Unaudited Condensed Consolidated Interim Financial Statements for the six months ended 30 June 2026 and Declaration of Ordinary Dividend
Santam held an 8.1% underwriting margin — squarely in the 5-10% target — despite absorbing R1.5bn in weather catastrophe claims vs just R144m a year ago. Net income rose 7% to R2.19bn, GWP grew 10%, and the interim dividend increased 10.2% to 650c, marking 35 consecutive years of payouts.
This was a solid defensive performance in a hostile environment. When weather claims jump tenfold — R1.5bn vs R144m — most insurers would be underwater. Santam wasn't. The 8.1% underwriting margin, while down from 11.3% at FY2025, stayed within the 5-10% target band. That's what disciplined underwriting looks like.
The concern is trajectory. The claims ratio deteriorated to 51.3% from 49.6%, and with diesel inflation at 50.8% and petrol at 31.7%, motor claims severity is only going one way. The GWP growth of 10% matches prior year but the quality of earnings is thinning — the underwriting result rose just 12% on a much bigger premium base. The share dropped 2.6% on the day — the market is pricing in H2 margin pressure. At a PE of 11x with ROE of 33%, it's not expensive, but the catalyst for re-rating needs a calmer weather year. Rating: NEUTRAL.
Audited Consolidated Annual Results for the financial year ended 30 June 2026 and Cash Dividend Declaration
Implats delivered a monster year: revenue up 58% to R135.1bn, EBITDA quadrupled to R43.6bn, and HEPS surged 31-fold to 2,548c. Total dividends of 1,855c returned 82% of adjusted free cash flow to shareholders. Net cash position of R22bn with R37bn liquidity headroom.
When the PGM cycle turns, it turns hard — and Implats has never looked stronger. Revenue of R135.1bn generated a staggering R43.6bn in EBITDA, translating to HEPS of 2,548c. That's a 31x increase year-on-year. The balance sheet is fortress-grade: R22bn adjusted net cash, zero net debt, R37bn in liquidity headroom.
The dividend is the story: 1,855c total for the year — 490c base plus 955c additional — returning 82% of adjusted free cash flow. Production increased, excess inventory was drawn down, and costs remained disciplined. The share jumped 9% on results day. At a trailing PE of 7.1x and PB of 1.84x, it still looks undemanding if PGM prices hold. The risk, as always, is the cycle turning against you — but right now Implats is printing cash at a rate that makes the valuation hard to ignore. Rating: BULLISH.
Consolidated audited financial results for the year ended 30 June 2026 and prospects
Fortress posted distributable earnings of R2,234m with like-for-like net property income growth of 6.8%. The 2H dividend of 90.91c per share brings the full year payout to 178.80c. The share jumped 5.3% on results day as the market cheered the steady operational delivery.
Fortress delivered a clean, straightforward set of results. Like-for-like NPI growth of 6.8% is solid for a SA-focused REIT in this economy — it tells you the portfolio is well-located and well-managed. Distributable earnings of R2,234m supported the full-year dividend of 178.80c, with the 2H payout of 90.91c up from 1H's 87.89c — a positive trajectory.
The balance sheet is the mixed bag. Shares outstanding ballooned 70% year-on-year following the accelerated bookbuild, which dilutes per-share metrics. Debt/equity of 0.78x and interest cover of 2.1x are manageable but not conservative. At a PE of 6.0x and PB of 0.87x, you're not paying for growth — you're paying for the yield. The 5.3% share price jump reflects relief that operationally, Fortress is doing what it said it would. A decent income play, but don't expect capital fireworks. Rating: NEUTRAL.
Annual Results for the year ended 30 June 2026 and Cash Dividend Declaration
Discovery smashed through the $1bn normalised operating profit barrier for the first time, posting R17.75bn (+17%) with exceptional 85% cash conversion. Headline earnings surged 34% to R12.9bn. The Bank is finally contributing meaningfully — up 600% to R370m — and every SA business grew operating profit.
This is the set of results Discovery bulls have been waiting for. Normalised operating profit crossed the R17.75bn mark — that's $1bn for the first time — and the quality of earnings is improving. Cash conversion hit 85%, well above the 60-70% target, funding R3bn in debt repayment while still investing for growth. Normalised HEPS grew 21% and ROE ticked up to 16.5% from 15.4%.
Segmentally, Discovery Bank is the star: profit exploded 600% to R370m and it's now a genuine contributor rather than a cost centre. Health grew 9% to R4.6bn, Life added 6% to R5.9bn, and Vitality jumped 21% to R3.9bn. The share fell 1.6% on the day — likely FX headwinds on the UK Vitality contribution and some profit-taking after a strong run. But on fundamentals, this is a quality compounder executing well. Final dividend of 273c. Rating: BULLISH.
Patrick De Smedt retired as Chair of Bytes Technology Group on 4 September 2026, succeeded by Gavin Rochussen. This is an orderly, well-telegraphed transition — the market has known since July that Rochussen was the chair-designate. No surprises here.
This is governance housekeeping, not a strategy shift. De Smedt has been chair since Bytes' 2020 IPO and the transition to Rochussen was flagged back in July with a clear timeline. Rochussen brings serious credentials — former CEO of Coronation Fund Managers and currently chairs multiple boards.
The bigger picture for Bytes is the underlying business: FY2026 revenue grew just 1.6% in GBP terms and earnings dipped 6.5% as Microsoft incentive changes and internal sales realignment weighed. At a PE of 19.4x, the rating is generous for a business with low single-digit growth. The chair change doesn't alter the investment thesis — this remains a quality IT reseller with sticky government and corporate relationships, but the growth engine needs a spark. Rating: NEUTRAL.
Audited Group Results for the 52 weeks ended 28 June 2026 and Cash Dividend Declaration
Woolworths delivered a solid FY but the second half tells a worrying story. Full-year turnover R82.8bn (+4.2%), HEPS 282.3c (+5.3%), dividend 199c (+5.9%), cash conversion surged to 104.5%. But H2 growth slowed to 3.3% with a brutal Q4. Australian ops are in a net cash position. The 9.7m share buyback at R51.33 avg was well-timed.
Woolworths' full-year numbers look respectable \u2014 turnover +4.2%, HEPS +5.3%, dividend +5.9%, and cash conversion surging from 82.5% to 104.5%. The Food business continues to be the star, delivering above-market growth of 5.7% with strong online momentum. The balance sheet is manageable with net debt of R5.9bn and a net debt/EBITDA ratio of 1.44x. The share buyback of 9.7m shares at R51.33 was a smart deployment of capital while the stock was weak.\n\nBut the momentum is going the wrong way. H2 growth slowed to 3.3%, the fourth quarter was particularly weak, and the outlook commentary is cautious. FBH (Fashion, Beauty, Home) is under real pressure as consumers trade down. Country Road Group returned to profitability \u2014 that's good \u2014 but growth was modest. At PE 16.4x and P/B 3.75 with an RSI of 28 (oversold), the market has already priced in a lot of bad news. The 52-week decline of 18.6% reflects the reality that SA retail is tough. Management's focus on cost control and working capital is the right playbook for this environment. Rating: NEUTRAL. Quality business but the consumer is under pressure and the earnings trajectory is flattening. Wait for a clearer entry signal.
Income Investor Meetings and Contemplated Senior Secured Bond Issue
Tharisa is hitting the bond market for USD300m via a 5-year senior secured note to fund the Karo Platinum Mine in Zimbabwe. DNB Carnegie and HSBC are joint bookrunners. This is real progress on Karo \u2014 moving from equity-funded development to debt capital markets financing. But it adds leverage at a time when PGM prices remain under pressure.
