a primarily online retail kitchenware business for an undisclosed amount. On 13th April 2022 the company announced that it had purchased 70% of Blue Falcon Trading for R3,3bn in cash. Blue Falcon is the "...largest independent retailer of branded leisure, lifestyle and sporting apparel and footwear in South Africa." In its results for the 52 weeks to 29th March 2025 the company reported retail sales up 7,8% and headline earnings per share (HEPS) up 10,7%. The company said, "The first half of the financial year was challenging for the retail sector but improved in the second half." Technically, the share was in a downward trend from April 2022. On 23rd November 2023 the share broke up through its downward trendline at a price of 16055c indicating a new upward trend. It has since moved up to 24299c. In our view, this is a very high quality share that should be accumulated on weakness. On a P:E of 17,06 it is not cheap, but it still looks like a good investment.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

AYO 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 305c after their latest results. Volumes traded are very thin, with many days where it does not trade at all. The company has 1400 employees. What income it got appeared to be from interest on the remainder of the PIC loan. We find this share difficult to assess and consider it potentially dangerous, especially after the testimony from the former financial director, Siphiwe Nodwele, before the Mpati Commission, that the company is probably only worth R700m and the testimony of Naahied Gamieldien, previously the CFO, who said she had to "...adjust margins to increase the company's profit." - which resulted in the profit doubling. In October 2019, the Financial Sector Conduct Authority (FSCA) conducted a raid on Surve's offices as part of an on-going investigation. FNB has closed Ayo's bank accounts at Ayo Technology Solutions siting reputational risk. Ayo is opposing this in a court action and, in an announcement on 30th April 2021, claims to have put in place "alternative third party solutions" to enable the company to continue trading. We would advise investors to stay well clear of this share until the uncertainties surrounding the Mpati commission can be resolved. On 1st June 2021 British Telecom (BT) announced that it was severing ties with Sekunjalo due to "misrepresentation of facts" before the standing committee on finance in parliament. On 10th February 2022 the JSE announced that two Ayo directors had been barred from being a director of a listed company for five years because of failing to carry out their oversight duties leading to incorrect, false, or misleading financial statements. On 22nd December 2022, the JSE published a censure of Ayo because of their involvement in related party transactions without complying with the JSE rules on such transactions. On 24th March 2023 the company announced that it had reached an undisclosed out-of-court settlement with the Public Investment Corporation (PIC), but it seems unlikely that the PIC will recover the R4,3bn which it advanced to Ayo. In its results for the six months to 28th February 2025 the company reported revenue down 23% and a headline loss of 45,09c compared with a loss of 33,12c in the previous period. We cannot recommend this share to private investors because we do not trust its reporting. On 6th September 2023 the JSE publicly censured a director of Ayo, Khalid Abdulla, for breaching the listing requirements and failing to exercise his fiduciary duties. He was fined R2m and Ayo was fined R6.5m. On 14th June 2024 the company announced that Dr NA Ramatlhodi would become Chairperson of AYO with immediate effect. On 24th January 2025 the company reported that a shareholder with 0,13% of its shares had applied to the courts for its liquidation. AYO is opposing the application. On 25th May 2025 the company announced that it had received an R80m offer from Sekunjalo (controlled by Iqbal Surve) to buy it out for 52c per share and to delist it from the JSE. On 5th June 2025 the JSE fined Ayo R500 000 for late and insufficient disclosure concerning the repurchase of its shares and its legal settlement with the PIC.

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All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Alphamin (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 the company reported, "As at March 31, 2025, the Company had retained earnings of $71,498,946, stockholders’ equity of $357,952,331 and net current assets of $54,027,280 (December 31, 2024: retained earnings of $47,857,547, stockholders’ equity of $333,535,020 and net current assets of $19,590,876)." The directors opinion was that the company was a "going concern". This is clearly a highly risky and volatile commodity share - not only because of the volatility of the tin price, but also because of the location of the mine in the DRC. The company has an adequate value of shares changing hands on average day on the JSE. It has not yet attracted institutional interest, but it is viable for a small investment by private investors. The dividend yield (DY) of 5,4% is attractive. On 5th June 2025 the company announced that its controlling shareholder Tremont Master Holding had sold its controlling stake to International Resource Holdings (IRH) in Abu Dhabi.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Barloworld (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 operations for about R2,5bn which it is now looking to invest in Mongolia with the acquisition of US-owned Wagner Asia Group. The Ukraine crisis is making it more difficult for Barworld to get payments from customers in Russia and has pushed up the cost of some commodity prices, but the company says it has sufficient funds to manage the situation which has seen its share price fall quite sharply. In its results for the six months to 31st March 2025 the company reported revenue down 5,8% and headline earnings per share (HEPS) down by 20,5%. The company said, "...the group’s EBITDA of R2.2 billion and operating profit from core trading activities of R1.6 billion decreased by 9.1% and 14.3%, respectively, compared to the prior period. As a result, the EBITDA and operating profit margin at 12.4% and 8.8%, respectively, declined from 12.9% and 9.7%, respectively, in the prior period." Technically, the share fell heavily in March 2020 in response to COVID-19 and then moved sideways in an extended "island formation." There has been an upside breakout from the island and it has also broken up through its long-term downward trendline. We believe it is still good value at current levels. Obviously, developments in Ukraine and Russia will have major impact on this share. On a P:E of 11,92 this share still looks cheap to us. On 12th December 2024 the company announced that it had received a firm offer by a consortium of investors to acquire all the issued ordinary shares of Barworld and to delist the company. The offer is at R120 per share, over and above the R3,10 dividend which was already declared. On 6th June 2025 the Business Day reported that the Competition Commission had recommended the acquisition of BAW by a management and a Saudi-Arabian consortium.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Brimstone (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 capitalisation of R8,6bn. Brimstone is increasing its shareholding by buying 8m shares from Tiger Brands, which will take its holding to 22,9%. 5. 6,1% of Grinrod, 6. 18% of Aon Re Africa 7. 25% of South African Enterprise Development, 8. 49,8% of Vuna Fishing company, 9. 12,8% of Milpark Education, 10. 25% of Obsidian (a black-owned investment holding firm positioned to benefit from the roll-out of the NHI) which, in January 2020, it increased to 80% for R35,7m. and a variety of other smaller shareholdings in property, healthcare, 3,9% of Long4Life and 5,3% of Stadio. The company has been selling down its stakes in Life Healthcare, Lion of Africa, House of Monatic, Equites, Multichoice and Phuthuma Nathi. It has used the proceeds to pay down R1bn of its debt. The company disposed of its entire stake in Milpark, and part-stakes in Phuthuma Nathi, MTN Zakhele Futhi and Equites. In its results for the year to 31st December 2024 the company reported revenue down 66% due to the deconsolidation of Sea Harvest and headline earnings per share (HEPS) up 51%. The company undertook a share buy-back of 4,5m shares for R21,7m and in the current financial year has bought a further 861325 shares for R4,3m. We regard the share as too thinly traded for private investors they have been unbundling and releasing value so volumes are improving. On 5th June 2025 the company announced that its intrinsic net asset value (NAV) at 31st March 2025 had fallen 24,2% to 818,5c per share.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Ninety-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 performance was impacted by the decline in equities since the pandemic - but the value of its assets under management (AUM) was rising as markets around the world recovered. In its results for the year to 31st March 2025 the company reported assets under management (AUM) up 4% and headline earnings per share (HEPS) down 7%. The company said, "Ninety One experienced net outflows of £4.9 billion in the financial year 2025, representing a substantial improvement from the prior year (2024: net outflows of £9.4 billion). Net flows improved in the second half relative to the first half (H1 2025: £5.3 billion net outflows versus H2 2025." This share is directly impacted by the direction of the trend on Wall Street and world markets, but it has been moving sideways and even down since January 2022. There has been a recent upward move, but it is too early to see whether it is amounts to an upward trend. If the deal with Sanlam goes through then it will have R3,3 trillion under management.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

British 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 an addiction which is clearly anti-social and very bad for the individual's health, and which regularly involves them in lawsuits for damages. BAT owns well-known brands like Camel, Peter Stuyvesant, Rothmans, Benson & Hedges, Dunhill, Pall Mall, Kent and Lucky Strike. In an effort to get away from the negative perceptions of cigarettes, the company has diversified into "new category" products such as vaping and electronic cigarette markets which it claims offers it a long-term prospect for growth. Recently, especially in the United States, these products have also come under the spotlight for health reasons leading to a drop-off in sales. As an investment, the company offers some attractions. Roughly 20% of the world's population still smoke - making a truly massive market. Setting aside our distaste for the business which BAT conducts, the share looks like very good value at current levels. This is one of the shares that has performed well and perhaps even benefited from COVID-19. The CEO says that he aims to double non-combustible sales by the 2023/24 year. It is interesting that BAT considers South Africa's illegal cigarette market to be the largest in the world. On 6th December 2023, Business Day reported that BAT had impaired its US operations by GBP25bn (R595bn) leading to a drop of 10% in the BTI share price. In its results for the year to 31st December 2024 the company reported revenue down 5,2% with organic revenue up 1,3% driven by New Categories which was up 8,9%. The company said, "Reported profit from operations of £2,736m (2023: loss of £15,751m) with 2024 including a provision of £6.2 billion in respect of the proposed settlement in Canada, while 2023 was negatively impacted by one-off impairment charges largely in the U.S. Adjusted organic profit from operations up 1.4% (at constant rates), driven by AME and APMEA." In a trading update on 3rd June 2025 the company said, "Our revenue performance in H1 is slightly ahead of our previous guidance, and we now expect to deliver FY revenue growth of 1-2%, supporting 1.5 to 2.5% adjusted profit from operations growth." After moving sideways for several years the share has now begun to appreciate steadily and may break to a new record high in due course.

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All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Hudaco (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 well-established business with 26 warehouses, 800 international suppliers and 140 branches. Through this network they supply about 230 000 products. The company has been battling to export goods because of inefficiencies at South African ports, especially Durban. The group constantly makes bolt-on acquisitions to build and enhance its business. In its results for the year to 30th November 2024 the company reported revenue down 5,8% and headline earnings per share (HEPS) down 6,3%. The company said, "For the five months from the formation of the GNU to the end of the financial year, through strong management of gross profit margin, tight control of expenses and the reduction of inventory, operating profit increased by 0.2%, and headline and comparable earnings per share were up by 3.5% on the equivalent period in the prior year." Hudaco is an extremely well-managed company operating in a difficult economy. As the economy improves, Hudaco's results will benefit directly. The share trades on a P:E of 9,99 and a dividend yield (DY) of 4,08% which looks cheap to us. In our view, this share should be bought on weakness and offers solid, long-term investment potential as the South African economy improves. On 3rd June 2025 Hudaco announced the acquisition of Flosolve's trading assets and liabilities for R45m immediately and maximum of R125m depending on profitability over the next 3 years. This is a typical "bolt-on" acquisition which will add to Hudaco's existing markets and product range.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Tongaat (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 commodity business, dependent on the international price of sugar - which, in turn, depends on the level of rainfall in sugar-producing countries. The company may also be highly exposed to the political discussion of "land expropriation without compensation". On 31st May 2019, the company announced that it was investigating "certain practices" which might lead to the financials for the year to 31st March 2019 having to be restated. The impact on equity was estimated to be a reduction of between R3,5bn and R4,5bn. On 17th June 2020 the company announced that it had sold Tambankulu Estates for R375m. On 15th July 2022 the company announced that it would not be able to produce its financials for the year to 31st March 2022 on time (they are due by end July 2022) and had requested a temporary suspension of its shares on the JSE as a result. The JSE suspended trading in Tongaat with effect from 19th July 2022 because of failure to publish its results within the time limit. The company was placed in voluntary business rescue on 27th October 2022 by the directors with R6,9bn in debt. On 1st November 2022 the Business Day reported that Tongaat had missed a R400m payment for sugarcane deliveries. On 30th January 2023 the company's CEO, Gavin Hudson, resigned with effect from the end of February 2023. On 23rd February 2023 the company reported that Deloitte’s had agreed to pay it R260m in settlement of its claim without admission of liability. On 27th October 2022 the company went into business rescue. The business rescue plan (BR plan) is being amended to include a strategic equity partner who intends to acquire the company's sugar business. The publication of the 2022 financials are being held up by the auditors who are considering the "going concern assumption" and will only be able to decide once they have seen an approved BR plan. The interim results to 30th September 2023 are also now due and delayed. Despite this the company has reported the following in regard to the 2022 financial year. Revenue for continuing operations was unchanged at R15,5bn and the headline loss per share was 585c down from the loss of 699c in the previous year. The company said, "Tongaat Hulett experienced strong local demand across all its sugar businesses and maintained its good market share in all geographic areas in which it operates. These positive market developments were offset by an 8% reduction in sugar production, mainly due to the weaker agricultural performance in Zimbabwe and unsatisfactory milling performance in South Africa." Obviously, this share is not suitable for private investors until it's listing is reinstated, if it ever is. On 9th January 2024 the company announced that RGS Transactions had withdrawn their offer for business rescue leaving only the offer by Vision Transactions, controlled by Robert Gumede, still on the table in the meeting slated for 10th January 2024. Vision has offered to take control of the company for an undisclosed amount by buying the bank's claims which totalled R8bn in a debt-for-equity swap. On 12th January 2024 the company announced that over 90% of creditors and other holders of a voting interest had voted in favour of the amended plan. On 12th May 2025 the company reported the adoption of an approved rescue plan. In a business rescue update on 3rd June 2025 the company said that Gavin Dalgleish became CEO with effect from 1st June 2025.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Bell (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 its business comes from outside South Africa. The company employs 3200 people of whom 88,6% are in South Africa. The CEO of Bell, Gary Bell has indicated to Business Day that the company would consider delisting with 1A Bell making an offer to minorities (but he did not disclose at what price). Some of those minority shareholders are now saying that the board has a fiduciary duty to put the company up for sale to the highest bidder. On 18th February 2021, the company announced that a deal had been struck for 1A Bell to buy a further 31,4% of Bell giving it a 70% stake at R10 per share - a 13% discount to the share price. In its results for the year to 31st December 2024 the company reported revenue down 13% and headline earnings per share (HEPS) down 42%. The company's net asset value (NAV) was up 7% at 5936c per share. The company said, "The directors of Bell Equipment Limited are of the opinion that the group has adequate resources to continue in operation for the foreseeable future. The consolidated financial statements have therefore been prepared on a going concern basis." In a trading statement for the six months to 30th June 2025 the company estimated that HEPS would fall by at least 50%. The company said, "The expected decrease in earnings is mainly due to a global slowdown in demand in key markets and a contracted USA market due to the current USA tariff situation." The share trades over R1,1m worth of shares on average each day, making it suitable for a private investor. There was an on-balance-volume (OBV) buy signal on 7th September 2023 at 1752c per share. Since then the share has moved up to 4200c. On 15th July 2024 the company announced that the Bell family had made a firm offer to buy out the 30% of Bell which it did not own at R53 per share - which is an 82,3% premium to the 30-day volume weighted average price (VWAP) of the price of 11th July 2024 (3100c). The offer was not accepted by a general meeting of shareholders held on 12th September 2024, causing the share price to fall heavily. Since then it has been drifting down but has bounced up since mid-May 2025.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Momentum 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 Momentum and Metropolitan, they had a combined 24% of the life insurance market in South Africa. Today that has been reduced to just 17%. The company paid out almost R4bn in death claims in the 1st quarter of 2021 - three times higher than it anticipated, mainly due to the 2nd wave of the virus. The company said that it would consider managing with about 60% of its current office space because of the move to work-from-home as a result of COVID19. On 26th May 2023 Business Day reported that Jeanette Marais would take over from Hilgard Meyer as CEO on 30th September 2023. In its results for the six months to 31st December 2024 the company reported headline earnings per share (HEPS) up 55% and return on embedded value per share of 16,8%. The company said, "Operating profit increased by 33% from R2 129 million to R2 842 million. This robust performance in operating profit follows higher releases of the CSM across the life businesses (reflecting a larger CSM balance compared to the prior period), improved new business profitability and persistency experience variances in Metropolitan Life, a significant improvement in Momentum Insure's underwriting result as well as strong fee income and underwriting profit growth in Guardrisk." In an update on the 9 months to 31st March 2025 the company reported recurring premiums up 5% and new business down 4%. Expenses rose 5%. The company said, "The Group delivered solid operational performance despite escalating geopolitical tensions and subdued economic growth with normalised headline earnings (NHE) of R4.8 billion for the nine months ended 31 March 2025. The earnings run rate in the third quarter was in line with the first two quarters excluding the substantial positive market-related variances of the first six months." Technically, the share began to move up in May 2024 and we added to the Winning Shares List (WSL) on 24th July 2024 at 2402c. It has subsequently moved up to 3469c and we expect it to go further. On a P:E of 9,07 and a dividend yield (DY) of 3,46% it still looks reasonably priced to us.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Raubex (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 Northern Cape. The company is bidding for contracts all over Africa and has benefited from the increase in contract work from the South African government, especially Sanral from whom it has won R6bn worth of orders. However, this is a well-managed company that is managing its costs closely and which has a strong balance sheet. The company has businesses in Cameroon, Namibia, Botswana, and Zambia and owns Westforce Construction in Western Australia. Raubex is one of those companies that will benefit directly from any significant improvement in the South African economy. In its results for the year to 28th February 2025 the company reported revenue up 21% and headline earnings per share (HEPS) up 25,9%. The company said it has, "...a strong balance sheet, a healthy cash balance throughout the year, and a solid order book of R28.18 billion (2024: R25.55 billion). The order book increased by a pleasing 10.3%." The share looks cheap on a PE of 7,54. In our view, this is a share which will benefit directly from the improved economic outlook in South Africa following the advent of the GNU, the end of loadshedding and falling interest rates. Technically, it has been in a rising trend since March 2023 when it broke up now through resistance at about R30 per share. It was added to the Winning Shares List (WSL) on 21st March 2024 at a price of 3031c and it has now reached 4520c. On 11th May 2025 the company announced a delay in the publication of its results for the year to 28th February 2025 due to "...allegations of unlawful or improper conduct."

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Sirius (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 will own 65% and Sirius will own 35%. The JV (called "Titanium") acquired 5 business parks from Sirius for 168m euros - which is a 19% premium to their book value. The JV will allow Sirius to double the value of its assets over the next two years. In its results for the year to 31st March 2025 the company reported a 75% increase in profit before tax and a 39,4% increase in basic earnings per share (EPS). The company said, "Value of Investment property portfolio up 12.6% to €2,488.1m (2024: €2,210.6m) including an €81.0m asset management led uplift. Portfolio gross and net yields of 7.4% and 6.7% in Germany (2024: 7.5% and 6.8%) and 14.1% and 9.5% in the UK (2024: 14.1% and 9.9%) respectively, on a like-for-like basis." Technically the share was falling and we recommended applying a trendline and waiting for a convincing upward break. That break came on 17th November 2022 at a price of 1622c and the share has moved up to 2339c. At current levels, it is on an earnings multiple of 16,65 - which makes it one of the most highly rated REIT's on the JSE and therefore possibly vulnerable. It is also, obviously, a rand hedge.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Anglogold 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 2021 the company announced that it had acquired Corvus Gold for R5,4bn in cash to extend its exploration in Nevada USA. This is a relatively marginal, short-life (11 years) gold mine with rising costs, falling grades and a volatile gold price. In its results for the year to 31st December 2024 the company reported a, "...nine-fold increase in 2024 free cash flow to $942m versus prior year; Adjusted EBITDA* +93% year-on-year and H2 dividend growth of 263% to 69 US cents per share; total cash costs* +4% for FY 2024, below group inflation." Headline earnings per share (HEPS) was 221c (US) compared with a loss of 11c in the previous period. Technically, the share has been rising since March 2024 in what looks like a volatile upward trend. On 10th September 2024 the company announced that it had made an offer for 83,6% of Centamin in Egypt for 0.06983 Anglogold shares and $0,125 in cash. The announcement caused ANG's share price to fall. On 2nd June 2025 the company announced that it had sold Mineração Serra Grande mine for cash of $76m. This share remains a speculation on the gold price - which is very strong at the moment.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Mahube (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 independent power producer procurement programme. The assets are all currently in operation, generating electricity, which they sell to Eskom in accordance with 20-year power purchase agreements." In its results for the year to 28th February 2025 the company reported revenue down 27% and headline earnings per share (HEP) down 36,1%. The company said, "The dividend income portion of this total revenue was R21.0 million decreasing from R50.1 million in the prior year. The higher dividends in the comparative period last year resulted from receipt of a special dividend from two of the solar photovoltaic projects in which Mahube is invested, following the refinancing of these projects. The favourable change in the fair value of the financial assets, which has increased the revenue by R28.5 million compared to R17.2 million in the comparative period." The daily average value trading in the share is less than R4000 - which makes it completely impractical for private investors.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Previously Anglo American Platinum (AMS), or Amplats, is the second largest platinum producing company in the world (after Sibanye), produces a large portion of the world's platinum. It was owned 77,62% by Anglo American. Amplats was one of the first platinum mining companies in South Africa to move away from expensive deep-level mining towards shallower, more mechanised mining. The company has reduced the number of mines it is operating from 18 to 7 over the past 5 years, decreased overheads by 50% and its number of employees by 50%. This shift is now paying handsome dividends. The Mogalakwena open-cast operation is a palladium-rich operation with costs in the lowest quartile in the platinum group metals (PGM) industry world-wide. A new project at Mogalakwena will see platinum production up by 250 000 ounces and palladium production up by 270 000 ounces. The company also recently bought out Glencore's 40,2% stake in their joint venture Mototolo mine and the adjacent Der Brochen property for R1,5bn. Mototolo is a highly mechanised shallow mine which can be extended into Der Brochen without putting in new surface infrastructure. The platinum price is plagued by an effective re-cycling industry which produces about 2 million ounces a year by recovering from old auto catalysts. We believe AMS is the best of the PGM shares on the JSE - but it remains a commodity share and thus volatile and unpredictable. As part of its plans to boost production at Mogalakwena, the company has plans to relocate 1000 families of its employees which could result in unrest. In its results for the year to 31st December 2024 the company reported revenue down 13% and headline earnings per share (HEPS) down 40%. The rand basket price per PGM ounce fell by 13% and costs per 3E ounce were down 13% in US dollars. The company said, "EBITDA of R19.8 billion, is 19% lower than the prior period, largely due to a 13% decline in the realised ZAR PGM basket price and R3.5 billion of non-recurring costs owing to the recent operational and corporate restructuring, the demerger and losses from associates." In an update for the 3 months to 31st March 2025 the company reported PGM production down 8% and sales down 30%. The company said, "As a result of the widespread flooding in the northern part of South Africa in February, which impacted Tumela mine at Amandelbult, quarterly own-mined M&C production decreased by 8% to 462,000 ounces." This share is a speculation on the international prices of the platinum groups metals that it produces and hence very volatile. Technically, the share has been moving sideways since September 2023 mainly due to the challenges faced by the industry including loadshedding and the falling prices that they are getting for their production. On 23rd July 2024, Business Day reported that Amplats was considering listing on the London Stock Exchange (LSE). On 20th March 2025 the company announced that it will be changing its name to Valterra Platinum with the same ISIN code (AMS) with effect from 30th May 2025. The listing on the LSE happened on Monday 2nd June 2025.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

RH 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 R34,6m. The company acquired, "29% of Ambit Health Proprietary Limited ("Pelo") for R1.075 million in March 2023. Pelo operates a pathology services company - 100% of MMed Distribution Services Proprietary Limited ("MMed") for a purchase price of R1. The Company subsequently advanced a bridging loan of R4.8 million to assist in operations. MMed is a pharmaceutical distributor with distribution licenses across South Africa - RazoHealth Radiology Proprietary Limited ("Razohealth")." In its results for the year to 28th February 2025 the company reported headline earnings per share (HEPS) of 67,9c compared with 282,3c in the previous period. The company said, "Net asset value per share and tangible net asset value per share increased by 4% when compared to the prior period from R15.99 to R16.67 per share. The Company and its investments remain liquid and solvent, with sufficient resources to continue operating into the foreseeable future." From a private investor's perspective the problem is that it has about R11000 worth of shares changing hands each day on average which makes it impractical. And the share price has been falling - which makes it unattractive as an investment.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Salungano, 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 compared with a loss 19,64c in the previous period. The company's net asset value fell to 37c per share from 178c in the previous period. The company said, "The Group continued to operate with only one Eskom contract, with the Elandspruit and Vanggatfontein Collieries continuing to supply Eskom through rectification into the Neosho contract." The Company will apply for the lifting of the Suspension now that the FY2023 financial results and integrated annual report, as well as the FY2024 interim financial results, have been published but that has not yet happened. On 4th July 2023 the company announced that three of its directors had resigned resulting in a sharp drop in the share's price. On 21st August 2023 trading was suspended in Salungano shares, by the JSE. It appears from a quarterly update that the 2024 financials are now only expected to be published by 30th June 2025 - so the share remains suspended. On 30th May 2025 the company said that it was on track to publish the financials for the six months to 30th September 2024 by the end of June 2025.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Hosken 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 74% of Hosken Passenger and Logistics, which owns Golden Arrow Bus Services. They own 52% of Niveus Investments and 84% of Deneb. They have 100% of HCI Coal - which is a junior coal-mining operation with two operational mines. HCI Properties has a portfolio of conference and exhibition properties like the Gallagher Convention Centre. Finally, it owns 40% of a technology company called BSG. On 26th April 2022, the company announced that a prospecting company that it has an effective 10% share of an investment in a company which has made a significant light oil discovery. This has caused the share to shoot up initially. In its results for the year to 31st March 2025 the company reported revenue up 1% and headline earnings per share (HEPS) up 3%. The company's net asset value (NAV) increased 29% to 30318c per share. The company said, "Whereas the impact of persistent load shedding in recent years on the television and radio advertising markets subsided somewhat in the current year, instability in the Government of National Unity (“GNU”) has had a negative impact on national advertising spend. Casino revenue and net gaming win combined decreased by 4%, with refurbishment disrupting operations at Emerald Resort and Casino. Hotel operations reported improved results for the year, driven by robust trading in the Western Cape and Gauteng." In our view, this is a diverse and somewhat unfocused group trading on a P:E of 13,12. Technically, the share has been falling since June 2023. At this stage, we recommend waiting for to at least break above its 200-day moving average before investigating further.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Delta 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 continued to be paid while commercial leases have come under extreme pressure. On 24th August 2020 the company announced that both the CEO and the CFO had resigned - which will clear the way for a new board appointed by the women’s BEE consortium, Cornwall Crescent, which owns 26% of Delprop. On 9th December 2020 the company reported on the results of a forensic investigation as follows: "Some of the key issues identified in the Forensic Report include: • payment of commission by the Company totalling R43,9 million (for the three financial years ended February 2018, 2019, and 2020), resulting from invalid, lapsed or no broker mandates; • fraud resulting from unethical dealings amounting to R2,1 million; and • non-disclosure of related/connected party transactions to the Board." On 10th December 2020 the company withdrew its February 2020 financial statements and audit opinion. It also delayed the publication of its August 2020 interims. This caused the share price to fall by one third. On 15th December 2020 trading in the share was suspended by the JSE. On 22nd April 2021 the company re-issued its financials with a 10% drop in the value of its portfolio of properties at end February 2020. Its liabilities exceeded its assets by more than R4bn and its status as a going concern is in question. The JSE suspension was finally lifted on 30th July 2021 and it has been climbing strongly since then. In its results for the year to 28th February 2025 the company reported rental income down 1,9% and headline earnings per share (HEPS) down 35,2%. The company said, "The Group reported a net loss of R104.2 million for the year (FY24: R77.6 million), primarily due to non-cash fair value adjustment losses of R222.5 million (FY24: R217.2 million), higher expected credit losses of R25.5 million (FY24: R2.6 million), and taxation of R32.0 million (FY24: R3.0 million)." Notably the share is still trading at a fraction of its NAV - which suggests that a takeover might be in the offing. In our view, this share remains a risky penny stock especially given the recent results. We think the loan-to-value (LTV) is still far too high. On 16th February 2024 the JSE censured Delta and gave it a R7,5m fine for accounting irregularities which might prevent the investing public from making sound investment decisions.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Lewis (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 years. At current levels, the share is trading on a P:E of just 7,95 and the share price is well below its net asset value (NAV). The company's balance sheet remains debt-free which is extraordinary among listed retailers in this post-COVID-19 period. The company is in the process of buying back 10% of its issued share capital. We have always said that this share represents a bargain. It will benefit directly from any increase in consumer spending. It is an extremely tightly managed company which has no debt and a huge store footprint. It has been growing both organically and by acquisition. Obviously, as a retailer of furniture and white goods it is vulnerable to any economic downturn, but we see it as cheap right now and expect its share to rise as the economy improves. Certainly, it is one of the few retail outlets in South Africa which is doing reasonably well in the circumstances. The company is engaged in a share buy-back program in which it has so far bought back 29,9m shares at an average price of R34,20 per share. In its results for the year to 31st March 2025 the company reported merchandise sales up 9,2% and revenue up 13,5%. Headline earnings per share (HEPS) increased by 60,3%. The company said, "Lewis Group increased operating profit by 66.9% for the year ended 31 March 2025, driven by robust growth in credit sales, expanding gross profit, strong other revenue growth and continued improvement in the quality of the debtors portfolio." This share remains one of the best-run businesses on the JSE at the moment. The company believes that it is under-valued on the JSE by 30% - and we think that is conservative. We added Lewis to the Winning Shares List (WSL) on 1st December 2023 at 4150c. It has since doubled 8300c. Technically, the share is in a strong upward trend.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Old 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 Exchange. Some estimates indicate that Old Mutual is about 30% below the company's embedded value. Currently, the company has about R1,one trillion under management. A large part of its loss in the period was the R8bn write-down in its investment in Nedbank which is now recovering. The company unbundled 62m Nedbank shares into the hands of shareholders worth about R10,4bn in the ratio of 1,32 Nedbank shares for every one hundred Old Mutual shares held. Obviously, insurers like OMU are vulnerable to the impact of the pandemic and the company announced a R2bn increase in its provisions in this regard. In its results for the six months to 30th June 2024 the company reported headline earnings per share (HEPS) up 7% and return on net asset value (NAV) of 12,6%. The company said, "Adjusted headline earnings, an important metric for distributable earnings, grew by 3% supported by a robust 14% increase in shareholder investment returns due to improved performance in South African equities." In a trading statement for the year to 31st December 2024 the company estimated that HEPS would increase by between 13% and 33%. The company said, "...headline earnings per share and basic earnings per share growth benefited from the share repurchase programme implemented in 2024 which contributed to a reduction in the weighted average number of ordinary shares to 4 353 million at 31 December 2024 (4 459 million at 31 December 2023)." In an update on the 3 months to 31st March 2025 the company reported life APE sales down 2% and gross written premiums up 7%. The company said, "In South Africa, investor sentiment was dampened by uncertainty over the stability of the Government of National Unity and the impact of US tariffs on exports. Inflation decelerated to 2.7% year-on-year in March 2025, but higher interest rates continue to strain consumer credit affordability, impacting persistency." On a PE of 5,87 and a dividend yield (DY) of 5,78%, we see this blue-chip, share as relatively cheap now. Technically, the share has been moving sideways since March 2020, but should begin to perform soon. Certainly, it is not expensive at current prices.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Burstone (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 owns 9,2% of Ingenuity Property. The company says that the unfavourable economic conditions in South Africa have resulted in a lower demand for space, lower rentals, longer void periods, and a greater cost to attract and keep clients. In our view, this has been an extremely well-managed REIT under CEO, Nick Riley, but he has now left and been replaced by Andrew Wooler and Darryl Mayers as joint CEOs. The company is recycling its capital away from South African assets and towards Western Europe. On 11th February 2020, the company announced that it was increasing its holding of Pan European Logistics (PEL) from 42,9% to 75% for 191m euros. PEL has 45 logistics properties worth about 900m euros. Burstone expected to lose R40m a month while the lockdown was in progress. The company had managed to collect 71% of its South African rentals, 83% in Europe and 87% in the UK. On 9th March 2020, the company announced that it had sold its 38.04% interest in its UK operation (Argo) for GBP35m (R744m) - which was GBP12,7m (R270m) less than its book value. In its results for the year to 31st March 2025 the company reported revenue down 2,1% and a headline loss per share of 138,93c compared with a profit of 28,21c in the previous period. The company's loan-to-value (LTV) was 36,3% and, "Total Group debt net of cash amounts to R6.2 billion, with a ZAR cost of debt of 8.9%, EUR cost of debt of 4.3% and AUD cost of debt of 5.5%." Technically, the share began a new upward trend in April 2024 and was added to the Winning Shares List (WSL) on 27th August 2024 at 809c. It has since been moving sideways, but we expect it to rise from here.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Homechoice (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 have significantly improved the liquidity and tradability in the share, but it has been postponed until conditions are more favourable. In our view, the share is too thinly traded even for small private investors but could be a good investment if liquidity in the share is improved through an issue of shares. Homechoice has been rolling out brick-and-mortar stores and has five open with another twenty-five planned. These stores are bringing it new customers both for its retail offering and its micro-loans business. It has extended its offering to micro-loans, insurance products and funeral cover and this has become an important part of its business since it often sells on credit as well. In this tough economic environment, the company has had to increase its provisions for impairments on both its retail credit and micro-loans. The company mostly sells to women in the Living Standards Measure (LSM) categories from 4 to 8 and it has more than 870 000 active customers. It has been investing heavily into its digital offering to improve its online shopping experience. The company is seeing good growth in offering online loans to customers and is signing on 20 000 new customers per month. The company is rolling out "bright pink" container shops in the townships where clients can collect products that were ordered online or obtain a business loan. In its results for the year to 31st December 2024 the company reported retail sales up 8,3% and headline earnings per share (HEPS) up 27,3%. The company said, "The interim period continued to benefit from the landmark R2.7 billion Waterfall City transaction, through which the Government Employees Pension Fund (GEPF) acquired a 30.0% shareholding in Attacq Waterfall Investment Company Proprietary Limited (AWIC), implemented in October 2023." We feel it is great pity that this share is so thinly traded - which makes it relatively risky for private investors. Volumes are improving, however. On 28th May 2025 the company announced that its intention to change its name to "Weaver Fintech" with effect from 23rd July 2025. The JSE share code will change to WVR.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Tiger 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 as a result of the listeriosis problem but does not cover exemplary, punitive, or constitutional damages. On 17th August 2020, the company announced that it had sold its meat processing businesses for R311m - which is considered to be a very low price. The company is vulnerable to lower consumer spending and rising input prices, especially maize. The Ukraine crisis may push food inputs up by as much as 20% causing knock-on food inflation. The company is now planning for stage 8 loadshedding. In its results for the six months to 31st March 2025 the company reported revenue up 2% and headline earning per share (HEPS) from continuing operations up 34%. The company said, "Overall revenue improved by 1.9% at R18.5 billion compared to prior year, primarily driven by price inflation of 2.1%, and flat volume. On a like-for-like basis, excluding the impact of discontinued divisions or products, underlying volumes grew by 2.6% for the first half, with price inflation at 1.4%. This underlying volume growth was driven, through deliberate volume recovery initiatives." The company also announced a settlement offer which it has made for the victims of the listeriosis outbreak. Technically, the share was moving sideways and showing volatility since the COVID-19 low of March 2020. It broke above its long-term downward trendline on 18th July 2022 at 15689c and was added to the Winning Shares List (WSL) on 1st December 2023. It has since risen to 33441c. We regard it as a solid investment dependent on food prices and consumer spending. On 20th October 2023 the company announced that Tjaart Kruger will take over from Noel Doyle as CEO from 1st November 2023. On 27th January 2025 the company announced that it had sold its 24,38% interest in Empresas Carozzi for R3,348bn.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Reinet (RNI) is an investment holding company whose main asset is a holding of roughly 2,12% of British American Tobacco (BAT) worth about $1,8bn which now accounts for 31% of its net asset value (NAV) - down from 85% ten years ago. This decline from a year ago is because the price of BAT shares has fallen. Most of this reflects the more difficult legal environment for tobacco, especially in the US where the Food and Drug Administration is considering changing the laws on menthol cigarettes. In our view, Reinet shows no great urgency to divest itself of the BAT stake - which continues to contribute good dividends from growth in third world countries, while cigarette sales in first world countries fall. As the price of BAT has fallen, so the other assets in the Reinet portfolio have become more significant. The largest of these is its 46% stake in Pension Insurance Corporation (Penscorp) which now represents 36,8% of its portfolio. Aside from Penscorp, the company also owns a spread of private equity investments which account for around 15% of the portfolio. The company has a compound growth rate of 8,8% per annum since March 2009. In its results for the six months to 31st March 2025 the company reported its net asset value (NAV) up 11,8% to 731m euros. The company said, "Sale of remaining 48.3 million British American Tobacco p.l.c. shares for gross proceeds of EUR 1 627 million Dividends from British American Tobacco p.l.c. during the year amounted to EUR 98 million Ordinary and special dividends from Pension Insurance Corporation Group Limited during the year amounted to EUR 235 million." The share is obviously a rand-hedge and, although it fell from its high of R343 in February 2020 to lows in January 2021. We advised waiting for a break up through its long-term downward trendline. That break came on 16th September 2019 at R270 per share. It is now trading for R481.15. It obviously took a hit as a result of the BATS announcement that it was writing the value of its US operation down by GBP25m (R595bn) resulting in a 10% fall in the BATS share price. This share benefits from any weakness in the rand and investors should consider the rand's future prospects before buying. On 13th January 2025 Reinet announced that it had sold its entire holding of BATS, which was 24% of the value of its total portfolio, for GBP 1,221bn.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Coronation (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 investment community to re-evaluate Coronation's ability to keep choosing winners on the JSE and elsewhere. The result has been an outflow of institutional funds. The fund management business is all about confidence. As a fund manager you need to get institutional fund managers to trust your judgement. Usually that means employing a team of very highly qualified people with solid track-records in managing funds. Unfortunately, no matter how good your team is, they are going to make mistakes and lose money sooner or later. On 13th October 2024 the company said it intended to increase black ownership from the current level of 31% to 51% to enable it to obtain more business from government agencies like the Government Employees Pension Fund (GEPF). On 22nd April 2025 the company announced that AUM on 31st March 2025 was R676bn. In its results for the six months to 31st March 2025 the company reported revenue up 8% and headline earnings per share (HEPS) up 2%. Assets under management (AUM) were R676bn at the end of the period. The company said, "As at 31 March 2025, 92% of our funds have outperformed their benchmarks since inception1. Long-term outperformance in our South African portfolios remains outstanding at 98%." Technically, the share has recently entered an upward trend and is likely to remain there. We recommended apply a long-term downward trendline and waiting for a clear upside break which happened on 21st June 2024 at 3599c. The share was added to our Winning Shares List (WSL) on 11th May 2024 at 3281c. It has since moved up to 3955c and looks like it will rise further.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Pepkor 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. Over the next year the share staged a remarkable recovery, more than doubling. The company raised R1,9bn in an accelerated book-build. The proceeds have been used to reduce debt as a precautionary measure. On 3rd February 2022 the company announced that acquisition of 87% of the Brazilian clothing retailer Avenida. On 13th April 2022 the company announced that its Isipingo distribution center had suffered significant damage as a result of the flooding in the Natal area and had to be temporarily closed. The company has adequate insurance to cover the damage. In its results for the six months to 31st March 2025 the company reported revenue up 12,8% and normalised headline earnings per share (HEPS) up 12,4%. The company said, "The group's core Traditional Retail operations demonstrated strong trading momentum during the period, outperforming the market and expanding market share***. Trading performance was supported by improved product availability, healthy growth in retail credit interoperability and solid growth in cellular connectivity." Technically, the share has been in a strong upward trend since May 2023 which we see continuing. We see it as a good quality investment, but potentially vulnerable to lower levels of consumer spending. On 25th March 2025 the company announced that it was acquiring Legit, Swagga, Style and Boardmans for cash from existing balances. The transaction is less than 2% of Pepkor's market capitalisation.

