Our opinion on the current state of GFIELDS(GFI)Gold Fields (GFI) is a relatively high-cost international gold mining company with one mine in South Africa—South Deep. Acquired in 2006, South Deep has been a challenging asset for Gold Fields, with the company investing a total of R32 billion (R22 billion for the purchase and R10 billion for development) over 14 years to make the mine profitable. Brett Kebble once famously described South Deep as "The world's most expensive long drop," reflecting the operational difficulties the mine has faced
Our opinion on the current state of PEPKORH(PPH)Pepkor Holdings (PPH), formerly known as Pep, is 71.01% owned by Steinhoff International. Following the collapse of Steinhoff due to admissions of "accounting irregularities," Pepkor rebranded to distance itself from the negative publicity associated with its parent company. The group includes well-known retail brands such as Ackermans, PEP Stores, Bradlows, and HiFi Corporation.
Since Steinhoff's troubles in December 2017 and the impact of the COVID-19 pandemic, Pepkor's share price plummeted
Our opinion on the current state of HYPROP(HYP)Hyprop (HYP) is a leading property real estate investment trust (REIT) that focuses on high-quality shopping malls in South Africa, with additional interests in Eastern Europe and Africa to the North. Some of the country's most iconic shopping malls, such as Rosebank, Canal Walk, Hyde Park, and Clearwater, are part of Hyprop's portfolio. The company has been affected by a decline in consumer spending, which has led to lower trading densities in its malls.
Despite these challenges, Hyprop is cur
Our opinion on the current state of TRELLIDOR(TRL)Trellidor (TRL) has been a manufacturer of barrier security products, blinds, and security shutters since 1976. The company operates through two main divisions: the Trellidor business, which focuses on security barriers, and the Taylor business, which produces security and decorative blinds. In addition, Taylor imports and distributes cornicing and skirting. Trellidor has 70 franchise outlets across South Africa and a strong, well-recognized brand. It also has a presence in 24 countries, 17 of w
Our opinion on the current state of TEXTON(TEX)Texton (TEX) is a small real estate investment trust (REIT) that owns forty-eight retail, industrial, and office properties, with 55.4% located in South Africa and the remainder in the UK. After reaching a high of 1235c in March 2015, the share price steadily declined, hitting a low of 78c on 29th October 2020. The decline was compounded by a "default event" triggered by the Public Investment Corporation (PIC), which decided to "put" its 51.9 million shares on Texton. This development added furt
Our opinion on the current state of GRANPRADE(GPL)Grand Parade Investments (GPL) is an investment holding company with interests primarily in the gaming industry. It is a BEE company that has been listed on the JSE since 2008. In recent years, GPL has shifted its focus, terminating its Dunkin' Doughnuts and Baskin Robbins franchises in February 2019 and exiting Burger King in February 2020. The company also sold its remaining 10% stake in Spur Corporation back to Spur in June 2019.
On 15th June 2022, GPL announced that it had unbundled its 9.
Kumba Iron Ore: KIO - Long-term ViewKumba Iron Ore's monthly view shows a reversal pattern in play for a long position. The following have to play out:
1. Overcome horizontal resistance at R415 (this is expected in October)
2. When October closes above R406.01, open a long position (swing low is confirmed)
3. First target R480 area, idea to be updated based on daily timeframe analysis whether to take profit
4. If price goes above R480 area next target becomes 10 month moving average, after that the green trendline
5. A monthly cl
Our opinion on the current state of CLIENTELE(CLI)Clientele Life (CLI) is a small insurance company that offers short- and long-term policies and underwrites insurance products. These products are sold through agents, brokers, and tele-sales. On 3rd November 2023, the company announced its acquisition of 1Life Insurance for R1.914 billion, paid through the issuance of 117,815,756 ordinary shares in Clientele.
In its results for the year ending 30th June 2024, Clientele reported a 4% decline in headline earnings per share (HEPS) and net profit.
C
Our opinion on the current state of INVLTD(INL)Investec (INL) operates as a specialist bank and asset manager in South Africa, Australia, Europe, the UK, and several other countries. Over the past four years, Investec shares have faced pressure due to Brexit in the UK. However, the decision to separately list its asset management division as Ninety-One has unlocked shareholder value, which is becoming more evident as the pandemic is brought under control. One of Ninety-One’s major challenges has been to convince investors of its internationa
Our opinion on the current state of WESIZWE(WEZ)Wesizwe (WEZ) is a miner of platinum group metals (PGMs) through its development of the Bakubung Platinum Mine (BPM). The company is working on a project to access the Merensky and Upper Group 2 (UG2) resources. The mine is located near Rustenburg on the Western limb of the Bushveld Complex. Wesizwe also holds a 17.1% stake in projects 1 and 3 of Maseve Investments.
In its results for the year ending 31st December 2023, the company reported a headline loss per share of 1.36c, an improvement com
Our opinion on the current state of BYTES(BYI)Bytes Technology was spun out of Altron and separately listed on the London Stock Exchange (LSE) and the JSE. At the time of listing, it had a market capitalisation of approximately R13 billion, which has since grown to R26.5 billion. Altron shareholders received GBP 542 million in shares and cash during the demerger, representing a significant release of value.
Bytes Technology describes itself as "one of the UK's leading software, security, and cloud services specialists." It is the largest r
Our opinion on the current state of CLIENTELE(CLI)Clientele Life (CLI) is a small insurance company that sells short- and long-term policies and underwrites insurance products. Their offerings are distributed through agents, brokers, and tele-sales. On 3rd November 2023, the company announced its acquisition of 1Life Insurance for R1.914 billion, to be paid through the issuance of 117,815,756 ordinary shares in Clientele.
In its results for the six months ending 31st December 2023, Clientele reported a 35% drop in headline earnings per share (
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Our opinion on the current state of DISCOVERY(DSY)Discovery (DSY), developed and built by Adrian Gore over the past 25 years, offers the A/B income group a matrix of inter-linked financial services, enabling significant cross-selling opportunities. Customers can start with medical aid and then add a variety of insurance products and, most recently, personal banking services.
Discovery's "Vitality" concept, which rewards clients for maintaining their health, has been extended to include their driving record and a rewards system that provides a
Our opinion on the current state of GTCSA(GTC)GTC is a property group operating in Central and Eastern Europe. The company has properties in Poland, Bucharest, Budapest, Belgrade, Sofia, and Zagreb. It manages forty-seven office buildings and six retail properties with a gross lettable area (GLA) of 829,000 square meters, valued at approximately 2.35 billion euros. The company is listed on both the Warsaw Stock Exchange (WSE) and the JSE.
In its results for the six months to 30th June 2024, the company reported rental revenue up by 3% and
Our opinion on the current state of MUSTEK(MST)Mustek (MST) is South Africa's largest assembler of personal computers under its brand name Mercer. It also imports a variety of computer products, including Samsung, Acer, and Microsoft. The company consistently trades well below its net asset value (NAV).
Mustek is beginning to benefit from its fibre-to-the-home activities and is selling additional hardware as a result. The CEO, David Kan, is very excited about the exploitation of the fibre-to-the-home market. He believes there can be expone
Our opinion on the current state of REMGRO(REM)Johann Rupert's Remgro (REM) is an investment holding company that 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 the 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 Souther