Tharisa's move to raise USD300m in the bond market is a significant step in the Karo Platinum story. The Zimbabwe project is a tier-one PGM asset on the Great Dyke that could transform Tharisa from a mid-tier chrome/PGM producer into a major platinum player. Using debt capital markets rather than dilutive equity is the right approach \u2014 preserve shareholder value while accessing the capital needed for mine development. The engagement of DNB Carnegie and HSBC as joint bookrunners signals institutional confidence in the credit.\n\nBut the timing isn't ideal. PGM prices are under pressure, and adding USD300m in secured debt to a company with a market cap of ~R4.5bn changes the risk profile materially. The Tharisa mine in South Africa remains the cash engine (low-cost, multi-generational) and should comfortably service existing obligations. The question is whether Karo generates returns that justify the leverage. At current PGM basket prices, the economics are tight. The investor meetings starting today will be the real test \u2014 if the bond prices well, it's a strong signal. If it struggles, the market will reassess Karo's viability. Rating: NEUTRAL. The ambition is right but execution risk is real. Watch the bond pricing for the market's verdict on Karo.
Trading update for the 21 weeks ended 22 August 2026
TFG is treading water. Group sales flat at +0.2% (+2.0% constant currency). TFG Africa doing the work (+3.4%), TFG London resilient (+2.3% GBP), TFG Australia drowning (-4.7% AUD). Online sales surged 15.3% to 15.9% of total. But 85 stores closed, another ~280 projected. The store rationalisation is necessary but painful. Cautious outlook.
TFG's trading update paints a picture of a retailer fighting on multiple fronts. TFG Africa delivered 3.4% sales growth with clothing (+3.7%), homeware (+3.7%), and beauty (+12.5%) all performing. Bash is the standout \u2014 online sales up 54.1%, now 10.5% of Africa sales. Gross margins are holding. Credit sales contracted 2.5% which is actually healthy \u2014 TFG is being disciplined about who it lends to, and acceptance rates are marginally up.\n\nThe problem children are structural. TFG Australia is in a world of pain \u2014 sales down 4.7% in AUD with the Tarocash repositioning adding to the misery. 85 stores have been closed already and management is projecting another ~280 closures over three years. That's a confession that the store footprint was too big. The net effect: 60 net store closures so far. TFG London is holding up (+2.3% GBP) but the UK is brutally promotional. Net debt is expected to be broadly stable but this is a business in restructuring mode, not growth mode. At PE 12.45x and P/B 0.64, the stock is pricing in the pain. The 52-week decline of 52% says the market already knows. Rating: NEUTRAL. The Africa business remains a cash generator and Bash is exciting. But until Australia stabilises and the store closure programme runs its course, TFG is a show-me story.
Sibanye-Stillwater receives strike notice for sections of its US PGM operations
The United Steelworkers union served strike notice at Sibanye's Stillwater East mine and Columbus facility \u2014 strike starts today (3 Sep). These operations produced 76,334 oz in H1 2026 (~55% of US PGM output). CEO Richard Stewart's language is unprecedented: \"if that plan cannot be implemented\u2026 there may ultimately be no viable basis for the continued operation.\" This is existential.
This is the most confrontational SENS Sibanye-Stillwater has ever issued. The US PGM operations are already burning cash \u2014 a negative notional free cash flow margin in H1 2026 with 137,930 oz produced. Now 55% of that production (Stillwater East at ~446 oz/day) is going on strike. The core disagreement is about a productivity transformation programme that Sibanye says is essential to long-term viability, including mechanisation and modernised work practices that the union doesn't want. The CEO's statement that \"there may ultimately be no viable basis for continued operation\" without these changes is a shot across the bow. He's not bluffing. These mines are marginal at current PGM prices and cannot sustain current cost structures.\n\nThe timing is terrible. PGM prices remain under pressure, the South African operations are carrying the group, and the US assets were supposed to be the diversification story. Four months of negotiations have failed to produce an agreement. The East Boulder mine is covered by a separate CBA and continues to operate, but a prolonged strike at Stillwater East could force Sibanye to confront the question of whether the US operations have a future at all. The balance sheet can absorb short-term pain but not indefinite losses. Rating: BEARISH. This isn't routine labour negotiation \u2014 it's a fight over the operating model of an entire business unit. Until there's a resolution, the US PGM assets are a liability, not an asset.
Summarised consolidated results and cash dividend declaration for the year ended 30 June 2026
Motus delivered a cracking set of FY results. Revenue R113.6bn (+1%, +3% adjusted ex-MTV disposal), HEPS 1,777c (+15%), dividend 710c (+29%), profit before tax R4.0bn (+20%). Net debt/EBITDA improved to 1.3x from 1.5x, ROE hit 15%, ROIC 12.6% exceeding WACC by 3%. The automotive giant is firing on all cylinders and returning cash to shareholders.
Motus just printed one of its best sets of results in years. Revenue of R113.6 billion may have only grown 1% at face value, but strip out the MTV disposal from the prior year and adjusted revenue was up 3%. The real story is in the profit line \u2014 operating profit rose 4% to R5.7bn, net finance costs dropped 19% to R1.5bn, and profit before tax jumped 20% to R4.0bn. That's operating leverage in a business that was already efficient. HEPS of 1,777cps (+15%) and a dividend of 710cps (+29%) tell you management is confident about the trajectory.\n\nThe balance sheet is in excellent shape. Net debt to EBITDA fell to 1.3x (from 1.5x), well within the 3x covenant limit. ROE of 15% and ROIC of 12.6% \u2014 exceeding WACC by a full 3 percentage points \u2014 proves this is a genuine value creator. The equity-to-net-debt structure of 69:31 (from 66:34) shows de-leveraging in action. At a trailing PE of 6.09x and P/B of 0.92, the market is pricing Motus like a cyclical at peak earnings. But with 20,000 employees across four segments and a diversified OEM partner base, this is a far more resilient business than it gets credit for. Rating: BULLISH. When a company delivers this kind of earnings quality and trades at 6x, you buy it.
Annual results and dividend declaration for the year ended 28 June 2026
Cashbuild's numbers are heading the wrong direction. Revenue R12.1bn (+6%) but HEPS fell 9% to 959.9c, EPS crashed 25% to 786c on a R34.9m Malawi disposal loss. Operating profit down 15%. Final dividend slashed 22% to 233c. 11 stores closed, only 9 opened. Post-period trading flat. The building materials cycle has turned hostile.
Cashbuild is feeling the full weight of SA's construction slowdown. Revenue growth of 6% looks okay until you dig deeper \u2014 pre-existing stores (297 of them) grew just 2%, with the remaining 4% coming from 20 new stores. Selling price inflation of just 1.5% means there's no pricing power. Gross margin improved from 24.8% to 25.3% which is the one bright spot, but operating expenses grew 9% (or 7% ex-Malawi), eating all the gains. Operating profit fell 15% to R292m. That's margin destruction in slow motion.\n\nThe dividend tells the real story. A 22% cut in the final dividend to 233c, bringing the full-year to 626c \u2014 flat year-on-year only because the interim was raised. More stores were closed (11) than opened (9), and the post-period update says trading is at similar levels to last year. With a PE of 13.86x on declining earnings and ROE of just 9.3%, the valuation isn't cheap enough to compensate for the deteriorating fundamentals. The R2.0bn cash pile is the only comfort. Rating: BEARISH. Cashbuild is a well-managed retailer caught in a building cycle that isn't turning up anytime soon. The dividend cut is probably not the last.
Reviewed Condensed Group Financial Results for the year ended 30 June 2026 and Cash Dividend Declaration
Aspen transformed its balance sheet and delivered strong operational momentum. Normalised HEPS 801.5c (+28% CER), normalised EBITDA R7.7bn (+14% CER), dividend 232c (+10%). APAC disposal at R28bn, net cash position of R0.8bn. Commercial Pharma revenue +5%, Manufacturing EBITDA R828m (+21%). R2.0bn share buyback completed. Semaglutide approved in Canada.