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All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Stefanutti (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 2650c in November of 2007 to current levels around 56c. The company is not paying dividends. Construction is always a risky investment in South Africa. Much will depend on the progress of the South African economy and the availability of construction work from the government. This share is probably going to continue its long-term downward trend for the foreseeable future. In July 2020 Stefanutti was accused by Eskom of being overpaid R1bn for work done on Kusile - which the company denies. In a restructuring plan the company is selling non-core assets and plant and equipment and trying to obtain further funding of R430m to counter the impact of COVID-19. The company is engaging in a restructuring plan which involves the sale of non-core assets, securing additional short-term funding of R430m and cutting costs. The company is technically insolvent, and we think that this company may well be following many of its peers in the construction industry into consolidation or business rescue if the current restructuring does not work. In its results for the year to 28th February 2025 the company reported revenue up 8% and headline earnings per share (HEPS) of 109,3c compared with a loss of 55,73c in the previous period. The company said, "The group reached agreement with the Lenders to extend the capital repayment profile of the loan as well as its duration to 30 June 2026. Capital repayments of R148 million were made during the year reducing the loan to R849 million (Feb 2024: R997 million), with a reduction in interest paid to R115 million (Feb 2024: R134 million)." Technically the share entered a new upward trend in June 2024 and was added to the Winning Shares List (WSL) on 22-6-24 at 146c. It has subsequently risen as high as 494c before dropping back to 427c. Its latest results indicate that it may once again be going up.

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All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Allied 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 "...secured key wins in both the public and the private sector...", including the Gauteng Broad Band Network phase 2 contract and FNB's data and analytics contract. Netstar won the eThekwini 3-year contract for vehicle tracking for 7000 vehicles. Bytes, in the UK, which has now been unbundled and separately listed both in the UK and in an inward listing on the JSE, won a 5-year contract for Windows 10 from the NHS (UK). Altech aims to re-structure its debt to reduce its interest bill and has resumed paying dividends. They acquired Phoenix Software in the UK for R698m. On 17th December 2020, the company announced the successful listing of its subsidiary Bytes Technology on the London Stock Exchange (LSE) at a price of GBP2.70. This unlocked considerable value into the hands of Altron shareholders but resulted in a "cliff" in the Altron share price chart. We believe that this share will continue to perform well going forward. In its results for the year to 28th February 2025 revenue was unchanged and headline earnings per share (HEPS) up 73%. The company said, "Strong growth in profitability, primarily driven by the Platforms segment. R9.6 billion revenue, flat compared to last year, impacted by the sale of the ATM Business(2). Excluding the ATM Business(2), revenue grew 3%." Technically, the share was moving sideways between 750c and 1330c from December 2020 until November 2023. It has since entered a new upward trend and has been rising strongly. It was added to the Winning Shares List on 15th November 2023 at 949c and has since risen to 2350c.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Sasol (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 for gas in an onshore development of approximately three thousand square kilometres. This could significantly add to its existing gas projects in the Rovuma province. One area of concern for Sasol is that it is the biggest producer of greenhouse gases in South Africa and on the JSE. It is listed as one of the 100 fossil-fuel companies world-wide that contribute to more than 70% of Greenhouse gases. The company remains under international pressure to deal with its carbon emissions effectively. After the impact of COVID-19, the share made a dramatic recovery which was been brought to an end by the decline in commodity prices, especially oil. On 7th April 2024 the company announced that the Minister of the Environment, Barbara Creecy, had upheld its appeal against a decision by the national air quality officer that might have put the continued activity at its Secunda oil-form-coal plant at risk. Sasol operates six coal mines which deliver 10m tonnes of thermal coal feedstock to its operations at Secunda and Sasolburg and for the export market. On 16th September 2024 the company announced the appointment of Ms Muriel Dube as Chairman of the board with immediate effect. On 22nd October 2024, Business Day reported that a new study by academics at Wits Business School had found that the fate of the massive Secunda plant, which produces 84% of Sasol's scope 1 and 2 emissions, now rested in the hands of the government. They concluded that the plant could not be modified to comply with the emissions regulations and would probably have to be closed. In its results for the six months to 31st December 2024 the company reported revenue down 10% and headline earnings per share (HEPS) down 31%. The company said, "Adjusted earnings before interest, tax, depreciation and amortisation (adjusted EBITDA) of R23,9 billion is 15% lower compared to the prior period mainly as a result of the aforementioned lower revenue with stringent cost management implemented in response helping to mitigate the impact." In a production update for the 9 months to 31st March 2025 the company reported, "On 3 April 2025, the US government announced changes to US import tariffs, followed by a suspension of these tariffs for most countries for 90 days, announced on 9 April 2025. As global markets continue to adjust to the recent tariff changes, we are actively assessing the potential impact on our operations, supply chain, and pricing strategies." Sasol remains a volatile commodity share in a long-term downward trend. We suggested waiting until it broke up through its downward trendline before investigating further. That break came on 20th May 2025 at a price of 7950c when it announced its "...strategy aimed at strengthening the foundation business." The strategy included, "For the Group, FY2028 Adjusted EBITDA of up to R71 billion, Net Debt (excluding leases) target and dividend trigger below US$3 billion supported by operational improvements, cost and capital savings. For Southern Africa, a nominal break-even oil price of US$50/bbl and Secunda Operations volumes to reach more than 7,4 million tons by FY2028." On 25th May 2025 the company announced a settlement in its dispute with Transnet in terms of which Transnet will pay it R4,3bn.

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All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Nampak (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 consists mainly of beverage cans. Nampak has been able to remove R3,5bn (US$265m) of surplus cash from Zimbabwe, Nigeria, and Angola. Importantly, management appears to have the ability to re-patriate profits from the various African countries where it operates. It has halted its strategy of expanding into Africa after writing down its businesses in Angola and Nigeria by R3bn. On 16th May 2024 the company announced that it had sold its entire Nigerian operation for $68,5m. In its results for the six months to 31st March 2025 the company reported revenue up 11% and headline earnings per share from total operations up 107%. The company said, "The group continues to make good progress in decreasing debt levels. This was assisted in the current period by the sale of Bevcan Nigeria, strong operating cash flow and lower interest costs". On 31st January 2025 the company announced that it had sold Bevcan Nigeria for $68,2m. The share remains in an upward trend, but it has been moving sideways and slightly downwards since September 2024.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Quantum (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 involves large quantities of working capital tied up in stock and to a lesser extent debtors, it is subject to unexpected disease threats like avian flu or Newcastle disease and it has experienced the dumping of cheap chicken onto the South African market from Europe, Brazil and America. With top class management, a sustainable profit can be achieved, but the industry is regarded as relatively high risk by investors which accounts for its low price:earnings (P:E) multiple and its high dividend yield (DY). The unprotected strike at Kaalfontein Farm has restricted output and cost an estimated R10m. The company suffered an outbreak of HPAI at its Lemoenkloof Farm as well as loadshedding and labour unrest. In its results for the six months to 31st March 2025 the company reported revenue up 20% and headline earnings per share (HEPS) up 244%. The company said, "The HPAI outbreaks in 2023 and 2024 negatively affected earnings in the previous reporting period and resulted in reduced volumes of livestock, hatching eggs and table eggs, as well as the incurrence of significant cleaning and disinfecting costs in preparation of the affected farms for future placement". Nobody knows what difficulties the business may experience over the next 12-month period. So, if you plan to invest in this share, be prepared for considerable volatility. This company sometimes has difficulty in passing on higher raw materials costs to consumers especially in the current economic environment.

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All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Investec (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 African play but has international asset management capability. The company is going after clients with an annual income of at least GBP300 000 a year and assets of at least GBP3m. So far, they have about 6000 but plan to increase this to 9000. The company distributed 15% of its shares in Ninety One and retained 10%. In its results for the year to 31st March 2025 the company reported operating income up 5% and headline earnings per share (HEPS) down 0,4%. Funds under management increase by 11,8% in Southern Africa and fell by 3,3% in the UK. The company said, "...the Group generating a Return on Equity of 13.9%, in line with guidance provided in May 2024. Pre-provision adjusted operating profit grew 7.8% surpassing £1 billion for the first time in our history". Technically, the shares are in an upward trend which we expect to continue. Trading at a P:E of 7,19 and a dividend yield (DY) of 5,69%, we believe that this share is under-valued among blue chip companies trading on the JSE and that it will continue to perform well.

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All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Shaftesbury 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 headline earnings per share (HEPS) of 3,4 pence compared with 0,6 pence in the previous period. The company said, "Portfolio valuation increased by 4.5 per cent on a like-for-like basis at £5.0 billion (Dec 2023: £4.8 billion) driven by 7.7 per cent ERV growth offset by a marginal outward yield movement of 13 basis points like-for-like to 4.45 per cent equivalent yield." In a trading update on 22nd May 2025 the company said, "Strong occupational demand; 128 leasing transactions, representing £11.3 million of new contracted rent, 8 per cent ahead of December 2024 ERV and 9 per cent ahead of previous passing rents - Annualised rent roll increased 3 per cent since year end (like-for-like) to £210 million (Dec 24: £202.8 million) - High occupancy with only 1.7 per cent of ERV available to let (Dec 2024: 2.6 per cent)". Technically, the share was in a downward trend since the beginning of 2016. We recommended waiting for it to break convincingly up through its long-term downward trendline which happened on 3rd February 2023 at a share price of 2578c. It has subsequently moved up to 3470c. It should continue to perform well.

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All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Tharisa (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 of the best mining investments on the JSE with a cost of production which is well below current metals prices and some good options for expansion. The company has been involved in the Vulcan Plant which will improve chrome recovery to 82% from 65% and cost $54,2m. The target is to reach 200 000 ounces of PGM's (platinum group metals) and 2m tons of chrome ore production using a proprietary technology. The open pit operation is relatively low cost and does not have the problems associated with underground operations. The company is planning to build a 5MW furnace that will enable it to produce iron alloys which are rich in platinum group metals and would sell for a far better price. In its results for the six months to 31st March 2025 the company reported revenue down 23,9% and headline earnings per share (HEPS) down 78%. The company said, "PGM prices remained at relatively subdued levels with downside volatility on the introduction of trade tariffs by the USA, specifically on imported motor vehicles and automotive parts, with added uncertainty notwithstanding the fundamental supply demand gap, which requires a price recalibration to ensure a future re-balancing. The impact of trade tariffs, particularly on the motor trade and, on forecast demand for motor vehicles may impact PGM demand and prices going forward". Technically, the share is well traded with over R200 000 worth of shares changing hands on average each day. The share has been falling since July 2024 due to declining commodity prices. The share remains a risky commodity counter dependent on the international prices of the commodities which it produces. We advise waiting for it to break above its long-term downward trendline before investigating further.

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All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Previously 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 electronic bingo terminals (EBT) has proved to be profitable. These are located mainly in restaurants and bars and outperform larger gambling outlets, but they are impacted by COVID-19. In its results for the year to 31st March 2025 the company reported income up 9% and headline earnings per share (HEPS) up 33%. Occupancy was up 2,2% to 60,8% and net debt was reduced by R266m. The company said, "The 12% increase in operating profits together with finance cost savings has resulted in a 30% growth in adjusted headline earnings for the year ended 31 March 2025 to R1.0 billion (2024: R783 million)". We have been saying for some time that this share looked oversold to us. Since COVID-19 and the share went through an extended island formation. We advised waiting for a clear upside break through the share's downward trendline. That break came on 21st March 2021 at 175c per share. Since then the share has risen rapidly to current levels around 892c.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Nutun (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% since 2014. That ended abruptly in 2023 when the company revealed that it had to make a R1,8bn provision for bad debts in its minibus taxi division. About 69% of South African households use taxis with more than 15m trips per day. Most of this is non-discretionary - which means that this industry tends to be defensive and not generally impacted by the state of the economy at large. The South African Taxi Council (Santaco) acquired a 25% stake in SA Taxi for R1,7bn in 2018 which is benefiting both parties. The company is also involved in debt-collection in South Africa and Australia through Transaction Capital Risk Services (TCRS). Following the impact of COVID19, the taxi industry has suffered from a perfect storm of rising interest rates, rising fuel costs and lower consumer spending resulting in a massive increase in TCP's bad debt provision. The average taxi owner was unable to afford to make repayments of around R6000 a month in the face of steep increases in the fuel price, rising interest rates and declining commuter traffic. The result was that SA Taxi stopped financing and buying as many as 600 new Toyota minibuses a month and was reduced to selling between 180 and 200 refurbished taxis. The company was owed about R17bn by taxi owners most of whom were behind on their repayments. In its results for the six months to 31st March 2025 the company reported revenue down 4% and a headline loss per share of 17,2c compared with a loss of 231,2c in the previous period. The company said, "The discontinued operations include WeBuyCars, Nutun Australia, Nutun Transact, Mobalyz and Transaction Capital Business Solutions". In our view, the share remains risky and difficult to assess. Much now depends on growth in the South African economy following the elections and the appointment of the GNU. In our view NTU will benefit directly as the economy grows but it remains risky.

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All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Renergen (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) was more than two times over-subscribed. It claims to have proven helium reserves of over 6bn cubic feet. On 18th May 2018, the US government identified helium as critical to national security causing the price to rise by 135%. On 7th June 2023 the company announced that it had received $750m in further funding from Standard Bank and the International Development Finance Corporation for its Virginia Gas project. In its results for the year to 28th February 2025 the company reported revenue up 79,7% and a headline loss of 159,15c compared with a loss of 75,07c in the previous year. The company said, "During the year ended 28 February 2025 (“FY2025”), and up to the date of this report, the Company has advanced its strategic objectives pertaining to the ongoing construction of the Virginia Gas Project (“VGP”) and the progression of LNG and LHe operations". The share may be a speculative opportunity, but it is making losses and is very risky and volatile. We advised at least waiting for the share price to break up through its long-term downward trendline before investigating further - which happened on 14-3-25 when the company announced its first commercial sales of helium. The announcement caused the share price to jump, but we continue to advise caution, at least in the short term. On 20th May 2025 the company announced a takeover offer for 100% of its ordinary shares by ASP Isotopes in a share deal. The announcement caused the share price to jump.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Astral 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 weather conditions and the cost of feed (maize). Since poultry imports into South Africa are about 30% of total consumption, it is also a gamble on the dumping of cheap chicken onto the South African market by Europe, Brazil, and the US - but at current levels the share looks reasonable. As an essential service, Astral has not been greatly impacted by COVID-19 except that it is expecting an over-supply of chicken as a result of higher unemployment in due course. Overall, we view this as a relatively risky commodity share, but one which is trading well below previous levels. In its results for the six months to 31st March 2025 the company reported revenue up 3,5% and headline earnings per share (HEPS) down 54%. The company said, "Notwithstanding the improved revenue, the Group experienced a retraction in earnings against the comparable period, as margin pressure in the Poultry Division negatively impacted the Group’s profits resulting in an operating profit decrease of 50.7% to R271 million (March 2024: R550 million). A net margin of 2.5% was realised (March 2024: 5.3%)". Technically, the share is volatile but has been doing better recently since its low in April 2024. The company has had problems with feed costs and has been impacted by the unreliability and costs of electricity and water. Rising maize and fertiliser costs as a result of the war in Ukraine impacted margins and the recent avian flu had a negative impact. We find this company generally well-managed and cheap at current levels - but risky.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

The 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 competitive nature of medical aids which force them to take lower prices. On 23rd March 2021 Netcare received a letter from the Lesotho government cancelling its contract to run the Queen Mamohato Hospital in Maseru over a wildcat strike by nursing staff. The vast majority of Netcare’s hospitals have full island capacity, allowing them to operate independently of the grid. In addition, all facilities are supported by Uninterrupted Power Supply (UPS) systems and a fleet of 200 backup diesel generators across the portfolio. In its results for the six months to 31st March 2025 the company reported revenue up 5,3% and headline earnings per share (HEPS) up 20,9%. The company said, "In the current financial year (“FY2025”), the holidays fell in April 2025 (second half of the financial year) as compared to March 2024 (first half of the financial year). Resultantly, total paid patient days (“PPD”) for H1 2025 increased by 1.1%2 compared to the prior period, comprising a 1.4%2 increase in acute PPD and a 1.3% decrease in mental health PPD". Technically, the share was in a downward trend since its peak of 4300c in March 2015 until its bottom in March 2020 at around 1200c. After that, the share has been drifting sideways and actually broke down to a new low of 1104c on 2nd May 2024. We need to see a break above resistance at 1713c which does not look imminent. On a P:E of 11,37 the share looks like a good prospect.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Vodacom (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 group is looking to develop a business in Africa's fastest-growing economy, Ethiopia, with a population of 105m. The company is launching a "super-app" in conjunction with JackMa's Alipay to boost its non-voice revenue. It has also spent R4bn to mitigate the impact of loadshedding. We believe that this share will perform well, but may take some time to reach former heights. In its results for year to 31st March 2025 the company reported revenue up 1,1% and headline earnings per share (HEPS) up 1,3%. The company said, "Group service revenue declined 0.1% in rands, but increased 11.2%* on a normalised basis, above our medium-term target. Financial services revenue increased 7.6% (17.6%*) to R14.0 billion, contributing 11.6% to Group service revenue. Group EBITDA declined 1.1% to R55.5 billion, but grew 7.8%* on a normalised basis". In a presentation to investors on 19th February 2024 the company said that it expected to grow earnings by 10% per annum in the years between 2025 and 2030. The expectation is that its Egyptian subsidiary will grow profits by at least 20% per annum. Technically, the share fell from its high of 16214c on 1st April 2022 and we suggested waiting for a clear break up through its downward trendline which happened on 25th July 2024 at 9836c. Since then it has risen to 13314c. It still looks relatively cheap at current levels with a dividend yield (DY) of around 3,73% - but it is in an environment where the technology and regulation shift continuously making it risky.

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All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Famous 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 costs, unemployment, and high indebtedness. The retail fast food industry has become increasingly cut-throat. Famous Brands had been aggressively growing its signature brands, but as yet they were not performing as well as its leading brands (Wimpy, Steers etc.). The acquisition of GBK in the UK appears to be a major blunder just before the Brexit vote. This was purchased in late 2016 for R2,3bn and Famous Brands is being forced to write off what was paid for it and has finally ceased financing it in April 2020. On 14th October 2020, Famous Brands announced that GBK was put into administration in the UK. During lockdown, most of its restaurants were not allowed to trade. The company has simplified its menus to focus on the most profitable offerings and improved its take-away and delivery options. In its results for the year to 28th February 2025 the company reported revenue up 3,2% and headline earnings per share (HEPS) up 11,9%. The company's net asset value (NAV) increased 19,8% to 1290c per share. The company said, "At year-end, the Group's total borrowings position was R1.1 billion (2024: R1.2 billion). The Group's finance costs on borrowings decreased by 5.1%, after repayment of R160.6 million". The share began a volatile new upward trend from its low point on 10th June 2024 (at 4774c). On a P:E of 11,3 and a dividend yield (DY) of 4,7 it looks like good value. It is a barometer of consumer confidence and spending in South Africa.

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All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Blue 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 of the 272m shares. Obviously, much depends on its ability to improve the profitability of Cell-C. Debt levels at Cell-C are up to R8,9bn. So Cell-C's debt is almost three times Blue Label's market capitalisation which is less than R3bn. On 25th August 2021 the company announced that it had obtained new financing for Cell-C. I On 22nd September 2022 the company announced that Cell-C would be re-capitalised with a R1,03bn injection from Bluetel bringing its stake in Cell-C up to 49,5%. The announcement caused Bluetel shares to rise. The company has been achieving positive cash flows and had the benefit of the sale of its 3G handset division - which helped to bring down debt levels. In its results for the six months to 30th November 2024 the company reported revenue down 4% and headline earnings per share (HEPS) virtually unchanged. The company said, "Gross profit increased by R28 million (2%) from R1.598 billion to R1.626 billion, corresponding to an increase in margins from 21.08% to 22.44%. This increase in margins can be partially attributed to the growth in "PINless top-ups", prepaid electricity, ticketing and universal vouchers, where only the gross profit earned thereon is recognised as revenue." We recommended waiting for a break through the downward trendline. That happened on the 29th of February 2024 at 360c. Since then the share has moved up to 990c - a gain of 62,3% in 4 months. On 16th May 2025 the company announced that it was considering separately listing Cell-C. The announcement caused the share to jump 11%.

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All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Collins (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 Gobabis." Tradehold was 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 separately listed entity, Mettle, which is now listed on the Alt-X of the JSE. The South African economy is in difficulties with the cost of 10 years of state capture and corruption coming to light, followed by the impact of COVID19 and now the civil unrest. In its results for the year to 28th February 2025 the company reported revenue up 1% and headline earnings per share (HEPS) down 60%. The company's loan-to-value (LTV) was 49,8% - which is high. The company said, "The previous year's profit was inflated, by R667 million, due to the write back of the deferred tax liabilities due to the REIT conversion. Revenue only increased by 1% due to the sale of non-core assets and finance costs decreased by R28 million due to lower interest rates". Technically, the share has been moving sideways since 2019 and it is now trading at a 40% discount to its net asset value (NAV). In our view this share is mostly a local property play which will probably perform better as the SA economy recovers, but we do not see it as an exciting investment prospect - mainly because of its high LTV. The company is selling off its Mozambique properties. The share only trades around R45 000 worth of shares each day. This makes it more risky for private investors.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Nepi-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 2020. Since then it has staged a recovery to around R103,06. The company's total portfolio is worth 6,3bn euros (R124bn) and it ranks as the largest property share on the JSE. On 1st February 2022 the company announced that it had to pay 30m euros in a civil judgement by the Arbitral Tribunal in Poland. In its results for the year to 31st December 2024 the company reported rental and related income up 13,2% and headline earnings per share (HEPS) up 14,9%. The company said, "Distributable earnings (both in absolute terms and per share) and net operating income ("NOI") were the highest in the Group's history. The 11.8% increase in distributable earnings (5.6% on a per share basis) exceeded the guidance communicated." Technically, the share recovered convincingly from the pandemic and has been in a strong upward trend since 1st November 2023. We still regard it as good value at current levels and expect the upward trend to continue. On 18th October 2024 the company announced that it had raised 300m euros through the sale of 41,7m ordinary shares (6,2% of its issued share capital) at 7,191 euros (R137,85) per share, a discount of 4,36% to the closing price on 17-10-24 (R144,13). In a business update on the 1st quarter of 2025 the company reported a 12,6% increase in net operating income and a loan-to-value of 31,2%. The company said, "Footfall was marginally lower (by 0.7% LFL) in Q1 2025 compared to Q1 2024. LFL tenant sales (excluding hypermarkets) increased by 3.7%. All product categories recorded higher sales, except Electronics (-2.5%) and Sporting Goods (-0.5%)". Technically, the share remains in an upward trend.

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All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Richemont (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 the Chinese market and offer its line of luxury goods. At the same time, its luxury goods are offered through Alibaba's Tmall Luxury Pavilion. Richemont is a company which is directly linked to the recovery of the world economy following the pandemic. While the company sales clearly took a hit from COVID-19, we expect them to continue rising, especially now that it is aggressively offering its products online. This share is also impacted by the slowdown in the Chinese economy and the developments in Central and Eastern Europe. It will benefit from the recovery in the world economy but will be impacted by changes in the strength of the rand. In its results for the year to 31st March 2025 the company reported sales up 4% and profit from continuing operations of 3,8bn euros. The company said, "Double-digit growth across all regions, except for Asia Pacific, further rebalancing the Group's regional mix. Robust net cash position of EUR 8.3 billion, supported by EUR 4.4 billion cash flow generated from operating activities". Richemont is clearly a rand hedge, but it is dependent on the Chinese consumer. Technically, it is in an upward trend and was adedd to the Winning Shares List (WSL) on 9th January 2025 at 292438c. It has subsequently moved up to 357452c - a gain of 62,4% in just over 4 months.

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All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Sanlam (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. Sanlam Investment Holdings (SIH) - now 25% owned by African Rainbow Capital 2. Sanlam Emerging markets - which includes its 84,5% interest in Saham 3. Sanlam Personal Finance 4. Santam - in which it owns 61% Outside of South Africa, it has operations in 11 other African countries and Malaysia. Saham has operations in 33 French-speaking countries with 3000 staff members operating out of 700 branches offering a similar product mix to Sanlam. Sanlam also owns 26% of Shriram which is a leading provider of insurance products and financial services in India. It also made a deal to acquire 69% of Catalyst Fund Managers, a Cape-based manager of listed property assets and 100% of an Irish company, CIG Fund Management. About 50% of Sanlam's profits come from its personal finance operation which is primarily based inside South Africa. It is therefore impacted by the low levels of consumer spending in this country as well as the economic recession. Sanlam is 18% black-owned and has initiated a partnership with African Rainbow Capital (ARC) in which it intends to focus on lower- and middle-income consumers and small companies. Sanlam will provide R2bn of seed capital. On 14th June 2021, the company announced that it had acquired the Alexander Forbes group risk and retail life business for R100m. The company announced that, like Discovery, it will require employees to be vaccinated against COVID19 from 2022. In its results for the six months to 30th June 2024 the company reported headline earnings per share (HEPS) up 40%. The company said, "The group's earnings momentum continued, growing net result from financial services (NRFFS) by 14%, reflecting strong trading performances across our businesses. Our life and health insurance operations grew net results from financial services by 14%, general insurance reported a 16% rise, investment management performance was satisfactory with 10% growth, while the group's credit and structuring operations recorded growth of 9%. NRFFS per share increased by 19% due to lower adjusted weighted average number of shares in 2024 relative to 2023." In a trading statement for the year to 31st December 2024 the company estimated that HEPS would increase by between 30% and 40%. In an update on the 3 months to 31st March 2025 the company reported net operational earnings up 22% and new business volumes up 15%. The company said, "International markets showed resilience, benefiting from a rotation out of US equities and into European and emerging markets. Post "liberation day", US markets, as well as global markets have seen extremely heightened volatility". Sanlam is one of the JSE's foremost blue-chip shares with a history of steady growth over a long period of time. After recovering somewhat from the fall in markets due to Trump's tariffs it is currently trading on a P:E of 9,15. We consider it to be good value at these levels. In a joint announcement on 18th June 2024 Sanlam agreed to buy 60% of MultiChoice’s insurance business for R1,2bn in cash.

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All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Afrimat (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 Northern Cape has insulated Afrimat against the difficulties in the construction industry. The company is also looking to diversify into other base minerals like manganese, chrome, and coal. The CEO, Andries van Heerden, said that Afrimat was known for its success in acquisitions and was still evaluating potential acquisitions. On 26th May 2020, the company announced that it had submitted a non-binding expression of interest to Unicorn Capital Partners (in which it already owns 27%) which runs an anthracite mine. The offer is for 1 Afrimat share for 280 Unicorn shares. The company benefited from rising iron ore prices due to supply constraints in Brazil and rising demand from China. On 17th August 2020, the company announced that it had bought a mining exploration company (Coza Mining) involved in looking for iron and manganese in the Northern Cape for R300m. On 21st May 2021 the company announced the purchase of a manganese mine, Gravenhage, in the Kalahari Manganese Field, 50km from Hotazel for $45m plus R15m. On 10th December 2021 the company announced the acquisition of Glenover Phosphate for R550m. On 20th March 2022 the company announced that its listing had been moved from Basic Materials Construction and Materials to the General Mining sector which better reflected its business. On 20th June 2023 the company announced that it had acquired 100% of construction materials company, Lafarge, for $6m, less any amounts categorised as leakage under the Share Purchase Agreement. In its results for the year to 28th February 2025 the company reported revenue up 36,7% and headline earnings per share (HEPS) down 87,3%. The company said, "Afrimat bore the impact of a declining iron ore price, a strengthening Rand, and ongoing limitations on the export rail line. A large industrial customer reduced offtake of iron ore products during the first half of the year but increased it in the second half." Like all commodity companies, Afrimat's shares have declined with the drop in commodity prices, but this company is well diversified and has very low debt levels making it good value. On 10th April 2024 the company announced that it had received approval from the Competition Commission for its acquisition of 100% of Lafarge. In the short term, the share may be approaching a cycle low, but it is still falling. Over the long term, the share is in a volatile upward trend which we believe will continue.

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All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Equites (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 bought from Investec Asset Management for R462m. Of all property REITs, those which include logistics properties like warehousing are the most sought-after because of the steady increase in online shopping by consumers. CEO, Andrea Taverna-Turisan says "...a wall of cash is leaving retail property and going to logistics." Equites has achieved a return of just under 25% per annum since it listed. In its results for the year to 28th February 2025 the company reported property revenue up 71,4% and headline earnings per share (HEPS) up 6,9%. The company's net asset value (NAV) fell 3,8% to 1649c per share and its loan-to-value (LTV) was 36%. The company said, "Equites' UK portfolio delivered strong rental growth over the period, with 3 assets undergoing rent reviews, resulting in uplifts of between 19% and 69%". Since June 2023 the share has been rising in a volatile upward trend. We believe that Equites represents good value at the current price. We regard this as one of the better property shares available on the JSE.

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All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

This 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 through the issue of new shares by aReit Prop. The leasehold properties were acquired with effect from 31 December 2021 from the Vendors, who were the 100% shareholders of aReit Prop at 31 December 2021 and immediately prior to listing." In its results for the year to 31st December 2022 the company reported revenue of R65,4m and headline earnings per share (HEPS) of 63,97c. The company's net asset value (NAV) was 923,95c per share. The company said, "aReit Prop holds a portfolio of three properties, two in the hospitality sector and one in the medical sector, with a total GLA of 22 261m2. The properties are situated in prime locations in Cape Town and have strong long-term tenants." In a trading statement for the six months to 30th June 2023 the company estimated that HEPS would not change from the previous period while basic earnings per share (EPS) would fall by 37,8%. The company said, "The reason for the variance in the basic earnings per share is attributable to the fact that the prior year did not have a fair value adjustment." Obviously, it is necessary to wait until this share begins trading reasonable volumes on the JSE before any realistic assessment can be made, but at the moment volumes are virtually non-existent making this impractical for private investors. In a quarterly update the company said that "...it is expected that the audited results will be published before the end of November 2024." In an update on 3rd April 2025 the company said, "The audit of the Company's annual financial statements for the year ended 31 December 2023 is nearing its completion and it is expected that the audited results will be published before the end of April 2025." In a trading statement for the year to 31st December 2024 the company estimated that HEPS would be within 20% of the previous year's figure and the basic loss per share would be between 390c and 400c compared with earnings per share (EPS) of 39,6c in the previous year. On 15th May 2025 Business Day reported that the company's status as a real estate investment trust (REIT) had been revoked by the JSE.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Rebosis (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 "B" ordinary shares. There has been a general fall-off in consumer spending which has seen many of its retail tenants taking strain. It intends to focus more on shopping centers. Technically, the share has been in a steady downward trend since it peaked in February 2016 at 1330c. Now that it has divested of New Frontier, the share may be in a position to recover. On 4th September 2020 the company announced that Sisa Ngebulana had increased his stake in the company to 31,26%. On 10th August 2021 the company announced that Sanlam had reduced its stake in the company's A-shares from 11% to 4,7%. In a pre-close update on 1st September 2021 the company said it had negotiated to extend a facility with Nedbank for R7,9bn to the end of February 2022. On 22nd October 2021 the company announced that it had sold a portfolio of mainly office properties for R6,3bn. It is left with just 3 out of 35 commercial properties. This should reduce its debt to around R3bn and its loan-to-value (LTV) to about 42% from 72%. In its results for the six months to 28th February 2022 the company reported net property income down by 6% due to higher vacancies. Distributable income was slightly higher due to lower finance costs. The company said, "All interest-bearing borrowings have been disclosed as short-term portion due to the group breaching its loan covenants. Management has successfully renewed its facilities with Nedbank, Standard Bank and Investec for a further 6 months, the extension was negotiated in March and April 2022." The vacancies were particularly noticeable at its flagship mall in Pretoria North, Forest Hill City. We do not regard this collapsing penny stock as viable for private investors. On 26th August 2022 the company announced that it had entered business rescue and its shares were suspended on the JSE. On 15th May 2025 Business Day reported that the company's status as a real estate investment trust (REIT) had been revoked by the JSE.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Dipula 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 majority are located in Gauteng. Dipula also selectively invests in residential rental stock." Obviously, this is a REIT which depends on the South African economy. In the current economic conditions it is doing reasonably well, but its shares (especially the "B" shares) are relatively thinly traded which makes them unattractive for private investors. In its results for the six months 20 28th February 2025 the company reported revenue of R760,1m and headline earnings per share (HEPS) of 27,51c compared with 26,18c in the previous period. The company's net asset value (NAV) was 701c per share. The company said, "Municipal and operating cost recoveries rose by 19% to R194 million (2024: R162 million), driven by higher electricity recoveries attributable to increased municipal tariffs, improved recovery performance, and the rollout of solar PV projects." In our view the simplification of the share structure is a boon for this share which trades at 76,7% of its NAV. Technically, it has been in an upward trend since November 2020. We expect the share to perform well in the future.

