Today's Reviews
Wednesday 6 August 2026 · Reviewing Tuesday's SENS · 3 significant filings
BULLISHSasolSOLReview #2
← Previous: BULLISH on 22 Jul (Ghost Bites tracking)
Trading Statement for the Year Ended 30 June 2026
Sasol's recovery is real. FY26 business performance metrics either in line with or exceeded guidance. Secunda hit its highest annual production in five years. The Iran-driven oil price spike helped, but the operational improvements are genuine.
Sasol has been one of the best-performing large caps over the past 12 months — up over 100%. This trading statement confirms the operational turnaround is sticking. Secunda's destoning project paid off. Liquid fuels sales +13%. Chemicals in both Africa and International beating guidance.
The risk, as always, is cyclicality. Sasol at R180 is not Sasol at R60. The easy money has been made. But if oil stays elevated and operations keep improving, there's still room. BULLISH — with the understanding that this is a cyclical stock near cycle highs, not a forever hold.
PE: — · P/B: — · ROE: — · Price: R180.71
BULLISHSuper GroupSPGReview #1
Trading Statement for the Year Ended 30 June 2026
Super Group's trading statement shows a business turning the corner. After a brutal period — Chinese brands disrupting auto retail, UK Ford struggles, VETS legislation — the numbers are improving. HEPS is recovering from the deep dip.
Super Group has been through the wringer. Automotive retail is being disrupted by Chinese brands, European regulation is crushing UK dealerships, and the balance sheet carries meaningful debt. But the latest trading statement suggests the worst is behind them.
The supply chain and logistics business provides diversification, and the restructuring is showing results. At R19, the market is pricing in ongoing pain. If the recovery continues, that's an opportunity. BULLISH — cautiously. This is a turnaround, not a victory lap.
PE: — · P/B: — · ROE: — · Price: R20.22
BULLISHSabvestSBPReview #1
Trading Statement for H1 ended 30 June 2026
Sabvest continues to compound quietly. The investment holding company rarely makes headlines, but the NAV growth speaks for itself. Trading at a persistent discount, but the portfolio quality is high — SA and offshore, listed and unlisted.
Sabvest is the kind of company that rewards patience. The portfolio spans listed SA industrials, offshore tech, and unlisted growth assets. The discount to NAV is the opportunity — you're buying R1 of assets for ~R0.70. The risk is that discounts can persist for years.
Management has a long track record of capital allocation. The H1 trading statement suggests the portfolio is performing well. BULLISH — for investors who can handle illiquidity and a multi-year time horizon. Not a trading stock.
PE: — · P/B: — · ROE: — · Price: R140.00
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