Net asset value per share dropped 16.1% to R1.41 — the downward revaluation of assets held for sale plus the R108m special dividend already paid out. The loss per share narrowed to 2.8c from 10c, but that's still red ink. No ordinary dividend this period; the board is saving its ammunition for the big payday.\n\nThe catalytic event is the Zaad disposal, expected to close on or before 30 November, bringing in roughly R1.4bn (R1.037bn consideration, a R328m sale claim and R39m of other assets) — and Zeder intends to distribute most of it. On top of that, the 48.6% May Seed interest now has a formal sell-side process running with an international advisor. At R1.06 against R1.41 NAV, you're being paid a 25% discount to wait for a cash event that has already been delayed once. NEUTRAL: the pieces are moving, but NAV keeps eroding while you wait, and the distribution only lands after the deal actually closes.
Distributable income per share rose 8% to 47.29c, the payout is held at 95% and the distribution came in at 44.92c. Revenue including smoothing jumped 28.6% to R508.7m, the portfolio revalued up to R8.8bn across 44 properties, and reversions turned positive at +7.98% all-property (from -2.28% last year). Interest cover is a healthy 6.31x and LTV dropped to 21.9%. In a property market where vacancy is the story, Spear's 1.11% total vacancy is barely a rounding error.\n\nThe strategy is the concentration: all Western Cape, nothing else, deliberately. No other listed REIT commits so hard to one province, and the region keeps delivering — reliable infrastructure, a resilient economy, and private money chasing it. TNAV is up to R13.33 a share against a R13.10 price, so you're buying roughly at book with an annualised yield around 7% and 8% distribution growth. That's a boring, beautiful property stock. BULLISH.
The headline is a smaller loss: H1 FY27 EPS loss between -33.77c and -40.52c versus -67.53c a year ago, and a headline loss of -38.85c to -44.83c versus -59.77c. Boxer grew trading profit and the Pick n Pay segment delivered a moderately reduced trading loss. Management is honest about the optics though — the big percentage improvement flatters a small base, because last year's H1 headline loss was only R439 million.\n\nThe bigger news might be the labour peace: agreement reached with SACCAWU and the Section 189A consultation formally withdrawn. That removes a nasty overhang — no mass-retrenchment war hanging over the stock into the festive season. But the company is still losing money in the first half, and the real proof lands on Monday 26 October when the full results come out. Better, not yet good. NEUTRAL until we see the detail.
Group revenue came in at €6,412m, up 37.5% — but strip out MultiChoice and the underlying business grew a modest 1.3% (0.8% like-for-like). The Africa & Asia segment more than tripled to €2,604m on consolidation, and management says the MultiChoice turnaround is on track with the simplified South African offering launched in September. Europe is still the laggard, down 1.4% with the advertising market weak.\n\nThe strategic wins are the story: exclusive UEFA men's club competition rights across more than 40 countries for 2027-2031 — the group's first continent-wide sports deal — plus AFCON 2027 and its qualifying campaign. STUDIOCANAL is on a hot streak (Pressure, Les Misérables, the third Shaun the Sheep). This is a scale story, not an organic growth story yet — like-for-like revenue is basically flat — but at R53.99 (7.9x forward earnings) the market is starting to price the MultiChoice prize. BULLISH with the flat-LFL caveat attached.
Turnover grew 5.4% to R50.4bn, retail up 4.2% and UPD up 9.2%, in an environment of aggressive competitor discounting and near-zero selling price inflation. The retail margin improved 90 basis points on supply chain efficiency, group trading profit rose 4.7% to R4.9bn, and the group returned R3.4bn to shareholders via dividends (R2.1bn) and buybacks (R1.3bn). A 48.7% ROE with 13.1 million active ClubCard members is the definition of a compounding machine. New KwaMakhi neighbourhood stores and the ARC Store stake lifted to 61% (R507m) show management is still building, not coasting.\n\nThe warts: UPD's trading profit fell 10.4% on lower SEP adjustments and lost bulk contracts, and inventory is 11.1% higher. The market knocked the share 3.6% on the day — but after a 17% monthly run, some profit-taking was due, and the 925c dividend is 4.4% higher. At 16.5x trailing earnings and 8.9x book you pay up for quality, and Clicks keeps earning the premium. BULLISH.
Revenue fell 4.3% to R5.1bn and operating profit slumped 32.8% to R255m — and that number includes a R95.5m once-off gain on selling the Competition Commission-required divestments. Strip that out and the underlying business made almost nothing. Bulk Commodities operating profit collapsed from R445.1m to R8.6m, cement losses widened, and headline earnings swung from +101.9c to a -58.0c loss. Aggregates was the only division earning its keep.\n\nManagement says it's the toughest period since the 2006 listing, and the dividend cut (nil versus 20c) shows they mean it. The one genuine positive: operating cash flow up 21.1% to R433m and net debt:equity improved to 46% after the portfolio cleanup. But an industrial with collapsing earnings, no dividend and a R32 share price needs a serious construction recovery before fresh money finds it. This is a wait-and-see BEARISH, not a panic — the balance sheet is sound, the earnings aren't.
The facts are thin by design: ArcelorMittal SA, ArcelorMittal Group and the IDC remain at an advanced stage of talks on a potential transaction, but pre-conditions — including ministerial approval — are outstanding and no binding offer is in place. The board's language is deliberately cold: there is no certainty a transaction will be concluded. This is the second cautionary since 12 October, and the company is still not in a position to share details of what a deal might look like.\n\nThe market doesn't care: the share rose from R1.06 to R1.27, adding 6.7% on press speculation about a steel-industry rescue. But read the cautionary carefully — the company itself is telling you to be careful, its balance sheet is deeply impaired (negative book value), and the IDC's involvement suggests a rescue, not a windfall. When the announcement says 'no certainty' and the share jumps nearly 7%, that's hope being priced, not earnings. NEUTRAL — own the caution, don't buy the rumour.
Revenue jumped 29.3% to R748.3m, operating profit rose 11.8% to R53.9m and headline earnings per share came in at 7.49c, up 10.9%. The margin dilution — operating margin of 7.2% versus 8.3% last year — says the growth is being bought, and that deserves a raised eyebrow. But double-digit earnings growth on a 6.9x trailing PE with the shares below book value (0.95x) is cheap by any honest measure.\n\nThe caveats are real: R379m market cap, a R0.69 share price and thin liquidity make this a micro-cap position, not a retirement plan. But the numbers are quietly improving and the multiple leaves plenty of headroom. If management converts this revenue growth into profit growth, the rerating takes care of itself. BULLISH — micro-cap risk fully priced in.