Aspen's FY2026 results are the strongest strategic statement the company has made in years. The APAC divestment at R28bn turned the balance sheet from leveraged to net cash of R0.8bn, even after R500m in share buybacks. The R2.0bn general repurchase at an average R148.17 (announced separately) adds another 3% share reduction, bringing the total buyback to R2.5bn. That's disciplined capital allocation from a management team that now has options. Normalised HEPS of 801.5cps grew 28% in constant currency, driven by Commercial Pharmaceuticals (+13% EBITDA on +5% revenue) and Manufacturing (+21% EBITDA to R828m). The sterile FDF facilities are nearing the end of their restructuring and are positioned to be the primary EBITDA growth drivers in FY2027.\n\nThe reported numbers are messy \u2014 R2.3bn in restructuring costs and another R2.3bn in intangible impairments hit the bottom line, resulting in a reported loss per share. Ignore the noise. The operational business is generating R7.7bn in normalised EBITDA with a cash conversion rate well above 100%. Free cash flow of R3.8bn before dividends is the real metric. The Health Canada approval for generic semaglutide opens a massive market, and the human insulin manufacturing contract that commenced in May adds another revenue stream. At a forward PE of 12.1x on a P/B of 0.79, the stock doesn't reflect the quality of this turnaround. Rating: BULLISH. Aspen has done the hard work. The market is still focused on the impairments. Focus on the cash flow instead.
Financial Results for the Six Months Ended 30 June 2026 and Interim Dividend Declaration
Sibanye just printed the best half in its history. Revenue R90bn (+64%), adjusted EBITDA R31.8bn (+111%), profit R18.8bn. HEPS 601c (from 190c), EPS 627c (from -127c loss). Interim dividend 201c. SA PGM AISC margins of 44%, SA gold 32%. Net debt/EBITDA a trivial 0.18x. The recovery is complete; now it's about how long the cycle runs.
The 27 August trading statement telegraphed the beat — HEPS >200% higher — but the full results still land with a thud. Revenue of R90 billion is up 64% year-on-year. Adjusted EBITDA of R31.8 billion more than doubled. Profit for the period hit R18.8 billion (US$1.1 billion), and HEPS came in at 601c versus 190c a year ago. The 201c interim dividend — 6.6% trailing yield, 8% annualised — is the gutsiest signal yet that Neal Froneman believes these commodity prices have legs.
The numbers behind the numbers matter more. Net cash from operations of R19.6bn converted at 45% to notional free cash flow of R14.5bn. Gross debt was cut 20% year-on-year to R32.1bn, and net debt/EBITDA collapsed to 0.18x — a rounding error for a R134bn market cap miner. The SA PGM division ran AISC margins of 44% and SA gold 32%. That is world-class operating leverage on a 67% higher rand PGM basket and 35% higher rand gold price. The organic growth pipeline — Burnstone (+130koz gold), Mt Lyell (+26ktpa copper), four SA PGM brownfields projects — is fully funded from cash flow. At a trailing PE of 8.8x (forward 3.8x) and EV/EBITDA of 2.4x, the market is pricing in a commodity roll-off. That makes sense in a normal cycle. But primary PGM supply is shrinking, Northam is in play, and the geopolitical risk premium on SA PGM producers is turning into a scarcity premium. Rating: BULLISH. Sibanye is back. The question isn't whether the numbers are good — it's whether the market is brave enough to believe them.
Short Form Announcement: Audited Financial Results for the Year Ended 30 June 2026
The final numbers confirm August's trading statement: adjusted EBITDA R61bn (+17%), EPS R18.99 (+79%), HEPS R38.31 (+9%). Sales volumes +4%, cash fixed costs flat, net debt down 11% to US$3.3bn. Simon Baloyi delivered exactly what his CMD promised — and the Secunda recovery is the proof. A 5x forward PE and sub-1x book for a chemical-energy giant is still absurd.
Sasol closed FY2026 with validator numbers. The August trading statement promised EPS of R17.50-R19.50 and HEPS of R36-R40 — the audited results delivered R18.99 and R38.31 respectively, bang in the middle. Adjusted EBITDA of R61 billion, up 17%, was driven by the Q4 Middle East oil spike and the operational improvements that Sasol has been methodically building for two years. Sales volumes rose 4% with flat cash fixed costs — that is the positive operating leverage the CMD promised. Capex of R21 billion came in 18% below prior year, and net debt excluding leases fell 11% to US$3.3 billion. Liquidity of ~US$5 billion is fortress-grade.
Secunda Operations is the heart of the story. It achieved its highest annual production in five years and exceeded market guidance, supported by the destoning plant (better coal quality) and higher equipment availability. The oil break-even price has come down, meaning Sasol converts more of the oil price into free cash flow than it did two years ago. The Middle East conflict drove an ugly Q4 for the world but a timely tailwind for Sasol's integrated value chain — and management kept costs flat while converting the price signal into profit. At R194.40, the stock trades on a trailing PE of 10.4x (forward 4.9x) and 0.72x book. The ROE of 8.8% still trails the cost of equity, but the direction is clear. Rating: BULLISH. We liked Sasol on 5 August at R181.61 on the trading statement. The audited numbers confirm the thesis — and at 4.9x forward PE, the market still refuses to believe it. Their loss.
Group Results for the 52 Weeks Ended 28 June 2026 and Cash Dividend Declaration
Shoprite delivered its textbook compounding year. Sales R270.8bn (+7.2%), HEPS 1,532.5c (+12.2%), dividend 873c (+11.8%). Checkers +10%, Sixty60 R25.5bn (+34.5%). Internal inflation at 0.8% — less than a QUARTER of CPI Food. This is a retailer that prints money while undercutting everyone on price.
Pieter Engelbrecht just delivered another masterclass in SA retail. Sale of merchandise hit R270.8 billion — R18.1 billion more product through the tills — driven by the Supermarkets RSA engine (84.5% of Group, +7.1%). Checkers and Checkers Hyper surged 10.0% while Shoprite and Usave managed 4.3% growth on internal deflation of -0.1% and -0.6%. That is the competitive moat in numbers: selling prices are falling, volumes are rising, and the competition is gasping for air. Sixty60 rose 34.5% to R25.5bn — a R25.5bn on-demand platform growing at 35% hidden inside a supermarket chain. The Petshop Science rollout reached 185 stores (+74.5% sales), and acquisitions of Vida e Caffè and R&A Cellular add fresh adjacencies.
Trading profit rose 8.4% to R16.2bn, HEPS landed at 1,532.5c (+12.2%), and the board lifted the dividend 11.8% to 873c. The balance sheet carries manageable debt (D/E 1.66, interest cover 7.4x) and the cash engine generates R8.2bn in free cash flow. At a trailing PE of 20.6x and forward PE of 18.6x, this is not cheap — but Shoprite has never been cheap, and it has rewarded that premium year after year. The ROE of 25.4% and ROIC of 38.4% against a WACC of 6.3% confirm the machine is running at full power. The Supermarkets Non-RSA story (+11.0% sales, improved profitability) adds optionality. Rating: BULLISH. You pay up for Shoprite, but you get a compounding machine that has lapped the competition for a decade. That streak isn't ending any time soon.
Unaudited Interim Results and Dividend Declaration for the Six Months Ended 30 June 2026
Sea Harvest declared its maiden interim dividend (24c) off a solid H1. HEPS +14% to 97c, EBIT margin expanded to 17% from 15%, and net debt halved (1.1x EBITDA from 2.1x). Revenue dipped 6% on currency and fishing rights mix, but profit conversion and the balance sheet repair are the real story.
Sea Harvest is quietly becoming a better business. Revenue fell 6% to R3.09 billion, but the decline masks a quality shift — the international revenue mix moved from 65% to 63%, reflecting a deliberate pivot toward higher-margin South African hake and a weaker reporting currency mix (the rand strengthened against the euro and dollar). The EBIT margin expanded from 15% to 17%, gross margin held at a solid 32%, and headline earnings rose 13% to R320 million. The operating engine is improving even as the top line treads water.
The balance sheet is the real win. Net debt/EBITDA collapsed from 2.1x to 1.1x — management has been disciplined with cash, and it shows. The maiden 24 cent interim dividend is a statement: this is now a regular dividend payer, not a cyclical fishing stock. NAV per share ticked up 2% to 1,264c, and at R8.64 the stock trades at just 0.70x book with a PE of 9.2x. The fishing rights renewal cycle and the Australian dairy divestiture are the catalysts ahead. For patient investors, Sea Harvest is a well-managed food business with a dividend habit, trading below book value. Rating: BULLISH. The maiden dividend changes the narrative. Sea Harvest is no longer just a fishing bet — it's a cash-returning food stock at a discount.