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All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

The 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, plastics polymers, rubber, and speciality chemicals in Southern Africa". It disposed of the EIE group with effect from 1st April 2022. On 15th July 2019, the company announced that it had sold Eqstra, a fleet management company, to Bidvest for R3,1bn. On 15th April 2021, the company announced that it had sold its British fork-lift and container business for GBP31m. The proceeds will be used to pay down debt. This is clearly a company that will benefit directly from any improvement in the South African economy, but which is making acquisitions both locally and, in the UK, to ensure growth, no matter what happens. On 4th April 2022, the company announced a special dividend of 200c per share as a result of the sale of its subsidiary, EIE. On 1st August 2022, the company announced a special dividend of R1.50 per share as a result of the disposal of Impact Forktrucks and EIE Group. In its results for the six months to 28th February 2025 the company reported revenue down 10% and headline earnings per share (HEPS) from continuing operations down 29%. The company said, "Revenue within the Chemical segment was similar to the prior period with average selling prices of chemicals being up, but was offset with lower period-on-period volumes. Power revenues across all revenue streams were down significantly due to minimal load-shedding, which previously presented significant opportunities." The share is trading an average of nearly R1,5m worth of shares each day - which makes it practical for private investors.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

East 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 Zandfontein project, which is a tailing retreatment project conducted with Union Goal. On 11th February 2019, the company announced that it had made its first shipment of 10 000 tons of chrome concentrate from the Zandfontein operation. The company still foresees considerable cash flow uncertainties over the next 12 months which brings its "going concern" status into question. In its results for the year to 31st December 2023 the company reported revenue up 98.3% and earnings per share of 8c (US) compared with a loss of 1c in the previous period. The auditors expressed a material concern over the company's ability to continue as a going concern. The company said, "As at December 31, 2023, the Company had cash and cash equivalents and short-term investments of $21,349 (2022 - $2,448) and a working capital deficit of $15,504 (2022 - working capital deficit of $37,779)." In an update on its results for the 3 months to 31st March 2024 the company reported revenue down 12,9% and an operating loss of $0,3m compared to a profit of $1,8m in the comparative period. The company said, "The decrease in Q1 2024 net income was largely attributable to the increase in overall operating costs associated with the soft restart of the Zandfontein underground operations located at the Crocodile River Mine ("CRM") in South Africa and foreign exchange losses incurred in the period due to the strengthening of the U.S. dollar." In an update on the second quarter to 30th June 2024 the company reported revenue of $18,8m, down from $36,6m in the previous period. Net income attributable to shareholders dropped to 2c (US) from 4c. The company said, "We continue to focus our efforts on ramping up production in the Zandfontein underground section at the Crocodile River Mine and expect to process the run-of-mine ore soon." In an update on the 1st quarter of 2025 the company reported revenue down 5,7% and a net loss of $6,9m. The company said, "We had a challenging first quarter as we ramp up underground run-of-mine tonnages at the Crocodile River Mine. Our focus is on increasing underground production feed to the PGM and chrome circuits, which will improve production results in future quarters." The share is very thinly traded with very few shares trading on average, each day - which makes it impractical for private investors.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Santam (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 6000 people. Following the Ma-Afrika judgement, Santam has increased its provision for contingent business interruption (CBI) by R1,7bn. Santam rates as one of the JSE's most reliable quality shares. The company was obviously impacted by the civil unrest in July 2021. In its results for the year to 31st December 2024 the company reported revenue up 12% and headline earnings per share (HEPS) up 51%. The company said, "Conventional insurance net earned premium (NEP) growth of 10% to R32.2 billion. Conventional insurance net underwriting margin of 7.6% (3.5% in December 2023). Alternative risk transfer (ART) profit before tax of R781 million (R516 million in December 2023). Return on shareholders' funds of 31.9%." In an operational update for the 3 months to 31st March 2025 the company reported, "The Group delivered a strong performance during the period, exceeding the longer-term targets for all key financial performance indicators. Particularly pleasing were double-digit growth in gross written premiums, an underwriting margin above the upper end of the 5% to 10% target range and annualised return on capital in excess of 30%." The share trades on a P:E of 12,08. It is probably the best example of a blue-chip share, with a strong balance sheet and a history of steadily improving earnings, year after year, for many years and its latest results were unusually good. These facts can be seen in the steady upward trend of its share price over the past 39 years. In 1985 the share traded for 90c and today it trades for around R420. This share should be a part of any private investor's portfolio.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Boxer, 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 stores. After listing, Boxer will have a market capitalisation of between R21bn and R24bn – which means that it will be worth more than Pick ‘n Pay itself. But Pick ‘n Pay will retain at least 60% of Boxer after the listing. The initial public offer (IPO) was well supported with 157,4m shares sold at R54 to raise R8,5bn. The offer shares comprise 34,4% of the total issued shares with Pick ‘n Pay holding the remainder. In its results for the 53 weeks to 2nd March 2025 the company reported turnover up 13,2% and headline earnings per share (HEPS) down 11,8%. The company reported 48 new stores opened and a total of 525 stores in total. The company said, "Profit before tax before capital items increased by 4.9% to R1.9 billion, below trading profit growth, because of net finance charges increasing 46.2% year-on-year to R367 million. FY25 headline earnings was flat at -0.1%, due to a 3.5% increase in the effective tax rate to 27.5%." At this stage, there is insufficient data to evaluate the share technically, but the share has been moving sideways since it listed. It needs to break above resistance at 7260c to create a new upward trend.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Balwin 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 state of the economy. The last three years have been very tough for consumers and the economy has been a full-blown recession. In our view, the move to rental is a good one as it will build up a passive income which can be used to meet fixed overheads and contribute to profits. Balwin owns 25% of Balwin Rental which has the right to buy as many as 4544 units developed by Balwin. This should help to stabilise the company's income. Eventually, it is expected that Balwin Rentals will be listed. On 4th October 2020, the company launched its Mooikloof Mega City construction project as a R44bn public/private partnership aimed at middle income South Africans who earn between R3500 and R22000 a month (known as the "gap housing market"). This caused the share to rise by 13%. In its results for the year to 28th February 2025 the company reported revenue down 6% and headline earnings per share (HEPS) down 4%. The company's net asset value (NAV) increased 6% to 910,2c per share. The company said, "The group recorded 62% of its annual revenue and 67% of its profit for the year in the second half of the period. This improved trading performance in the second six months was led by the 75 basis point reduction in the prime lending rate since September 2024 together with the initial positive sentiment that followed the formation of the Government of National Unity ("GNU") in June 2024." Technically, the share has been in a long-term downward trend and we advise waiting for it to break up through its downward trendline before investigating further. That happened on 27th September 2024 and it shas been moving sideways since then. We believe it will continue to recover as the economy recovers. It is trading for just 22,4% of its net asset value (NAV) - which looks really cheap.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Santova (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 South Africa. It also has offices in Mauritius and Sydney, Australia. In its results for the six months to 31st August 2024 the company reported revenue down 5,8% and headline earnings per share (HEPS) down 19,9%. The company's tangible net asset value (NAV) increased by 16,8% to 6381c per share. The company said, "Gross billings increased to R3,0 billion (August 2023: R2,8 billion) due largely to higher freight costs arising from the Red Sea crisis, which in turn translated into a decline in billings margin to 10,5% (August 2023: 11,6%) with these additional costs passed on to clients with little or no margin." In a trading statement for the year to 28th February 2025 the company estimated that HEPS would fall by between 5,4% and 10,4%. The company said, "...the company recorded a non-recurring fair value gain on contingent consideration of R18.3 million in the prior period." Technically, the share has been in a steady upward trend from May 2020 which ended in August 2023. It has fallen back down to 700c per share but has found solid support at that level. The share is fairly well-traded making it practical for private investors and it should benefit from any improvement in the SA and UK economies.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

South 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 company has announced that it has bought the remaining 83% of Arizona Mining which it did not already own. Arizona Mining has extensive interests in zinc, manganese and silver described by South 32's CEO, Graham Kerr, as "...one of the most exciting base metal projects in the world." Clearly, this is another international mining house that is distancing itself from South Africa because of the administrative and legislative uncertainty here. Kerr has stated that "...mining exploration is out of the question in South Africa until the new mining charter is finalised." In moving away from South African investments, South 32 is following in the footsteps of BHP and Anglo. In our view, South32 is an excellent mining conglomerate with good medium-term potential to exploit the recovery in base metals and minerals. The company has said that for the moment it plans to hold onto its South Deep mine. The company is continuing with its $1,4bn share buy-back. The company is working to supply its Hillside smelter with renewable energy and transition away from Eskom over the next 10 years. In its results for the six months to 31st December 2024 the company reported revenue from continuing operations up 25% and headline earnings per share (HEPS) of 8,5c (US) compared with 1,2c in the previous period. In an update on the 3 months to 31st March 2025 the company reported copper production up 18% and aluminium production up 6%. The company said, "Net cash1 increased by US$299M to US$252M in the quarter as we benefitted from strong operating results, a partial unwind in working capital and a one-off receipt of US$100M in relation to operational agreements at Worsley Alumina." Technically, the share was in an upward trend after COVID-19, but has been falling since March 2022 as commodity prices fell. It remains a volatile commodity share. On 12th May 2025 the company announced that Matthew Daley would join the company as deputy CEO with effect from 2nd February 2026 to succeed Graham Kerr when he retires later in 2026.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

MTN 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 because of the political risk in Iran and Nigeria. MTN is working with Sanlam to offer insurance products to its clients in the hopes that "fintech" will become a major part of its business. The goal is to turn MTN into a "...digital operator with a major focus on the fintech, digital, enterprise and wholesale business areas." MTN has rolled out its mobile money services in both Nigeria and South Africa. It is currently offering these services in 14 out of the 21 countries where it operates, and it has 41,8m mobile money customers. It is trying to increase that number to 60m. MTN has now listed on the Nigerian stock exchange. On 13th January 2023, MTN received an assessment from the Ghanaian tax authorities that it owed $773m (about R13,3bn). This is seen as a "shakedown" of a wealthy international company by a cash-strapped national government - similar to what happened in Nigeria. The company announced that Mastercard would take a R100bn stake in its fintech business and partner with it to expand that business. In its results for the six months to 31st December 2024 the company reported data revenue up 21,9% and fintech revenue up by 28,5% in constant currencies. Headline earnings per share (HEPS) fell by 68,9% and total subscribers increased by 2,2% to 290,9m. The company said, "Active data subscribers increased by 7.7% to 157.8 million - Mobile Money (MoMo) monthly active users (MAU) increased by 0.9% to 63.1 million - Data traffic increased by 32.6% to 19 459 Petabytes (PB) - Fintech transaction volumes increased by 15.3% to 20.3 billion." In an update on the 3 months to 31st March 2025 the company reported service revenue up 19,8% and total subscribers up 4,7% to 296,8m. The company said, "MTN South Africa (SA) continued to navigate competitive challenges, most notably in prepaid, with service revenue up by 2.6%, while MTN Uganda's service revenue of 13.5%* was impacted by MTR reductions". Clearly, the company is being impacted by the volatility the Nigerian economy which has been a large part of its business. The share fell from its cycle high in March 2022. We recommend applying a downward trendline from that peak and waiting for a clear upside break before investigating further. That break came on 7th December 2024 at a price of 9289c and the share has since moved up to 11888c. It was added to the Winning Shares List (WSL) on 14-1-25 at 9729c.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Sibanye (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 is also considering moving into the base minerals used in motor vehicle batteries like vanadium, copper, nickel, and lithium. On 1st June 2021 the company announced a share buy-back program to repurchase up to 5% of its issued shares. On 3rd July 2024 the Business Day reported that Sibanye had retrenched 11000 workers over a period of 18 months. In its results for the year to 31st December 2024 the company reported revenue up 7% in the final six months with a gold price that, "...drove a 216% increase in adjusted EBITDA1 to R3.6 billion." SA PGM costs were up 6% and, "US PGM - consistent production and 27% reduction in AISC to US$1,367/2Eoz for 2024..." The CEO, Neal Froneman said, "Our strategic diversification and proactive actions in response to many of the forces currently driving global change have ensured that the Group is well positioned to sustain a longer period of low prices." In an update on the 3 months to 31st March 2025 the company reported, "...higher gold price drove a 178% increase in adjusted EBITDA1 to R1.8 billion (US$98 million)". This together with reduced annual capital requirements has improved the strength of the company's cash flow and balance sheet. Technically, the share has been in a downward trend since March 2022 mainly because of falling commodity prices. On 13th February 2024 the company announced that CEO, Neal Froneman, will be retiring on 30th September 2025 and is to be replaced by Richard Stewart.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Sappi (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 well diversified geographically, selling products in 150 countries. The company said that the civil unrest in July 2021 had cut its profit by R220m. The company has had problems with the backlogs at Durban port and rising energy costs. In its results for the year to 30th September 2024 the company reported sales down 6% and headline earnings per share (HEPS) of 1c (US) compared with earnings of 50c in the previous year. In the last quarter of the year the company delivered adjusted EBITDA of $684m mainly due to a strong performance in the pulp segment in South Africa. The company said, "...significant year-on-year fixed costs savings were achieved through our strategic rationalisation actions." In an update on the 3 months to 31st December 2024 the company reported sales up 7% and HEPS of 12c compared to a loss of 22c in the previous period. The company said, "The group delivered a solid performance in the first quarter with Adjusted EBITDA of US$203 million, which was ahead of expectations and substantially above last year." In an update on the 3 months to 31st March 2025 the company reported revenue just slightly down on the same quarter in 2024 and a headline loss of 3c (US) per share compared with a profit of 5c (US) in the previous period. The company said, "Operating performance for the second quarter fell short of expectations, with the Group delivering Adjusted EBITDA of US$107 million. Challenging market conditions prevailed across all segments, driven by heightened uncertainty from potential global trade tensions and a broader economic slowdown." Technically, the share has been in an upward trend since August 2023 but has become volatile in recent months. It is essentially a commodity share and hence somewhat risky.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Mondi (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 February 2022 the company said, "Mondi has operations in Russia, representing around 12% of the Group's revenue by location of production, including a high margin, cost-competitive, integrated pulp, packaging paper and uncoated fine paper mill located in Syktyvkar (Komi Republic)." The company has decided to divest itself of all its Russian holdings which had a net asset value (NAV) of 687m euros at 31st December 2021. On 1st July 2022 the company announced that it had completed the sale of personal care business for 615m euros. On 12th August 2022 the company announced that it had sold its Russian subsidiary for about R25bn. The announcement caused the share price to jump. In its results for the year to 31st December 2024 the company reported revenue down 13% and earnings per share (EPS) down 53%. The company said, "Underlying EBITDA of €1,049 million was 13% below last year primarily due to the significantly lower forestry fair value gain in 2024 of €7 million and a €32 million one-off currency loss recognised in the first half of 2024 from the devaluation of the Egyptian pound (2023: €1,201 million, forestry fair value gain of €128 million)." In an update on the first quarter to 31st March 2025 the company reported, "Higher sales volumes, good cost control and fewer planned maintenance shuts in the first quarter of 2025 offset lower average selling prices when compared to the fourth quarter of 2024 ("Q4 2024"). Underlying EBITDA for the first quarter was €290 million, including a forestry fair value gain of €2 million (Q4 2024: €261 million including a forestry fair value loss of €27 million)". In our view this is a blue chip company, but in a difficult business which tends to make the shares volatile. Technically, the share was in a strong upward trend after March 2020 but was then derailed by the Ukraine situation in March 2022. Since then it has been moving sideways and has been very volatile. In March 2024 the company announced that it would acquire 54% of LSE-listed DS Smith Plc for GBP5,14bn. On 9th October 2024 the company announced that it had acquired the packaging assets of Schumacher Packaging for 634m euros.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Previously, 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 animal feeds, gardening equipment, tools, outdoor and camping equipment and pet accessories. (3) Liquormark offers a wide range of liquor products from beers to wines, spirits and mixers. (4) Kaap Agri Mechanisation offers farming machinery and equipment. (5) Wesgraan offers grain handling and management services. (6) Expressmark supplies fuel, especially diesel, mainly to the farming community. It also has convenience stores. (7) The Fuel Company (TFC) aims to be the market leader in the independent fuel retail market in South Africa. The group's product diversity has reduced its exposure to weather conditions in the agricultural sector, especially in the Western Cape, but it remains essentially a retail outlet which focuses on the agricultural sector and as such its results are impacted by the general level of consumer spending in South Africa and the state of the local economy as well agricultural conditions. On 4th October 2021 Kaap Agri announced that it had sold its 70,5% stake in TFC Properties for R446m. On 19th January 2022 the company announced the acquisition of PEG Retail Holdings for R1,09bn. This acquisition increases the number of petrol stations which Kaap Agri has from 43 to 84. In its results for the six months to 31st March 2025 the company reported Gross profit up 0,9% and headline earnings per share (HEPS) down 4%. The company said, "Revenue came under pressure during the first six months of the financial year (“H1” or “period”), largely due to the high contribution (57,6%) of fuel revenue to total revenue and reduced grain handling income." Technically, the share broke down through its trendline on 6th January 2025 at 4952c and has since fallen to 3990c. We see it as a well-managed company that has exposure to South Africa's retail environment, loadshedding and also to the state of agriculture in this country. It has suffered with falling petrol prices recently. We recommend waiting for the share to begin a new upward trend before investigating further. Issues surrounding expropriation of land without compensation have an impact on the company. However, with a P:E multiple of 7,1 these risks look fully discounted. In its integrated annual report the group has predicted that it will make over R1bn in pre-tax profits by 2025.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Oceana (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 to weather conditions which can have a significant impact on the size of the catch. In its results for the year to 30th September 2024 the company reported revenue up 0,7% and headline earnings per share (HEPS) up 13,5%. The company said, "The growth was driven by record earnings from Daybrook in the United States (US), margin expansion at Lucky Star foods and a strong turnaround in the Hake operations. The Group's performance was negatively impacted by weaker results from the African fishmeal and fish oil business due to lower volumes and poor horse mackerel performance resulting from a major vessel breakdown and lower catch rates." In a trading statement for the six months to 31st March 2025 the company estimated that HEPS would fall by at least 40%. The company said, "This decrease in earnings is primarily attributable to the record-breaking performance achieved by Daybrook in the prior comparable period which was largely driven by record fish oil prices. This decline was primarily driven by the normalisation of global pricing for fishmeal and, to a greater extent fish oil, following the recovery of Peruvian production which impacted both the United States (USA) and African fishmeal and fish oil segments." In a trading update for the 5 months to 23rd February 2025 the company reported, "The Group's financial results for the 5 months ended 23 February 2025 ("the period") were significantly lower than the record performance achieved in the prior 5 months period ("the prior period"). This decline was primarily driven by the normalisation of global pricing for fishmeal and, to a greater extent fish oil, following the recovery of Peruvian production." Technically, the share has been moving sideways and downwards since January 2023. It trades on an earnings multiple (P:E) of around 6,26. In our view this is a solid blue chip, which has been made more volatile by its exposure to weather conditions and regulation. The new CEO says that the company is looking to make an acquisition in aquaculture but is precluded from doing so in South Africa because of competition restraints. It is a good, but potentially volatile counter.

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All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

DRDGOLD (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. The benefit of this type of operation is that it is far less risky than underground gold mining operations because it has far less union exposure and has none of the expenses or difficulties of an underground operation. Its life and grade, and hence its profitability, are precisely known. The share tends to be volatile because it depends on the current price of gold, but the company has a debt-free balance sheet and strong free cash flows. A deal was concluded for Sibanye to swap out its surface dumps for an additional 265m DRD shares - which took Sibanye to a shareholding of 38%. Then on 10th January 2020, Sibanye announced that it had exercised its option to increase its stake to 50,1% at a cost of R1086m. The CEO of DRD Gold, Niel Pretorius, wants to join up with other tailing projects on the West Rand to create a massive unified re-processing operation. The company is building a 20mw solar and battery facility. In its results for the six months to 31st December 2024 the company reported revenue up 28% and headline earnings per share (HEPS) up 65%. The company said, "Our operational performance can be described as solid, with good plant efficiencies, allowing us to take advantage of a more-than-attractive gold price. Volume throughput increased by 16% to 12.9Mt contributing to marginal increase in gold production from 2 547kg to 2 564kg. Yield was 13% lower at 0.199g/t as Ergo Mining Proprietary Limited ("Ergo") transitions towards higher volume, lower grade sites." In an update for the 3 months to 31st March 2025 the company reported gold production down 12% and a gold price received up 7% at $2837 per ounce. All-in costs were 2% lower at $2402 per ounce. The company said, "Gold production decreased by 12% from the previous quarter to 1,093kg, primarily due to a 5% decrease in tonnage throughput and a 7% decrease in yield to 0.181g/t." Technically, the share made a high of 2458c on 9th May 2023 and then began a downward trend. It broke up through its long-term downward trendline on 3rd July 2024 at 1673c indicating a new upward trend. That upward trend has accelerated with the rise in the US dollar price of gold. It remains a volatile commodity share subject to the international gold price.

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All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Gold 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 complications, but it is the second largest unmined gold resource in the world - hence Gold Field's persistence. Gold Fields is working with an independent power producer (IPP) to build a 50MW project in SA. The company has spent a total of $502m over the past two years to ensure that Damang and Gruyere (international operations) would produce 2 million ounces a year for the next ten years. South Deep now has R800m less in costs and R400m less in capital expenditure. The company is focusing on bringing the new Salares Norte gold mine in Chile into production. On 11th July 2022 the company said that it would list on the Toronto Stock Exchange and that it would adopt a dividend policy of paying between 30% and 45% of profits out. Its protracted investment in South Deep is definitely beginning to pay off with output expected to rise by about 25% over the next 4 years. On 12th August 2024 the company announced that it had acquired the remaining 50% of Osisko Mining for $1,57bn (R29bn). In its results for the year to 31st December 2024 the company reported gold production up to 644 000 ounces from the previous year's 510 000 ounces and headline earnings per share (HEPS) of 133c (US) compared with 94c in the previous period. The company said, "Improved operational delivery in H2 2024 translated into a strong financial performance, allowing Gold Fields to declare a final dividend of 700 SA cents per share, which is 67% higher than the final dividend last year." In an update on the 3 months to 31st March 2025 the company reported all-in costs of $1861 per ounce and production of 551 000 ounces. The company said, "Group attributable production for the quarter returned to normalised Q1 levels, and was 19% higher than Q1 2024 which was impacted by weather-related challenges but 14% lower compared to Q4 2024, which was a particularly strong quarter." Goldfields also announced the acquisition of Gold Road resources in Australia for $3,7bn or R44bn. Technically, the share is very volatile and subject to shifts in the international price of gold, but it has been in an upward trend over the past five years. It remains a volatile commodity play.

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All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Kore (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 free cash flow of about $500m per annum. The average operating cost is under $62 per ton. The targeted production of 2,2m tons per annum gives the mine a 33-year life. In its results for the year to 31st December 2024 the company reported interest income of $32468 - down from $54107 and a headline loss of 3c per share - the same at the previous year. The company said, "During the Period, the Group’s Total Comprehensive loss was USD10,754,786 (2023: income was USD3,955,201), and the Group experienced net cash outflows from operating and investing activities of USD3,000,825 (2023: USD6,983,319). Cash and cash equivalents totalled USD1,339,321 as at 31 December 2024 (2023: USD1,583,657)." In an update on the 3 months to 31st March 2025 the company reported a capital cost of $2,07bn on a fixed price EPC basis. The company said, "Average MoP production per year of 2.2 Mtpa of MoP for total MoP production of 50Mt over a 23-year life of mine. Average cost of MoP delivered to Brazil is US$128/t." Obviously, this is a highly risky penny stock because it is mining a commodity in the Congo, and it is not producing yet. This was a risky stock, but it has become a speculative win for investors. We added it to the Winning Shares List (WSL) on 16th May 2024 at 20c and it has since risen as high as 80c in October 2024 before declining to 49c in April 2025. It is now at 64c and remains speculative.

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All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

MC 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 project viable. Production is now expected to commence at the end of 2020 and the mine is expected to produce 800 000 tons of hard coking coal and 1 million tons of export thermal coal. The Makhado purchase improves the risks substantially and makes this into a viable investment. The IDC has provided R245m for the project, but a further R530m is still needed. The company owns 69% of Baobab Mining and Exploration which owns the Makhado project. On 8th April 2024, Business Day reported that Goldway Capital had received acceptances from shareholders amounting to 83,67% of the issued shares - more than the 82,15% required for the takeover to proceed. On 24th June 2024 the company announced that Godfrey Gomwe would be resign with effect from 30th June 2024. In its results for the six months to 31st December 2024 the company reported an after-tax loss of $8,4m - up 40% from the previous period - with revenue down 67%. Administrative expenses rose by 55% and finance costs increased 19%. The headline loss per share was 1,83c compared with 1,45c in the previous period. The company said, "Cash and cash equivalents of $3.9 million compared to cash and cash equivalents of $0.2 million at 30 June 2024. Net asset value increased slightly to $75.6 million from $75.4 million in 30 June 2024." In an activities report for the 3 months to 31st March 2025 the company reported run-of mine production from Uitkomst down 13% and sales of 56320 tons of high grade coal. The company said, "Available cash and facilities of US$9 million at the period end (FY2025 Q2: US$4 million)." This remains a volatile commodity share with only about R12 000 worth of shares changing hands on average each day, high debt levels and all the risks of mining exploration and development.

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All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Combined 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 disruptions from Eskom and low business confidence have negatively impacted the business. In spite of this, the car hire business has been recovering steadily. In its results for the year to 28th February 2025 the company reported revenue up 3,2% and headline earnings per share (HEPS) down 25,6%. The company's net asset value (NAV) was up 3,6% to 1893c per share. The CEO of the company said, "Following the release of the half-year results, which recorded a 32% decline in headline earnings, I reflected that the period was characterised by a weak currency, high interest rates, and the uncertainty which followed the general election and subsequent formation of the GNU." Technically, this share made a "V-top" at 3350c on 10th May 2018 and then fell heavily to around 950c in May 2020 as a result of COVID-19. We recommended waiting for a break up through its long-term downward trendline - which came at 1489c on 2nd February 2021. After that the share rose to 3700c before the impact of the Trump tariffs took it back down to 2700c. It is on an undemanding P:E of 7,1. In our view, it represents good value at these levels.

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All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Orion 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 with a mechanised approach and minimum labour. Vedanta Resources which runs the Gamsberg mine next to Orion's resource is looking at building a smelter that could service all the mines in the area and even resources from Namibia. Once construction begins on the Prieska mine, they will need to pump out nearly 9 million cubic meters of water from the existing structure. Production is expected to begin in 2024. Mining exploration is probably one of the riskiest investments on the JSE. At 30th September 2023 the company had $15,74m in cash. On 17th April 2024 the company asked for a halt on the trading in its shares because of a "...material announcement on exploration results at Okiep copper mine." On 22nd April 2024 the company announced a "Spectacular High-Grade Copper Intercept at Okiep Copper Project, Flat Mines Area 49m at 4.89% Cu including 10.23m at 12.47% Cu." This caused the share price to jump from 19c to 24c. Investors should be very careful of this loss-making penny stock and maintain a strict stop-loss level. On 25th June 2024 the company requested an immediate stop to trading in its shares pending an announcement. On 28th August 2024 the company announced that it had been granted a key water use licence for the Okiep copper mine. In its results for the six months to 31st December 2024 the company reported a headline loss per share of 0,01c compared with 0,07c in the previous period (AUD). The company said, "The operating loss for the previous corresponding period reflected an unrealised foreign exchange loss of AUD0.51 million and exploration expenditure of AUD6.73 million." In an update for the 3 months to 31st March 2025 the company reported, "The DFS for the PCZM covers both the Upper-Level and Deeps mining, with a post-tax NPV of A$568 million (ZAR7.105 billion) and an IRR of 26.2% (at an 8% discount rate) over a 13.2-year Life of Mine (LoM)." In our view, this is a volatile penny stock engaged in a particularly risky venture. On 3rd April 2025 the company announced that Errol Smart would step down as CEO and be replaced by Anthony Lennox with immediate effect.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Impala 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 auto catalyst demand recently, especially for diesel trucks. Palladium and Rhodium still have strong markets, but platinum has been oversupplied on world markets. The company plans to grow its production from Zimbabwe by 14% due to the Mupani shaft coming on stream in 2022. Its newly acquired Canadian operation should also increase production. On 20th July 2023 the company announced that it had acquired 56,52% of RB Plats as a result of its mandatory offer. Northam also announced its decision to sell its 34,5% of its holding to Implats. On the 28th of June 2022, the company announced that it had reached a 5-year wage deal with its major union, the Association of Mine Workers and Construction Union (AMCU) for an average wage increase of 6,6% per annum. On 28th November 2023 the company reported that 11 people had died and 75 were hospitalised following and incident at its No. 11 shaft in Rustenburg. In its results for the six months to 31st December 2024 the company reported refined ans saleable 6E production up 2% and sales up 5% with rand revenue down by 8%. Headline earnings per share (HEPS) fell by 43,6%. The company said, "Group profitability remained challenged by lacklustre rand PGM pricing. The benefit of strong operational delivery, higher sales volumes and cost containment were negated by lower revenue." In a production update for the 9 months to 31st March 2025 the company reported 6E production down by 5%. The company said, "Our third quarter production results reflect the impact of several challenges at our mining operations, while processing capacity was impeded by required maintenance at our South African smelters". Technically, the share was in a downward trend from March 2022 to March 2024 mainly as a result of lower PGM prices, increased costs and loadshedding. It has recovered somewhat since then, but remains a volatile commodity share.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Cashbuild (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 revenue up 5% and headline earnings per share (HEPS) up 4%. The company said, "Revenue for stores in existence prior to July 2023 (pre-existing stores - 309 stores) increased by 4% and our 9 new stores contributed 1% to total revenue. Selling price inflation was 1.5% at the end of December 2024 when compared to December 2023. Gross profit remained at similar levels while gross profit margin percentage decreased from 24.7% to 24.3%." In an update on the 3rd quarter to end March 2025 the company reported revenue up 5%. The company said, "Transactions through the tills during the third quarter for the Group increased by 7% to that of the comparative period, with existing stores increasing by 6% and new stores by 1%." Technically, the share was falling since the beginning of 2025 but may be bottoming out. It is now at 15611c, on a P:E of 16,12 and a dividend yield of 2,88%. Cashbuild is an extremely well-managed company and well-positioned to take advantage of the improvement in local economic conditions since the advent of the government of national unity (GNU), but it is in a tough and highly competitive industry. It still appears a little expensive to us at current levels.

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All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Kumba (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 is planning to build a 100mw solar park over the next 3 years to reduce its reliance on Eskom. The company has had to contend with heavy rain and bad rail performance. On 10th October 2022, Kumba announced that, because of the force majeure at Transnet, it would lose about 50 000 tons of production per day, rising to 90 000 tons after 7 days as a direct result of the Transnet force majeure. Furthermore, they said they would lose about 120 000 tons of exports which will cost them about $8,5m a day in production and $11,7m in lost export revenue. The company is considering 490 retrenchments. In its results for the year to 31st December 2024 the company reported revenue down 21% and headline earnings down 45%. The company said, "Production and sales were within the guidance ranges of 35 – 37 Mt and 36 – 38 Mt, respectively. Consistent with our strategy of aligning production to Transnet’s logistics performance, Kumba’s production of 35.7 Mt matched ore railed to Saldanha Bay port of 35.6 Mt. Sales of 36.3 Mt reflect low levels of finished stock levels at the port due to logistics constraints." In a production and sales update for the 3 months to 31st March 2025 the company reported a price 11% above its benchmark and production and sales of 9m tons. The 5% improvement in Transnet's performance resulted in a 6% increase in sales. The share trades at a multiple of 8,24 and a dividend yield (DY) of 9,64% - which compensates the investor to some extent for the commodity risk in this rand-hedge share, but it remains volatile and hence risky. On 28th August 2024 the company announced that it would invest R11,2bn in improved processing technology at Sishen which would improve premium quality production to 55% from the current level of 18%.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Aspen (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 case is the strength of the rand. In the longer term, the company expects that its interests in China will eventually be larger than its South African interests. The company's business is now "heavily weighted" towards emerging markets. In its results for the six months to 31st December 2024 the company reported revenue up 4% and headline earnings per share (HEPS) up 4%. The company said, "Normalised net financing costs of R681 million increased by 20%, impacted by the carry-over effect of higher relative interest rates and increased net debt levels. Higher tax expenses, impacted by regional profit mix and the recent introduction of BEPS Pillar 2 in South Africa, diluted NHEPS growth to 5% (17% CER) with NHEPS of 724 cents." The company's P:E ratio of 8,11 is not demanding for a solid, international, blue-chip, rand-hedge share like this. On 22nd April 2025 the company warned that an industrial dispute about vaccines that it was involved in could reduce earnings before interest, taxation, depreciation and amortisation (EBITDA) by as much as R2bn. The next day (23-4-25) the share fell 30%.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Capitec 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 company, PSG has now unbundled its holding of Capitec shares to release shareholder value. Capitec's client base is mostly in the lower living standards measure (LSM) levels and so it has just less than 10% of the retail deposit base despite its enormous number of clients. Capitec's annual average growth in HEPS for the past 19 years since 2003 is 32,2% per annum - an incredible record. On 19th January 2022 the company announced that it intends to conduct a BBBEE transaction by giving about R1bn worth of its shares to staff who have been working at the company since the beginning of 2019 or earlier. The issue is expected to dilute the share and caused the share price to fall. In its results for the year to 28th February 2025 the company reported headline earnings per share (HEPS) up 30% and net asset value (NAV) up 17% to R50,9bn. The company paid a dividend of 6510c per share - a 34% increase on the previous year. The company's return on equity (ROE) was 29% and loand and advances increased by 12% while interest income was up 17%. The company said, "Net non-interest income contributed R3.1 billion to the increase in headline earnings, growing by 22%. Net transaction income and commission, including VAS and Capitec Connect, increased by 25%, with VAS contributing R1.5 billion of the increase (before tax). Digital transactions and card payments (including VAS and Capitec Pay) accounted for 90% (2024: 88%) of transaction volumes excluding system-generated transactions." Technically, the share has been rising since June 2023. It is now on a multiple of 31,27 - which is still well above the JSE Overall index (14,51) and other leading banks. Despite this, in our view, Capitec remains excellent value. This is a share you should accumulate on weakness. We added it to the Winning Shares List (WSL) on 4-11-23 at 185496c and it has since risen 67% in 18 months. On 28th March 2025 the company announced that Gerrie Fourie will retire as CEO on 19th July 2025 to be replaced by Graham Lee.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Quilter 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 involved in life assurance. The company has a good track record as a multi-manager for client wealth. More than 60% of Quilter's shareholders are South African institutions. As this company is wholly based overseas it is a rand-hedge. Any strengthening of the rand against the British pound will see this share fall and vice versa. In its results for the year to 31st December 2024 the company reported assets under management (AUM) up by 12% and revenue up 7%. The company said, "Adjusted profit before tax increased by 17% to £196 million (2023: £167 million) with a two-percentage point improvement in the operating margin to 29% (2023: 27%). The Group delivered strong growth in 2024, with record adjusted profit before tax of £196 million, an increase of 17% on the prior year (2023: £167 million). This was driven by higher average AuMA supported by strong net inflows and positive markets." In a trading statement for the 1st quarter of 2025 the company reported inflows up 181% on the prior year and AUM of GBP119,6bn up 8%. The company said, "The Affluent segment delivered another strong quarter, with a 42% year-on-year increase in gross inflows to £4,190 million (Q1 2024: £2,956 million) and lower year-on-year outflows which contributed to a 179% increase in net inflows of £2,198 million (Q1 2024: £788 million), representing 10% (annualised) of opening AuMA." Technically, the share has broken up out of an "island" formation and is in a strong new upward trend. We regard this company as solid rand hedge and an institutional favourite. As the UK economy recovers it should do well.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

BHP 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 the Atacama Desert in Northern Chile. It owns 50% of Samarco in Brazil which produces iron ore and a one third interest in Cerrejon in Colombia which produces coal from an open-cut coal mine. It owns mineral rights in Saskatchewan in Canada which contains one of the world's largest unexploited potash deposits. In Australia, BHP owns Olympic Dam which is one of the world's largest copper, uranium, and gold ore bodies. It also owns Western Australia Iron Ore which is a system of five mines connected by more than 1000km of railway lines. It owns Queensland Coal which comprises the Mitsubishi Alliance and Mitsui Coal. It also owns the Mt. Arthur open-pit coal mine in New South Wales. It owns Nickel West which is a nickel mine with smelters, concentrators, and a refinery. In the petroleum field it owns high quality resources in the Gulf of Mexico, Australia, Trinidad, and Tobago. In its results for the six months to 31st December 2024 the company reported revenue down 8% (US$) and headline earnings per share (HEPS) up 29% (US$). On 25th April 2024 the company announced that it had made a share offer for the entire issued share capital of Anglo - assuming that Anglo unbundled Amplats and Kumba. The offer was rejected by Anglo, as were two further improved offers. Negotiations continue. The offer may spark a bidding war with Rio Tinto and Glencore. This is a diversified international mining company which is impacted directly by commodity prices and hence from any recovery in the world economy. In an operational update on the 9 months to 31st March 2025 the company reported copper production up 10% due to a 20% escalation from Escondida and a strong performance from SA. The company said, "Despite the limited direct impact of tariffs on BHP, the implication of slower economic growth and a fragmented trading environment could be more significant. China's ability to shift toward a consumption-led economy and for trade flows to adapt to the new environment will be key to sustaining the global outlook". The share was rising steadily since the commodity cycle turned upwards in January 2016 but has been falling since the start of 2024 due to falling commodity prices. It remains vulnerable to commodity prices.

