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Our opinion on the current state of FTBPROPB(FTB)Fairvest (FTB) is a real estate investment trust (REIT) which specializes in investing in smaller rural and non-urban shopping centers that are focused on consumers who have a lower living standard measure (LSM). It has 131 properties valued at R11,8bn. This is broken down as 67% retail, 23% office, and 10% industrial. It also owns 60,9% of Indluplace (ILU) and 5,1% of Dipula (DIB). The company boasts that it is the top-performing REIT in South Africa with a return to investors of just under 1
JSE:FTB
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Our opinion on the current state of GEMFIELDS(GML)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
JSE:GML
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Our opinion on the current state of LIBSTAR(LBR)Libstar (LBR) is a recently listed decentralised food and beverage company producing "consumer packaged goods." It raised R3 billion in an initial public offer (IPO) in May 2018. It owns the Denny brand, a leading mushroom supplier, and Lancewood, known for its dairy products, among other food brands. Altogether, it makes over 9000 products and has launched 88 new products in the past six months. The company produces private label brands for retailers like Spar, Woolworths, Pick 'n Pay, and Shop
JSE:LBR
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Our opinion on the current state of STADIO(SDO)Stadio (SDO) is a tertiary education institution that offers a wide range of post-school training. The company provides higher education through five universities, offering higher certificates, degrees, master's, and PhD qualifications. It currently has over 46,000 students enrolled in six faculties offering more than 50 accredited training programs. Notably, 86% of these students study online. The company envisions having 100,000 students, with most expected to be distance learning students. I
JSE:SDO
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Our opinion on the current state of SANLAM(SLM)Sanlam (SLM) is one of the largest insurance and financial services groups in South Africa. It was established in 1918 and demutualised in 1998, subsequently listing on the JSE and the Namibian Stock Exchange. The company operates in South Africa, the UK, America, Europe, India, Australia, and 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
JSE:SLM
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Our opinion on the current state of SEPHAKU(SEP)Sephaku (SEP) is a construction materials business in South Africa, supplying ready-mixed cement products and cement to the construction industry. The group consists of 100% of Metier Mixed Concrete and 36% of associate company Sepcem, with the remaining 64% held by Dangote. Sephaku is directly impacted by the difficulties in the construction industry. In its results for the six months to 30th September 2023, the company reported revenue up 19.7% and headline earnings per share (HEPS) of 7.54c
JSE:SEP
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Our opinion on the current state of STOR-AGE(SSS)Stor-Age (SSS) is the JSE's only real estate investment trust (REIT) specializing 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, with expectations that its UK business will eventually exceed the South African operations. The company owns 103 properties worth R17.3 billion. The business of Stor-Age tends to do well in both recession and boom periods of the economy. The average c
JSE:SSS
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Our opinion on the current state of TELKOM(TKG)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 subsidize 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 subsidized other networks to the tun
JSE:TKG
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Our opinion on the current state of THUNGELA(TGA)Thungela (TGA) is Anglo American's coal assets which have 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 7,500 employees and exports coal to Asia, India, SEA, and East and North African countries. The company owns 50% of Phola, w
JSE:TGA
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