Trading Statement for the Six Months Ended 30 June 2026
Greencoat swung from a 6.1c per-share loss to 1.0-1.1c of EPS. The Irish wind-and-solar fund is stabilising after a tough 2025. But EPS isn't the right lens — NAV per share is, and the July NAV statement at €1.06 per share (R20+ at current FX) puts the R15.04 JSE price at a discount. An income stock for patient European renewable believers.
Greencoat Renewables is an Irish-domiciled investment entity that owns wind and solar farms across Europe. As an IFRS 10 investment entity, it does not consolidate its underlying projects — so EPS is a largely meaningless metric driven by fair value movements. The trading statement shows a swing from a 6.1c loss per share to 1.0-1.1c of profit, which is directionally positive but unhelpful as a valuation tool. The company is moving to NAV as its key performance measure going forward — the right call for an infrastructure fund.
The real number is the 29 July NAV statement: €1.06 per share, implying a JSE price of ~R20 at current exchange rates versus the R15.04 trading level. That is a material discount. The portfolio churns out dividends — Greencoat is an income vehicle, not a growth story. For South African investors looking for rand-hedge income with a renewable energy theme, this is one of the few clean plays on the JSE. But liquidity is thin (it's primarily an LSE/Euronext Dublin listing with a secondary JSE line). Rating: NEUTRAL. The discount to NAV is real, but this is a niche income play — size accordingly.
Unaudited Interim Results for the Six Months Ended 30 June 2026
Brimstone's underlying value keeps compounding while the market sleeps. HEPS +4% to 100.7c, INAV +11.7% to 1,103.7c, cash dividends from associates surged 76.5% to R161.4m, and finance costs dropped 36%. The stock trades at a staggering 52% discount to INAV. That gap cannot last forever.
Brimstone is the JSE's best-kept compounding secret. Intrinsic net asset value per share rose 11.7% to 1,103.7 cents in six months, driven by portfolio companies (Sea Harvest, Oceana, others) recovering earnings and paying up. Cash dividends received from associates and joint ventures jumped 76.5% to R161.4 million — tangible proof that the underlying investments are generating real returns, not just accounting mark-ups. Finance costs fell 36.3% to R53.8 million as the holding company's balance sheet strengthened. No interim dividend was declared — Brimstone reinvests, as it always has.
The market is completely missing the story. At R5.59, the stock trades at a 52% discount to its own INAV of R11.04 — and the "N" ordinary shares trade at a 55% discount. This is an investment holding company with stakes in quality food and healthcare assets that are growing earnings and paying dividends. The governance framework is tight (the founding families and community trusts control the voting shares, which is both the moat and the discount). With a PE of 38.4x the numbers look expensive, but PE is the wrong lens for a holding company — INAV is the correct yardstick. Over 12 months the stock is up 17% — the discount is narrowing, slowly. Rating: BULLISH. You're buying R1 of quality assets for 48 cents. The catalyst is time.
FSCA Decisions, Precautionary Governance Measures, Appointment of Interim CEO and Board Resignations
The FSCA has dropped the hammer on the CEO, CIO and Head of IR. The CEO and CIO are now suspended — no access to offices, no FSP duties. An interim CEO has been parachuted in, three directors have resigned, and the company is scrambling to show it can continue as a going concern. This is a regulatory crisis at a R101m market-cap company that was formerly called Altvest.
There is no sugar-coating this. The Financial Sector Conduct Authority has issued decisions that directly affect CEO Warren Wheatley, CIO Akshay Karan, and Head of Media and Investor Relations Tatum Wheatley. The board responded with precautionary governance measures — the CEO and CIO are suspended, stripped of access to offices and systems, and removed from FSP responsibilities while maintaining their directorships. An interim CEO has been appointed. Three directors resigned from the board of the Africa Credit Opportunities Fund (ACOF), the subsidiary at the centre of this.
This is a regulatory intervention dressed as governance. The FSCA doesn't issue decisions of this nature lightly — something triggered this action, and the details are being kept tightly confidential under legal advice. The share trades at R9.19, a market cap of R101 million, on a current ratio of 0.03 — yes, 0.03 — meaning the company has virtually no liquid assets relative to short-term obligations. The PE of 4.0x and PB of 0.69x look optically cheap but are meaningless when the FSCA is in the building and the C-suite is locked out. Rating: BEARISH. This is a governance black box. Wait for the FSCA's formal outcome before even thinking about the valuation.
Operating loss widens to R9.1m, HEPS -10.54c, NAVPS collapsed 29% to 45.44c — R&E continues burning cash with no revenue and no dividend, a R272m market cap shell trading on hope.
Randgold & Exploration remains what it has been for years: a cash-burning shell with a famous name. H1 2026 brought more of the same — operating loss widened 9% to R9.1 million, HEPS worsened to -10.54 cents from -8.80 cents, and net asset value per share collapsed 29% to 45.44 cents. No revenue. No dividend. Just five employees managing a R272 million market cap that's somehow up 400% over the past 12 months — a testament to the speculative fever that occasionally grips small-cap JSE names with gold in the title.
At R3.80, the stock trades at 8.4x NAV — a premium that makes zero fundamental sense for a company with negative ROE of -24% and a Piotroski F-Score of 2. The current ratio of 79.8 suggests R&E is basically a pile of cash slowly eroding, but the market is pricing in something more — perhaps residual hope tied to the Randgold brand or a potential reverse listing. Whatever the narrative, the numbers tell a simpler story: a company losing money, shrinking its NAV, and producing nothing of value for shareholders.
Operating Environment, Share-Based Payments and Strategy Update
H2 remains tough — weak infrastructure demand, strong rand hurting exports, restructuring power cable facilities — but the Defence order book is strong, Silversoft is acquired, and the Capital Markets Day tomorrow could reframe the narrative.
Reunert's voluntary update paints a mixed picture heading into year-end. The Electrical Engineering segment is under real pressure: power cable demand is weak across SA and Zambia, forcing management to restructure operating facilities while retaining core skills. The strong rand and kwacha are compounding the pain, squeezing margins in power cables, circuit breakers, and defence exports. The ICT segment is benefiting from prior-year restructuring but facing lower volumes and operational challenges at Nashua. There's also the looming IFRS 2 charge from the cash-settled ESOP — driven by the higher share price ahead of the April 2027 vesting — which could materially impact FY2026 reported earnings.
But the glass-half-full view is worth considering: 40% of revenue is generated outside SA in hard currency, the Defence order book remains strong, circuit breaker exports to the US are growing, and the Silversoft acquisition adds enterprise software and digital capabilities to iqbusiness. The Capital Markets Day tomorrow (2 September) focuses on Applied Electronics growth opportunities — the most exciting part of the Reunert story. At R55.59, the stock trades on a trailing PE of 9.8x with a 12% ROE. The Piotroski F-Score of 8 and Altman Z-Score of 4.21 suggest financial health — the question is whether the cyclical headwinds in Electrical Engineering have further to run.
Group Financial Results for the Year Ended June 2026
Revenue -4.1%, HEPS crashed 32.8% to 105.1c, dividend slashed to 40c — Sugar drowning in imports, Pet Food crippled by a Salmonella recall, and the turnaround is nowhere in sight.
RCL Foods served up a plate of pain. Revenue from continuing operations fell 4.1% to R24.5 billion and EBITDA cratered 15.2% to R2.17 billion. The underlying picture is only marginally better at -8.6%, with total HEPS plunging 32.8% to 105.1 cents. The dividend was slashed from 60c to 40c. Two dragons are breathing fire simultaneously: Sugar is being devoured by deep-sea imports enabled by ineffective tariff protection — forcing local-market sales into the lower-priced raw export market — and Pet Food was crippled by a nationwide product recall after Salmonella was detected, causing production disruptions and stock write-offs that strangled supply in H2.
There are some green shoots — Culinary delivered higher margins through CI and NRM initiatives, and Baking improved on manufacturing efficiencies — but they're being trampled by two elephants. The balance sheet remains decent (PB 0.66, debt/equity 0.19), and at R7.81 the stock trades on a trailing PE of 9.3x. But that multiple reflects the market's concern that the Sugar problem is structural, not cyclical. Until tariff protection is fixed or the Sugar business is restructured, RCL is a value trap wearing a cheap-looking PE ratio.