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All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

This 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 2022 is a further problem. The company is concerned about Eskom's ability to supply additional power for expansion. Their Lion 3 expansion has accordingly been suspended until this difficulty can be overcome. All smelters except Lydenburg are operating. The availability of trains from Transnet to move its product is another problem. Obviously, this is a commodity share and has risks, but the world's demand for stainless steel did increase with the economic boom in America, but that now appears to be coming to an end. In its results for the year to 31st December 2024 the company reported revenue down 9% and headline earnings per share (HEPS) down 29%. The company said, "Weaker commodity prices and increasing costs made for a challenging year for Merafe. Earnings slumped by 62% to R667 million, after the full impairment of the Boshoek smelter of R575 million. Ferrochrome prices were impacted by surplus supply as a result of new Chinese production capacity." The company's net asset value (NAV) decreased by 7%. In a production update for the 3 months to 31st March 2025 the company reported a 7% drop in ferrochrome production. Technically, the share reached a high of 192c on 4th April 2022 and was trending down or moving sideways since then. It has found some brief support at 104c per share. It remains a volatile commodity share.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Clicks (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 company announced that it had acquired the pharmacy business of Pick n Pay - which consists of twenty-five pharmacies located inside Pick 'n Pay stores. These will now be re-branded to Clicks stores. Technically, the share has been a steady performer over the past 20 years. Its share price has risen by more than 2500% since it listed - which compares very well with the JSE's average over the same period. We regard this as one of the best blue-chip shares trading on the JSE. It has proven that it is more-or-less recession-proof and continues to perform remarkably well. In its results for the six months to 28th February 2025 the company reported group turnover up 6,2% and headline earnings per share (HEPS) increased by 13,2%. The company said, "Clicks plans to open 45 - 55 stores and 45 - 55 pharmacies for the 2025 financial year and remains committed to its medium-term target of 1 200 stores." As a result of its high rating, the share trades on a P:E of 31,54 - but we believe that it remains an excellent medium-term investment which should find a place in every private investor's portfolio. It is what we refer to as a "diagonal" share because over the past 15 years its chart goes from the bottom left-hand corner of your screen to the top right-hand corner. It is a "must have" for private investors and should be bought on any weakness.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Jubilee 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 include the world's largest undeveloped block of platinum ore with an estimated potential of 65m ounces on the Western limb of the Bushveld Igneous Complex. However, in recent years the company has "...pivoted towards a smelting and beneficiation strategy as a cashflow survival strategy." Jubilee is currently spending about R154m to consolidate its PGM retreatment business by buying a reprocessing plant and some dumps. The R154m is being used to buy a chrome processing operation and 1,8m tons of tailings from PlatCro Minerals. It is a low-cost producer, but subject to the vagaries of the platinum and base metals markets. In its results for the six months to 31st December 2024 the company reported revenue up 51% and group EBITDA down 6,8% because of lower chrome prices. The company said, "Invested US$17.8 million (H1 FY2024: US$16.8 million) in the expansion of its copper and chrome operations. Cash of US$8.4 million at the end of the period (30 June 2024: US$19.3 million)." In an operational update for the 3rd quarter to 31st March 2025 the company reported chrome concentrate production up 10,7% and 6E platinum group metals (PGM) production up 34%. The company said, "Year to date PGM production reached 29 606 oz, up 3.6% from 28 583 oz for the comparative nine months ended 31 March 2024, with revised guidance increased to 38 000 oz of PGM production for the financial year ending 30 June 2025.". In our view, this share is probably one of the better options in the mining sector but remains highly volatile and risky. We suggest waiting for a break up through the share's long-term downward trendline. That has not yet happened. On 7th October 2024 the company announced that it had increased its stake in project "G" to 65% and that it had secured an additional 2 megawatts of power from an IPP.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

ArcelorMittal (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 steel, and the massive imports of cheap Chinese steel which were dumped onto our market. Those imports have slowed down somewhat, and ArcelorMittal was successful in getting certain tariffs in place to discourage imports. We believe that this company came close to closure in July 2020 when the share price reached 25c. It has been rescued by the rising steel price combined with severe cost cutting. In its results for the year to 31st December 2024 the company reported revenue down 7% and a headline loss of R5,1bn compared with a loss of R1,89bn in the previous period. The company recorded an "Operational EBITDA loss - before the Longs Business wind down charge, severance packages charge and the write down of inventory – of R1 816 million (2023: R56 million profit), includes R670 million of losses relating to the Q2 2024 Blast Furnace instability and R1 514 million of inventory disposal losses in support of improved liquidity." These results brought the new upward trend to an abrupt halt taking the shares back down to and through support at around 100c. On 6th January 2025 the company announced that it had taken the decision to wind down and close its Longs steel division - leading to a sharp drop in the share price. On 19th March 2025 the company announced that the government will provide funds to keep the long steel plant open by paying the wages at the plant for the next year. This has caused the share price to rise, but will probably not prevent the eventual closure of the plant in time. ACL said that in 2024 it paid R3,2bn to Eskom for electricity - up 14% on the previous year and that electricity costs had risen by more than 800% since 2007.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Purple 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 Asset Management which manages funds on behalf of clients and (3) GT247, a derivatives trading platform. On 18th May 2023 the company announced the finalisation of its rights issue to raise R105m and already had the support of more than 27% of its shareholders. Shareholders will be offered 10,20567 new shares for every 100 shares that they already hold at a price of 81c per share. The offer is at a 31,87% discount to the volume-weighted average price (VWAP) of the 7 days ending 16th May 2023. In its results for the six months to 28th February 2025 the company reported revenue up 25,8% and headline earnings per share (HEPS) up 204,1%. The company's net asset value (NAV) increased by 9% to 45,35c per share. The company said, "Client deposits are rising, though not yet back at peak levels - signalling that further upside remains as clarity returns to global markets." The share is well traded with an average with over R1m worth of shares changing hands daily on average. The share has made a "double top" formation at around 340c in the first half of 2022 and then fell until the beginning of March 2024. Since then it has been rallying. We advised applying a 65-day exponentially smoothed moving average and waiting for an upward break - which occurred on 4th March 2024 at a price of 66c. It has since risen to 105c. We believe it still has significant upside potential.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Murray 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..." with three primary business platforms - underground mining, oil & gas, and power & water. On 27th March 2023 the company announced that it had sold its Australian operations (65% of Insig Technologies) for A$1 and so disposing of A$7m in liabilities. On 8th December 2023 the company reported that it would be able to reduce its debt from R2bn in April 2023 to R350m as a result of "Cementation Canada Inc's recently renewed banking facility agreement with a Canadian bank will provide for Cementation Canada to pay CAD40 million." In its results for the six months to 31st December 2024 the company reported no revenue and a loss of 167c per share. MUR remains a relatively risky penny stock with high debt levels. On 15th July 2024 the company announced that it had won a $200m multi-year contract in Latin America. On 22nd November 2024 the company's board of directors said that the company met the Companies Act definition of being "financially distressed" and that the best way forward was to enter into business rescue. Accordingly, trading in the company's shares has been suspended on the JSE. On 20th January 2025 the company reported that it had obtained an additional R250m in funding. In an update on 3rd April 2025 the company reported, "The date set by the Business Rescue Practitioners ("BRPs") for creditors of MRL to vote on the Business Rescue Plan ("the Vote") is Tuesday, 08 April 2025."

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Previously 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 pressure due to the prevailing chrome market as well as the ongoing impact of Covid-19 on operations. This resulted in Sail Contracting being placed in provisional liquidation on 5 July 2021 and the flagship operation, Black Chrome Mine, being put into care and maintenance soon thereafter. As at 31 August 2021, the Group’s current liabilities exceed its current assets by R922.3 million (28 February 2021: R540.3 million). There is however still a material uncertainty if the Group will be able to meet its obligations." In addition, this share has very thin volumes traded which makes it relatively risky for the private investor. Essentially, it is a penny stock in a risky commodity which could easily fall into bankruptcy if the chrome price falls. On 14th June 2022 the company announced that it had placed its Black Chrome Mine in business rescue. On 1st July 2022 the JSE warned that CMO had missed the deadline to publish its financials within 4 months of its financial period end. On 18th July 2022 Business Day reported that the JSE had suspended Chrometco shares. The shares were still suspended on 28th March 2024 pending the publication of the financial results. In a suspension report on 28th June 2024 the company said, "In respect of the late publication of the Company's Provisional Report, the Company has been struggling in its appointment of new auditors due to three subsidiaries within the group, Black Chrome Mine Proprietary Limited ("Black Chrome Mine"), Sail Resources Proprietary Limited and Sail Minerals Proprietary Limited, being in Business Rescue." In an update on 30th September 2024 the company said, "Trading in the Company's shares remain suspended due to the late publication of the annual financial statements for the years ended 28 February 2022, 28 February 2023 and 29 February 2024 ("Annual Results") and the subsequent interim results for the six months ended 31 August 2022 and 31 August 2023 ("Interim Reports")." In an update on 3rd April 2025 the company said, "The Business rescue plan for the Company's subsidiary, Black Chrome Mine (Pty) Ltd ("BCM"), was approved and the Business Rescue Practitioner ("BRP") decided to proceed with a Mine Restart and Trade Out Plan ("Plan")."

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Previously 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) came a year later in September 2016 and since then the share has fallen steadily to reach a low of 146c in February 2023. This fall was initially accompanied by allegations that the company was involved in and owed its success to state capture in collaboration with the Guptas. The CEO and founder, Asher Bohbot, resigned in May of 2017 and handed over to Zunaid Mayet, who handed over to Stephen van Coller. Usually, when a company is run by a strong charismatic leader and that leader (like Bhobot) resigns, it is time to sell the share. The company's 200 subsidiaries have been consolidated into three divisions with centralised debt collection and procurement. On 6th July 2021 Business Day reported that EOH could possibly be "blacklisted" by the government as a result of its past tender frauds. This would obviously be very negative for the company. On 11th November 2022, the company announced a R500m rights issue and a R100m private placement mainly to reduce debt and on 13th February 2023 it announced that the offer had been 135,8% over-subscribed. On 31st May 2024 the company announced the resignation of various directors and the appointment of Marius de la Rey as interim CEO. In its results for the six months to 31st January 2025 the company reported revenue down 6,4% and headline earnings per share (HEPS) of 19c compared with a loss of 11c in the previous period. The company said, "EBITDA increased by 159.3%, from R97 million in HY2024 to R252 million in HY2025. Gross profit (excluding non-recurring sold entities) of R823 million for HY2025 was 2.8% higher than the R801 million reported in HY2024 and resulted in the gross margin improving from 27% to 30%." Technically, the share made a "double bottom" in April and May of 2024 after which it began a new upward trend. We believe that it will continue rise. On the 14th of February the company announced that Marius de la Rey had resigned with immediate effect. Directors Rhys Summerton and Dennis Venter have been appointed as joint CEO's and executive directors.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

York 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 the construction industry since the commencement of the sub-prime crisis in 2008. In July 2007, York's shares reached a peak at R40. Since then the share has mostly been falling or drifting sideways. On the 13th of May 2022, the company announced that a strike at its Escarpment operations would negatively impact on its production. Escarpment contributes 51% of the company's revenue. On 5th December 2022 the company announced its intention to conduct a rights issue to raise R250m. Existing shareholders would receive 43,12791 new shares for every 100 shares already held at a price of 175c each. The announcement obviously caused the share price to drop sharply. In its results for the six months to 31st December 2024 the company reported revenue up 18% and headline earnings per share (HEPS) of 14,31c compared with 4,67c in the previous period. The company said, "EBITDA improved from R8,3 million to R84,3 million for the reporting period. The higher EBITDA contributed to improved cash generated from operations of R45,7 million compared to cash used by operations of R7,8 million for the prior six-month period." The company has about R186 000 worth of shares changing hands each day which makes it practical for investment by private investors. It remains a volatile construction-linked counter. We recommended waiting for a clear break up through its downward trendline before investigating further. That break happened on 19th April 2024 at 165c per share. It has since moved up to 248c and then slumped back to 212c. We do not see this as an exciting investment.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Accelerate 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" site, which is a children's activity centre, but that had not commenced operations by November of 2021. Accelerate also owns the Cedar Square complex and other development land in the vicinity of Fourways. The Fourways development was originally supposed to be complete by end September 2018 and then by 22nd April 2019, and finally the mall was opened on 22nd August 2019 - but it still does not appear to be complete. In the longer term, with the global shift towards online shopping, an investor could question the wisdom of a major shopping mall extension, the cost of which will take decades to recover. Online shopping has tripled in South Africa over the past 5 years and then doubled since COVID-19. Accelerate is aiming at more than a shopping mall at Fourways. Its intention is to develop a total business centre with office, retail, and entertainment. In our opinion, this share is risky, but probably cheap at current levels. On 7th April 2022 the company announced that it had sold the Leaping Frog shopping centre for R130m to reduce debt. The price is 7,1% or R10m less than the book value. In its results for the six months to 30th September 2024 the company reported revenue of R392,7m compared with R469,7m in the previous period. The headline loss per share rose to 6,32c from a loss of 2c and the company's loan-to-value (LTV) was 53,6%. The company said, "During the past six months, the Company has made significant progress on its key focus areas which include: (1) asset disposals, (2) improving the loan-to-value ratio and continue to reduce the ratio even further with additional disposals, (3) strengthening of the balance sheet by way of a fully underwritten rights issue of R200 million." In a pre-close operational update the company reported, "An immediate focus area in terms of the Group's restructuring is the conclusion of a further fully underwritten Rights Offer of R100 million by 30 June 2025, to add to the R200 million Rights Offer that was concluded in June 2024, to fund additional capital expenditure for Fourways Mall (apart from the approved facility) as well as for working capital requirements." Technically, the share is trading at 51c where it is a fraction of its net asset value (NAV) of 365c - but the NAV may drop further with the planned rights issue. It looks like a bargain, but it still has high and rising debt levels and is facing a very difficult retail environment. Its LTV is still way too high for a REIT, but it is coming down. Much now depends on the outcome of its R1 billion law suit against its insurers for losses sustained during the COVID-19 pandemic at Fourways Mall.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Conduit 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, medical evacuation and motor and property. The company operates through brokers/agents. The company is in the middle of a "turnaround" initiated by new management, but its listed investments remain under pressure. In its results for the year to 30th June 2022 the company reported revenue of R2,11bn compared with R1,95bn in the previous period. The headline loss per share was 31,7c compared with 20,6c in the previous period. The share remains suspended due to its failure to publish current results. In an update on 30th September 2024 the company said, "In terms of the granting of the provisional liquidation order by the High Court pursuant to the Prudential Authority's application to place Constantia Insurance Company Limited ("CICL") into liquidation ("CICL liquidation"), the appointed liquidators continue to manage the winding-up of CICL and there is no certainty yet as to when CICL will be finally wound up. Consequently, the status quo of the Suspension remains." On 28th March 2025 the company published a progress report and update on its financial results.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Ascendis 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 deal in terms of which they exchanged debt of 447m euros, a 20m euro draw-down facility and a 15m euro loan for 100% of Remedica and Sunwave, 49% of Farmalider and the proceeds of the sale of Animal health and Biosciences and Respiratory Care Africa. The company said, "The Proposed Transaction represents the best opportunity to protect the business and is also considered better than placing the Group in Business Rescue, the likely result if an agreement was not reached. An important part of the Group Recapitalisation framework is Ascendis Health’s access to sufficient liquidity to operate in the future." Following the approval by 98% of the shareholders on 4th October 2021 of the scheme, the company now only has assets inside South Africa. Following the recapitalisation, the company is considering de-listing from the JSE. In its results for the six months to 31st December 2024 the company reported net asset value (NAV) up 11,7% to 205c per share compared with 94c a year earlier. The company said, "The tangible net asset value growth is driven by the strong performance of the Medical portfolio, complemented by the successful integration of three smaller bolt-on acquisitions during the review period." Technically, the share peaked at 2880c in October 2016 and subsequently fell as far as 36c in March 2020. Since then the share has moved more-or-less sideways and still shows no signs of a sustained new upward trend. Now at around 83c following the debt agreement, it remains a risky penny stock moving sideways on relatively thin volumes.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

This 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 said that Specialised Services performed badly because of the poor economy. The company also said, "Poor execution and structural sector changes in geosynthetic lining material supply and installation resulted in substantial losses." In a trading statement for the six months ended 31st August 2019, the company estimated a headline loss per share of between 1,78c and 2,03c - which compares with the 1,25c loss in the previous period. On 16th March 2020 the company announced that a decision had been taken to put it into business rescue and the share has been suspended on the JSE since 7th September 2020. On 26th June 2024 the company said, "DNG applied to the High Court in Johannesburg for leave to appeal against the final liquidation order which application was argued and dismissed on 25 March 2024, and DNG was ordered to pay the business rescue practioner's legal costs." In a quarterly update on 26th March 2025 the company said, "...a meeting has been held with the JSE during March 2025 to discuss the status of the Company and prospects of recapitalisation. information has been requested by the JSE and is pending financial information, which has been requested from the liquidator. Other information requested by the JSE has already been provided."

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Metair (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 business and its automotive components business in South Africa. In a report on the impact of the floods in Natal the company said, "Whilst the impact on Metair’s facilities was minimal and operations had promptly returned to normal, a major Original Equipment Manufacturer (OEM) customer of the Group advised that it suffered significant damage to its plant with production suspended for clean-up operations and assessments to be carried out." The company received a R150m insurance pay out for business interruption from the Natal floods. In its results for the year to 31st December 2024 the company reported revenue down 2% and headline earnings per share (HEPS) from continuing operations of 89c down 9c from the previous year. The company's net asset value (NAV) fell 50% to 1388c. The company said, "Earnings before interest and taxation (EBIT before capital items), was R504 million (2023: R633 million) at a margin of 4.3% (2023: 5.3%). If Hesto were to be consolidated (with all else being equal), group revenue from continuing operations would have been R17.3 billion compared to R17.8 billion in 2023, and EBIT would have been R761 million (2023: R25 million) at a margin of 4.4% (2023: 0.1%)." The share has been falling since October 2021. We recommend waiting for a break up through its downward trendline before investigating further. The share has been rising since June 2024, but has yet to break up through its long-term downward trendline. On 6th December 2023 the company announced that its CEO, Sjoerd Douwenga, would resign with effect from 31st January 2024 due to ill health. On 16th September 2024 the company announced that it had sold its entire shareholding in Mutlu, its Turkish operation) for R1,95bn. The news caused the share price to jump. On 5th October 2024 the company announced that it had acquired Autozone from the business rescuers for up to R290m in cash.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Metrofile (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 has delayed the deal because of COVID-19 and will want to see the end-June 2020 results and "three months normal trade" before reconsidering. Despite this, they have assured the Company of their wish to continue with the possible transaction for the acquisition of Metrofile. In its results for the six months to 31st December 2024 the company reported revenue down 7% and HEPS down 38%. The company said, "Revenue decreased by 7% to R537 million (1HFY2024: R577 million), mainly due to the reduction in product sales following the exit of the Tidy Files manufacturing operation. Excluding the Tidy Files contribution, revenue was up by 4% mainly as growth in secure storage and cloud services." We see this as a good-quality small business that seems to be battling in a very tough economic climate. Technically, the share now looks to be a new downward trend. On 5th September 2024 the company announced that its CEO, Pfungwa Serima, would resign with effect from 30th September 2024. He will be replaced by Thabo Seopa. On 26th March 2025 the company published a cautionary which caused the share price to jump nearly 30% in an anticipation of a takeover bid.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Johann 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 Africa. This gave it ownership of brands like Flora and Rama and other spreads. In its foods division it also owns 31,8% of Distell and 77,2% of RCL Foods (where the Unilever spreads division may be housed in a new subsidiary called "Silver 2017"). Under insurance, Remgro owns 29,9% of RMI. It owns a number of other investments including a 23,1% stake in Grindrod and a 30% stake in Seacom. The Competition Tribunal has approved the acquisition by Community Investment Ventures Holdings (CIVH), a Remgro subsidiary, of Vumatel. Vumatel is a "last mile" fibre infrastructure company. In terms of the approval, Vumatel must supply free uncapped fibre services to schools near where it's networks pass for the next 10 years. On 2nd December 2020 Remgro announced that it is planning to increase its stake in RCL Foods at a cost of R805m. The company has the intention of getting into the electricity generation business to supply its own businesses because it believes that Eskom can no longer be relied upon. In its results for the six months to 31st December 2024 the company reported headline earnings per share (HEPS) up by 38,6% and intrinsic net asset value (NAV) up 10,3% to 276,89c per share. The company said, "Much improved operational performances from the majority of the investee companies, of which the most significant are: ? increased contributions from Rainbow (+R237 million), RCL Foods (+R224 million), OUTsurance Group (+R195 million) and Mediclinic (excluding the Mediclinic acquisition costs – refer below) (+R152 million) due to improved operational performances; ? Heineken Beverages (excluding the Heineken IFRS 3 impact – refer below) returning to profitability, driven by volume growth and margin recovery (+R274 million)." Technically, the share made a low at 8388c on 7th September 2020 and has been in a volatile rising trend since. It is currently trading at 16090c on a P:E of 15,81. We recommended applying a 65-day exponential moving average and waiting for a clear upside break before investigating further. That break came on 12th June 2024 at 13000c. We see further upside potential in the share.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Master 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. This technology enables the drilling of horizontal tunnels or tunnels which are inclined up or down by 12 degrees. It is much quicker and cheaper than the traditional blast and clear methods currently in use. At the moment it requires three operators, but the company is working on a completely automated remote-controlled version. In its results for the year to 31st December 2024 the company reported revenue up 11,5% in US$ and headline earnings per share (HEPS) up 21,2% in rands. The company said, "Master Drilling's total capital spend of USD42.3 million was applied as follows: 77% on expansion and 23% on sustaining the existing fleet. Debt increased from USD44.1 million to USD48.0 million and the gearing ratio, including cash, decreased slightly from 7.4% to 6.3% in the 2024 fiscal year." The share trades on a price:earnings (P:E) multiple of 4,32 - which looks like good value. We regard the company's horizontal drilling technology as a potentially disruptive technology in the mining industry which extends the life of some mines and makes others viable again. So, while this is a risky share, because it is linked to the commodities markets, it has the potential to offer strong growth because of the new technologies which it has that have the potential to revolutionise the mining industry. In our view, this is an interesting company with the potential to perform well as its new horizontal boring machine gains traction.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Sun 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 also owns well-known South African casino/hotel operations like Sun City, Carnival City and Grand West. The share has fallen from a high of R142 in February 2015 to current levels around R40. At this level its debt was close to double its market capitalisation. The company plans to sell its Nigerian interests and has received a number of offers. It has not paid any dividend in the past two years and only expects to resume dividends in a further two years or so. The company retrenched 2195 staff and its debt fell sharply. In its results for the year to 31st December 2024 the company reported income up 5,1% and headline earnings per share (HEPS) up 17,4%. The company said, "Sunbet maintained its impressive upward trend, with income increasing by 60.6%, once again exceeding its ambitious growth targets. The rapid expansion of online gaming, fuelled by technological advancements, evolving social attitudes, and several other challenges, necessitates enhanced compliance monitoring." Technically, the share has been in a volatile upward trend since its low point in May 2020. It should continue to recover. On 24th March 2025 the company announced that Mr A. Leeming would retire as CEO and be replaced by Mr U. Bengtsson.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

ADvTECH (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 schools division, but in the last few years the schools division has faced increasing competition, which has squeezed margins. At the same time the tertiary division has become the company's primary source of profits. The company's acquisition of Monash College with its IIE campus in the West Rand has added 6500 students in a state-of-the-art facility which includes laboratories, four residences and sports facilities. In its results for the year to 31st December 2024 the company reported revenue up 8% and headline earnings per share (HEPS) up 16%. Technically, the share has been in a strong upward trend since the end of May 2020. It is now on a multiple (P:E) of 15,42 and we think it still has upside potential. In our view, this is a solid, blue chip company with good medium-term prospects, and it is relatively cheap. Any significant improvement in the South African economy will benefit this company directly and it will benefit directly from the newly appointed GNU. Traditionally, parents have always been willing to make significant sacrifices to pay for their children's education, which makes this share very defensive in times of low growth. We added ADH to the Winning Shares List on 14th August 2023 at a price of 1975c. It has since moved up to 3118c. On 1st October 2024 the company announced that it had acquired FNB's 47000 square meter training and conference centre in Sandton. On 21st November 2024 the company announced that it had acquired an Ethiopian school group for $7,5m.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Sabvest 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 involved in the textiles industry but also has an interests in a company involved in handling equipment and parts. The other private companies in which it has an interest are: Classic Food Brands (30%), Flexo Line Products (47,5%), Mandarin Holdings (30%), JAA Holdings (35,7%) and Sunspray Food Ingredients (28,2%). Aside from this, Sabvest has a listed portfolio worth about R700 000 and offshore investments worth about R573 000. It also owns 11,7% of Metrofile worth R82,3m, 300 000 shares in Net1 UEPS, and 31% of Rolfes. In its results for the year to 31st December 2024 the company reported net asset value (NAV) up 20,8% to 13213c per share. The company said, "The 15-year compound annual growth rate (CAGR) in NAV per share to the 2024 year-end was 18,1%, calculated without reinvesting dividends. The CAGR after reinvesting dividends was 19,3%." This share is very difficult to analyse because of its diverse and constantly changing portfolio. The restructuring of the business does appear to have increased the volumes traded a little in the company with an average of about R292 000 worth of shares changing hands each day and the share is in an upward trend. Like most investment holding companies, it trades at a significant discount to its NAV.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

African 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-Booth Investments Proprietary Limited (UBI). UBI effectively owns 51.2% of ARC Investments. AIL is thus owned through Ubuntu-Botha Investments by the Motsepe family through their trusts. In the South African context, it has a significant advantage in finding suitable companies in which to invest because it can offer them a solid, reliable BEE shareholder. AIL has benefited from an investment by Sanlam and owns a stake in the Sanlam subsidiary, Santam. The company acquired 100% of TymeDigital which has launched a digital bank in partnership with Pick 'n Pay. It offers digital banking, especially for those who cannot afford normal banking, via their phones, and had the distinction of being the only bank in South Africa not to charge transaction fees. It competes with other new banks in South Africa like Discovery Bank and Bank Zero. AIL has taken a hit on its investment in EOH (which may now be improving) but has done well in most other areas. Roughly half of the AIL portfolio is in what it describes as "early lifestyle stage businesses" such as Tymebank, Rain and Kropz. These investments are seen as disruptive in their sectors, but will take time to mature. It also owns 7% of Afrimat having reduced its stake from 18,4%. If there is a criticism of this investment holding company, it must be its lack of focus. It appears to be invested in a very diverse range of industries without significant synergies or economies of scale. The need of most South African companies to have a stable BEE partner gives it an edge in finding and negotiating good deals, but its lack of focus may eventually become a problem. The share trades at a fraction of its intrinsic NAV. It was 59% of its NAV after falling about 25% in the last six months to 2023. The discount makes it good value and may result in "unbundling" some of that value into the hands of shareholders in due course. The directors have said that they will consider delisting from the JSE if the discount persists because the listing cannot be used to raise further capital at current share prices. On 21st November 2023 the company announced a rights issue to raise R742,35m. Shareholders will get 11,06579 new shares for every 100 shares that they hold at a 7,32% discount to the volume-weighted average price on 10th November 2023. In its results for the six months to 31st December 2024 the company reported net asset value (NAV) up 3,2% to 1278c per share. The company said, "Rain - strong performance of rainOne and Rain mobile offerings TymeBank – 10.7 million customers and increased activity per customer Tyme Global – GOtyme customer base has more than doubled to 5 million Alexforbes – strong share price performance on the back of solid results and positive outlook". The company announced that it will be delisting from the JSE and shareholders are offered 975c per share which is a 22,8% discount to the NAV. Technically, the share was falling since March 2023. and we recommended applying a 200-day moving average and waiting for a clear upside break before investigating further. That break came on 26th April 2024 at 544c per share. The delisting offer means that anyone who acted on that suggestion made a capital gain of 79% in just under one year.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

ABSA (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 African Rainbow Energy to launch a R6,5bn renewable energy fund. ABSA is certainly a blue-chip share and is worthy of your attention. The separation from Barclays is now complete. On 31st March 2023 the company announced a BBBEE transaction that will take its Black ownership to more than 25%. In its results for the year to 31st December 2024 the company reported total income up 5% and headline earnings per share (HEPS) up 10%. The bank's return on equity (ROE) was 14,8% and its net asset value (NAV) increased 11% to 19311c per share. Technically, the share made a low in March 2020 and then moved sideways for the next six months before beginning a new upward trend which is continuing. We are generally very positive about the potential of banking shares on the JSE. On a P:E of 7,04 and a dividend yield (DY) of 6,23, ABSA still looks cheap to us. On 17th March 2025 the company announced that Charles Russon would be replaced by Kenny Fihla as CEO with effect from 17th June 2025.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Standard 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 business is also obviously impacted by load-shedding in South Africa and the latent effects of the coronavirus. In our view this is an excellent investment for private investors at current levels - but it is long-term. As COVID-19 fades, the economy will pick up and Standard Bank's profits will improve. On 15th July 2021 the company announced that it would make an offer for the ordinary shares and preference shares in Liberty Holdings (LBH). Liberty shareholders got 0,5 Standard Bank shares and R25.50 in cash for each LBH ordinary share which they had. This gave an implied valuation of just under R90 per LBH share - which was a 33% premium to its price (R67.48) prior to the announcement. The bank is benefiting from increased client numbers and rising interest rates. In its results for the year to 31st December 2024 the company reported headline earnings per share (HEPS) up 4% and return on equity (ROE) of 18,5%. The company's net asset value (NAV) increased from 14269c per share to 15281c which can be compared with its current share price (13-3-25) of 23051c. The 2024 financials are far less positive than those of 2023 when the company increased HEPS by 27%. The share price has been falling since its cycle high on 26th September 2024 at 25042c - but it now looks like very good value on a dividend yield (DY) of 5,23%. It has just completed a "saucer bottom" and may be entering a new upward trend.

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All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Ethos 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 invest a significant proportion of its funds in any one investment and its investments have performed well in the circumstances. It does not pay dividends, so the investor has to look for a capital gain. In its results for the six months to 31st December 2024 the company reported net asset value (NAV) up 19,2% to 785c per share. The company said, "Overall, the unlisted portfolio achieved a 15% return over the period whereas the listed portfolio, that makes up c.9% of the portfolio, grew by 21%." EPE is well-traded with an average of over R570 000 worth of shares changing hands on average every day. It made a low at 370c on 25th March 2020 and has since started to move up as its investments recover from COVID-19 restrictions and more recently from the sell-off due to Ukraine crisis. In our opinion this share, although volatile, should turn out to be a good investment at current levels where it is still trading well below its NAV - depending on the progress of the current trend in world markets.

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All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Anglovaal 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 trading on the JSE. Its share price has shown a remarkable rise over the past twenty years. 20 years ago, the share was trading for around 150c and today it trades for about R65 at a cyclical low point. It has been a steady payer of dividends throughout that period. An investment in Anglovaal is an investment in the South African economy, but one which has shown itself to be virtually recession-proof until COVID-19. The corona virus has had an impact on consumer spending and the AVI share price fell quite heavily because of this. More recently it has been falling because of the crisis in Ukraine. In its results for the six months to 31st December 2024 the company reported revenue up 1,1% and headline earnings per share (HEPS) up 8,9%. The company said, "The Group’s consolidated gross profit increased ahead of revenue with an improvement in margins underpinned by sound cost control, improved manufacturing efficiency, increased selling prices to recover rising input costs and operational leverage. Selling and administrative expenses were tightly controlled and ended in line with last year". On a P:E of 13,43 and a dividend yield (DY) of 5,11% the share looks reasonably priced, even cheap. Technically, the share has been falling since November 2024, but may be close to a cyclical low. In our view, this company will improve as the South African economy improves and it should be accumulated on any significant weakness.

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All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Mpact (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 least until the advent of the Ukraine crisis) as well as weather considerations which affect the demand for corrugated containers for fruit and other agricultural products, especially in the Cape. Like many businesses in the current environment, Mpact has been working to preserve cash, but it has benefited from a switch to local suppliers during the pandemic. In its results for the year to 31st December 2024 the company reported revenue up 3,6% and headline earnings per share (HEPS) down 29,9%. The company said, "Trading was hampered by a weak economy underpinned by high interest rates, cost inflation, load shedding and other service delivery failures, negatively affecting consumer and business confidence." The share fell from a high of R51 in April 2016 to levels around R8 in March 2020 but has since recovered to R29. At the current level it is on an earnings multiple of 8,43 - which looks cheap. Technically, the share looks like it may be entering a new upward trend but it has been moving sideways since August 2022.

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All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Texton (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" its shareholding of 51,9m shares on Texton. The current CEO, Marius Muller is the 5th CEO in 5 years. On 26th September 2020, in this opinion, we pointed out that it was trading at a fraction of its net asset value of over 580c. Then, suddenly, on Thursday 29th October 2020, 28,3m shares changed hands at 78c in four deals - and then on Friday 30th October 2020, the company made a public announcement of a mandatory offer at 120c - and the share jumped 47% to close at 115c. Obviously, the Thursday trade was a highly profitable insider trade which netted a profit of over R10m - and it was clearly visible in the volume chart. So, it is always worth watching the volume traded especially in small companies with limited volumes traded. In its financials for the six months to 31st December 2024 the company reported property revenue down 3,71% and headline earnings per share (HEPS) of 11,39c compared with a loss of 9,49c in the previous period. The company said, "Distributable earnings were R37,5 million, which remained largely consistent period on period. SA NOI increased by 17%, attributed to improved letting. This was partially offset by a decline in the UK due to asset sales. - LTV decreased to 14,7% due to debt repayments from asset sales, while ICR increased from 1.98x to 2.1x." Technically, the share has been trending up since its low in October 2020, but it remains thinly traded. In our view, there are better property shares available on the JSE.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Mustek (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 growth of as much as 500% in their sales of cables for this market. There is a possibility that the company will also benefit from remote education and work-from-home following COVID-19. Mustek is well-positioned to exploit this through its existing products. In its results for the six months to 31st December 2024 the company reported revenue down 14,1% and headline earnings per share (HEPS) down 74,3%. The company's net asset value (NAV) increased 3,7% to 2827c per share. The company said, "The Group’s two largest segments Mustek and Rectron saw their revenue decline by 9.1% and 26.0% respectively. The Group’s IT training company, Mecer Inter-Ed experienced a slight decline in revenue to R43.4 million from R46.2 million from tougher market conditions, although the margin achieved was better than the comparative period." Despite the negative results, the share seems cheap to us and it has broken up through its 200-day moving average which looks positive.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Curro (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 because of its perceived "blue sky" potential. There seemed to be no limit to the expansion of its business model as it acquired or built more and more schools. Curro runs 178 schools and 76 campuses with an average of just over 72 000 students. The company has reported falling pupil numbers and parents under financial pressure to pay school fees. The company has also impaired the value of its schools by R202m and increased its bad debts provision. On 1st March 2022 PSG announced that it would be unbundling its holding in Curro (63,6%) into the hands of PSG shareholders. The objective is to release value into the hands of PSG shareholders. The company is engaged in legal actions with the City of Johannesburg to prevent schools from being classified as businesses for the purposes of rates. This action was found in their favour on 2nd March 2023. In its results for the year to 31st December 2024 the company reported revenue up 8% and headline earnings per share (HEPS) up 13,4%. The company said, "Curro recognised impairments of R365 million (2023: R378 million), net of tax, relating to lower yielding school assets. This was based on the annual impairment assessment reviews of the business plans for each school." Technically, the share was in a strong upward trend which came to an end in September 2024. Since then it has been falling. We suggest waiting for it to break above its downward trendline before investigating further. Education is generally a good investment because parents tend to pay in advance for their children's education which means the education companies have lower working capital requirements. While they do not tend to have union problems, they are capital intensive as each school requires significant infrastructure to function and this adds risk.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Spur (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 least those who can afford restaurant food) were somewhat bored with the well-known brands such as Spur, but attracted to the recently acquired brands of smash burger specialist, RocoMamas and steakhouse Hussar Grill. This share is very much determined by consumer spending, which has been under pressure. The company is experimenting with meal kits that can be delivered and eaten at home. What is notable about this company is that the out-going CEO, Pierre van Tonder, has left it with no debt - the main reason it has not needed to undertake a rights issue. On 27th July 2023 the company announced that it had acquired 60% of Doppio Zero, Pizza e Vino and Modern Tailors for an undisclosed amount. In its results for the six months to 31st December 2024 the company reported revenue up 13,8% and headline earnings per share (HEPS) up 11,8%. The company said, "The company's revenue growth was driven by a significant increase in sales at its retail company stores, which rose by 130.8%. Excluding the contributions from the Doppio Collection stores as well as the RocoMamas in Green Point and the pilot Modrockers store, which both closed in the prior year, the four company-owned The Hussar Grill stores reported a revenue increase of 4.3% over the prior period." The share looks reasonably valued and has broken strong up through its long-term downward trendline following the latest results. In the end, following the COVID-19 crisis in March 2020, the share reached a low of 1240c on 7th September 2020 but has now recovered to 3434c. It was added to our Winning Shares List (WSL) on 8th August 2023 at 2488c so it is up about 40% in 18 months.