Voluntary Operating Update and Trading Statement for H1 2026
Operationally firing: Life APE sales +21%, VNB +32%, results from operations up 2-12% — but adjusted HEPS -25% to -35% as investment returns get demolished by Middle East-driven risk-off conditions.
Old Mutual's H1 update is a tale of two halves. Operationally, this is the best the Group has looked in years: Life APE sales surged 21% to R7.9 billion, gross flows jumped 21% to R128.9 billion, value of new business rose 32% to R569 million with margins improving 10bps to 1.4%, and net client cash flow improved 69% to -R3.1 billion. The net underwriting margin in Old Mutual Insure held at 7.6% — within the 5-8% target range — despite elevated catastrophe losses. Results from operations per share are guided 6-16% higher at 120.3-131.7 cents. The share buyback programme completed in May 2026 has already reduced the share count to 4.18 billion.
But the market will fixate on the ugly adjusted headline earnings number: -25% to -35% to 65.7-75.3 cents per share. This is driven entirely by lower shareholder investment returns as the equity and bond portfolios got hammered by Middle East geopolitical risk-off conditions — a mark-to-market headwind, not operational decay. Headline EPS is guided at 91.6-101.4 cents (-6% to +4%), cushioned by strong Zimbabwe performance. At R13.04, the stock trades on a trailing PE of 6.9x — cheap, but the market is waiting for the 8 September interim results to see through the noise.
Central Bank of Kenya Approval for NCBA Acquisition
The biggest regulatory hurdle is cleared — Central Bank of Kenya approves Nedbank's c.66% NCBA acquisition. Remaining approvals by end Q3. This deal transforms Nedbank's East Africa story.
Nedbank cleared the tallest hurdle in its transformative NCBA acquisition: the Central Bank of Kenya has granted approval. This was always the critical regulatory gate — without CBK sign-off, the deal would stall. Now the path is open. Most other regulatory approvals are in the bag, and the remaining ones are expected by end-Q3 2026. Settlement happens within 10-14 trading days after all conditions are fulfilled, meaning Nedbank could own Kenya's largest retail bank by year-end. The deal adds c.66% of NCBA's massive Kenyan retail franchise to Nedbank's existing CIB-heavy African presence, creating meaningful retail-scale diversification outside SA.
At R294.51, Nedbank trades on a trailing PE of 15.7x with a forward PE of 7.3x — the forward multiple suggests the market is pricing in significant earnings accretion. The NCBA deal is already factored into the forward estimates. The key risk now is execution: integrating a 66% stake in Kenya's largest bank will test Nedbank's management bandwidth. But with the CBK green light — plus the 21 July confirmation that the 66% acceptance threshold was met — this deal is now about when, not if.
S&P Global Ratings Assigns Initial Issuer Credit Ratings & Inaugural Bond Issuance
S&P stamps zaAAA/zaA-1+ on Fairvest — the top national-scale rating. Inaugural R500m-R750m bond auction on 29 September. This is a REIT growing up and diversifying its funding base.
Fairvest just got its corporate upgrade. S&P Global Ratings assigned national-scale long-term and short-term issuer credit ratings of zaAAA and zaA-1+ — the highest possible rating on the South African national scale. The rating reflects Fairvest's dominant position in rural and non-metropolitan retail property, stable cash flows from high occupancy and contractual escalations, and a conservative financial profile. On the back of the rating, Fairvest announced its inaugural debt capital markets issuance: a bond auction targeting R500 million (upsizeable to R750 million) via 3-year and 5-year floating-rate notes on 29 September.
This is a milestone for a REIT of Fairvest's size. Diversifying funding away from bank debt into the bond market, especially at the zaAAA level, reduces refinancing risk and should lower the marginal cost of debt over time. At R19.29, Fairvest trades on a trailing PE of 22.3x (forward 12.5x) with PB of 1.24 and ROE of 15.9%. The REIT is not cheap on trailing metrics, but the credit rating — and the funding flexibility it unlocks — supports the premium. The bond auction will be the first real test of institutional appetite for Fairvest paper.
Consolidated Financial Results for the Year Ended 30 June 2026
Revenue +3% to R130.3bn, trading profit +8%, FCF +27% to R12.5bn — Bidvest delivered across every division, proving the portfolio rebuild is real.
Bidvest closed FY2026 with a statement result: R130.3 billion in revenue, trading profit up 8% to R13.1 billion, and the margin expanding a full 50 basis points to 10%. Every division grew trading profit — no laggards, no excuses. The cash engine is the real story: R17.2 billion generated from operations (+17%) and R12.5 billion in free cash flow (+27%), enough to push gearing down to 1.9x without the planned capital recycling proceeds even landing yet. Continuing HEPS of 1,864.2 cents grew 6%, and the final dividend of 483 cents is 7% higher.
The quality of this result separates Bidvest from the pack. Gross margin expansion, disciplined cost control, and active portfolio management are showing up in the numbers — ROFE of 38.6% is world-class for a diversified industrial. The Island View 25-year port lease is signed disposal of Bidvest Bank and Bidvest Life progresses. At R233.80, trading on a forward PE of 11.1x with a 2.1% yield, Bidvest is the kind of boring-excellent that compounds quietly while the market chases the next shiny thing.
HEPS down 67-76% to 60-75c from 248c — a brutal combination of weak demand, price competition, and USA tariffs is crushing Bell's margins across every key market.
Bell Equipment's trading update is a body blow. HEPS and EPS are expected between 60 and 75 cents — down 67% to 76% from the prior period's 248c and 225c. Three headwinds are hitting simultaneously: a demand slowdown in key markets, pricing pressure from intensified global competition, and USA tariffs directly squeezing margins in what should be a growth market. This isn't a blip — it's a cyclical trough with structural overtones, as the competitive landscape in yellow metal equipment has shifted meaningfully since the post-COVID boom years.
At R39.94, Bell trades on a trailing PE of 10.8x which reflects the prior year's strong earnings, not the current reality. The balance sheet remains solid (PB 0.65, current ratio 3.38), and the R3.82 billion market cap is backed by hard assets. But with full H1 results due 4 September, the question is whether the market has already priced in the carnage or whether there's more downside to come. The 52-week performance is essentially flat — suggesting investors haven't fully absorbed the magnitude of this earnings reset.
A genuine inflection point — revenue growing again, EBITDA up low-to-mid teens, Platforms now 45% of revenue and 95% of profit, net cash balance sheet. Altron's pivot into a platform economy business is working.
Altron's voluntary update confirms the thesis: the three-year transformation from legacy IT to a platform business has reached an inflection point. Revenue from continuing operations grew in low single digits — modest, but it's the first time in years both segments are growing simultaneously. Platforms (Netstar, Altron FinTech) delivered high-single-digit revenue growth and now generate approximately 95% of Group operating profit from just 45% of revenue. Group EBITDA and operating profit grew low-to-mid teens, with margins expanding year-on-year — all while absorbing deliberate growth investments in Netstar's platform modernisation and FinTech's SME expansion. The Group maintains a net cash position and ungeared balance sheet after dividends.
At R28.45, Altron trades on a trailing PE of 14x with ROE of 18.7% — not cheap but reflecting the quality of earnings transformation. The structural shift toward annuity-based revenue (68% of Group revenue) enhances earnings quality and cash generation. The HY27 results in November will be the first clean period with the new segmental disclosure splitting Altron Security into Platform and IT Services components. The market has rewarded the stock with a 51% 12-month gain, and the operational leverage story still has runway.
Fulfilment of Conditions Precedent — Disposal of Activo
The Activo disposal finally closes — all conditions met, implemented 31 August. Afrocentric cashes out of the health administration business. Now the market needs to see what's left.
Afrocentric has finally closed the Activo disposal, five months after the original April 2026 announcement and the subsequent revised terms. All conditions precedent have been fulfilled and the transaction was implemented on 31 August. The sale — of Activo and its subsidiaries plus the cession of all sale claims against Activo — removes the health administration business from the AfroCentric stable, which was the core of the original transaction rationale when the Category 2 disposal was first flagged.
At R0.72, Afrocentric is a diminished entity. The stock trades on a PB of 0.30 and has lost 58% of its value over 12 months — the market has been pricing in a slow-motion wind-down. The balance sheet carries R589 million market cap against R736 million enterprise value, with negative ROE of -24.7%. The question is whether Afrocentric becomes a cash shell or pivots to whatever healthcare assets remain post-Activo. For now, this is a disposal milestone — the investment case depends entirely on what management does with the proceeds.
Group Annual Results and Cash Dividend for the 52 Weeks Ended 28 June 2026
HEPS slips 2.6% to 732.2c and the final dividend is cut 10% to 153c, as a tough consumer and weak UK trading weigh on the full year.
A soft landing, not a crash. Truworths reported HEPS of 732.2c for the 52 weeks to 28 June, down 2.6% from 752.1c — dead in line with its own guidance. Group retail sales slipped 0.9% to R21.8bn while the gross margin held firm at 51.3%. The final dividend was trimmed to 153c from 170c, reflecting the weaker profit. Africa started the year strongly then lost momentum as fuel prices squeezed discretionary spend, and the UK (Office) stayed grim.
The stock fell 4.1% to R48.24, but at 6.5x trailing earnings, a 26% ROE and a near-double-digit dividend yield, the bad news is largely in the price. This is a cash-generative retailer marking time until the consumer recovers — cheap, but with no obvious catalyst to re-rate it right now.
Constitutional Court Order and RGS Application for Leave to Appeal
The ConCourt rejects Tongaat's sugar-levy appeal with costs, while bidder RGS launches yet another assault on the business rescue plan.
More legal trench warfare for the zombie sugar producer. The Constitutional Court rejected Tongaat's leave-to-appeal application — over its sugar levy obligations — with costs, a judgment that lands squarely on the side of the SA Sugar Association. Separately, RGS Group Holdings has applied for leave to appeal in its long-running campaign against the business rescue plan and the Vision consortium's control.
Tongaat's shares remain suspended, so this is a creditors' saga rather than a tradeable thesis. Every round of litigation simply extends the uncertainty for affected persons — creditors, growers and employees alike. There is no retail angle here, and there hasn't been for a long time.
Trading Statement and Operating Update for the Six Months Ended 30 June 2026
HEPS guided up more than 200% to 571–631c and EPS swings from a 127c loss to 597–658c, as gold and PGM prices fire on all cylinders.
Sibanye is back. HEPS for H1 2026 is guided to 571–631c, a more-than-200% jump from 190c a year ago, while EPS swings from a 127c loss to a 597–658c profit — an improvement north of 560%. The drivers are brutal and simple: SA gold delivered record financial performance with adjusted EBITDA up ~85% on a 35% higher rand gold price, and the SA PGM division saw EBITDA up ~300% on a 67% higher 4E basket price. Recycling ounces sold jumped 142% to 2.79moz. Crucially, impairments — R9.7bn of them last year — all but vanished.
The clever bit: last year's numbers were flattered by R5.1bn of Section 45X tax credits, so the underlying improvement is even stronger than the headline suggests. Higher royalties and taxes are the only real offsets. Keliber is finally moving from construction to commissioning. At a forward PE of ~4.4x, the market still doesn't believe the recovery — the full results land on 1 September and could change that fast.
Watergate Centre transfers into Spear's name, accretive from day one at an estimated 8.37% initial yield — and not yet in DIPS guidance.
Spear locked it in. The acquisition of Watergate Centre in Mitchells Plain, Cape Town, was finalised on 27 August with ownership registered in Spear's name. The deal is accretive from the implementation date, carrying an estimated 8.37% initial yield to shareholders — a tidy spread over the cost of debt for a REIT.
The kicker: the financial effects aren't yet reflected in Spear's FY27 distributable-income-per-share guidance issued in May, so there's upside baked in for the next update. At R12.70, 6.2x earnings, a 17% ROE and a 0.98x book multiple, Spear keeps quietly executing its Western Cape retail strategy. Small, clean and on-message.
Financial Results for the Year Ended 30 June 2026 and Dividend Declaration
South32 turned a modest 7% revenue bump into a 55% earnings surge. Underlying earnings jumped to US$1.03bn and underlying EBITDA rose 28% to US$2.46bn on strong base metals. The board rewarded holders with a 55% fatter total dividend of 9.3 US cents.
This is what operating leverage looks like. South32 grew underlying revenue just 7% to US$8.6bn, but turned it into a 55% jump in underlying earnings to US$1.03bn and a 28% lift in underlying EBITDA to US$2.46bn. The engine was base metals — aluminium, copper and zinc — where higher realised prices and disciplined cost control did the heavy lifting, offsetting softer bulk commodity prices.\n\nThe balance sheet tells the same story: net cash, a final dividend of 5.4 US cents taking the full-year payout to 9.3 US cents (up 55%), and guidance pointing to more of the same as the portfolio tilts toward copper and aluminium. The Sierra Gorda resource upgrade earlier this week — a 61% lift in ore reserves extending mine life to 2045 — is the cherry on top.\n\nThere are the usual cyclical caveats: base metal prices can turn, and South32 remains a leveraged bet on the global industrial cycle. But on current evidence, this is a well-run, low-cost producer converting the cycle into cash and handing it back to shareholders. BULLISH. Strong results, a growing dividend, and a copper-rich future — hard to ask for much more from a diversified miner.
Trading Update and Trading Statement for the Year Ended 30 June 2026
HEPS guided +21–26% to 361–376c and normalised EPS +15–21%, as SA short-term profit surges more than 40% — the stock rocketed 9%.
OUTsurance delivered a genuine beat. HEPS is guided to 360.9–375.9c, up 21–26% on the 298.3c of FY25, while normalised EPS (NEPS) rises 15–21% to 352.1–370.5c. Gross written premium ex-BZI grew 15.7% and net earned premium 18.7%. The engine room is SA short-term insurance, where profit surged more than 40%, with Youi and Ireland finally past their peak loss-making years.
The market was caught flat-footed — the stock jumped 8.99% on the day to R88.39. At 27x trailing earnings and a 37% ROE, this is priced for the quality it delivers: disciplined underwriting, a fortress balance sheet (0.03x debt/equity) and compounding premium growth. The old RMI-to-OUTsurance transition continues to pay off for patient holders.
Cautionary — Resignation of Auditor, Withdrawal of Audit Report and Deferred Tax Dispute
Auditor HLB withdraws its opinion, flags a reportable irregularity and resigns, alleging the deferred tax asset was overstated by ~R58.3m.
A five-alarm fire at a R65m market cap. Auditor HLB CMA wrote to Mantengu on 21 August asserting the group had overstated its deferred tax asset by ~R58.3m — claiming individual entities wouldn't generate enough future taxable profit to realise it. By 26 August, HLB had withdrawn its audit opinion, reported a reportable irregularity over the board's refusal to amend the financials, and resigned with immediate effect. The board hit back, insisting each entity's tax position was calculated separately and that this is merely a 'differing view on future profitability'.
The optics are brutal regardless of who's right: a withdrawn audit opinion and a reported irregularity days before the AGM. The shares — R0.20, down 69% in a year, ROE -85% — were already signalling distress. The 'we've done nothing wrong' defence rarely lands well with a market that can see the numbers. Avoid until a new auditor signs off clean.
The JSE suspends Labat's listing with immediate effect for failing to publish its financials and failing to pay a declared dividend.
Labat is back in the naughty corner. The JSE suspended the listing of Labat Africa's securities with immediate effect for non-compliance with the Listings Requirements — the company hasn't published its condensed financial statements and failed to pay a declared dividend, without making alternative arrangements.
This is a well-worn pattern: Labat was suspended before and only had its listing lifted in December 2024 after similar failures. At R0.03 a share and a R37m market cap, the only thing less liquid than the stock is the company's compliance record. Suspended means untradeable — and for a serial offender, that could drag on.