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All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Trellidor (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 construction and home improvements industry and so it is at the mercy of the state of the economy. It is well managed and has a strong balance sheet. It should benefit directly from any improvement in the economy and has benefited from the work-from-home shift in the economy as well as the low level of interest rates. The company has been engaging in share buy-backs which support the current share price. In its results for the six months to 31st December 2024 the company reported revenue up 4,1% and headline earnings per share (HEPS) of 29,6c compared with 21,4c in the previous period. The company said, "In Trellidor, revenue for the period increased by 0.4% to R204.8 million (2024: R204.0 million). The UK market continues to perform well, however the performance of the local Trellidor division remains below expectations." Trellidor is a relatively thinly traded share with only about R139 000 worth of shares changing hands on average each day - which makes it risky. Nonetheless it has broken up to new higher levels and may be attracting some institutional interest. Obviously, security remains a priority for South Africans.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Afrocentric (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 and shares, which is a multiple of 9,3 times Activo's most recent after-tax profit (R63m). Its largest asset is its controlling stake in Medscheme which administers medical schemes covering 3,2m lives in South Africa, Namibia, Kenya, Botswana, Zimbabwe and Swaziland. Afrocentric is intent on accessing the Medscheme client base to sell its other products. On 11-10-22 Sanlam made an offer to buy between 36,9% and 43,9% of Afrocentric for R6 per share. This caused the share price to rise sharply. In its results for the six months to 31st December 2024 the company reported revenue down 51,8% and headline earnings per share (HEPS) down 90,6%. The company said, "The directors have no reason to believe that the Group will not be a going concern in the foreseeable future based on review of forecasts and budgets and available cash resources." Technically, the share bounced off support at around 280c, but the recent results disappointed and it has fallen further to 143c. We advise waiting for it to break up through its downward trendline before investigating further.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Shoprite (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 ordinary shares, but he still holds 265m deferred shares which effectively gives him 42% control of the company. The company has exited from Uganda and Madagascar in addition to Nigeria and Kenya which it exited earlier. The company agreed to buy 56 Cambridge and Rhino food stores from Massmart. The South African economy and the African economy are likely to improve once the COVID-19 pandemic becomes history and the recovery in the American and world economies resumes. In time, this must impact on consumer spending and benefit Africa's largest supermarket chain. In its results for the 26 weeks to 29th December 2024 the company reported merchandise sales up 9,6% and headline earnings per share (HEPS) up 9,9%. The company said, "Sales growth over the six months can be attributed to meticulous data-driven planning and execution, as evidenced by our core Supermarkets RSA segment housing our three main South African brands, Checkers, Shoprite, and Usave, increasing sales on the same period last year by R10.2 billion. This reflects a 10.4% increase in sales, despite a selling price inflation of only 1.9%, primarily driven by significant volume growth and an increase in customer visits and average basket spend." Technically, we drew attention to the fact that the share had broken above its 200-day moving average in the Confidential Report on 2nd September 2020. The share was then trading for 11696c. Since that time, the share has appreciated to 26700c or 128% in just over 4 years. It is currently in a cyclical downtrend - which we regard as a buying opportunity. We expect it to continue to benefit from the end of loadshedding and the advent of the government of national unity (GNU).

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Discovery (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 that ensures that there are attractive benefits for taking the full range of Discovery debit-order products. The Vitality platform tracks over 1000 customer activities and 50 biometrics a minute by using the Apple watch in South Africa, the UK, China, Europe and the US to ensure a process of healthy aging and retirement planning. Discovery's Chinese company, Ping An Health, in which Discovery has a 25% stake, saw membership grow by 60% over the year, and written premiums increased by 87% to $753m. Ping An is rapidly developing into Discovery's "Tencent". Discovery's move into banking offers existing clients a range of banking and credit card facilities. The banking license was approved in November 2017 and should significantly increase the profits being generated by the group in time. This is a disruptive development which will seriously shift the banking of A/B income group consumers away from existing banks. Discovery Bank's aim was to bring in 1000 new accounts per day from the end of August 2019. The company has seen a drop in car accident claims and medical insurance claims since the lockdown. This is a highly rated share despite the decline in its share price over the past two years. Discovery Bank has now reached 700 000 active clients and those clients are mostly of very high quality - but the progress has been relatively slow partly because of the pandemic. Discovery shares remain expensive, but we regard this as one of the best shares for a private investor to hold for long-term growth. CEO, Adrian Gore, says "I am a great believer that opportunities are not in good times." - indicating his belief that growth comes from investing during the difficult times such as South Africa is currently experiencing. Gore has also stated that the NHI, as it is proposed, is unaffordable for South Africa and that there are insufficient medical resources to implement it. Discovery became the first large, listed company to require all its staff to be vaccinated. On 20th June 2022 the bank reported that it had more than 1 million accounts and was taking on about 750 new accounts per day. In its results for the six months to 31st December 2024 the company reported total revenue up 42% and headline earnings per share (HEPS) up 33%. The company said, "Capital ratios remained strong across every business and liquidity at each regulated entity, and at the centre, remains well in excess of the required buffers. The cash conversion ratio remained steady at 75% of after-tax normalised operating profit compared with the prior period, notwithstanding the strong growth in normalised profit from operations." Technically, the share has been in a strong upward trend since June 2024. We added it to the Winning Shares List (WSL) on 1st August 2024 at 14280c. It has subsequently moved up to 20882c. Due to the quality of its management and business model, we see this as a "must have" share for any private investor's portfolio.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

The 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 stock exchanges were registered and licensed to trade equities in South Africa. So far, the most serious competitor which the JSE has is the A2X which now has a growing number of equities listed including Naspers (the largest market cap on the JSE) and Standard Bank as well as a number of stockbrokers. The A2X claims that its costs of dealing are as much as 50% cheaper than those of the JSE. The JSE has responded to this by bringing its costs down and still has 99,7% of the exchange market by value in South Africa. The company benefited from increased trading volumes because of the volatility associated with COVID-19. This is a relatively stable investment, which is well-capitalised and trades on a P:E of around 10,14. It will probably take considerable time for the A2X to offer significant competition, but it is gaining ground steadily. In its results for the year to 31st December 2024 the company reported revenue up 5,6% and headline earnings per share up 9,6%. The company said, "Most business segments reported growth in revenue for the period, with JSE Investor Services (JIS) revenue up 20.2%, Primary Markets revenue up by 15.6%, commodity derivatives revenue up 11.6%, and revenue from bonds and financial derivatives up 6.6% YoY. Non-trading income showed good growth, now representing 37.8% of operating income in 2024 (2024: R1 170 million; 2023: R1 088 million)". The steady downward trend in the share price came to an end on 14th June 2024 when it broke up through its long-term downward trendline. The rate of de-listings has fallen and there were 4 new listings in the period. It is a relatively secure blue-chip share which felt the impact of COVID-19 and the effect of the mismanagement of the local economy.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

RCL 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 consumer spending and high unemployment. The company, through the SA Poultry Association is petitioning the International Trade Administration Commission (ITAC) for an 82% increase in the tariffs on imported chicken. On 2nd December 2020, the company announced that Remgro had increased its stake by buying 100m shares at R8,05 each. On 29th March 2023 the company announced that it had sold Vector Logistics for R1,25bn. On 4th June 2024 the company announced that it would unbundle and separately list Rainbow Chicken. RCL shareholders got 1 Rainbow share for every RCL share that they held on 25th June 2024. On 10th June 2024 the company published the Rainbow's pre-listing statement with the last day to trade being 25th June 2024. In its results for the six months to 31st December 2024 the company reported revenue up 5,4% and headline earnings per share (HEPS) up 38,8%. The company said, "EBITDA increased by 25.1% to R1 549,8 million (December 2023: R1 238,7 million). The improved result was largely due to gains in Groceries and Baking, as well as a partial recovery of the additional levy raised by the South African Sugar Association (SASA) in our 2023 financial year." The share has been drifting down after Rainbow was unbundled, but is now at the start of a new upward trend.

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All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Bidvest (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 structure provided they produce good returns. This is the opposite of most listed companies, which aim to retain their focus on a single area of business and constantly sell off or close down "non-core" businesses. Diversification of this sort has the benefit that it reduces risk. When one division is performing badly, the others are performing well. The company is also constantly making new acquisitions. The acquisition of PHS, UK's largest cleaning service was well timed coming immediately before the huge increase in demand for cleaning that followed COVID-19. The company's investment in alternative energy sources is seen as a potential profit generator. On 3rd July 2024 the company announced that it will be looking for a buyer for Bidvest Bank and FinGlobal. At the same time it announced that acquisition of Citron Hygiene LP. In its results for the six months to 31st December 2024 the company reported revenue up 6% and headline earnings per share (HEPS) up 3%. The company said, "The majority of Bidvest businesses generated substantial and consistent profits, with four of the six divisions reporting trading profit growth. This performance was driven by continued demand for everyday essential products and services supplied by the Group across most sectors of the economy." Bidvest now trades on a P:E of 12,89 - but we believe it still represents good value at these levels. Technically the share has falling since September 2024, but we believe it represents good value at current levels. On 12th December 2024 Bidvest announced that it had sold Bidvest Bank for R2,8bn.

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All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Italtile (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 gained an increased "share of wallet" and improved the management of stockholding and working capital. The company appears to be benefiting from increased sales as people work from home and seek to improve their home environments. It plans to add between 10 and 15 new stores this year. It has also bought back about R240m worth of its own shares at lower levels. The company closed 18 stores in Natal and 16 other stores for 10 days during the civil unrest. Two stores at Orange Farm and Spruitview were destroyed. There have also been store closures due to COVID-19 during July 2021. In its results for the six months to 31st December 2024 the company reported turnover down 1% and headline earnings per share (HEPS) up 4%. The company's net asset value (NAV) fell 1% to 678,1c per share. The company said, "A stronger performance in Q2 buoyed the Group's results for the Review Period. The improvement was underpinned by a combination of external and internal factors. Externally, we benefited from the uptick in consumer sentiment and spend in the latter half of the period, a trend also reported on by other retailers." Technically, the share moved sideways for two years until COVID-19 took it down to levels around R10. The share broke up through its long-term downward trendline on in June 2024 and rose strongly until the end of that year. Since then it has been in a downtrend. It will probably benefit from new building activity expected to follow the formation of the new GNU in SA. Once again we suggest waiting for a break up through its downward trendline.

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All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Safari (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 unrest and looting. It said, "Nkomo Village Centre in Atteridgeville and Denlyn Centre in Mamelodi suffered minimal damage while only Thabong centre in Sebokeng suffered structural damage. Nkomo Village and Denlyn centre were closed for two days to effect necessary repairs. Thabong Centre partially opened on Friday 6 August 2021 with the majority of its tenants commencing with trade. The Company has registered a claim with its insurers for the damages and also a claim for loss of rental income due to business interruption." In its results for the 6 months to 31st December 2024 the company reported operating profit up 9% and headline earnings per share (HEPS) of 33,3c compared with 32,7c in the previous period. The company said, "During the period under review, operating profit saw a healthy increase primarily driven by improved occupancy rates and strong performance at Platz am Meer." We see this share as good value at current levels although trade in the share tends to be patchy. It only has R45000 worth of shares changing hands on average each day which adds to its risk.

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All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Northam (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 from Glencore for R175m which it intends to re-start at a cost of R2bn. On 29th October 2019, the company announced the acquisition of Maroelabult for R20m which is west of the Eland mine with an analogous ore body. This has accelerated the bringing to production of Eland and required very little capital. With the Eland mine, Northam got a concentrator plant which can process up to 250 000 tons a month. In return, Glencore got the right to market all of Northam's chrome. At the same time Northam has recently commissioned a new smelter to try to process its backlog of platinum ore which is estimated to be worth about R2,5bn. Zondereinde is a deep-level mine which has all the problems associated with mining at depth, while Booysendal is a shallow mechanised mine which is much easier to manage. Both mines are profitable, but the empowerment structure results in Northam always reporting a loss because of the preference dividend that must be paid. Once Booysendal is complete the company should generate strong cash flows. The appointment of Mcebisi Jonas (former South African Minister of Finance) and Jean Nel (previously CEO of Aquarius Platinum) as non-executive directors will significantly add to the strength of the board. The company has the stated intention of doubling its workforce as it strives to become a major PGM supplier in the world. With plans to increase production of PGM's over the next few years to 1 million ounces, this is probably one of the better options in the industry. The company has also sold its Impala shares for R3,1bn. The PGM industry is currently navigating significantly depressed PGM prices and high inflation, together with a raft of global geopolitical uncertainties and locally, Eskom load curtailment events. In its results for the six months to 31st December 2024 the company reported sales revenue down 3,1% and headline earnings per share (HEPS) down 49,7%. The company said, "Zondereinde benefitted from focussed Merensky stoping in the Western extension, together with logistical decongestion resulting from the ongoing shift of UG2 stoping from the western to the higher yielding eastern portions of the mine. Booysendal has reached its steady state production profile and is now focussing on productivity gains, while Eland continues to ramp-up on schedule. The group’s equivalent refined metal from own operations increased by 3.7% to 451 213 oz 4E (H1 F2024: 434 977 oz 4E). Strong production growth was recorded at Eland, despite safety stoppages. Marginal improvements at Zondereinde ahead of the commissioning of 3 shaft and despite an Eskom power outage, and at Booysendal on the back of productivity gains, again demonstrate the quality of these operations." Since April 2021 there has been a steady decline in the share which has seen it fall back substantially. Despite this, we see a good future for this company in the longer term, but it remains a volatile commodity share. We recommend waiting for a clear break up through the downward trendline before investigating further.

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All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Motus (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 Africa with 730 000 clients. It retails parts and accessories for older vehicles through 720 franchised outlets. Altogether it has a 20% share of the South African retail vehicle market, selling roughly 100 000 vehicles per annum. It is the importer of Hyundai, Kia, Mitsubishi and Renault. The CEO, Osman Arbee, said that the company plans to pay generous dividends because of its strong cash flows. The company generates 65% of its turnover in South Africa and 93% of its operating profit. On 1st October 2021 the company announced that it had acquired FAI Automotive in the UK for R550m. In its results for the year to 31st December 2024 the company reported revenue down 2% and headline earnings per share (HEPS) up 3%. The company said, "The business experienced a challenging first quarter on the back of a slow-down in the economies in which we operate and an improved performance for the second quarter. The second quarter was supported by improved business confidence, lowering of interest rates and the introduction of the two-pot retirement system in SA." Technically, the share has fell from a high above R130 in September 2022 to levels around R80 in April 2024. It has subsequently recovered to R127 by mid-December 2024, but has been in a downward trend since then. The latest results caused the share price to drop sharply. It is now on a P:E of 6,57 - which makes it reasonably priced in our estimation. We see this as a very well-established company that is to some extent dependent on the state of the economy and the level of consumer spending. We think it will turn out to be a good investment, especially as the economy improves with the end of loadshedding and the new government of national unity (GNU).

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All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Truworths (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 brands like Cotton On and which is entirely dependent on consumer confidence and spending. Its sales are also dependent on a fine appreciation of the rapid changes in the fashion industry. All these factors make it very difficult for the company to remain profitable. Truworths has a very conservative approach and is constantly refining its business model. It has 767 stores in South Africa with 37 in the rest of Africa and 132 stores in the UK, Germany, and Ireland. The company acquired Barrie Cline ladieswear which had been supplying Truworths for 30 years. The company is in the process of launching a new low-cost value chain, called "Primark", to compete with Mr. Price and Jet. It plans to roll out 15 to 20 new value stores in the next few months. In its results for the 26 weeks to 29th December 2024 the company reported merchandise sales up 2,5% and retail sales up 2,4%. Headline earnings per share (HEPS) fell 4,6% and the company's net asset value (NAV) increased 21,9%. The company said, "Truworths Africa’s retail sales decreased 1.1% relative to the prior period. Account sales decreased by 0.9% and comprised 70% (Dec 2023: 70%) of the segment’s retail sales for the current period. Cash sales decreased by 1.6%. Online sales continued to show good growth in the current period, increasing by 38% and contributing 5.8% to Truworths Africa’s retail sales." The share reached a high on 11212c on 4th November 2024 before beginning a new downward trend. Our advice is to wait for it to break up through its downward trendline before investigating further.

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All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Anheuser-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 acquisition of SA Breweries, AB InBev is four times the size of the world's next largest brewer - Heineken - so there is very limited potential for further meaningful acquisitions. Growth from here on must be organic. Because of its American exposure, the company reports quarterly. In its results for the year to 31st December 2024 the company reported revenue up 2,7% and volumes down 1,4%. The company reported headline earnings per share of $3,04 compared with $2,92 in the previous peariod. The company said, "The strength of our 2024 results is a testament to the consistent execution of our strategy and the hard work and dedication of our people. We delivered EBITDA growth at the top-end of our outlook and a step change in our free cash flow generation." From a private investor's perspective, this is a massive international blue chip share which is clearly a good rand-hedge. At current levels it is trading on a P:E of 18,25 - which still looks fairly fully priced to us. Technically, it was in a downward trend from when it listed on the JSE and we recommended waiting until it broke up through its long-term downward trendline. That happened on 4th November 2022 at 94065c. It has since moved up to 109294c.

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All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Adcock (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 it does not allow the company to make significant profits from pricing at what the market will bear. Since some of the ingredients of medicines are imported, it also makes the company vulnerable to the strength of the rand. To win government contracts to supply medicines, the company has achieved level 1 B-BBEE empowerment status for its continuing operations. Bidvest obtained a strong interest in the company (50.1%) and basically controls its board of directors. Bidvest is trying to sell this interest to a Black empowerment entity but claims that none of them have sufficient capital to buy the share for R4,8bn. Now the company wants to diversify away from the single exit price mechanism by moving into baby care products and other products which are unregulated. In its results for the six months to 31st December 2024 the company reported revenue down 1% and headline earnings per share (HEPS) down 9%. The company said, "The Group's operational and financial performance during the period under review ended below expectations, driven by several sector-specific factors, including constrained consumer spending within the lower LSM's and reduced inventory holdings in the pharmaceutical wholesalers channel, evidenced by their sales into pharmacies being higher than orders placed on the Company." Technically, the share was in an upward downward trend which came to an end in September 2024. The latest results have derailed that and it is probably wise to wait for it to find support before investigating further. We regard this as a solid investment for private investors. At the current level the share is on a P:E of 9,62, but it may fall further.

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All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

City 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 impact has come from COVID-19 which has decimated the hotel industry and City Lodge in particular. On 1st July 2022, the company announced the finalisation of the sale of its East African hotels for a net R460m. In its results for the six months to 31st December 2024 the company reported revenue up 2% and headline earnings per share (HEPS) up 15%. The company said, "National elections held in the other SADC countries in the second quarter have contributed in varying degrees to disruption in operations and occupancy. Unrest in Mozambique remains disruptive to both our operations and the group's schedule to complete the remaining three floors of the hotel. However, the hotel remains operational and has served as a safe haven for guests." Technically, the share peaked at R171 in February 2018. It fell to a low of 225c on 4th November 2020 following the dilutive rights issue in August 2020, but has since rallied to 417c. We see this share as continuing to recover, but it remains volatile. Obviously, the end of loadshedding has been a benefit as has the advent of the government of national unity (GNU). The company has an almost debt-free balance sheet with cash in the bank and sizable credit facilities. We are optimistic on its prospects.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Glencore (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 offices located in over 50 countries. So, this is a massive, diversified mining house which markets its products all over the world and is involved in almost every mineable commodity that exists. This means that it is far less volatile and risky than other less diverse mining houses. Since the commodity cycle turned at the start of 2016, one of the greatest beneficiaries has been Glencore, particularly because of the fact that it owned the world's richest source of cobalt in the Democratic Republic of Congo (DRC). Cobalt is the metal used in the batteries which will be needed by the world's shift to electric motor vehicles. The problem is that the government in the DRC is in the process of declaring cobalt to be a "strategic mineral" - which means much higher tax. The company is in the process of aggressively buying back $2bn worth of its own shares. Glencore announced on 28th June 2021 that it had bought Anglo's 33% stake in Correjon colliery in Columbia for $294m. Glencore clearly benefited from the war in Ukraine and the increase in coal prices particularly. In a production update on the year to 31st December 2024 the company reported copper production down 6%, cobalt down 8%, zinc down 1%, nickel down 16% and energy coal down 6% while lead was up 2% and steel making coal was up 165%. The company said, "2024 production volumes were delivered within our guidance ranges (unchanged from the beginning of the year), reflecting stronger second half (H2) performances across our key commodities. Copper production was 26kt higher in H2 (+6% vs H1), supported by Antapaccay's recovery from H1 geotechnical issues." Business Day (20-2-25) reported that Glencore had made a R30bn loss in the year to 31st December 2024 mainly because of lower prices for thermal coal. The price of nickel was down 22% and cobalt fell 27%. The company has impaired its zinc and copper operations by almost R1,5bn. Earnings per share (EPS) fell to a loss of 13c (US) from a profit of 34c. The share made a convincing "descending double top", with the second top being slightly lower than the first in April 2024. Technically, this is a bad sign. The fact that the share could not rise above its January 2023 top at R120 was a major disappointment to the bulls. Commodities are in a downward trend which has a direct impact on Glencore.

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All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

With 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 a portfolio of world-class mining operations and undeveloped resources. It is true that commodity prices as a group tend to move in trends, and since the beginning of 2016, that trend has been steadily upward until the corona virus caused markets to fall into a new downward trend in March 2020. The upward trend has now resumed, with a strong recovery already taking place. An Anglo project is Quellaveco in Peru which is a massive copper mine in which Anglo owns 60% of. It will have a very rapid payback period now that it has begun producing. It is costing $5,6bn to build which should be recovered in about 4 years - and then the mine has a life of 30 years. We believe that the boom in commodity prices is continuing, and that COVID-19 is substantially behind us - commodity prices will be driven on by the economic expansion which began in America and spread to Europe and the East. Of course, the conflict in Ukraine is pushing commodity prices up, especially precious metals, because of the heavy sanctions on Russia. So, if you are looking for an investment which is likely to be more exciting than buying one of the big banks or property REITs, and which will benefit directly from the growth in the world economy, you could do worse than to consider Anglo American. One of the factors holding the company back has been the poor availability of Transnet’s rail service, especially at Kumba. The company plans to get 100% of its energy needs from renewables in South Africa by 2023. In its results for the six months to 30th June 2024 the company reported earnings before interest taxation depreciation and amortisation (EBITDA) of $5bn - with reduced costs off-setting a 10% drop in its basket of commodity prices. Iron and copper contributed $3,5bn of the EBITDA. Debt was $11,1 and headline earnings fell to $per share (HEPS) fell to 42c from 135c (US) in the previous period. The company, "...delivered steady volumes and a 4% improvement in unit costs, while still facing weak cyclical markets for PGMs and diamonds." In an update on the third quarter to 30th September 2024 the company reported copper production down 4% and iron ore up 1%. PGMs were down 7%, diamonds down 21% and manganese down 45%. Anglo remains a commodity share linked to the international prices of various commodities. Its restructuring will leave it with Kumba and its manganese interest in South Africa. On 11th September 2024 Anglo announced that it had sold 13,94m shares in Amplats for R7,2bn as part of an accelerated bookbuild. On 27th November 2024 the company announced that it had raised R9,6bn as a result of its accelerated book-build of 17,5m Amplats shares (6,6% of its issued share capital). The objective is to reduce its exposure to platinum group metals (PGM). The share has broken up through its long-term downward trendline, but it remains a volatile commodity play. Business Day reported on 19th February 2024 that Anglo had sold its nickel business for up to $500m in cash.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Labat (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 South Africa in 2020 is expected to be worth around R27bn. On 5th May 2020 the company issued a profit forecast for the years to 2021 and 2022 - in which it said it was raising R112m by the issue of shares and that it would generate a profit of R60m in 2021 and R162,3m in 2022 resulting in headline earnings per share (HEPS) of 10,9c and 29,9c respectively. On 8th May 2020 the company announced that it had decided to put Force Fuel into business rescue because of a drop in volumes as a result of COVID-19. In its results for the six months to 30th November 2023 the company reported revenue of R36,6m compared with R24m in the previous period. Headline earnings per share (HEPS) were 0,78c compared with a loss of 1c in the previous period. The company said, "Group revenue for the year increased by 152% to R36.7 million (2022: R24.1 million) compared to the prior year. This increase was driven mainly by the 13 new retail wellness stores that were opened during the year." In a trading statement for the six months to 30th November 2024 the company estimated that HEPS would increase by 98,72%. The company's shares were suspended on the JSE in October 2023 and only commenced trading again on 2nd January 2025 with the publication of the interim results to 30th November 2024. Even when trading, this is a volatile, often loss-making penny stock, so investors should probably leave it alone.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Previously 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 previous period. The company said, "Fundamental earnings per share (a non-GAAP measure) of $0.06 (ZAR 1.06), improved ZAR 3.72, compared to a fundamental loss per share of $0.15 (ZAR 2.66) in FY 2023. - Merchant Division revenue increased 12% in ZAR to $498.3 million (ZAR 9.3 billion) and Segment Adjusted EBITDA increased 4% in ZAR to $33.4 million (ZAR 624.1 million)." In an update on the 1st quarter to 30th September 2024 the company reported revenue of R2,6bn and a loss of 126c per share. The company said, "Net loss, including $1.7 million (ZAR 30.0 million) of one-off Adumo transaction costs, improved 23% in ZAR, to a net loss of $4.5 million (ZAR 81.0 million) in Q1 2025." In an update on the 2nd quarter to 31st December 2024 the company reported revenue up 42% and a net loss of R583,7m compared with a loss of R50,8m in the previous period. The company said, "For the year ending June 30, 2026, we expect Group Adjusted EBITDA between ZAR 1.25 billion and ZAR 1.45 billion." The share trades R69 000 worth of shares on average every day and there are days when there is no trade at all. On 5th December 2023 the company announced that Chris Meyer will step down as CEO in February 2024. On 6th February 2024 the company announced that it had acquired Touchsides a distributor of alcohol to shebeens and informal taverns. On 2nd October 2024 the company announced the acquisition of the fintech company, Adumo, for R1,67bn in cash and shares. On 20th November 2024 the company announced that it had acquired the prepaid electricity submetering and payments business Recharger for R507m.

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All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Sebata (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 Amanzi Meters which supplies water meters to the residential market. ICT support services consists of Turrito Networks, which provides telecommunications and managed solutions to the SME and corporate market, and Dial-a-Nerd, which provides IT support to SMMEs and professionals. The Consulting division consists of Utility Management Services, which assists municipalities with meter reading and debt management, and Mubesko Africa, which consults to local government supplying draft policies and long-term financial planning. Its market, which consisted primarily of municipalities, is renowned for being badly managed and for failing to pay their debts. In its results for the six months to 30th September 2024 the company reported revenue of R83,75m and a headline loss of 0,13c compared with a loss of 9,91c in the previous period. The value traded in the share is around R6 000 per day on average - which makes it impractical even for a small investment. Clearly, it does have some prospects in the UK.

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All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Bowler 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 following the elections. Consumer spending was cautiously optimistic, aided by relief from the two-pot retirement system, lower inflation, and reduced interest rates. However, the war in the Middle East impacted supply chains, affecting forecasting and manufacturing." Technically, the share has been in a gradual upward trend for many years. It is quite cyclical and fairly thinly traded, with many trading days on which no shares change hands, which tends to limit institutional involvement. The company is on an undemanding P:E of 7,43 and a dividend yield (DY) of 4,12%. Following the sale of Softbev, it has a strong balance sheet and cash for possible acquisitions. It should perform in line with the South African economy going forward, but it is a difficult industry with significant working capital requirements. Fortunately, the company has a significant cash pile with minimal debt. It has also been buying its own shares back - which makes the share's liquidity worse than it already is, but should push up its net asset value (NAV). We see this as a relatively solid, unexciting, long-term investment.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Wesizwe (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 59,63c in the previous period. The company said, "Administration expenditure increased by 749% to R35.05 million, from R4.13 million in the prior corresponding period. - Net foreign exchange gains of R170 million due to the strengthening of the Rand against the US Dollar (2023: R1 783 million loss)". The company is a marginal precious metals company which is subject to the vagaries of PGM prices - which makes it risky. The share has fallen from a high of 197c in October 2021 to levels around 34c on the recent results - it may well be heading for liquidation. We think that there are better options in the PGM market. The company announced on 8th January 2025, "The approval process for the letter of support beyond the current funding cap of US$1 519 million is still ongoing. The directors of Wesizwe are confident that with the continued support of the Majority Shareholder and the anticipated approval from the NDRC, Wesizwe will secure the required funding to meet its financial obligations..."

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All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Kibo (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 May 2019 was progressing well) and Botswana (85% interest in the Mabasekwa coal power project). In its results for the six months to 30th June 2024 the company reported revenue of GBP202 258 and a loss of GBP492 055m. The company said, " ...a material uncertainty exists which may cast significant doubt on the Group’s ability to continue as a going concern." On 7th June 2024 the company announced, "Partly conditional fundraise with gross proceeds of £500,000 raised at a placing price of 0.015p * Mohammed Ashraf proposed to join Kibo as Executive Director and Chief Executive Officer." On the 23rd of December 2024 the company announced, "Financial results (includes the consolidated results of MAST Energy Developments Plc) • Total revenues £341,207 (2022: £1,036,743). • Operating loss £5,518,089 (2022: £ 10,570,952 loss)." The main problem with this share is that it is extremely thinly traded or untraded which precludes it for private investors. It is also in one of the riskiest areas of investment - energy exploration - and it is running at a loss. We can see no benefit in buying this penny stock unless you want to speculate.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Capital 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 to its net asset value (NAV) but jumped on the news of the takeover by Growthpoint. In its results for the six months to 30th June 2024 the company reported net rental income up 17,1% and adjusted profit up 17,1%. The company said, "Over the six months to the end of June, not only did we complete more lettings and renewals than over the same period last year, we also achieved these at both a higher average rent per lease and average premium to the previous rent." Obviously, this is a rand-hedge share for South African investors because it is focused in the UK, but the returns are definitely under pressure and the LTV is still high at 43%. The share is relatively thinly traded with many days when there are no trades at all - which means it is not attracting institutional interest. On 23rd May 2024 the company announced that it had received a non-binding offer for all of its share capital from Vukile (VKE). This caused the share to rise sharply. On 19th September 2024 the company announced that it had received an offer from Newriver for 31,25 pence and 0,41946 Newriver shares for every Capreg share. On 11th December 2024 the company announced that it shares would be delisted from the JSE on 27th December 2024, "...following settlement of the cash consideration on 24 December 2024 payable to Capital & Regional Shareholders on the South African Register."

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Enterprise 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 September 2016 and since then the share has fallen steadily to reach a low of 146c in February 2023. This fall was initially accompanied by allegations that the company was involved in and owed its success to state capture in collaboration with the Guptas. The CEO and founder, Asher Bohbot, resigned in May of 2017 and handed over to Zunaid Mayet, who has now handed over to Stephen van Coller. Usually, when a company is run by a strong charismatic leader and that leader (like Bhobot) resigns, it is time to sell the share. The company's 200 subsidiaries have been consolidated into three divisions with centralised debt collection and procurement. On 6th July 2021 Business Day reported that EOH could possibly be "blacklisted" by the government as a result of its past tender frauds. This would obviously be very negative for the company. On 11th November 2022, the company announced a R500m rights issue and a R100m private placement mainly to reduce debt and on 13th February 2023 it announced that the offer had been 135,8% over-subscribed. In its results for the year to 31st July 2024 the company reported revenue down 3,1% and a headline loss per share of 0,21c compared with a loss of 21c in the previous year. The company said, "A special board subcommittee was formed in June 2024 to turn EOH around. Key initiatives include business restructure and rationalisation plans. Corporate and administration cost restructure successfully completed. Cost savings of between R160 million and R200 million anticipated into FY25." On 31st May 2024 the company announced the resignation of various directors and the appointment of Marius de la Rey as interim CEO. Technically, the share made a "double bottom" in April and May of 2024 after which it began a new upward trend. We believe that it will continue to rise.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Sasfin (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 mainly because of the impact of COVID-19 but there are signs that the share is beginning to recover. On 16th October 2023 the company announced, "Sasfin has entered into binding heads of agreement to dispose of its capital equipment finance and commercial property finance businesses to African Bank Limited." This caused the share price to rise sharply. On 27th February 2024 the company announced that it had received a civil summons from the South African Revenue Services (SARS) for a damages claim of R4,782bn plus interest and penalties in respect of income tax, value added tax (VAT) and penalties allegedly owed by former foreign exchange clients of the bank. The company has a market capitalisation of just R484m. In its results for the year to 30th June 2024 the company reported a headline loss of 190,96c compared to a profit of 366,18c in the previous year. The company said, "The loss was impacted by an increase in expected credit losses and a decline in non-interest income, driven by negative fair value adjustments in the Private Equity portfolio, and a provision raised in respect of the administrative sanctions received." The share is fairly thinly traded with only about R85 000 worth of shares changing hands on average every day. On 15th July 2024 the company announced that it intended to delist from the JSE. Shareholders will be offered R30 per share - a 66% premium to the 30-day VWAP on 12th July 2024. On 16th October 2024 Business day reported that the JSE had put Sasfin on notice of suspension regarding its failure to produce financial statements within 3 months of the end of its financial year.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

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 pressure due to the prevailing chrome market as well as the ongoing impact of Covid-19 on operations. This resulted in Sail Contracting being placed in provisional liquidation on 5 July 2021 and the flagship operation, Black Chrome Mine, being put into care and maintenance soon thereafter. As at 31 August 2021, the Group’s current liabilities exceed its current assets by R922.3 million (28 February 2021: R540.3 million). There is however still a material uncertainty if the Group will be able to meet its obligations." In addition, this share has very thin volumes traded which makes it relatively risky for the private investor. Essentially, it is a penny stock in a risky commodity which could easily fall into bankruptcy if the chrome price falls. On 14th June 2022 the company announced that it had placed its Black Chrome Mine in business rescue. On 1st July 2022 the JSE warned that CMO had missed the deadline to publish its financials within 4 months of its financial period end. On 18th July 2022 Business Day reported that the JSE had suspended Chrometco shares. The shares were still suspended on 28th March 2024 pending the publication of the financial results. In a suspension report on 28th June 2024 the company said, "In respect of the late publication of the Company's Provisional Report, the Company has been struggling in its appointment of new auditors due to three subsidiaries within the group, Black Chrome Mine Proprietary Limited ("Black Chrome Mine"), Sail Resources Proprietary Limited and Sail Minerals Proprietary Limited, being in Business Rescue." In an update on 30th September 2024 the company said, "Trading in the Company's shares remain suspended due to the late publication of the annual financial statements for the years ended 28 February 2022, 28 February 2023 and 29 February 2024 ("Annual Results") and the subsequent interim results for the six months ended 31 August 2022 and 31 August 2023 ("Interim Reports")".