Results for the Year Ended 30 June 2026 and a Final Dividend Declaration
Harmony just printed a defining year. HEPS surged 87% to 4,363c and EPS more than doubled to 4,701c on a 35% higher gold price received and first copper from the CSA mine. Record adjusted free cash flow of R17.1bn funded a record R8.1bn dividend — final div of 750c, nearly five times last year's 155c.
This is the year Harmony stopped being a gold miner and became a gold-and-copper compounder. The headline numbers are staggering: headline earnings per share up 87% to 4,363c, earnings per share up 103% to 4,701c, and revenue up 34% to R99.2bn. The driver was simple and powerful — a 35% higher average gold price received (R2.07m/kg) meeting copper sales from the newly acquired CSA mine, which delivered 18,207 tonnes at a 3.75% recovered grade, both at the top end of guidance.
The cash story is the real story. Adjusted free cash flow hit a record R17.1bn, up 54%, and management converted that into a record R8.1bn full-year dividend. The final dividend of 750c is nearly five times the 155c paid a year ago — a statement of intent as much as a payout. Production guidance was met for the eleventh straight year, the underground grade of 5.83g/t came in above guidance, and the balance sheet swung to net debt of just R852m only because of the MAC Copper acquisition.
Are there nits to pick? AISC rose 13% in rand terms, and gold production actually dipped 3%. But both were inside guidance, and the market's reaction — shares slipped 4.9% on the day — looks more like profit-taking after a strong run than any doubt about the result. Harmony is now diversified, cashed-up, and guiding to a meaningful free-cash-flow inflection beyond 2030 as Eva Copper ramps. BULLISH. This is a quality gold-copper operator paying a real dividend, not a leveraged gold bet.
Trading Statement for the Six Months Ended 30 June 2026
EPS guided down 22–42% to 6.7–9.0c as client contract losses in administration and managed care, plus rightsizing costs, bite hard.
AfroCentric is shrinking, not growing. EPS for H1 2026 is guided to 6.68–8.98c, a fall of 22.2–42.1% on the 11.54c of the prior period, while HEPS drops 16.9–36.9% to 7.37–9.71c. The culprit is lower operating profitability in the Services cluster — client contract losses in administration and managed care — compounded by rightsizing and cost-reset expenses. The Retail cluster also weakened after designated service provider contracts ended last year.
At R0.77 a share, a 0.32x price-to-book and a R630m market cap, the market has already voted. ROE is deeply negative (-24.7%) and the shares are down 53% in a year. Interim results land 1 September; until the contract churn stabilises and the cost base is right-sized, this looks like a value trap rather than a bargain.
Short-Form Announcement: Reviewed Condensed Consolidated Results for the Year Ended 30 June 2026 and Dividend Announcement
Transpaco ground out a steady year. Revenue up just 0.7% to R2.4bn, but HEPS rose 6.8% to 551.3c, NAV climbed 8.9% to 3,815c, and the balance sheet swung to net cash. Total dividend up 6.4% to 250c — a quiet, dependable packaging compounder.
Transpaco is never going to set pulses racing, and that's exactly its appeal. The plastic and paper packaging maker grew revenue a modest 0.7% to R2,403.6m, but converted that into a 3.1% lift in operating profit to R214.1m and a 6.8% rise in HEPS to 551.3c. Net asset value per share jumped 8.9% to 3,815c, and the balance sheet swung from slight net debt to net cash — the kind of quiet strength that lets a small-cap sleep at night.
Shareholders get paid: total dividends rose 6.4% to 250c (final 180c), a ~6.4% yield at the R38.75 share price. At 7.7x trailing earnings and 1.08x book, with a 14.3% ROE and a 4.35 Altman Z-score, this is a cheap, low-leverage small-cap doing unspectacular but reliable things. NEUTRAL — there's no catalyst to re-rate it higher, but there's also very little to fear.
Operational Update for the Six Months Ended 30 June 2026
Santam's operational update reads like a short-term insurer doing everything right. Gross written premiums up 10% with double-digit growth across MiWay, Santam Direct, Re and Partner Solutions, and an underwriting margin above the mid-point of its 5-10% target — despite weather claims and a R230m maiden loss from Syndicate 1918.
Santam navigated a stormy six months without breaking stride. Conventional insurance GWP grew 10%, with MiWay, Santam Direct, Santam Re and Santam Partner Solutions all posting double-digit growth. The underwriting margin held above the mid-point of the 5-10% target range despite significant weather-related and large claims — that's what disciplined risk selection buys you. The one blemish is Syndicate 1918's maiden underwriting loss of R230m, but that's the cost of building a new Lloyd's vehicle.
The cherry on top is the R590m one-off uplift from the SGI revaluation, as the minority discount narrowed following Sanlam's majority acquisition. Attributable earnings rose on the prior period. At 11.3x trailing earnings and a 33% ROE, Santam remains the quality compounder of SA insurance. Results due ~3 September will confirm whether the momentum holds.
Trading Statement for the Six Months Ended 30 June 2026
Sanlam's trading statement is a tale of two numbers. EPS is guided 24-34% higher to 607-656c, but headline earnings per share is guided DOWN 10-20% to 372-418c. The gap is one-offs — the Sanlam Investments disposal and the Shriram Finance dilution gain flatter EPS, while core HEPS softens.
Don't be fooled by the headline. Sanlam's EPS is guided 24-34% higher to 607-656c, but strip out the one-off gains — the disposal of the Sanlam Investments active asset manager and the gain on the dilution of its Shriram Finance stake (crystallised by MUFG's capital injection) — and the core picture is softer. Headline earnings per share, which excludes those items, is guided 10-20% LOWER to 372-418c, from 465c a year ago.
That's the honest read: the underlying insurance and investment engine had a tougher half, masked by two well-timed value-crystallisation events. To be fair, the Shriram dilution genuinely validates the long-held investment's value with new capital at a higher valuation. At 11.3x trailing earnings and a 16.9% ROE, Sanlam isn't expensive. But with core HEPS contracting, this is a NEUTRAL until the 10 September results show whether the operational trajectory is genuinely intact.
Condensed Unaudited Consolidated Interim Results for the Six Months Ended 30 June 2026
Metair's turnaround has arrived. EPS swung from a 93c loss to a 72c profit (HEPS up 11% to 72c), EBITDA rose 8% to R759.6m, and cash from operations flipped from -R122m to +R188.6m. AutoZone is growing ahead of the market and the strategic reset is 'substantially complete'.
The auto-parts maker finally has something to show for its painful reset. Total EPS swung from a 93c loss to a 72c profit — a 177% turnaround — while HEPS rose 11% to 72c. Group revenue edged up 1% to R8.54bn, but EBITDA jumped 8% to R759.6m and, critically, cash generated from operations flipped from -R122.1m to +R188.6m. The balance sheet is stabilising, and AutoZone is growing ahead of the market with profitability returning, 'albeit six months later than anticipated'.
The caveats are real: net asset value per share slipped 8% to 1,202c, no dividend was declared, and debt/equity remains heavy at 2.45x. The market cap of ~R973m sits at just 0.43x book — the street is still pricing in doubt. But the strategic reset is substantially complete and the OEM model changeover is delivering. This is a recovery story with the hardest part done.
Preferred Purchaser Selected for Large Waste Project
Jubilee has picked a buyer for its Large Waste Project at US$35m — a hefty premium to what it paid. The cash funds the pivot from a processing-led business into an integrated Zambian copper miner, and monetises a non-core asset at a time when the balance sheet needed the relief.
Jubilee is turning unwanted assets into a copper war chest. After receiving two binding offers, it has selected a preferred purchaser for the Large Waste Project at a total consideration of US$35m — a substantial premium to the original acquisition price. For a company with a ~R1.76bn market cap and negative earnings, roughly R630m of cash from a non-core asset is material.
The strategy is clear: evolve from a predominantly processing-led business into an integrated copper mining and processing company, using its Sable refinery and Roan concentrator in Zambia as the backbone and redeploying capital into Jubilee-controlled mining assets and resource definition. The forward PE of ~9 suggests the market is starting to price the optionality. Execution risk remains — this is still a loss-making penny stock — but crystallising US$35m at a premium is unambiguously good news. BULLISH on the value unlock.