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Previously 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 11,73c per share compared with a loss of 6,72c in the previous period. The company's net asset value (NAV) has fallen from 40,63c per share to just 7,61c. The company said, "Buka has failed to comply with section 3.26 of the JSE Listings Requirements which requires a cash shell, within six months after classification as such, to enter into an agreement and make an announcement relating to the acquisition of viable assets that satisfy the conditions for listing in terms of the JSE Listings Requirements. Consequently, the JSE suspended Buka’s listing with effect from 24 February 2023." From 6th July 2022 the company has been on the Alt-X of the JSE under the new name Buka Investments (BKI), however it remains suspended. To us it looks like this penny stock is dying. In a trading statement for the year to 29th February 2024 the company estimated that it would make a headline loss per share of between 17c and 20c compared with a loss of 28,01c in the previous period.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Ellies (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 of the Labour Relations Act, to retrench 183 staff. This is a company that will probably benefit directly from any improvement in the South African economy and the share does look cheap at current levels. The company is trying to reduce its reliance on Multichoice and the installation of DSTV dishes in a move towards solar energy. On 26th September 2022 the company announced that it was beginning a section 189 procedure which comes before retrenchments. This caused the share price to fall by almost 20%. In its results for the six months to 31st October 2023 the company reported revenue down 30,6% and a headline loss per share of 13,2c compared with a loss of 4,58c in the previous period. The company has negative equity of 7,3c per share. Technically, the latest results and news hammered the share down to 1c. On 31st January 2024, the company announced that it had entered business rescue. On 7th April 2024 the company announced that four of its non-executive directors had resigned. On 10th April the company announced that it would be going into liquidation as the business rescue practitioners saw no chance of recovery. On 22nd April 2024 the company announced the immediate voluntary suspension of trading in its shares.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Grindrod 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 joint ventures) transporting between 12 and 14 million tons of dry bulk per annum. The ships are primarily handysize, supramax or ultramax. Unicorn ships petroleum products in the medium range and intermediate tanker markets along the Southern African coast as well as in East and West Africa. The shipping business is very capital intensive and depends heavily on the level of international trade. This means it is volatile, but it should benefit as world trade picks up. Right at the moment it is benefitting from the worldwide shortage of containers and shipping. The company announced a $50m increase in its share buy-back program. In its results for the six months to 31st December 2023 the company reported revenue up 6,7% at $201,2m and operating expenses of $1,5m. The loss for the period was $10,8m compared with a profit of $17,6m in the previous period. The company said, "Following TMI's acquisition in December 2022, the priority for 2023 was deleveraging to strengthen the balance sheet while maintaining an attractive fleet of modern, efficient geared bulk carriers." Technically, the share was in a strong upward trend until November 2022 then it began to decline. It has been moving sideways since June 2023. On 29th August 2022, the company announced that it had received an offer to buy 100% of its shares for $26 per share (R436.19). On 12th October 2022, the company announced that a deal had been struck whereby shareholders would get $21 per share plus a $5 dividend. This means that Grinship will be delisted from the JSE in due course.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Mix 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 amounts of capital tied up in assets. In its results for the six months to 30th September 2023 the company reported revenue up 13% and increase of 87900 subscribers to bring the total to 1,089m. The company said, "Profit for the period of R38 million - Adjusted EBITDA up 58% year-over-year to R343 million, at an adjusted EBITDA margin of 24.8%." In an update on the 3rd quarter of their 2024 financial year the company reported 52400 new subscribers and revenue up 6%. The company said, "Adjusted EBITDA up 13% year-over-year to $9.5 million, at an adjusted EBITDA margin of 24.4% (up 220 basis points from the prior year)." What is interesting is that the volumes traded have increased and now average about R232 000 worth of shares changing hands every day. This may mean that institutional investors are beginning to take notice and invest in this share. The share looks cheap and was added to the Winning Shares List on 28th December 2023 at a price of 590c. It has subsequently moved up to 27,8% to 754c per share. On 10th October 2023 the company announced that it was to merge with a US company, Powerfleet, and delist from the JSE. At the same time Powerfleet will list on the main board of the JSE through a secondary inward listing to ensure continuity of trade.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

This 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 value was R4.3bn paid by the government pension fund. The company's net asset value (NAV) was just 15c per share at the time according to its pre-listing statement. The previous CFO and CEO have testified that the profits of AYO were manipulated and overstated. Then Surve tried to list a company he called Sagarmatha which included Surve's online shopping and media businesses. Fortunately, the listing had to be aborted due to a JSE technicality, but the coverage it received has generally left a bad taste in investors' mouths. AEEI made a high of 770c in January 2018 but has since slumped to just 120c and looks to fall further. The share is also very thinly traded with an average of only R26 000 worth of shares changing hands each day. Our advice to private investors is to stay away. In October 2019, the Financial Sector Conduct Authority (FSCA) conducted a raid on Surve's offices as part of an on-going investigation. On 1st June 2021 British Telecom (BT) announced that it was severing ties with Sekunjalo due to "misrepresentation of facts" before the standing committee on finance in parliament. We would regard this as a very speculative investment for private investors because there is insufficient information about what Surve is really doing and the outcome of the PIC's efforts to get its money back from AYO. We (and many other analysts) feel that reliance cannot be placed on these numbers. Independent analyst Anthony Clark has said in the past that its results were "astonishing in their bravado". In its results for the year to 31st August 2023 the company reported revenue up 27% and headline earnings per share (HEPS) from continuing operations of 22,29c compared with 4,54c in the previous period.

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All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

RECM 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 company, Astoria, to 78,45%. RACP will now have to make an offer to the remaining minorities at 240c per share. Astoria was an international investment company, listed in Mauritius, on the JSE's ALT-X and on the Namibian stock exchange with investments in listed companies in Europe and the US. Astoria has sold most of its share holdings and now has a net asset value (NAV) of around 260c. Astoria has recently acquired CNA from Edcon's liquidators. The balance of RACP's investments are small investments with none representing more than 6% of the company's total assets. In its results for the year to 31st March 2020 the company reported net asset value (NAV) per share down by 24% to 2692c and a headline loss of 659c compared to a loss of 85c in the previous period. In a voluntary update on 15th April 2021 the company reported Astoria's NAV at 31st December 2020 as 683c per Astoria share. 90,1% of Astoria's shares held by RACP are being unbundled into the hands of RACP shareholders at 1 Astoria share for every RACP share held. In a trading statement for the six months to 30th September 2021 the company estimated that the net asset value (NAV) per share would be between 25,1% and 25,6% lower than in the previous period. The company said, "The main contributor to the reduction in the NAV per share during this period was a reduction of R6.79/share which resulted from the distribution of Astoria Investments Ltd. shares to RAC shareholders in April 2021". In a trading statement for the six months to 30th September 2022 the company estimated that its NAV will increase by between 22,4% and 25,7% from the 1422c reported in the previous period. From a private investor's perspective, this investment company appears to lack focus and trades well below its NAV. In its financials it admits that over the past ten years it has under-performed the JSE ALSI. In a trading statement for the six months to 30th September 2023 the company estimated that its NAV would be between 30% and 32% lower. It is also relatively thinly traded which makes it unattractive even to private investors. Its control structure is another problem where the only way in is through a preference share.

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All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Luxe (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 loan. Despite this, the company had to do another rights issue, this time to raise R132m at a price of just 10c per share. Only 18% of shareholders took up the rights with the balance being taken up by Riskowitz and associate underwriters. This shows the enormous destruction of value that has taken place in this company. The effect of the rights issue has been to give the RVF more than 90% of the shares - which will enable it to delist the company. In our view, this company has suffered continuously from a lack of focus. The newly appointed CEO, Duncan Crosson, is selling off the company's food businesses and focusing on its jewellery business. In its results for the six months to 31st August 2021 the company reported revenue up 64% and a headline loss of 24,6c compared with a loss of 101,7c in the previous period. The company said, "Half year same store sales were -8.3% compared to the corresponding period in 2019 and +60.1% compared to 2020. September results were pleasing with a strong recovery compared to 2019 at +13% and +5% compared to 2020. Online sales grew 236% (+174% on a comparable basis) for the half year." We think it may be difficult to turn this company around in the current unfriendly economic environment, but as the economy improves their sales can be expected to pick up. Competition is stiff in the retail jewellery business in which the company trades. Crosson asserts that there is still a profitable and viable business in the jewellery business. On 16th March 2020 the company announced that it was liquidating the subsidiary which owned the Domino’s Pizza franchise in order to focus on the jewellery business. This involved writing off R450m. On 15th October 2021 the company announced that 5 of its 7 board members had resigned - 3 non-executive and 2 executives. We believe that it would be wise to wait until this share has established a track record before investigating further. The share is now thinly traded with only R52 000 worth of shares changing hands on average every day. This increases the risk. On 1st July 2022 the JSE warned that Luxe had missed the deadline to publish its financials within 4 months of its financial period end. On 18th July 2022 Luxe reported that two of its directors had resigned. In a trading statement for the year to 28th February 2022 the company estimated that headline earnings per share (HEPS) would be between 31,49c and 39,52c compared with a loss of 80,3c in the previous period. On 2nd August 2022 Business Day said that Luxe would have to re-state its financials for a number of years after discovering accounting errors. On 5th August 2022 the share was suspended because it had failed to publish its financials for the year to 28th February 2022 within 4 months of its year-end. In a quarterly update on 19th December 2022 the company said, "As negotiations are still in progress, the cautionary announcement was renewed on 31 October 2022 and again on 12 December 2022". On 19th May 2023 the Business Day reported that Luxe had liquidated its jewellery businesses without informing the market as required by the JSE rules. On 23rd May 2023 Business Day reported that Luxes’ creditors had applied to court for its liquidation. The Business Day reported that it had been placed in liquidation on 26th September 2023.

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All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Royal 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 low platinum prices. The company recently acquired the Maseve Concentrator plant for $70m which is nearby and will allow them to process the production of Styldrift at a low cost. The company has struck a deal to deliver 70% of its gold production (which is a by-product) to Triple Flag in payment for the acquisition of the Rasimone mine. Triple Flag is also giving the company $145m in cash in a long-term streaming agreement which will strengthen the balance sheet. Like any commodity share, RBP is highly dependent on the platinum price, but it is a low-cost, well-managed company that will be able to ride out a period of low platinum prices better than most. The Ukraine war resulted in the palladium price rising to a record high in the first quarter of 2022, but since then PGM prices generally have been falling. The war has also impacted global supply chains causing increased costs and squeezing margins. On 29th November 2021 the company announced that it had received a firm intention letter from Impala Platinum to buy all the ordinary shares of RB Plats which it did not own for a combination of R150 in cash plus 0,3 Impala shares. On 15th July 2022, Implats announced that its deal to acquire RB Plats had been postponed until 16th September 2022. On 9th November 2022 the company announced that it had received a firm offer from Northam to acquire 100% of the company for R172.70 per share. Clearly, there is a bidding war going on for RBP. In a trading statement for the year to 31st December 2022 the company estimated that HEPS would fall by 48,2%. In its results for the six months to 30th June 2023 the company reported revenue down 29% and a headline loss of 113,8c per share compared with a profit of 767,3c in the previous period. The company said, "The operating environment for the first half of 2023 was characterised by a decline in the basket price combined with ongoing inflationary pressure on the operating costs of the business". Technically, the share has found significant resistance at about R170 and is now falling back from that level as PGM prices decline. On 20th July 2023, Implats announced that it had obtained control of RB Plats with 98,5% of the shares as a result of its mandatory offer. RB Plats shares are now suspended on the JSE pending its delisting. This was mainly due to a 50% drop in the price of rhodium.

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All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Indluplace (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 reduction in the market value of its properties in the short term as a result of COVID-19. On 10th June 2020, the company announced that it was investigating a possible merger with Arrowhead. Its share is too thinly traded to get much attention from institutional investors with about R159 000 worth of shares changing hands each day. Residential property is dependent on the state of the economy and results in a vast number of residential units, making necessary constant monitoring of tenant's monthly rent payments. On 15th March 2023, SA Corp made an offer for the entire issued share capital of Indluplace at R3,40 per share. On 18th July 2023 the company announced that the deal had been approved and so we expect ILU to be delisted in due course. In its results for the six months to 31st March 2023 the company reported revenue up 7,2% and headline earnings per share (HEPS) down 3,5%. The company's net asset value (NAV) fell 5,5% to 659,83c per share. The company reported, "...improvement in residential portfolio occupancies (from 89,7% in March 2022 to 94% in March 2023), the complete turn-around in the student portfolio occupancies (from 43% in March 2022 to over 98% currently), excellent collection numbers and low bad debt write-offs". While the share is trading at well under half of its NAV, we believe that this share represents good value at current levels.

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All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Mediclinic 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 day clinics in Switzerland and South Africa. Along with other healthcare companies (like Aspen), Mediclinic is facing increasing regulatory changes which contributed to a worse performance from its Swiss and UK operations. In September 2018, the company announced that it was paying just over R1bn to retain its 60% stake in Hirslanden. Switzerland is seen as having a "superb" market because the population was aging and wealthy, but the regulatory changes are a problem. Mediclinic has the option to buy the remaining 40% of the Swiss operation within the next four years. It also has the intention to build six more day clinics in the next two years. On 26th May 2021 the company announced that it would sell its stake in UK company Spire Healthcare for about R5,6bn. On 21st September 2021 the company announced that it had arranged a new R8,45bn five-year facility through RMB. In its results for the year to 31st March 2022 the company reported revenue up 8% and in-patient and day admissions up 14%. The company's operating profit rose by more than one third to GBP280m. On 9th June 2022 the company rejected a takeover bid from a consortium of investors including Remgro, its largest shareholder (44,7%) to buy the rest of the company for R89.50 per share - which was about 12% above where it closed on Wednesday 8th June 2022. Talk in the market was that the consortium would increase its offer to around R100 - which accounts for the spike up in the share's price. On 4th August 2022 the company announced that Remgro had come to an agreement to purchase the 55% of Mediclinic which it does not own. The deal values Mediclinic at just under R75bn which compares with its market capitalisation before the agreement of R72,7bn. On 24th March 2023, The Business Day reported that the Competition Tribunal had approved the acquisition with conditions. Obviously the Mediclinic share has now been delisted.

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All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Advanced 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 its results for the six months to 31st December 2022 the company reported revenue up 22% and a headline loss per share of 0,6c compared with a loss of 0.92c in the previous period. The company said, "The Advanced Health Group achieved a profit of R0.4 million (2021: R1.0 million) after tax. Australian operations which have been classified as a discontinued operation, reported a profit of R23.6 million (2021: R22.7 million). The losses reported by the South African operations increased by R1.2 million. The losses in the South African operations mainly contributed to the increase in finance costs". Obviously, This company has been hammered by COVID-19 and the trend towards day clinics in medicine has not really taken off in South Africa yet and works better in first world countries like Australia where 40% of people have medical cover. However, more and more medical procedures can be done in day clinics and it seems likely that South Africa will join this trend sooner or later. The Chairman, Carl Greenberger, has been buying up loosely held shares. We still think this is a speculative, but possibly a good medium-term opportunity. The problem is that it is only trading R67 000 worth of shares per day on average which increases the risk even for a small investment. On 28th June 2023 the company announced that it would delist from the JSE due to the takeover by Eenhede Konsultante Eiendoms Beperk.

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All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Industrials 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 company became a UK real estate investment trust on 1st May 2019. This REIT is clearly a rand-hedge but given its strategy to become an MLI property company in the UK, it is exposed to the impact of Brexit and the UK economy. The company expects to be 100% MLI by March 2022. On 1st April 2021, the company announced that it had sold the Bikemax portfolio of 5 German retail warehouse properties and Victoria Center. At the same time it had bought the Headlands Trading Estate. In its results for the six months to 30th September 2022 the company reported a 26,5% loan-to-value (LTV) and average passing rents up by 29%. The company said, "Further, 49 leasing transactions on 187,627 sq. ft of space completed in October and November 2022, demonstrating the depth of demand for MLI space (2021: 43 transactions) - Occupancy of 92.8% reduced marginally (31 March 2022: 93.6%) as a result of proactive steps taken to forfeit and replace non-performing Covid-era tenancies". In a trading update on the 3rd quarter ending on 31st December 2022 the company reported occupancy at 92,4%. The CEO said, "...high demand, limited supply and the affordability of our high-quality space translating into a 31% average uplift in rent at renewal or reletting". In a trading update for the 3 months to 31st March 2023 the company reported passing rents up 4,8%. The CEO said, "We saw average uplifts in rent of 27% on all lettings signed during the quarter, totalling a further £2.6 million of rent, with 73% of new lettings on Smart Lease® terms and conditions and over 82% of leases including 3% p.a. fixed uplifts". We regard this as one of the better property investments available on the JSE, especially because of its very low LTV. Technically, the share jumped on the latest results and has been in a strong upward trend which we see continuing. On 31st March 2023 the share price jumped again because of an offer from Blackstone to buy it for GBP700m (R15,66bn). On 14th April 2023 the company announced that they had agreed to a cash offer for their entire issued share capital from Sussex Bidco LP, a subsidiary of Blackstone. The share is to be delisted from the JSE with effect from 27th June 2023.

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All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

This 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 Viceroy report came out - which implies that somebody was off-loading even then. After the slump from R55 to around R5, the share drifted down to below 100c. Both Pep and Ackermans continued to grow market share and expand retail space. Steinhoff owns 79% of Pepco in Europe. In its results for the third quarter, ending 30th June 2022, Pepco reported revenue up 17,4% and 350 new stores opened. The company is considering selling more Pepco shares to raise cash. In our view, this share remains very risky. In its results for the year to 30th September 2022 the Pepkor reported revenue up 5,3% and headline earnings per share (HEPS) up 20,1%. We do not like this company. On 15th December 2022 the company announced that it had reached an agreement with its creditors for them to take over 80% of the issued shares of the company with the remaining 20% to be held by the existing shareholders. The share price dropped 62,4% to 58c on this announcement. The company has about 10bn euros of debt. On 18th January 2023 the company announced that it intended to sell 34,5m of its Pepco shares which will reduce its holding to 72,9% and raise about R5,8bn. On 8th February 2023 the company announced that it had put up 240m Pepkor shares for sale which is about 6,5% of Pepkor's issued capital. On 21st February 2023 the Steinhoff share price fell sharply to 31c after the announcement of a R3,9bn settlement with certain of its creditors. In an update for the 3 months to 31st December 2022 the company reported that revenue at Pepco was up 22%, at Pepkor by 4%, at Greenlit Brands by 13% while the Mattress Firm was down by 3%. On 22nd March 2023 the company announced that shareholders had rejected a deal whereby they would have ended up with 20% of an unlisted company with the remaining 80% going to creditors. In now seems likely that the company will be liquidated. On 28th March 2023 the company came up with a new a new plan to settle its 10bn euro debt in terms of which shareholders get nothing. On 20th April 2023 the company reported that Pepco increased turnover on a constant currency basis by 22,8% in the six months to 31st March 2023. On 9th May 2022 the company announced that it had sold its 51,1% stake in the Mattress Firm for $4bn. On 21st June 2023 the company announced that it would be dissolved and its assets gradually sold in terms of a court-approved restructuring process. The share dropped from 29c to 11c as a result.

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All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Tradehold (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 separately listed entity, Mettle, which is now listed on the Alt-X of the JSE. The South African economy is in difficulties with the cost of 10 years of state capture and corruption coming to light, followed by the impact of COVID19 and now the civil unrest. In a report on the unrest the company said, "...a total of 21 of Tradehold’s properties in KwaZulu-Natal were damaged during the recent unrest in South Africa. The estimated cost of damage is R41 million, excluding loss of rental. This represents approximately 0,5% by value of Tradehold’s property portfolio in South Africa". In its results for the year to 28th February 2023 the company reported revenue up 2,1% and earnings per share (EPS) down 61,5%. The company said, "The group reported a net profit of R158.5 million, compared to the corresponding year’s net profit of R413 million. The decrease is the result of the loss from discontinued operation of R174.8 million caused by the disposal of Moorgarth during the year. Moorgarth’s net profit at 28 February 2022 was R77.7 million, which has been restated as a profit from discontinued operation". Technically, the share has been in a downward trend since May 2016 and it is now trading at about 64,4% of its net asset value (NAV). In our view this share is a local property play which will probably perform better as the SA economy recovers, but we do not see it as an exciting investment prospect. The company is selling off its Mozambique properties. It is cheap at current prices but has less than R4000 worth of shares changing hands each day - which makes it impractical as an investment.

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All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Premier 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. Premfresh is involved in selling and marketing the group's products. Since listing, the share price has fallen from around 500c to current levels around 60c. The share was very thinly traded (around R26 000 per day) with many days when there is no trade at all, but recently volumes have picked up and it is trading around R1m worth of shares per day on average. We have considerable misgivings about the Surve family and the way that it has obtained investments for AEEI and other ventures from the Public Investment Corporation (PIC). On 16th February 2022 the company announced that Nedbank had given it notice that it would no longer be providing banking facilities to the company after 9th May 2022. This caused the share price to fall sharply. In its results for the six months to 28th February 2023 the company reported revenue up 15% and headline earnings per share of 1,18c compared with 3,07c in the previous period. The company said, "Revenue amounted to R258m, representing an increase of revenue by R34m primarily due to the improved squid resource. Volumes landed and sold, and overall catch rates in the squid sector have improved compared to the prior year. The export demand for the squid has been strong and the overall customer demand for the Group’s exports remains strong". While this appears to be a solid business, we would advise private investors to exercise caution because of its connection to Iqbal Surve and the AEEI group. On 3rd March 2023 the company announced a scheme of arrangement whereby the 6,14% of the company's shares held by minorities would be bought out and the company delisted.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Union 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 company recently announced that it obtained ministerial permission to sell its 37% stake in the Sesikhona colliery for R2,5m. The company has been behind on its reporting and the share has been suspended on the JSE since September 2014 and hence is not practical for private investors. The company says that a directive from the JSE for the lifting of the suspension was received on 29th August 2019 but trade in the share has not resumed. In its results for the six months to 28th February 2021 the company reported its net asset value (NAV) down 35,7% to 1,53c and a negative tangible NAV of -1,1c. The company made a headline loss of 0,22c per share. On 18th May 2023 the company announced that Ibhubesi Capital had not complied with the amended agreement to buy 1545 million shares for R24,2m but had instead advanced the company a loan of R2m and intended to advance a further R2,6m to keep the business afloat. The audits for the years to August 2021 and 2022 should be completed by June 2023 and then the interims to 28th February 2023 can be completed by August 2023 and then an application can be made to have the company's listing reinstated. Clearly, until the listing is re-established this share is not of interest to private investors.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Investec 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 Ingenuity Property. The company says that the unfavourable economic conditions in South Africa have resulted in a lower demand for space, lower rentals, longer void periods, and a greater cost to attract and keep clients. In our view, this has been an extremely well-managed REIT under CEO, Nick Riley, but he has now left and been replaced by Andrew Wooler and Darryl Mayers as joint CEOs. The company is recycling its capital away from South African assets and towards Western Europe. On 11th February 2020, the company announced that it was increasing its holding of Pan European Logistics (PEL) from 42,9% to 75% for 191m euros. PEL has 45 logistics properties worth about 900m euros. IPF expected to lose R40m a month while the lockdown is in progress. The company had managed to collect 71% of its South African rentals, 83% in Europe and 87% in the UK. On 9th March 2020, the company announced that it had sold its 38.04% interest in its UK operation (Argo) for GBP35m (R744m) - which was GBP12,7m (R270m) less than its book value. In its results for the year to 31st March 2023 the company reported revenue up 3% and headline earnings per share (HEPS) down 75,4%. The company said, "Results were however, adversely impacted by the global interest rate environment, resulting in an increase in our weighted average cost of funding in Europe. European interest rate costs have been capped with limited interest rate risk over the next 2.5 years". The share is trading at about 50% of its net asset value (NAV) but has been in a rising trend until January 2022. Since then it has been trending down. We regard it as a good buy at current levels.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Pembury 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 remains in force to date. The company acquired the Pembury Retirement Villages in July 2017 but it is now trying to get out of the retirement business. In its results for the six months to 30th June 2019, the company reported turnover up 22,96% and a headline loss per share on 0,08c compared to 0,52c in the previous period. The company is concentrating on stabilising its existing schools and purchasing land for expansion. The number of pupils increased to 2458 from 2185 in the previous period. 9 of the 11 campuses are operating profitably. The company is in the throes of being bought by Verityhurst in what looks like a reverse takeover. On 31st December 2020 the company announced that it had received R2m of the R18,9m purchase price and used these funds to settle an R800 000 debt with its former auditors. It is apparent that the company's schools division is battling with the fallout from COVID-19. It also stated that the agreement had lapsed and new terms would have to be agreed in January 2021. On 3rd January 2022 the company issued a "quarterly report" in which it said, "The Company continues to address the finalisation of the audit for the financial years ended 31 December 2019 and 31 December 2020, on a back-to-back basis, which requires, inter alia, an additional injection of cash in order to meet the expected audit cost, which is substantial". In a quarterly progress report on 31st March 2022 the company said, "The Company continues to address the finalisation of the audit for the financial years ended 31 December 2019, 31 December 2020 and 31 December 2021, on a back-to-back basis, which requires, inter alia, an additional injection of cash in order to meet the expected audit cost, which is substantial". The audit fee is expected to be about R4m. In an cautionary published on 16th May 2023 the company said that two of its schools had been given notices to shut down, one has lost its accreditation and at the same time it has apparently obtained a R25m loan under false pretences. The share is suspended and so is of no interest to investors.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Distell (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 economic conditions so the long-term GDP growth in the US and Europe have an impact. While liquor sales were illegal during the lockdown in South Africa, Distell was heavily impacted, but sales levels are returning to normal. The company is also in the process of selling some of its wine farms, including Alto and Plaisir de Merle to simplify and improve its balance sheet. The company has been adversely impacted by delays at Cape Town\'s port. Distell has also suffered from \"bottlenecks\" on the African continent. The lifting of the ban on alcohol, at the end of July 2021, was obviously a boost for this share. On 17th May 2021 the company published a cautionary announcement in which it said that it had been approached by Heineken who wished to purchase a majority of its issued shares. Then on 15th November 2021 the company announced that Heineken had made a formal offer to buy 100% of the company for R41,1bn subject to various conditions precedent. Shareholders were disappointed with the announcement and the share price fell back. This transaction will probably result in Distell being delisted. In its results for the six months to 31st December 2022 the company reported revenue up 15,9% and headline earnings per share (HEPS) up 3%. International revenue was up 25,6% on a 39,2% increase in volume of Scotch whisky. The company said, \"The explosive growth of our premium cider and ready-to-drink (RTD) portfolio, led by Savanna, was the main contributing factor to overall revenue growth off the back of continued investment in the brands and in manufacturing capacity across key markets. Domestic revenues increased by 13,6%, with volumes up by 9,7%\". Technically, the share has moved up since the Heineken offer, but has been moving sideways since May 2021. The company will be delisted when the Heineken deal is done.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Alviva 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 of its business is in South Africa which means its performance is linked to the local economy. In its results for the year to 30th June 2022 the company reported revenue up 57% and headline earnings per share (HEPS) up 91%. The company\'s net asset value (NAV) was up 30% at 2762,8c per share. The company said, \"This performance has been achieved in spite of the many challenges encountered, with the riots in July 2021, the cyberattack on Transnet, intermittent loadshedding and COVID-19 restrictions, all making commercial life perpetually demanding. The worldwide shortage of semiconductors and certain raw materials has remained in place, restricting the Group’s ability to meet customer demand, albeit that this has been the case for some time and has improved on certain product lines. Logistic costs have increased dramatically, and the supply of all products has been volatile and unpredictable\". The share now trades on an attractive P: E of 5,11. We see this as a good investment trading at reasonable levels with blue sky potential, especially through its renewable energy offering and its investment in electric vehicle (EV) re-powering technologies. On 20th February 2023 the company announced that its shares would be delisted from the JSE with effect from 1st March 2023.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Etion (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 South America, Australasia and New Zealand which gives it something of a hedge. In its results for the year to 31st March 2022 the company reported revenue up 13% and headline earnings per share (HEPS) up 37%. It has concluded the sale of Lawtrust for R311m and entered a sale agreement for the assets of Connect for R71,5m. The company said, \"Profit for the year comprised R203.2 million (FY2021: R85.8 million) from the discontinued operations and R49.4 million loss (FY2021: R33.1 million loss) after taxation from continuing operations\". This is a penny stock which has struggled to stay afloat in a very difficult trading environment. However, it now appears to have won the battle and the share is moving up strongly. After trading as low as 7c in March 2020 the share has now begun to move and is trading for 53c. Its future prospects have always depended on the recovery of the South African economy. On 27th October 2021 the company conducted a capital reduction in respect of its sales of an interest in Law Trusted Third Party Services (Pty) Ltd. This resulted in a \"cliff\" in the share price chart. Shareholders were paid 33c per ordinary share and the share price fell on the JSE in proportion. On 18th January 2023 the company announced that its share will be delisted from the JSE on 7th February 2023.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Imuniti 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 could be worth as much as R1bn. In its restated results for the six months to 31st August 2020 the company reported revenue up 21,6% and headline earnings per share (HEPS) of 0,04c compared to a loss of 0,03c in the previous period. The company said, \"The reviewed interim results for the six months ended 31 August 2020 (“reviewed interim results”) were reviewed by HLB CMA South Africa Inc., who expressed an unmodified review conclusion\". This has been a mostly loss-making penny stock that has been teetering on the edge of bankruptcy, especially as a result of COVID-19. Notably, the Ukusekela Germany agreement has not moved the share price at all - although it does appear to have improved profitability. On 25th February 2021, the company announced that it had entered business rescue. On 23rd April 2021, the company announced that it would be selling a cryptocurrency to fund its operations. We see this as a desperate attempt to survive. On 7th June 2021, the company did a 25-for-1 consolidation of its shares. The share has been suspended on the JSE since 26th May 2021 but announced on 9th February 2022 that it hopes to have the financials published during February 2022. The company also announced a number of resignations of its secretary, designated advisor, and some of its directors. The company is under cautionary. On 28th November 2022, the JSE issued a censure on the company for breaching the listings requirements for disclosure to shareholders of material events which affect the share\'s price. On 6th December 2022, the JSE announced that NUT was to be removed from the JSE with effect from 19th December 2022.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Buffalo (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 of 4c per share compared with a loss of 13c per share in the previous period. The company said, \"In December 2021, Investec agreed to extend the final maturity date and date by when the restructuring of the outstanding balance of R46,114,971 would be agreed upon and various further extensions granted. Capital repayments of R1 000 000 were made in the six months ending June 30, 2022. As at the date of the Interim Results, the Company has not repaid the agreed-upon amount of R6.5 million\". In its results for the 3 months to 30th September 2022 the company reported revenue up 72% and a headline loss per share of 0,02c compared with a loss of 0,06c in the previous period. The company said, \"The Group’s ability to continue as a going concern and ultimately continue operations into the future, is dependent on its ability to realize on short-term opportunities, restructure or renegotiate an extension to and ultimately settling its outstanding debt obligations and securing the funding required (internally or externally) for its medium to longer term projects\". In our view, the debt to Investec makes this thinly traded penny stock unsuitable for private investors. The share is virtually untraded which also makes it impractical for private investors.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Wearne (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 the results are still not available. On 18-4-2019 the company announced that the sale of its Muldersdrift quarry properties had lapsed but that there were other interested buyers. In an update on COVID-19 on 31st March 2020 the company said, "The majority of Wearne employees has been given short time notices and Wearne is applying for available relief schemes from the Government to try and assist employees during this period." In its results for the year to 28th February 2018, finally published on 28th September 2022, the company reported revenue down 12,8% and a headline loss per share of 5,31c compared with a loss of 14,48c in the previous period. In its results for the year to 28th February 2019, published on 22nd November 2022, the company reported a headline loss of 8,58c per share and a negative net asset value (NAV) of -2,18c per share. Obviously, this suspended penny stock, desperately trying to bring its financial up to date, is of no interest to private investors.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Afristrat (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 has issued 36 of these preference share programs which are apparently listed on the JSE but do not trade. The company said the following in regard to these preference shares, "Our internal investigations into the events leading to the default of Ecsponent's preference share programme, among other corporate governance matters are ongoing, and stakeholders will be updated as and when appropriate". On 5th June 2020 Financial Services Conduct Authority announced that it had withdrawn Ecsponent's licence and imposed a R3m fine for the way in which it was selling its preference shares. In its financials for the six months to 30th September 2021 the company reported revenue down by 63% and a headline loss per share of 0,212c compared with a loss of 0,988c in the previous period. The share has fallen from 65c in June 2018 to 12c today. The company is considering a 200-for-1 consolidation. The directors said, "...a material uncertainty exists which may cast significant doubt on the Group’s ability to continue as a going concern". We do not recommend this share. Trading in the company's share has been suspended on the JSE since 5th August 2022 because it has failed to publish its financials for the year to 31st March 2022.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Rand 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 Hastings for R14,6bn. In an announcement on 25th March 2022 the company said it would unbundle both Mommet and Discovery by giving existing shareholders 10.91799 Discovery shares and 26.18136 Momentum shares for every 100 shares held in RMIH. Now the company's primary asset is OUTsurance and it is intended to change the name to "RMI OUTsurance" and to consolidate all insurance assets under that listing. In its results for the year to 30th June 2022 the company reported 16,7% reduction in normalised earnings with a 45,6% increase in its dividend plus a special dividend of 142c per share. The company said, "As at 30 June 2021, RMI's market capitalisation was R48 billion. One year later, as at 30 June 2022, RMI's market capitalisation was R42.6 billion after the unbundling of its interests in Discovery and Momentum Metropolitan with a combined market value of R34.6 billion as at the time of the unbundling. In addition to this, RMI paid a special dividend of R2.2 billion and a normal dividend of R1 billion. RMI's total shareholder return since listing in 2011 amounts to 453.5%". Technically, RMI made a record high at 4845c in April 2015, after which it drifted downwards and then fell heavily in March 2020 to reach a low of 2121c on 20th March 2020 with the unbundling of Mommet and Discovery. Since then it has recovered to levels around 2975c on an earnings multiple of 17,53. The re-modeled OUTsurance as an investment should perform well as the world economy recovers.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Massmart (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 Massmart sells is dependent on discretionary consumer spending. They carry a lot of white goods like fridges, stoves, microwaves and other big-ticket household items which have been experiencing product deflation over the last five years. Its products are those which consumers can generally postpone buying in tough times - and that makes it difficult for Massmart to perform when consumer spending is under pressure as it is now. Apparently the company has been losing business to Takealot - which shows that e-commerce is beginning to impact on South African retailers. The Group secured a R4 billion inter-company loan from Walmart Inc. to provide additional headroom in the event of unforeseen circumstances as we navigate through the lockdown period and beyond. The CEO, Mitchell Slape is making use of Walmart's expertise to improve efficiencies such as implementing SAP into Game to replace its 40-year-old stock management software. The company said that 43 stores and 2 distribution centers had been directly impacted by the civil unrest. Massmart has written down the value of its businesses by R500m and is having difficulty making Game profitable. Under CEO, Mitchell Slape, the company has undergone a major restructuring which does not seem to be improving its profitability. In its results for the 26 weeks to 26th June 2022 the company reported sales revenue unchanged and a headline loss of 435,3c compared with a loss of 298,8c in the previous period and the gross margin fell by 19,6%. Expenses were down by 0,6% indicating stringent cost management. The company said, "The Group recognised R205.9 million of retrenchment and business transformation costs, R184.0 million of which related to a once-off negotiated lease settlement cost in respect to the Riverhorse Distribution Centre that was destroyed during the July 2021 civil unrest”. Technically, the share has broken down out of a protracted sideways market which has been in place since March 2021. This almost certainly means that there is further downside potential on this share. Massmart probably ranks as the worst of the listed South African retailers from an investor's perspective. On 29th August 2022 the company announced that Walmart would buy out the remaining 47% of the company which it does not own for R62 per share or a total of R6,4bn. While this is substantially above the pre-offer price of R40 per share it is far below the R148 per share that Walmart paid in 2010 for its controlling 51% stake - especially when you consider that in 2010 the rand was below R7 to the US dollar and today it is around R17. Mitchell Slape is resigning as CEO with effect from December 2022.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Raven 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 means it is highly exposed to the Russian economy and emerging market currencies. The Russian economy is largely an oil play and it is currently benefiting from the run up in the oil price to above $45 per barrel. In its results to the six months to 30th June 2021 the company reported occupancy of 96% with underlying earnings of GBP17,3m. It has a net asset value of 50 pence per share at the end of June 2021. The company reported headline earnings per share (HEPS Of 2,38p compared to a loss of 4,45 pence in the previous period. In our view, this is a highly speculative investment and does not enjoy the benefits of most European-focused property companies. In an update on the Ukraine crisis on 2nd February 2022t the company said, "The ability of the Company to continue to access the funds of its Russian subsidiaries and whether those funds can be converted to the correct currency at a commercial exchange rate is the greatest uncertainty at this time". In an announcement on 17th March 2022 the company said, "...the impact of the actions of Russia on Ukraine has completely compromised the Company’s business model and its ability to assess its current financial position and ability to inform the market accordingly". The share has been suspended on the London Stock Exchange (LSE). However, the main problem with this share was always that there is no trade in it, making it unsuitable for private investors. ON 19th August 2022 the company announced that it would be delisted from 29th August 2022.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Investec 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 South Africa, the UK, Australia and Ireland. Investec was the first company to be dual listed on the JSE and the London Stock Exchange and it is now one of the companies in the FTSE 250 index. Investec Plc and Investec Ltd are separate companies connected by legal contracts. Although separate entities, the two companies have common goals and only their creditors are separate. They have identical price:earnings (P:E) ratios and dividend yields (DY) and their share prices are very similar. In the combined financial results of Investec Ltd (INL) and Investec Plc (INP) for the year to 31st March 2022 the company reported revenue up 21,3% and adjusted earnings per share (EPS) up 90,7%. Funds under management increased by 9,2% and tangible net asset value (NAV) per share increased by 12,5% to 476,6p. The CEO, Fani Titi, said, "With the pending distribution of 15% of Ninety One to shareholders, Investec would have returned an aggregate value of approximately £1.6 billion or c.R32 billion (per Ninety One closing share price on 16 May 2022) to shareholders through the demerger and distribution on successful completion". Technically the shares are in a strong upward trend which we expect to continue.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Net1 (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 has not been doing well. In the year to 30th June 2021 the company reported turnover down 19% in rands and 23 000 EasyPay Everywhere account holders. Revenue in the 4th quarter was up 20% on the third but the company made an operating loss of $13,6m in the 4th quarter. The company said, "The U.S. dollar was 18.0% weaker against the ZAR during Q4 2021, which impacted our reported results. Our revenues increased 15% in ZAR primarily due to higher volume-driven transaction fees lending revenues and hardware sales, which were partially offset by fewer prepaid airtime sales". The company owns about 25% of Finbond. The company has written its R7,5bn investment in Cell-C down to nothing and its subsidiary Cash Paymaster Services, which used to manage the payment of 17 million Sassa welfare payments, has been put into liquidation (19-10-20). On 14th May 2020 the company announced a board shake-up which saw the appointment of Jabu Mabuza (previously of Tsogo Sun) as chairman and Anthony Ball (chairman of Value Capital Partners which owns 12,7% of Net1) as a director. On 5th February 2021 the company announced that it had sold its interests in Bank Frick for a net $26,4m. In an update on the first quarter to 30th September 2021 the company reported revenue (in US$) down 2% and an EBITDA loss of $10,1m. The company said, "Our revenues decreased 14% in ZAR primarily due to fewer prepaid airtime and hardware sales and lower transaction fee revenue. Operating losses have reduced by 9% in ZAR compared with the prior period primarily due to the closure of IPG and lower legal and consulting fees (excluding those related to the Connect Group transaction). Foreign exchange movements: The U.S. dollar was 13% weaker against the ZAR during Q1, 2021". In an update on the second quarter to 31st December 2021 the company reported a 4% decrease in revenue and an operating loss of $9,4m. It was negatively impacted by the global chip shortage. The company said, "During the quarter we continued to grow active accounts, improved average revenue per customer and delivered on our cost savings initiatives". In an update on the 3rd quarter to 31st March 2022 the company reported revenue up 27% in rands and a fundamental loss per share of 0,05c (US) compared with a loss of 0,24c in the comparable period. The company said that the revenue increase was "...primarily due to an increase in hardware sales, an increase in merchant transaction processing fees, and moderate increases in lending and insurance revenues, which was partially offset by lower prepaid airtime sales". Technically, the share has been rising off an "island" formation and looks to be in a new upward trend, but it is clearly not an institutional stock. The company intends to change its name to Lesaka in May 2022.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Irongate, (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 economy was beginning to benefit from the strong recovery in the American and, to a lesser extent, European economies prior to the advent of COVID-19. The past yield of 8,8% on the company's portfolio represents a very good return on a well-capitalised and well-managed rand hedge. On 19th April 2021, the company announced the purchase of two properties in Brisbane for $20,25m. In its results for the year to 31st March 2022 the company reported revenue up 17,4% and earnings per share (EPS) up 48,7%. The company said, "The Australian industrial and logistics sector continued to see strong momentum in the occupier and investment markets. 2021 saw a rebound in investment activity as vendors and buyers were comforted by the greater certainty around tenant demand and leasing fundamentals". The company's units trade on a relatively undemanding multiple (P:E) of 12,73. As with all property shares, Irongate fell during COVID-19, but has recovered to new highs and we believe that it represents good value at current levels. On 12th November 2021 the company announced that it had rejected a revised offer from 360 Capital to acquire all the assets which it does not already own. On 31st January 2022 the company announced that it had received an offer to buy all the ordinary shares of IAP for A$1.90 per share. On 30th March 2022 the company announced that the board was recommending that shareholders accept the offer. This almost certainly means that ultimately Irongate will be delisted from the JSE.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Long 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 economy. Most of these businesses are in the retail industry or linked to it - so their success is dependent on consumer spending which has been badly impacted by the lockdown. On 18th January 2021 the company announced that it had bought back and cancelled about 5,87% of its issued share capital - which obviously increases the NAV of the remaining issued shares. In an update on their strategic review on 23rd June 2021 the company said, "...the Board has concluded that the optimal structure in the medium term for the group would be the creation of a focused niche retail business of which the unbundled Sport and Recreation division will form the basis". Sportsman's Warehouse will be separately listed. Clearly, the objective of this move is to release shareholder value. In the past, investors in L4L have generally placed much store in the past track record of Brian Joffe (aged 74) and now he has announced that he will retire with effect from the end of February 2022. In its results for the six months to 31st August 2021 the company reported revenue up 30% and headline earnings per share (HEPS) of 22,5c compared with 0,8c in the previous period. The company said, "Group revenue of R1.8 billion was in line with the 2019 period, and gross profit of R771 million is a 7% increase on the 2019 period’s R719 million. Trading profit of R214 million exceeded the 2019 period by 6% with improved trading margins of 11.6%". In a trading statement for the year to 28th February 2022 the company estimated that HEPS would increase by between 92% and 105%. The company is debt-free and has cash of R670m. The company's shares are trading for 601c which is still 16% below its current net asset value (NAV) of 701c and below the price at which it listed. On 20th December 2021 the company announced that it had received a firm offer to buy all its issued ordinary shares for 620c each. On 28th February 2022 the company announced that the deal had been approved by more than 90% of shareholders. This means L4L will probably be delisted from the JSE. Technically, the share has been in an upward trend since October 2020.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Imperial (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. We believe that it has benefited from the separate listing of Motus and that value has been released as a result. The company has sold its non-core European shipping business for a net R3,6bn which it plans to use to double its business in Africa. The company has used the R4,7bn proceeds of the sale of its European and South African shipping businesses to reduce debt. On 17th June 2021 the company announced the acquisition of 100% of Deep Catch, a Namibian company in cold storage and distribution, for R633m. On 29th July 2021 the company announced the acquisition of 100% of the J&J Group, a logistics company operating along the Beira and North/South logistics corridors, for R4,4bn. In its results for the year to 30th June 2021 the company reported revenue up 13% and headline earnings per share (HEPS) up 218%. The company said, "Imperial's balance sheet remains strong with net debt:EBITDA at 1.3x compared to 2.8x in F2020, supported by the receipt of the proceeds of c.R4.7 billion from the sale of the European and South American shipping businesses during the year. New business revenue of approximately R5.9 billion p.a. was secured on a rolling 12-month basis to the end of June 2021". Imperial will continue to benefit directly from improvements in the South African economy. In a trading statement for the six months to 31st December 2021 the company estimated that HEPS from continuing operations would fall by between 28% and 42%. The company said the fall was, "...negatively impacted by a R148 million once-off charge relating to the Broad-based Black Economic Empowerment (B-BBEE) deal concluded in July 2021, and the negative impacts of the social unrest in South Africa, COVID-19 and the shortage of semi-conductors on trading results of certain operations, mainly in Europe and the United Kingdom". Technically, the share based out in March/April 2020 and has been rising since. An offer of R66 per share (R12,7bn) from Dubai Ports World for 100% of Imperial was announced on 8th July 2021 causing the share price to rise sharply. We regard this as a well-managed blue chip which is now the subject of a buy-out offer and which should continue to perform well. On 10th September 2021 Business Day said that PSG, one of Imperial's largest shareholders with a 7,5% stake, had objected to the offer from Dubai Ports World as being too low. The board says the majority of shareholders support the deal and on 17th September 2021 86,15% of shareholders voted in favour of it. The deal required 75% of shareholders to approve it. The deal still requires Competition Commission approval.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

ARB 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 business to 15%, but they remain exposed to the economy. The company recently acquired GMC Powerlines and still has R305m in cash. In its results for the six months to 31st December 2021 the company reported revenue up 7,5% and headline earnings per share (HEPS) down 5%. The company's tangible net asset value (NAV) fell 1% to 507,28c per share and no interim dividend was declared. The company said, "ARB’s major divisions were directly affected by the riots, with all of the electrical division’s KwaZulu-Natal branches being closed for the week, and 200 of the lighting division’s customers’ stores affected, some to the extent that they are unlikely to ever reopen". In our view, this is a strong company which is well-managed, but its shares are relatively thinly traded on the JSE which makes it riskier for private investors. It will benefit directly from any significant improvement in the South African economy. The share has now reached 760c and trades on a multiple of 9,33. Technically, it gave a good "on balance volume" buy signal on 26th June 2020 at 314c and then again at 399c on 3rd February 2021. Obviously, somebody has been buying the share up - but that buying appears to have dried up in recent weeks.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Nvest 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) up 32,71%. The company's net asset value (NAV) increased by 6,13% to 162,38c. The company said, "Despite the unprecedented challenges that the pandemic and ensuing National Lockdown have brought, the Group has performed admirably, and these results are testament to the resilience of the underlying businesses. The Group’s primary income source remains the Private Wealth Management business and this division has not been materially impacted by the pandemic. On 1 June 2020, an amalgamation of three of the Group’s Private Wealth Management Companies took place. NFB Finance Brokers (Port Elizabeth) (Pty) Ltd and NFB Finance Brokers (Gauteng) (Pty) Ltd amalgamated with NFB Private Wealth Management (Pty) Ltd (“the Amalgamation”) and have traded as a single entity from this date". In a trading statement for the six months to 31st August 2021 the company estimated that HEPS would decrease by 29,2%. Technically the share is very thinly traded with many days with no trades at all - which makes it unsuitable for private investors. The company announced that it will be delisted with effect from 8th February 2022.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

EPP 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 (NAV) rose by 3% to 1,12 euros. The company said, "100% of EPP's retail GLA is operational Retail GLA increased by 110 000 m2 with the addition of four retail parks Footfall continues to trend positively and was at 84% of 2019 footfall levels in August 2021. The pandemic situation in Poland is under control now with about 51% of the population vaccinated. Food & beverage and entertainment facilities remain open for both outdoor and indoor with the limit of 75% capacity occupied in cinemas and restaurants". Occupancy was at 95,4%. Prior to COVID-19, EPP was impacted by the general malaise affecting all JSE-listed property companies in 2018 and its share price fell to a low of 1450c in February 2018. Since then it has been recovering but has been impacted by the general sell-off in equities due to the corona pandemic. In a business update on 12th January 2022 the company said, "From July to December 2021, when no lockdowns were in place, footfall stabilised at approximately 83% of 2019 levels, while turnover ranged between 92% and 109% of pre-pandemic levels. The occupancy rate within EPP’s retail portfolio is at a stable 95.8% and the retail WALT by GLA was approximately 5.21 years as at 30 September 2021". The company has a loan-to-value (LTV) of 56% and a net asset value (NAV) of 102 euro cents. Distributable earnings for the year to 31st December 2021 are expected to be at least 7,5 euro cents per share. It is currently trading for 1195c at which level it is on a PE of 12,47. This is clearly a rand-hedge and should benefit from a recovery of the fastest growing economy in Europe. On balance, we believe EPP will perform well in time. Technically, the share appears to be recovering from the impact of the pandemic and should break up out of its current formation sometime during 2021. In an announcement on 8th November 2021 the company said that Redefine which owns 45,44% of it was looking to obtain a controlling interest - which would result in the company being delisted from the JSE.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Wescoal (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 also acquired Keaton Energy in 2017 which increased total coal resources for the group to approximately 300m tons. In its results for the six months to 30th September 2021 the company reported revenue up 27,6% and headline earnings per share (HEPS) of 20,69c compared with 3,32c in the previous period. The company said, "Although sales were lower than targeted, coal sales to the group’s main customer, Eskom, maintained at R1.2 billion during HY22 (HY21: R1.4 billion) due to sales from Moabsvelden. The various cost-cutting measures that the group has put in place continue to improve profitability". In our view, this is a well-managed BEE company that will perform well as the coal price increases, provided it can overcome its labour issues. It has a guaranteed market in the form of Eskom for at least half of its production. It remains a risky commodity producer, though a better option than many junior mining counters. The company has a plan to diversify away from coal in the long term. Technically, it has broken up out of an "island" formation after COVID-19 and is headed into a new upward trend - but coal remains a highly risky and very unpopular business.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Arrowhead 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 preferential right to dividends. In an update on the looting and violence on 14th July 2021 the company said, "Montclair Mall in eThekwini, KZN: There was substantial looting of shops in this Mall over the 11th and 12th of July 2021. Mkuze Shopping Centre in Mkuze, KZN: Shops were extensively looted on 12 and 13 July 2021. The situation has been brought under control. Kyalami Industrial Park in Pinetown, KZN: This Park has been the target of ongoing attempts to break into the Park. The situation is volatile. Matsulu Shopping Centre in Matsulu, Mpumalanga: Three shops in this centre were looted on 12 July 2021. Maverick Corner, in Maboneng, Johannesburg CBD: This building suffered limited damage on 11 July 2021". In its results for the year to 30th September 2021 the company reported a loan-to-value (LTV) ratio of 36,9% and a 5,2% increase in the distributable earnings for the "B" shares with a 4,1% increase for the "A" shares. Vacancies fell to 8,4% and revenue decreased by 8,6%. Headline earnings per share (HEPS) were 90,33c compared with a loss of 7c in the previous period. The company's net asset value (NAV) was 1169c for the "A" shares and 594c for the "B" shares. The company said, "The Company has disposed of a further 37 properties in excess of R1 billion which did not have strong letting demand and that were viewed as not being capable of rental growth over the long-term. This takes total sales since the inception of Arrowhead’s sale process in 2018 to in excess of R2.5 billion. As a result of the success of its disposal programme, Arrowhead has successfully stabilised its balance sheet in a very difficult environment. Loan to value has improved to 36.9% (38.2% including derivatives) for the year under review". Its recent results look reasonable and the share is in a strong upward trend which we believe will continue.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Liberty (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 leadership, the company has drifted into the bancassurance relationship with Standard Bank. Insurance has developed and matured considerably and the traditional methods of selling retirement and endowment policies have also changed. Liberty has struggled to keep up with a growing number of competitors. The company is focused on the investment performance of Stanlib and restoring the health of the South African retail insurance business. The company has set aside a "pandemic reserve" of R3bn - which negatively impacted earnings. It expects claims for death to begin mounting. In its results for the six months to 30th June 2021 the company reported headline earnings per share (HEPS) of 84,3c compared with a loss of 855,2c in the previous period. The company's solvency capital requirement (SRC) improved from 1,81 times to 1,73 times. The company said, "A severe second and the start of a third wave of the COVID-19 pandemic (the pandemic) resulted in continued challenging health and economic conditions during the first half of 2021. Total death and disability claims paid during the six months ended 30 June 2021 amounted to R8,5 billion, a 61,4% increase over the first half of 2020". In an operational update for the 9 months to 30th September 2021 the company said, "The positive sales trends seen in the first half of 2021 continued into the third quarter. Group long-term insurance indexed new business sales for the nine months to 30 September 2021 of R6 801 million reflected a 30,9% increase over comparative period sales of R5 194 million". The share does not particularly impress the institutional fund managers as it once did. Technically, the share is well off its high of R171 achieved in April of 2015 and moved sideways at lower levels after March 2020. On 19th July 2021 it broke convincingly up out of that sideways market and looks to be heading into a new upward trend. Insurance companies have had to bear the brunt of COVID-19 claims. On 15th July 2021 Standard Bank announced that it would make an offer for the ordinary shares and preference shares in Liberty Holdings (LBH). Liberty shareholders will get 0,5 Standard Bank shares and R25.50 in cash for each LBH ordinary share which they have. This gives an implied valuation of just under R90 per LBH share - which is a 33% premium to its price (R67.48) prior to the announcement. Obviously, LBH will be de-listed as a result of this transaction.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Arden 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 and its subsidiaries ("the Group"), with 94% of the Group's revenue as at 31 December 2019 being generated from this segment, the Group has considerable exposure to the impact that the global restrictions will have on the tourism industry in Zimbabwe. The Government of Zimbabwe has imposed certain travel restrictions and a partial lock down. In addition, given the travel restrictions and lockdowns that are currently in place globally, this will have an adverse impact on the current year performance". In its results for the six months to 30th June 2021 the company reported revenue up by 56% and a headline loss per share of 3,22c compared with a profit of 3,13c (re-stated). Hotel occupancies were up to 24% from the previous period's 22%. The company said, "The Company’s auditors, Deloitte, have issued a qualified review conclusion on the Interim Results as a result of non-compliance with International Financial Reporting Standard (“IFRS”) 13 – Fair Value Measurement". This share is virtually untraded and clearly not practical for investors.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Grit (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 include it in their index funds. It owns 25 properties in Ghana, Botswana, Morocco, Kenya, Mauritius, Zambia and Mozambique with a weighted average lease expiry of 5,14 years and annual escalations of 2,7%. On listing in London, Grit raised US$132,2m which gives it a market capitalisation of R5,2bn. Apparently, according to its CEO, Bronwyn Corbett, South African investors are far more wary of investing in Africa than British investors - perhaps with good reason. Grit finds properties in retail, offices, hotels, and distribution that have long-term US dollar-denominated leases. Grit is really too thinly-traded for private investors and not a favourite with institutional investors in South Africa. The London listing (July 2018) has not really brought more liquidity to the share and it has not gained traction with institutions on the JSE. Grit recently acquired an 80,1% stake in the Acacia estate in Maputo for $23m. This estate has long-term tenants in the form of the US embassy in Maputo with a 12-year lease and Anadarko which is busy with the exploitation of natural gas in Mozambique. This is an excellent acquisition which will improve Grit's portfolio. On 25th October 2019, Grit announced that it had a pipeline of 7 properties that it was in the process of acquiring - 2 in Ghana, 2 in Kenya, 2 in Mauritius and 1 in Mozambique. The cost is just over $100m. In general, we do not encourage private investors to invest in real estate, because it is a very solid, but generally low-return area of investment - and can be subject to risk as we have seen from the fate of the Resilient group of companies. This property company offers a rand-hedge which is dependent on the growth of the African continent outside South Africa. On 21st November 2019, Grit announced that it had increased its stake in a property portfolio in Botswana known as Letlole La Rone from 6,5% to 30%. The acquisition costing R203m was to be funded by an issue of shares. On 12th February 2020, Grit announced that it was acquiring a property company in Morocco. In its results for the six months to 31st December 2019, the company reported net property income up by 15,7% and HEPS up by 1,1%. The company's net asset value (NAV) decreased by 1,1%. On 31st March 2020 the company announced, "The Group's high-quality assets have a weighted average lease expiry of 4.7 years, a weighted average contracted lease escalation of 2.7% per annum and are underpinned by a wide range of blue-chip multi- national tenants across a variety of sectors. The Company remains strongly cash generative at an asset level and the majority of monthly and quarterly rental collections continue uninterrupted to date. The Company today announces a four-week postponement in the payment of its interim dividend of US$5.25 cents per share to 30 April 2020". On 11th June 2020 Grit announced that it was intending to de-list from the JSE at the end of July 2020. In a trading update on 3rd July 2020 the company reported that it had collected 72,9% of rental income for June month 2020. The CEO said, "The Group continues to focus on further strengthening and defending its current position and delivering effectively on its investment strategy over the short and longer term. Although the full impact of COVID-19 remains uncertain, the Company has successfully focused on strong rent collections and tenant initiatives."

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All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Alaris 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 Linwave in the UK. About 90% of its income comes from outside South Africa and it has R93m in cash to make new acquisitions in the US and Europe. This company does not appear to have been significantly impacted by COVID-19 beyond a slowdown in demand for its products. In its results for the year to 30th June 2021 the company reported revenue up by 35% and headline earnings per share (HEPS) up by 50%. The company said, "The Group’s cash position at 30 June 2021 was R93.2 million, with about 45% of the funds located in South Africa. Surplus cash will continue to support the Group’s intention to expand its global footprint through suitable acquisitions". Linwave especially had a record year. The share looks as though it may be entering a new upward trend. It has a reasonable volume traded (an average of R120 000 per day) which would allow a small investment (up to R40 000). Alaris operates in a very specialised market which would require the investor to obtain specialised knowledge before investing, in our opinion. On 11th October 2021 the company announced that it had received a firm cash and shares offer to acquire its entire issued share capital for 420c per share - which is a 22,4% premium to the volume-weighted average price (VWAP) of the 30 days trade prior to 8-10-21. The value of the offer is about R535m.

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All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Stellar 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 combined with high trading levels over the past year, relative to the prior year, supported revenue growth across the Prescient group. Revenue increased across all the major entities compared to the prior year. The total operating expenses from operations increased broadly in line with revenues related to the higher volumes of business and increased staff costs". Prescient has been completely restructured to become a black-owned company. Christo Wiese is on the board of Stellar and is a significant shareholder which is a factor that investors should consider, given his recent difficulties with the Steinhoff group. In our opinion, this share has re-focused itself and is now poised to grow. Of course, the impact of the corona pandemic is not yet clear but there does appear to be volume accumulation of the share. On 27th August 2021 the company announced that an offer had been made to buy out 100% of the ordinary shareholders for 97c per share. If the offer was accepted then the share would be delisted from the JSE.

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All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Tower (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 the year to 31st May 2021 the company reported revenue down 18% and headline earnings per share (HEPS) down 85%. The company's net asset value (NAV) fell 16% to 614c. The company said, "Tower’s distributable income is down in the second half of the 2021 financial year. The property net income is down by R28 million on a like-for-like basis given vacancies, negative rental reversions and an increase in bad debt write offs of R11 million". Technically, the share fell from R10 in July 2015 to around 255c and then staged a recovery to current levels around 360c. It is fairly thinly traded which is an indication of the lack of institutional interest. Allan Gray Asset Management is the largest shareholder with just over 21%. There is a bid for the company at R4 per share which is currently supporting the price. If that bid is successful, we would expect Tower to be delisted. We do not see this as an especially exciting investment for private investors.

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All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Freedom 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 found a "reportable irregularity" because a subsidiary held more than 10% of the parent company's shares. On 29th June 2020 the company published its financials for the year to 28th February 2018. The company's auditors said, "We draw attention to note 34 in the financial statements, which indicates that the group incurred a net loss of R4,899,000 during the year ended 28 February 2018 and as of that date the group's current liabilities exceeded its current assets by R30,947,000." Then on 31st August 2020 the company published its financials for the year to 28th February 2020 saying turnover was down by 7,48% and reporting a headline loss per share of 1,76c compared to a loss of 1,38c in the previous year. In a quarterly update published on 17th May 2021 the company said, "The Company is in the process of preparing: a) its interim financial results for the six months ended 31 August 2019; b) its annual financial results for the financial year ended 29 February 2020 ("FY2020 Results”); and c) its interim financial results for the six months ended 31 August 2020". This company is clearly not suitable for private investors until its shares resume trading. This share was delisted on 3rd August 2021.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Delta 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 31,33c compared to 34,98c in the previous period. Vacancies increased from 21,8% to 23,6% and the loan-to-value worsened to 55,7% from 56,5%. Revenue fell by 2,7% and the company's net asset value (NAV) decreased by 10% to 506c per share mainly because of fair value adjustments. During COVID-19 the company's exposure to government leases could turn out to be a benefit because those leases are likely to continue to be paid while commercial leases have come under extreme pressure. On 24th August 2020 the company announced that both the CEO and the CFO had resigned - which will clear the way for a new board appointed by the women’s BEE consortium, Cornwall Crescent, which owns 26% of Delprop. On 9th December 2020 the company reported on the results of a forensic investigation as follows: "Some of the key issues identified in the Forensic Report include: • payment of commission by the Company totalling R43,9 million (for the three financial years ended February 2018, 2019, and 2020), resulting from invalid, lapsed or no broker mandates; • fraud resulting from unethical dealings amounting to R2,1 million; and • non-disclosure of related/connected party transactions to the Board". On 10th December 2020 the company withdrew its February 2020 financial statements and audit opinion. It also delayed the publication of its August 2020 interims. This caused the share price to fall by one third. On 15th December 2020 trading in the share was suspended by the JSE. On 22nd April 2021 the company re-issued its financials with a 10% drop in the value of its portfolio of properties at end February 2020. Its liabilities exceed its assets by more than R4bn and its status as a going concern is in question. On 16th July 2021 the company reported on the impact of the unrest and looting saying that "Delta Towers, Liberty Towers, 88 Field Street, Pine Parkade and Treasury House (Pietermaritzburg)" had been damaged. The suspension was finally lifted on 30th July 2021.

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All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Tsogo 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 food and beverage income. Property rentals were down by 7%. The company said, "Covid-19 had a marked impact on the group's fourth quarter trading with international demand retracting as early as the last week of February 2020. Diluted headline earnings per share (HEPS) fell by 41%. The company explained this as follows, "Exceptional losses for the year of R1.7 billion (2019: R581 million) relate mainly to fair value losses on the revaluation of externally managed investment properties in HPF of R888 million (2019: R445 million), property, plant and equipment impairments of hotels in South Africa and offshore totalling R716 million (2019: R94 million), restructuring costs of R40 million (2019: R8 million) which includes the termination benefits of R8 million for the closure of Southern Sun Nairobi and retrenchment costs relating to the unbundling, as well as the impairment of the group's investment in RBH Hotels UK Limited of R17 million (2019: Rnil). Most of the companies hotels have had to be de-activated because of COVID-19 which leaves the company without a substantial portion of its income. The move to level 3 has resulted in improved occupancy but the company's profits will still be significantly curtailed. Technically the share has made a "double bottom" in April and May 2020 off which it appears to be rising now. At 217c it is trading for nearly one third of its net asset value (NAV) and may well represent good value for a brave investor. On 14th July 2020 the company announced that it had sold its stake in United Resort and Hotels for R465m which would be used to reduce debt.

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All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Afrox (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 mitigated by stable healthcare activities and recovery of cost inflation, especially in atmospheric gases and Hard Goods. The company said that demand for gases from the South African industrial sector had been particularly strong. The company said, "EBIT at R336 million (2019: R457 million) decreased by 26.5%. This decrease was mainly a result of lower volumes related to COVID-19 lockdown restrictions and increased sourcing costs for LPG resulting from the shutdown of local refineries. As a result of lower earnings return on capital employed (ROCE) reduced by 510bps to 16.3% (2019: 21.4%). The Group's cash balances of R1 167m places Afrox in a strong position to take advantage of future opportunities". The contraction of the manufacturing sector resulted in a contraction of welding consumables in the Hard Goods segment. The group recently won a 5-year R1bn contract to supply all gases to South African hospitals. Technically, the share was in a downward trend, reflecting the adverse economic conditions. It began to move upwards, showing signs of life, until the corona pandemic which has caused it to fall again. It is now close to breaking up through its long-term downward trendline - which indicates that a recovery is in progress. Its performance is directly linked to the performance of the South African economy and its CEO is calling for more policy certainty from government in land reform, mining and state-owned enterprises (SOE). The company may be able to obtain some growth by expanding its activities in LPG in Mozambique. We regard this as a solid, well-managed secondary share with reasonable prospects which is certainly cheap at current levels. Notably, the company is paying an interim dividend. On 16th October 2020 Afrox announced that a firm offer had been made by Linde to acquire the remaining issued shares of Afrox for 2118c each which is a 58% premium to its 30-day volume-weighted average price (VWAP) - and then the company will be de-listed from the JSE. A special dividend of 382c will also be paid.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Assore (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 April 2020 had a strong positive impact. Another factor is the international market for crude steel which has been better in the current financial year. In its results for the six months to 31st December 2019, the company reported turnover down 12% and headline earnings per share (HEPS) down 28%. The net asset value (NAV) increased by 9% to R303,84 per share. The company has R8,1bn in net cash. Obviously, this company is exposed to the coronavirus which makes an impact on the production of steel in China where it sells about 75% of its production. The CEO, Charles Walters said, "Our interim results were negatively affected by weaker prices in the chrome and manganese markets, and lower shipments of iron ore in the period under review. Higher iron ore prices and a slightly weaker currency helped to cushion the effects of the weaker pricing environment experienced in 3 of our 4 commodities. We continue to focus on costs and operational efficiencies in order to maximise returns." On 9th February 2020 the company announced its intention to repurchase shares from shareholders and to de-list from the JSE. It is a highly risky commodity stock. On 31st March 2020 the company issued a statement on CORVID19. The company said, "Assmang Proprietary Limited ("Assmang"), 50%-owned by Assore and jointly- controlled with African Rainbow Minerals Limited ("ARM"), has put its iron ore mines (Beeshoek and Khumani), its manganese ore mines (Nchwaning and Gloria) and its smelter at Cato Ridge on care and maintenance and ceased production as of midnight on Thursday, 26 March 2020 for 21 days. Likewise, Dwarsrivier Chrome Mine Proprietary Limited ("Dwarsrivier") and Wonderstone Limited ("Wonderstone") have been put on care and maintenance with effect from the same date for 21 days. Assmang's 54%-owned smelter in Sarawak, Malaysia continues to operate on a skeleton staffing arrangement".

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All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Unicorn 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 had a good six months while JEF Drill and Blast was busy with restructuring involving retrenchments. The Nkomati anthracite mine continues to move towards a steady state with a significant increase in the resource. In its results for the year to 30th June 2020 the company reported revenue down by 4,3% and a headline loss per share of 2,92c compared to a loss of 3,3c in the previous year. The company said, "Ritchie Crane Hire (Ritchie) has maintained its consistent performance. The mine was severely impacted by external factors during FY2020. It started with a four stage Fall of Ground (FOG) event in the Underground mine that occurred between 3 and 11 October 2019. Then, on 25 October the mine was informed that the decision had been made to put Liviero Mining (Liviero), the mine’s opencast contract miner, into liquidation. Thereafter followed the three-week Covid-19 lock down in March and April, and finally an illegal three month strike that started in May, completed the year. During the year JEF generated R268,6 million (June 2019: R 283,5 million) in turnover and delivered an operating loss of R9,8 million (June 2019: R3,1 million operating profit). A persistent decline in drilling rates over the past couple of years and operating in a capital intensive business where most of the equipment is priced in US dollars, required a rethink of the JEF business model. During the year, Geosearch generated R255,7 million (June 2019: R300,1 million) in turnover but due to operating losses incurred in Botswana amounting to R38,5 million, recorded an operating loss of R40,9 million (June 2019: R9,2 million operating profit)". Technically, the share trades an average value of R30 000 per day, and there are many days where there is no trade at all - which basically makes it barely practical for private investors. Over the past year the share price has fallen back to around 14c, but reached as high as 580c in June 2009. We regard this as mostly a highly risky mining operation which is dependent on an on-going demand for coal and the international price of that commodity. Afrimat owns 27,27% of Unicorn and has made an offer to buy 100% in exchange for Afrimat shares at the rate of 280 Unicorn shares for one Afrimat share. At the same time Afrimat has applied to have the Nkomati mine placed in business rescue. Afrimat has already extended a R60m unsecured loan to Nkomati and is not willing to put in additional funds.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Brimstone (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, which will take its holding to 22,9%. 5. 6,1% of Grinrod, 6. 18% of Aon Re Africa 7. 25% of South African Enterprise Development, 8. 49,8% of Vuna Fishing company, 9. 12,8% of Milpark Education, 10. 80% of Obsidian (a black-owned investment holding firm positioned to benefit from the roll-out of the NHI) and a variety of other smaller shareholdings in property, healthcare, 3,9% of Long4Life and 5,3% of Stadio. Brimstone has decided not to buy 15% of Clover and is instead looking to find a BEE investor to take over this stake. In its financials for the six months to 30th June 2020 the company reported turnover up 1,8% and a headline loss per share of 77,3c compared to a loss of 60,2c in the previous period. The company's net asset value (NA) per share fell slightly to 987c. The company said, "Brimstone deemed it prudent to implement its de-gearing strategy and utilised R496.7 million from the disposal of a portion of its investments in Equites and Phuthuma Nathi to settle its bridge funding facility of R528.1 million during the period. Sea Harvest delivered a credible set of results with headline earnings for the period ended 30 June 2020 of R170.0 million. Lion of Africa reported a net profit of R82.8 million for the period under review, compared to a loss of R55.2 million in the prior comparative period. Brimstone acquired an additional 55% interest in Obsidian on 3 February 2020 for a cash consideration of R36.0 million, increasing its total shareholding to 80%. On 31st July 2020 the company reported its INAV as falling 23,5% to 2559,2c at 31st March 2020. Both the company's ordinary and its "N" shares were trading at a significant discount to its INAV (1369c per share). Both shares are thinly traded, but the ordinary shares are worse. We regard the ordinary share as too thinly traded for private investors and, unless they begin to unbundle the portfolio, the extra value is likely to remain locked in.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Value 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 to 30 April 2020, resulted in a material reduction in revenue. April 2020 revenue was 32,6 % below that of April 2019. Revenue in May 2020 was 5.3% less than that in May 2019. From 1 June 2020 onwards, with the shift to less restrictive lockdown levels, the Group eventually returned to normal operational capacity.Net profit before tax however increased mainly due to a R14,4 million net finance cost reduction which arose due to reductions in asset base funding costs and IFRS 16 (lease) funding costs. The Group also benefitted from a reduction in the effective tax rate from 24,3% to 23,3%".Technically, the share is in a downward trend and investors should wait for a break above its downward trendline before becoming interested. It trades on a very undemanding P:E ratio of 6,46 but the main problem is that the average daily value traded is only R12 000 - which basically make the share impractical. The company announced a firm offer had been made for its minorities shares by the Value Group at 675c per share. This will be followed by the de-listing of the company

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Resource 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 complete phase one of its development. The total Boikarabelo resource is 267 million tons and it is estimated that this will be extracted at the rate of about 6m tons per annum once the mine is fully developed. A 44km rail link is being established to connect the mine to the major port of Richards Bay. The mine will be an open-pit operation because the coal seam is about 20 to 30 meters below the surface. The company was successful in obtaining support from the Public Investment Corporation who now own 19,49% of the company. So, this is a very high-risk mining development company that is not yet in production let alone profitable. On 1st July 2020, the company announced that it had requested a suspension of its share trading in Australia and South Africa. In an update on 3rd July 2020 the company said, "A Deed of Amendment to the Common Terms Agreement has been confirmed in principle by all Lenders and is now at various stages of being formally executed under their governance processes, extending the Sunset Date to 30 September 2020." On 22nd October 2020, the company asked for trading in its shares to be halted on both the JSE and the ASX because the Noble Group has advised it that it is unable to extend it any more working capital. On 14th December 2020, the company announced that it had obtained a further facility of $920 000 from Noble to be paid in three tranches to cover the period to 28th February 2021. In its results for the six months to 31st December 2020 the company reported income down by 31% and headline earnings per share (HEPS) of 1,74c compared with a loss of 0,57c in the previous period. The company's net asset value (NAV) fell by 1,6%. The company said, "The HY21 net profit of $10.038 million includes administrative and corporate expenses of $0.450 million (HY20: $2.133 million ), employee expenses of $0.672 million (HY20: $0.669million). The decrease in the administrative and corporate expense is primarily due to the Burnvoir settlement provision that was raised at December 2019 and the increase in employee costs is due to the replacement of the CFO in June 2020. The increase in employee costs was offset by the salary of directors being suspended until further notice and the Senior Management salaries being reduced by 30%". On 16th April 2021 the company announced, "the Noble Board has carefully considered the progress of the ResGen strategic review and Noble’s ability to continue funding the loan to Ledjadja, and has confirmed that they will not be providing any further approval (under clause 3.2(c) of the Agreement) for any further Subsequent Advances". The company may be forced into administration as a result. In a report on the quarter ending 31st March 2021 the company said, "Phase 1 has taken longer than first expected but has been recently completed.On 16 April the Company announced that it had been advised by Noble that the Noble Board had carefully considered the progress of the ResGen strategic review and Noble’s ability to continue funding the loan to Ledjadja, and had confirmed that they would not be providing any further approval"This is a suspended share and clearly not suitable for private investors.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Cartrack (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 months to 31st August 2020 the company reported subscription revenue up 19% and headline earnings per share (HEPS) up 21%. The company said, "The Group continues to deliver an industry-leading EBITDA margin of 53% (HY20: 51%) and an operating profit margin of 34% (HY20: 34%). Cartrack's competitive value proposition, platform expansion, customer acquisition and distribution methodology has created strong barriers to entry against its competitors in most of the territories in which it operates. Despite the operational restrictions and the Covid-19 associated costs, South Africa delivered solid subscription revenue growth of 17% from R655 million to R763 million and a subscriber growth of 13%". Given its rapidly growing annuity income and its rand-hedge character, we regard this share as an ideal investment for private investors. It is attracting strong institutional interest now and trades on a multiple of around 24. The company has almost no working capital and its annuity income ensures that its overheads are already covered before it opens its doors at the beginning of each month. We suggest that you accumulate this share on any weakness. On 7th December 2020, the company announced that its holding company Karooooo will buy up all the outstanding shares of Cartrack and then list the company on the NASDAQ with an inward listing on the JSE. This will enable the company to raise funds on the international market. Existing shareholders are being offered R42 per share which is a discount to the current price of over R50. In a business update published on 13th January 2021, the company said that despite COVID-19 it had managed to grow its customer base by 14% to 1,246m over the nine months to 30th November 2020. Subscription revenue grew by 18% with total revenue up 17%. Cartrack stopped trading on the JSE on Wednesday 14th April 2021 and is now folded into its holding company Karoooo in a complicated deal. Karoooo is expected to have an inward listing on the JSE from 21st April 2021.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

RDI (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 may be vulnerable to a take-over. This REIT is concerned with income generation and diversification, which means it is not totally dependent on any single sector or tenant. In its results for the year to 31st August 2020 the company reported operating income down 28,1% while headline earnings per share (HEPS) fell 4,1%. The company's IFRS net asset value (NAV) fell to 557,2 pence from 685,6 pence. The company said, "Despite the significant impact on valuations and earnings, particularly with respect to our operating assets as a result of COVID-19, the Company is now in a far stronger position with retail exposure limited to 10.1 per cent of the pro forma portfolio and pro forma leverage reduced to 32.6 per cent". In a trading update for the December 2020 quarter the company said occupancy was at 98,8% "excluding RBH managed hotels and London Serviced Offices". UK retail exposure was down to 5,7% and "of the Group’s 13 RBH managed hotels, five have been closed to reduce operating costs. Occupancy across the London Serviced Office portfolio reduced to 72.8 per cent (31 August 2020: 76.0%) with sales and renewal activity impacted by COVID-19 related restrictions.Rent collection levels across both the UK and German retail portfolios have remained broadly unchanged when compared to the September quarter at 57.4 per cent and 93.5 per cent respectively".In our view, this is a stable rand-hedge investment which has taken a knock, together with all property companies, since the Resilient collapse in 2018 - but is in the process of recovering slowly. At current levels it looks like good value because it is well below its NAV.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

The 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 Services, which offers materials handling, process plants, power stations, logistics and FMCG projects. On 26th April 2019, the company announced that it had sold B&W Instrumentation and Electrical, which is an electrical and instrumentation construction group in sub-Saharan Africa, for R1. The business had a negative net asset value of R39m - so ELB had to issue 1,96m shares to sweeten the deal. The company has ceased capital expenditure, is downsizing its head office and is busy with retrenchments, and it has decided to enter business rescue. In its financials for the year to 30th June 2020 the company reported revenue down by 20% and a headline loss per share of 1432,2c compared with a loss of 167,3c in the previous year. The company's net asset value (NAV) fell to just 698,8c compared with 1756,9c in the previous year. The company said, "The results for the year ended 30 June 2020 (“2020”) were negatively impacted by the depressed trading environment across all markets in which the Group operates, the COVID-19 pandemic and the implications of ELB Engineering Services Proprietary Limited (“ELBES”) entering business rescue. Despite the challenging circumstances, the ELB board of directors (“the Board”) believes that the Group remains a going concern." The share is fairly thinly traded and generally not suitable for private investors. We are concerned that this company will follow other listed constructions groups into business rescue. On 18th January 2021 the company announced that it would be delisted with the last day to trade being 26th January 2020.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Accentuate (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 paid for by 5,32m Accentuate shares. Now, because the acquisition did not perform as expected it has been decided to sell Pentafloor back to the sellers which should result in a cash inflow of R13m to be used to settle debt. In its results for the year to 30th June 2020 the company reported revenue down 30% and a headline loss per share of 15,15c. The company's net asset value (NAV) fell by 29% to 47c. The company said, "Revenue for the year was R199.6 million (2019: R285.2 million, which included an additional R67.7 million turnover from Environmental Solutions segment), which is significantly lower than the previous year due to poor trading conditions that had an impact on output throughout the Group. Operating expenses decreased by 18.5% to R119.1 million. We draw attention to the fact that at 30 June 2020, the Company had an accumulated loss of R95.3 million (Group: R115.6 million loss). However, the Company's total assets exceeded its liabilities by R54.9 million (Group: R66.6 million) and as such remain solvent with a positive net asset value". In our opinion, this share is struggling with the difficult economy and COVID-19 and the aborted Pentafloor acquisition did not help. From a private investor's perspective, the share remains far too thinly traded to warrant contemplation.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Anchor (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 income is not directly comparable to the prior year due primarily to the consolidation of M Jurgens Finance (Pty) Ltd ("MJFS", and the termination of the Astoria Investments Limited ("Astoria") investment management agreement, which resulted in a gross receipt of R70.4 million ("Astoria termination fee") in 2019. Equity market brokerage volumes have recovered in 2020 with a historic March compared to 2019, but since then have normalised. Annuity management and advice fees have grown in-line with the growth in total assets under management and the Rand weakness has benefited this growth". In our view, this is a good business and its shares look cheap. Technically, it has been in a protracted period of sideways movement since November 2017. The daily volume traded would allow for an investment of up to R100 000. On 13th November 2020 the company announced that it was making an offer of R4,25 per share with the objective of de-listing the company.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

The 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 and the Western Cape and account for about 65% of the company's rental income. In its results for the six months to 30th September 2020 the company reported that hotel occupancies fell to 23,7% due to the lockdown and rental income was down 75% on the previous year. The company made a headline loss of 28,74c compared to a profit of 34,68c in the comparable period. The company said, "Hospitality's debt facilities with financial institutions as at 30 September 2020 amounted to R2.95 billion and the total drawn-down facilities amounted to R2.58 billion, resulting in a loan-to-value ('LTV') ratio (total interest-bearing liabilities/investment properties plus property, plant and equipment) of 26% (2019: 19%)". On 1st October 2020 the company sold its 85% stake in Vexicure. On 1st November 2020 the company sold its shares in Ash Brook. The board has decided to apply to the JSE to remove the company's REIT status. The share trades for around 285c on a P:E of 3,48 against a net asset value (NAV) of 1299c. This undemanding multiple reflects the tough conditions in the hospitality industry in South Africa and the relatively depressed condition of the South African economy and the impact of COVID-19. This can also be seen in the occupancy rates. In our view, the share undoubtedly represents good value at current levels, but may not see any significant growth until the economy begins to perform again. On 7th October 2020 the company announced that Tsogo Sun had made a firm offer to acquire HPB's issued share capital for 1,77 Tsogo shares for every Hospitality share. The company will then be delisted from the JSE.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Consolidated 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 integrated waste management services to the oil and gas industry. The Rail division is a railway electrification business supplying transmission lines, substations and maintenance. In its results for the year to 31st August 2019 the company reported flat revenue and a headline loss per share of 366c. The company said, "CIG reports disappointing results for the year ended 31 August 2019 after an especially difficult first six months trading to 28 February 2019. Following targeted operational initiatives, the group experienced some improvement in core operating results in the second half of the financial year from its building materials businesses (CBM) and its pre-paid power business, Conlog Proprietary Limited (Conlog)." During the year the company conducted a rights issue to raise R765m but that resulted in an increase in the number of shares in issue from 196m to 335m. In a set of results for the 4 months to 31st December 2019, the company reported a headline loss of 72c per share. These results were issued because the company has changed its year-end to 31st December. The company said, "CIG continued to trade in extremely difficult macroeconomic conditions, with pressure on all businesses. The group has initiated interventions to respond to these conditions, which resulted in most businesses trading in line with board and management expectations. The group's most challenging business remains Consolidated Power Projects ("CONCO"). Although the positive impact of focused management and operational execution oversight has started to materialise, this could not fully negate the costs associated with an overhead structure that is oversized relative to the level of current market activity. The results were further impacted by material finance charges on interest-bearing borrowings". In a trading statement for the six months to 30th June 2020 the company estimated it would make a headline loss of between 91c and 137c compared to a 456c loss in the previous period. The company said, "the H1 F2019 results were impacted by impairments to unrecoverable work in progress and receivables, mainly in the Consolidated Power Projects Proprietary Limited ("CONCO") business, as well as impairments to goodwill and intangibles and reversal of deferred tax assets previously recognised." In our view, this company is suffering from the general malaise in the construction and engineering industries in South Africa. It made an enormous loss in the previous financial year, equivalent to about one seventh of its market capitalisation. The rights issue effectively puts Fairfax in control and may not be the only such issue. On 31st July 2019, the company announced that it had reached an agreement with its lenders. While the share is well enough traded we do not advise buying it, or even buying this sector as an investment. On 3rd November 2020 the company announced that the board of Conco had decided to take the company into voluntary business rescue which had a negative impact on the CIL share price. Conco generated more than 60% of CIL's revenue in its most recent year.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Mettle 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 South African businesses are in lending, financial advice and solar power. The company now owns 90% of Reward in the UK which contributed to strong growth. There is demand for finance because of the demise of the bank overdraft in the UK. In its results for the six months to 31st August 2020 the company reported revenue up by 14% and headline earnings per share (HEPS) up by 7%. The company's net asset value (NAV) increased 9% to 242c. The company said, "Reward contributed R154.2 million (£7 million) to revenue and R30.5 million (£1.4 million) to profit attributable to shareholders which represented an increase of 26% and 30% over the previous year, respectively. The exchange rate depreciation accounted for 19% of this increase. Reward continues to be a prudent fully secured lender. The value of its loan and invoice discounting book increased in our reporting currency from R1.54 billion (£76.9 million) at 29 February 2020 to R1.68 billion (£75.2 million) due to Rand depreciation". Obviously, this share is something of a rand hedge and so benefits directly from any weakness in the rand and vice versa. It is too thinly traded to attract institutional investment with around R50 000 worth of shares changing hands on average each day. It recently acquired 49% of Christopher Finance which provides working capital to attorneys. The volume traded has picked up making it more practical as an investment and the share is on an upward trend. We regard it as worth your attention.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Lonmin (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 company obviously benefited from the fall of the rand and improved PGM prices. In its first quarter production report issued on 8th February 2019, the company reported that in the 3 months to 31st December 2018 its results were impacted by a fatality on 5th December 2018. It indicated that mining production was down by 7% on the comparable quarter with platinum production down by 10,4%. But the US dollar basket price was up by 11,2% at $1076 and the rand price was up 17% because the rand weakened by 5% against the dollar. In the second quarter, the company reported a further mining death and additional lost time. The company made a profit of $72m compared to a loss of $32m in the same quarter last year. The basket price for PGMs was up by 14,7% in the quarter and the rand price was up by 34,8% and sales were up by 4,2%. The company's total work force was reduced by 4%. Sibanye has acquired Lonmin in exchange for Sibanye shares and their loan payments of $150m were suspended dependent on that deal going through. On 22nd October 2018, Lonmin announced that it has made a 3-year supply deal with Pangea investments for $200m which would enable them to pay off their debt and leave $50m on the balance sheet as working capital. This deal was done at a cost of 15%, which is expensive when compared to the prime lending rate in South Africa of 10%. Lonmin has not managed to meet its promises to build 5500 houses for its employees. The Mining Forum of SA has launched a legal action to suspend Lonmin's mining operations until it complies with its social and labour plans. Lonmin is in the process of closing nearly half of its shafts (the generation 1 shafts) and retrenching 12 600 staff. Technically, the share has fallen from a high of over R300 per share at the start of 2010 to current level at 1480c, where shares have now ceased trading due to the Sibanye deal being finalised. The only way investors can participate in this company is by buying Sibanye shares.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Kaydav (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 products and catering supplies) and On-Spec (which offers a "one-stop" shopping facility for interior designers, shop-fitters and furniture designers). In its financials for the six months to 30th June 2020 the company reported revenue down by 13% and headline earnings per share (HEPS) of 0,5c compared with 3,1c in the previous period. The company's net asset value (NAV) increased by 7,7% to 140c. The company said, "The revenue loss occurred during the level 4 and level 5 national lockdown period during April and May when KayDav lost revenue of R100 million when compared against the same months for the prior year. The Group was able to control costs well with operating expenses decreasing to R96 million compared to the R115 million for the prior comparative period. Low business confidence levels, consumer caution and pressure on disposable income will continue to constrain year-on-year growth in the general economy". From the private investor's perspective the problem with this share is that it is very thinly traded and does not trade at all on most days. This makes it impractical as an investment.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Tiso 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 Industries which specialises in manufacturing roofing materials and produces and markets stainless steel and aluminium products. This last investment appears to be inconsistent with its core media interests and focus.On 6th March 2020 the company announced the sale of Gallo Music for R75m. In its results for the year to 30th June 2020 the company reported revenue from continuing operations down by 4,7% and a headline loss per share of 163,21c compared to a loss of 76,6c in the previous period. The company's net asset value (NAV) dropped by 27,4% to 644,49c. The company said, "The Group also incurred a number of significant other costs/losses during the year which mostly comprised the following: - Impairment of goodwill relating to the Hirt & Carter Group of R148.3 million; - Once-off costs relating to the Media and KTH deals of R65.6 million; - Recognition of a R110.0 million provision relating to the guarantee provided to funders of Robor; and - Realised loss of R59.0 million arising on disposal of the Media business to Lebashe during the current period". Technically, the share has fallen from 1400c in May 2015 to 220c in June 2020 but has rallied off that level to around 388c. This is a share which we do not recommend to private investors as, in our opinion, it is unfocused and appears to be drifting without a clear corporate vision. It has some great brands and assets, but appears to be badly managed at times.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Comair (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 cost of fuel is one of the greatest costs for any airline and Comair has replaced its fleet of aircraft with more modern aircraft which use about 14% less fuel and carry more passengers. This gave it a pricing advantage and maintains profitability. In is results for the six months to 31st December 2019, the company reported turnover up by 3% and a headline loss per share of 121,2c compared to a profit of 27,2c in the previous period. The company said, "Comair Limited is facing strong headwinds and will be reporting a headline loss of R564 million for H1 FY20. R450 million is distributable to the increase in the IFRS 9 loss allowance on the SAA damages claim. Decisive steps have been taken to implement far reaching cost-cutting measures and to increase revenue through improved fleet availability and aircraft utilisation. In addition, processes are underway to claim compensation from Boeing for the grounding of the Boeing 737 MAX 8, pursue the full outstanding settlement amount owed by SAA, notwithstanding the provision made by Comair for the full amount, and divestment from non-performing investments." On 5th May 2020 the company announced that it was going into business rescue as a result of the non-payment by SAA of the R790m balance owing from its court settlement and the impact of COVID-19 which has forced it to cease all operations. The company's shares were suspended on the JSE, but it is solvent and should emerge from business rescue in due course. The business rescue practitioners are optimistic that it will return to operations in November 2020 after reducing the fleet from 27 aircraft to 13. In an announcement on 3rd September 2020 the company announced that it was planning to resume flying in December 2020, but that it intended to delist from the JSE.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

New 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 warehouse unit at Stadium Business Park in Dublin, Ireland. In its financials for the 9 months to 31st May 2019, the company reported a loss of GBP60,05m mainly as a result of a fair value write down of GBP63m. This left the company with net liabilities of GBP36,8m. The company says that its lenders are continuing to support it. It reports a growing number of "company voluntary arrangements" (CVA) among its tenants, including the Arcadia Group, Debenhams and Monsoon & Select. This share was too thinly traded to be of any interest to private investors. The board made the following comment in its results: "In light of the financial position of the Company, the Board believes that it is unlikely that shareholders will realise any value from their shares, consequently, the Board sees little benefit in continuing to be listed and will actively pursue a delisting from the SEM and JSE." In its results for the 3 months to 30th November 2019, the company reported headline earnings per share (HEPS) of 5,3p and made a profit of GBP8,5m as a result of the sale of its Hounds Hill property. In results for the six months to 29th February 2020 the company said, rental income was down 19,75% and HEPS was 5,5p compared to 0,09p in the previous period. The company said, "The impact of COVID-19 did not directly affect the 6 months ended 29 February 2020, however, the general trend of falling rent levels was continuing prior to the outbreak. Brexit, lack of consumer confidence and retailers’ poor trading figures coupled with the growth in on-line shopping had a significant impact on the two centres owned by the group". In a correction the company said that HEPS for the 9 months to 31st May 2020 would be a loss of 327c.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Intu (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 almost GBP600m which should make a significant further impact on its balance sheet. In its results for the year to 31st December 2019 the company reported revenue of GBP542,3m compared to GBP581,1m and headline earnings per share of just 0,3p compared to 17,6p in the previous period. The NAV dropped from 293p per share to 147p (R26.27). The company said, "In the year, we made a loss of £2.0 billion, predominantly due to a property value deficit of 23 per cent, which is now 33 per cent down from the peak in December 2017. This results in our debt to assets ratio increasing to 65 per cent (adjusted for the Spanish disposals), highlighting the importance of fixing the balance sheet in our strategy. Although we were unable to proceed with an equity raise, we have a range of options including alternative capital structures and asset disposals." Coronation, Investec and the PIC are major shareholders of Intu which they bought at much higher prices, showing once again that these asset managers frequently make bad mistakes in the market. In a situation like this private investors should at least wait for a convincing upside break through a long-term downward trendline or a suitable long-dated moving average. The company took a further hit from COVID-19 that it was ill-prepared to deal with. Itu is a prime example of what can happen to a REIT if its loan-to-value (LTV) ratio is allowed to get too high. In a terse SENS announcement on 26th June 2020 the company said that as it had not managed to reach agreement with its creditors by the deadline, it would be entering administration (similar to business rescue in SA). So this company joins Edcon and SAA as another company that has not survived the pandemic. The company's shares were suspended on the JSE on 26th June 2020. On 2nd July 2020 the Financial Conduct Authority cancelled the listing of Intu shares on the London Stock Exchange and on 5th August 2020 Intu announced that it had applied to the JSE to cancel its listing with effect from 21st August 2020 in Johannesburg. The company is in the hands of administrators KPMG.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Peregrine (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 said, "The majority of the financial year was highlighted by the continued uncertainty imposed on the global markets by the US/China trade dispute and the effect thereof on global growth expectations. The South African landscape was arguably worse as the economy officially tumbled into recession, even before the Covid-19 turmoil. The Group's ongoing segmental headline earnings increased by 7% to R348 million with ongoing segmental headline earnings per share increasing by 9% to 166.4 cents. The increase in ongoing segmental headline earnings is due, in the main, to the increase in earnings from Citadel. Annuity earnings, comprising 94% of total ongoing segmental earnings, increased by 10% year on year." This company is impacted by the strength or otherwise of the rand as well as the state of the South African economy. At current levels the share is trading for a very undemanding earnings multiple (P:E) of 12.96 with a dividend yield of 2,65%. Technically, the share has been moving sideways since March 2018 and looks ready for an upside breakout. Although it has been listed for 20 years, this company has yet to really capture the imagination of institutional fund managers. Obviously, it will benefit as the economy recovers and it is certainly not expensive at current levels. It could be similar to Sygnia but does not seem to have achieved the same potential yet.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Group 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 incurred major losses. The company made a loss of R1,3bn in the year to 30th June 2018 (up from R649m in the previous year). The company has reported that it missed the October deadline for the project and has had to pay $106,5m in demand bonds. On 17th January 2019, the company announced that it had managed to sell its manufacturing businesses, Everite and Sky Sands, for R480m. This will help to ease the financial pressure. They also have other assets to sell in the form of its shares in Barnes which it is in the process of selling to the Barnes family. On the 1st of February 2019, the company announced the resignation of its CEO, Solomon Themba Mosai, with immediate effect. In late December 2018, there was talk of offers being made for Group 5's European assets to help alleviate their debt position - but there was nothing firm. Group 5 announced on 12th March 2019 that it had been placed into business rescue and that its shares had been suspended on the JSE. In May 2019, the company announced that it had sold R709m worth of assets. On 13th June 2019, the business rescue practitioners announced that they wanted Group 5 to complete 60 of the 79 construction projects which it was working on. The practitioners are also retrenching staff to reduce costs and selling assets to raise funds. Then on 20th June 2019, the business rescue practitioners said that it was unlikely that shareholders would receive anything back on their investments. Business Day said that the investors were now looking to sue the directors of the company in a class action. On 30th August 2019, the business rescue practitioners released rescue plans for Group 5 saying that the plan would reduce creditor losses by about R5bn and save about 3500 jobs. On 11th May 2020 the company took the decision to delist from the JSE. On 9th June 2020, 48 of the companies shareholders launched a court application for the company to be placed into liquidation. The application will be opposed by the business rescue practitioners.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Atlantic 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 up 8,9% and headline earnings per share (HEPS) down 2,2% with adjusted HEPS up 13,2%. The company said, "We continued to benefit from a strong tenant base, with only one asset, the office previously occupied by Thomas Cook, vacant at year end. Cash rental revenue increased by 8% to GBP26.2m (2019: GBP24.1m) and we also benefitted from the timely disposal of a DHL warehouse asset in February 2020 which realised a profit on sale of GBP 4.3 million. The sale not only resulted in a strong internal rate of return of 16% over the time we held the asset but has significantly strengthened our cash position at an opportune time." The company's net asset value (NAV) rose slightly to GBP1.04. Since listing, the company has increased its portfolio ten-fold and now has assets worth R7,2bn. It is fairly thinly traded which increases the risk for investors, but we expect it to attract more institutional interest once it has an LSE listing. Obviously, it is also a great rand-hedge. We regard it as one of the better property shares on the JSE. On 31st March 2020 the company gave a business update and said, "The Company collects rent quarterly in advance. We have collected 85% of rent due this quarter, of which a portion (10%), has been agreed to be collected monthly instead of quarterly. We expect to collect a further 5% of the rent due in the forthcoming week. The remaining 10% of the rent remains due and we are currently working with those tenants to determine suitable payment options. Overall, we think that this is a very positive outcome in this climate as the majority of rent due to the end of June has been collected and this further strengthens our cash position." On 22nd May 2020 the company announced that an American company, Apollo Global, had made a R3,3bn bid to buy it out. If the bid is successful then Atlantic Leaf will be de-listed from the JSE and Mauritius in August 2020.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Phumelela (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 the UK, Dubai, Singapore, Hong Kong, Australia, France, Mauritius and the USA while simultaneously exporting horse racing to 40 countries. In its results for the six months to 31st January 2020 the company reported a headline loss per share of 0,89c compared to a profit of 68,02c in the previous period. The debt:equity ratio was 38%. The company said, "Phumelela seeks further negotiations with the broader horse racing community to find a resolution to the dire situation in horse racing and agree commercially sustainable solutions. The Group remains engaged in discussions aimed at raising capital. Should these discussions not prove conclusive soon, the Board will have to decide on whether there is any reasonable prospect that the Group's business can be rescued". On 12th July 2019, the company had reported that it was in breach of its covenants for the repayment of its R300m in borrowings. Obviously, this has had a negative impact on the share price. Technically, the share reached a peak above R22 in October 2016 and has been trending down since then. In May 2019, the Public Protector issued a report on the privatisation of the horse racing industry which caused Phumelela shares to fall by 60%. Phumelela says that the report is "riddled" with factual and legal errors. On 12th September 2019, the company issued an update in which it stated that at a meeting of the stakeholders in the horse racing industry it was agreed that the industry needed to be restructured to be more inclusive. A horse racing industry restructure committee was established to draft terms of reference. It is estimated that the industry employs directly or indirectly between 120 000 and 180 000 people. We recommend applying a trendline from the October 2016 top and waiting for a convincing break above that before investigating further. That break seems like it may be a while away. On 20th April 2020 the company issued a statement on the impact of COVID19. It said, "the South African horse racing industry has by law been unable to stage race meetings from the date of the lockdown. All of Phumelela’s betting shops are closed with no revenues being earned. The cessation of horse racing has meant that there is no South African product to export internationally. Sports betting has been negatively affected by sporting fixtures such as soccer being cancelled. Online betting is open, but revenue is insufficient to compensate. The Group cannot reliably quantify the financial effect for this financial year". This company is in business rescue but may be saved by a R100m injection from the Oppenheimer family.

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All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Pioneer 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 and baked products. It produces a range of consumer products like breakfast cereals, rusks, baking products, dried fruit, spreads and fruit concentrates. In its results for the year to 30th September 2019, the company reported turnover up 11% and headline earnings per share (HEPS) down 6%. The net asset value per share rose by 3% to 4615c. The company said, "Pioneer Foods delivered acceptable revenue and volume growth in a difficult trading environment, despite enduring weak demand in the general food and beverage sectors. The major business challenge during this period was the lagging recovery of the significant input inflation in sales pricing, which was, with the exception of the maize and Wellington's categories, effectively addressed." This company is strongly impacted by the level of consumer spending in the economy - and that in turn has been impacted by the VAT and fuel price increases as well as record high unemployment. The international company Pepsico has made a bid for 100% of Pioneer for $1,7bn - which was accepted by Pioneer shareholders in mid-October 2019 and approved with conditions by the Competition Commission on 12th February 2020. This accounts for the jump in the share's price and means that the share will ultimately be delisted. This share is highly rated by institutional investors and trades on a P:E of 21,38 and a dividend yield of 2,37%. Technically, the share fell from its high of R203 in October 2015 to levels around R74 - which reflects the bad performance of the South African economy over that period, but the Pepsico offer has caused the share to jump to levels around R109.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

This 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 traded to get into the JSE Overall index are in the “Fledgling” index. They are not measured for their free float – so there are plenty of really thinly traded shares in this index. At the time of writing, there were 113 shares in the Fledgling index. The largest share in this sector by free float market capitalisation was Alviva Holdings which had a weighting of just over 4% of the index. Next was Tower Property Fund which had a weighting of over 3.5%. No other share had a weighting above 3.5%. The most important aspect of these shares is that many of them are very thinly traded so as a private investor you need to pay special attention to their average volume traded. Make sure they have enough volume to allow you to stop out of the share if your need to. Most of the fledgling shares are included in the Alt-X, which is a market for small to medium companies in the growth phase and has less stringent listing requirements. You can also look at and compare the JSE Alt-X index.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

The 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 this group was Investec Property Fund Ltd, with under 4%. Other shares with a 3% weighting were Transaction Capital, Equites Property Fund, PPC Ltd, Datatec, Sun International, Advtech and Astral Foods. So this is a fairly well-balanced index of smaller companies with no dominant shares. When looking at these shares pay attention to the average daily volume traded. Some of them are very thinly traded and will be difficult to stop out of. Many of these shares are listed in the Alt-X and they are typically smaller companies which have recently obtained their listing and which are in a strong growth phase. This clearly makes them much higher risk for the investor than companies in the mid-cap index, but they can also offer very good returns – if you pick the right one. Usually the CEO of one of these companies will be happy to grant you an interview if you tell him that you are an investor. It is well worth visiting the premises of such companies and seeing first-hand how they make their money. You can often learn much more from the CEO’s face and attitude than from his financials. It is also interesting to compare the small cap index with other indexes – like the Top 40 index or the mid-cap.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

An 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 movement of the market as a whole. Companies selected for inclusion in the TOP 40 Index are the largest 40 companies in the All Share index by full market cap. The list of shares given below was updated in July 2019 - but you should be aware that shares come and go from the index all the time (e.g. Steinhoff has been dropped). As an investor, you need to be aware that the index contains several commodity shares which can skew the index if commodity prices move drastically. It also includes a number of very large companies which have their primary listing overseas or which derive most of their income in a hard currency - such as Richemont and Naspers (Naspers alone accounts for over 20% of the index). This means that the movement of local shares is often obscured or completely overwhelmed by the movement of rand-hedges. You may find it more useful to look at the JSE Fin30 which just contains the 30 largest financial and industrial shares. Shares in the Alsi40 in July 2019 were: Naspers (23.64%), BHP (11.58%), Richmont (9,4%), Anglo American (6.03%), Standard Bank (3.83%), FirstRand (3.28%), MTN (3.03%), Sasol (2.9%), British American Tobacco (2.34%), Sanlam (2.11%), ABSA Group (1.94%), Mondi Plc (1.83%), Anglogold Ashanti (1.67%), Old Mutual (1.66%), BidCorp Ltd (1.6%), Nedbank Group (1.56%), Remgro (1.53%), Shoprite (1.19%), Growthpoint (1.14%), Vodacom Group (1.11%), Capitec Bank (1.05%), Bidvest Group (1.03%), RMB (0.97%), Gold Fields (0.94%), Investec Plc (0.92%), Multichoice Group (0.92%), Clicks (0.84%), Redefine Properties (0.82%), Discovery (0.82%), Woolworths (0.80%), Mr Price (0.80%), Anglo American Platinum (0.76%), Nepi Rockcastle (0.72%), Exxaro Resources (0.68%), Foschini Group (0.66%), PSG Group (0.63%), Aspen Pharmacare (0.62%), Tiger Brands (0.61%), Mondi Ltd (0.59%), The Spar Group (0.59%), Sappi (0.44%), Investec Ltd (0.42%).

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Clover (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. In the various product categories, non-alcoholic beverages volumes were up 7,4%, concentrated products down 18,9%, value-added dairy up 1,6% and fermented products and deserts up 73,1%. The operating margin rose to 8,8% from the previous period's 7,8%. Clover is now completely independent of DFSA, except that it owns 26% of DFSA's shares. The company also implemented some strong cost reduction methods that helped margins to increase. In our view, the shift out of bulk products will enable Clover to become a much more stable company which can access the increased margins associated with branded products. Its focus on value-added products like yogurt and custards means that it is not exposed to the volatile bulk milk market and can concentrate on being a consumer product producer. In a trading statement for the 12 months to 30th June 2019, the company estimates that headline earnings per share (HEPS) will be 157,4c compared to the comparable period's loss of 23,1c. On 19th October 2018, the company issued a cautionary to state that it was in negotiation with a third party to buy its entire share capital, then on 4th February 2019 the company announced that its entire share capital was to be bought by a consortium - Milco, for R25 per share and that Clover would be delisted as a result. The empowerment group, Brimstone, has decided not to take up a 15% stake in the consortium and is instead looking for a BEE investor to take up this stake. Announcement of the deal had initially pushed the share price up to around R23. On 19th July 2019, the company announced that the Competition Commission has approved the buy-out by the Milco consortium with conditions. In view of the imminent delisting, this share is probably of no real long-term interest to private investors.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Dawn (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 because of a further deterioration in business conditions. Now the company is proposing to retrench 700 staff in a desperate attempt to reduce costs radically. In December 2018, the former CEO, Derek Tod, proposed a management buy-out at 1c per share and obtained approval from 60% of shareholders. On 7th December 2018, the company issued a trading statement in which they said that the headline loss per share for the period ended 30th September 2018 would be between 37,6c and 39,5c. The home improvements industry has become highly competitive as consumer spending has declined - but if anyone can save it, Tod probably can. Strong national suppliers are competing on price to attract what little business there is. In this environment, it is difficult to see how this share can recover. It has a net asset value (NAV) of 53c, but this is being rapidly eroded by further losses. In an interesting development, Lindsay Ralphs, CEO of Bidvest, bought 30 million shares costing just over R300 000 (5,16%), but he says that this has nothing to do with Bidvest. We recommend that private investors stay away from this share until there is some clarity.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Master 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 also says it was adversely affected by the Listeriosis outbreak, the fall of the rand and the rise in the oil price (which increased the cost of polymers). The company saw its headline earnings per share (HEPS) fall to 8,6c from the previous period's 12,1c off a 3,2% increase in turnover. From being debt-free, the company now has a 22% gearing as a result of investing R38m in capacity and R14m in working capital. This has been a relatively thinly-traded share which was highly dependent on the state of the South African economy. It was trading below its net asset value (NAV) which obviously stimulated a take-over offer at 200c. That offer from MCGF II (Metier Capital Growth Fund) has now been increased to 220c per share and accepted by almost 80% of existing shareholders. That accounts for the sudden rise in the share price. What is notable is the sharp increase in volumes traded on the 31st October and the 1st and 2nd of November of 2018 - just before the takeover was announced.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

Billiton (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 an 8% increase in copper production because copper is widely expected to be in demand as the world moves to electric vehicles. It is interesting that BIL has sold its shale gas assets in America for around $11bn which will be used to pay out a special dividend to shareholders. Shale gas is generally profitable at oil prices above $50 per barrel - and BIL's decision to get out indicates that it expects oil prices to remain depressed and fall further over time. In our view, this is a high quality, blue chip company but it is clearly heavily impacted by commodity prices as can be seen from the fact that it made a small loss in 2016. Private investors must be aware that this share is more risky than a blue chip industrial or financial. Technically, the share has been in a strong upward trend since the beginning of 2016 and we expect that to continue. You should also be aware that Billiton at its 2018 annual general meeting approved the buy-back by the company of up to 350 million pounds sterling worth of its own shares. These shares are being held as "treasury" shares. Usually, shares which are bought back are destroyed - which has the effect of reducing the company's number of issued shares. Share buy-backs are treated as dividends by the Receiver of Revenue and dividends withholding tax (DTW) is paid.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

The 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 group of REITs (Resilient, Greenbay, Fortress and NepiRockcastle) were the subject of a damning report by 360ne Asset Management, which claimed that their high share prices were due to their cross-shareholdings rather than natural market forces. The shares of these REITs fell by 50% or more and took the JSE Sapy index down with them. To this must be added the fact that the economy is in a technical recession and office properties particularly have seen rising vacancies and much more competitive conditions. In general, property offers private investors an extremely secure dividend-paying investment and now might be a good time to buy good-quality REITs. However their recovery will probably be slow and measured as the South African economy recovers. Many of the larger REITs listed on the JSE also have significant exposure to property in Europe which gives them a rand-hedge component and enables them to benefit from the recovery in the European economy.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

It 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 the south at an angle of about 20 degrees. As it goes deeper, the grades of gold increase because the weight of gold naturally caused it to sink deeper than other minerals. When extracted, the reef often includes the skeletons and shells of the ancient mollusks which once occupied that sea. So gold mining began just south of Johannesburg, where the lip of the sea bed broke the surface, and then progressed towards the south, going deeper and deeper, giving higher grades, but becoming progressively more expensive and difficult to mine. By the early 1930’s it was generally thought that the gold mining industry in South Africa was reaching the end of its economically viable life, but then a new, far cheaper, method of extracting gold from the ore, known as “heap leaching” was invented. This technique gave mining a new lease of life and made it economically viable to mine ore at much greater depths. Today, once again, deep-level gold mining is reaching the end of its economic viability. However, South Africa still has more than 40% of the world’s known underground reserves of gold - but most of it is just too deep to mine economically with current technologies. The Bushveld Igneous Complex is an extraordinary igneous intrusion, by far the largest of its kind in the world, where molten lava was forced up between layers of sedimentary rock where it cooled and solidified about 2 billion years ago. It has a surface area of 66 000 square kilometres and is shaped like a ragged four leaf clover with its stalk pointing towards Tshwane (Pretoria). It is one of the great treasure houses of the world which includes platinum group metals (PGMs), gold, chrome, copper, nickel, tin, iron, fluorspar and vanadium. As ore bodies of precious metals became deeper and less viable, base metals and minerals have taken their place as the most profitable mining ventures in this country. Mining technology is always developing and improving, which means that precious metals might once again dominate South African mining at some time in the future. The 2018 PwC report on Mining which covers 31 companies in South Africa reports that turnover for these companies increased by 8% to R28bn with coal as the largest element. Dividends from these mining companies was R16bn while capital expenditure was R480bn - a 15% increase over the previous year. A total of R200bn was impaired from the value of mining assets. All shares in the mining sector are affected by the new mining charter which is being finalised. This includes a "free carried" aspect whereby 10% of the mining company's shares will be held by the community (5%) and the employees (5%). It will also require that new mining licences include a 30% BEE ownership. Technically, the index reached its lowest point since 2005 on 14th January 2016 - when the commodities cycle turned. Since then, commodity prices have generally been improving and the index has been rising. In the year to 30th June 2018, the index out-performed the JSE Overall index for the first time in a decade. We believe that mining shares will continue to perform well because the demand for commodities will continue to increase as the world economy moves more and more into a boom phase. However, commodities will always remain volatile and risky - so a strict stop-loss strategy is indicated.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

This 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 inflation rates have been much lower. In 1994, when the ANC came to power, South Africa produced 583 tons of gold and the industry employed over 390 000 people directly. By 2017, production had shrunk to a measly 138 tons - which made South Africa the world's 8th largest producer and the industry employed just over 110 000 people. Aggressive union action and legislative uncertainty were partly to blame for this. Neal Froneman, CEO of South Africa's largest gold producer, Sibanye, has indicated that until there is certainty in the legal structure of the gold industry, he will not invest further into this country. The other mining houses, like Anglogold Ashanti and Goldfields have reduced their exposure to South Africa to single mines which now only account for 10% or less of their world production. So the industry is dying and unless there is a major technological breakthrough, the gold industry in this country will continue to decline. And this is ironical since South Africa still has about 40% of the world's known underground reserves of gold - but it is just too deep to be economic with current technologies and South Africa's average cost of production is over $1000 per ounce - almost 20% above the world average.

Disclaimer:
All information and data contained within the Opinion Feature is for informational purposes only. The author makes no representations as to the accuracy, completeness, suitability, or validity, of any information, and shall not be liable for any errors, omissions, or any losses, injuries, or damages arising from its display or use. Information in the Opinion are based on the author’s opinion and experience and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Thoughts and opinions will also change from time to time as more information is accumulated. The author reserves the right to delete any comment or opinion for any reason.

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