Discovery's year-end trading statement is a flex. Normalised profit from operations up 15-20%, normalised HEPS up 18-23%, and headline earnings up 31-36% — boosted by the 1 Discovery Place lease-termination gain. EPS is guided 35-40% higher to 1,893-1,963c, with the Vitality composite leading the charge.
Discovery is ending FY2026 with momentum. Normalised profit from operations is guided 15-20% higher, driven by a 13-18% lift in Discovery South Africa and an 18-23% jump in the Vitality composite — the engine room of the model. Normalised headline earnings rise 18-23%, helped by lower finance costs as the group deleverages. Headline earnings surge 31-36%, reflecting the gain on terminating the 1 Discovery Place lease when it bought its head office.
The share price jumped 4.7% on the news, and you can see why. Basic EPS is guided to 1,893-1,963c (up 35-40%), HEPS to 1,895.6-1,967.9c (up 31-36%), and normalised HEPS to 1,735.1-1,808.6c. The one watch-item is the gap between the headline number (flattered by a one-off property gain) and the normalised figure — but an 18-23% normalised HEPS print at a forward PE of 14 is still a good story. Full results land ~3 September.
Audited Consolidated Annual Financial Results for the Year Ended 31 May 2026, Dividend Declaration and Changes to the Board
Blue Label finally cut the Cell C cord. The restructuring and listing of Cell C is done — de-risking the group, but at a price: a reported R4.88bn net loss (EPS -540c) as a R6bn disposal loss crystallised. The normalised story is healthier — R681m core headline earnings, dividends resumed (53.56c), a buyback, and a NERSA energy licence.
This is the year Blue Label became a simpler business — expensively. The restructuring and separate listing of Cell C at a R9bn market cap de-risked the group and restored earnings visibility, but it forced a R6bn loss on disposal (partly offset by an R841m remeasurement gain), driving a reported net loss of R4.88bn and EPS of -540c. On a normalised basis, stripping out Cell C and the restructuring noise, the picture is far healthier: R9.4bn revenue, R923m EBITDA, and R681m of core headline earnings (75.33c/share).
The board is signalling confidence with its wallet. Dividends resumed — 53.56c for the year (interim 43.56c + final 10c) — plus a share repurchase programme and a formal policy to distribute 30-50% of core HEPS and pass through 50-70% of Cell C dividends. Blu Energy's NERSA energy trading licence adds optionality. The reported numbers are ugly and the ROE is deeply negative, but the de-risked core plus returning capital is a genuine inflection. NEUTRAL until the normalised earnings translate into a cleaner headline.
Results, Dividend Declaration, and Annual Reporting Suite for the Year Ended 30 June 2026
Bidcorp shrugged off a 'challenging and uncertain' world to print another record year. Revenue hit R242.2bn (+5.0% constant currency), trading profit R13.8bn (+8.2%), and HEPS rose 6.8% to 2,701c. The cash machine is the story — R18.6bn of operating cash flow, 118% of EBITDA converted to cash, and a 6.9% fatter full-year dividend of 1,240c.
Bidcorp is the poster child for boring excellence. In a year where everyone else was making excuses about the consumer, the foodservice distributor grew revenue 5.0% in constant currency to R242.2bn and lifted trading profit 8.2% to R13.8bn. HEPS came in at 2,701.4c, up 6.8% in constant currency, while EPS rose 9.4% to 2,663.3c. The EBITDA margin ticked up to 6.5%, and here's the kicker — 118% of EBITDA was converted to cash. That's a business that doesn't just print profit, it banks it.
Management kept the faith and handed it back. Cash generated by operations after working capital jumped 17.7% to R18.6bn, funding a full-year dividend of 1,240c (up 6.9%), with a final of 625c payable in late September. At 16.5x trailing earnings and an 18.8% ROE, this isn't cheap, but you're paying for a compounder that has delivered through every cycle. The balance sheet carries just 0.49x debt/equity. Boring, yes. Beautiful, also yes.
South32's Sierra Gorda just got a lot bigger. A 61% jump in the ore reserve to 1,100Mt (0.39% copper) adds roughly five years of mine life, pushing it out to 2045. The mineral resource now stands at 1,870Mt, and the recently-approved fourth grinding line will lift copper production ~30% from 2031. This is the copper growth engine the market has been waiting for.
South32 bought its 45% of Sierra Gorda in 2022, and this update shows why. Infill drilling — 85,000 metres across 200 holes between 2023 and 2025 — has upgraded the orebody definition enough to lift the ore reserve 61% to 1,100 million tonnes at 0.39% total copper, extending reserve life by about five years to 2045. The mineral resource now sits at 1,870Mt. CEO Matt Daley is explicit: Sierra Gorda is 'a significant source of copper for decades to come', with the orebody still open at depth.
The timing is perfect. Copper is trading near all-time highs (US$6.44/lb), driven by AI data-centre buildouts and the energy transition, and the July approval of the fourth grinding line will add ~30% to copper production from 2031. The Catabela Northeast exploration project has already intersected 'significant copper mineralisation', flagging further mine-life extension. The JSE listing trades at R58.38, up 78% over 12 months and on a hefty 50x trailing PE (14x forward) — the market is paying for the copper optionality. For a base-metals miner pivoting hard into the metal the world can't get enough of, this reserve upgrade is the kind of news that compounds.
Trading Statement for the Interim Period Ended 30 June 2026
Optasia's trading statement is a flex: headline EPS is guided 48-53% higher to 2.74-2.83 US cents for the six months to June. The fintech lender is compounding hard, with ROE north of 56%. At 23.7x trailing (16.6x forward) the market is still catching up to the growth.
Optasia — the credit-led fintech that grew out of Channel VAS — has guided headline earnings per share of 2.74-2.83 US cents for H1 2026, up 48-53% on the 1.85 US cents of a year ago. That's the kind of earnings growth that gets a growth stock re-rated, and it follows a July update that flagged revenue growth of 50-60% and adjusted EBITDA growth of 40-50%. The machine is clearly firing.
Optasia's model is embedded, credit-scored lending through mobile operators across emerging markets — high margins, low customer-acquisition cost, and a 56.6% ROE to show for it. The balance sheet is clean (current ratio 3.0, Altman Z-score 7.4), though the 0.89x debt/equity bears watching as the loan book grows. At R13.27 the stock is well off its 200-day average and trades on 23.7x trailing earnings (16.6x forward) — not cheap on the surface, but earnings are compounding at 50%. Full interim results land 14 September. If the numbers confirm the guidance, this re-rates. Bullish.
Cautionary announcement: Notification of an unsolicited approach and commencement of a strategic, competitive process
Northam just put itself in play. A major SA PGM producer has made an unsolicited, non-binding approach, and the board has responded by launching a full strategic, competitive process to solicit offers for the company or its assets. With a premium UG2 metal basket, a 1.5Moz 4E growth target (Vision 2031) and shrinking primary PGM supply, Northam is the most attractive consolidation target on the Bushveld.
This is the catalyst PGM investors have been waiting for. Northam's CEO and management received an unsolicited, exploratory, non-binding approach from a 'major producer in the South African PGM industry' — read: one of the big three, though Northam isn't naming names. The board didn't swat it away; it launched a formal strategic, competitive process, appointing One Capital as advisor, to solicit proposals from 'credible potential participants' — including the original approacher — for anything from an asset-level transaction to a full corporate deal.
The logic is compelling. Northam has spent 12 years building from ~380koz to ~940koz of 4E production, added 1.7Mt of chrome, and laid out Vision 2031 targeting 1.5Moz 4E. Its UG2 orebodies carry a premium platinum-rhodium-ruthenium-iridium basket that competitors covet, and — crucially — primary PGM supply is shrinking with no new mines coming online until next decade. Audited FY2026 results land Friday 28 August, after which the information memorandum goes out. At R299 (12.8x trailing, 8.7x forward) the stock rallied ~3% on the day but is nowhere near pricing a full takeout. When a company formally opens a competitive process, the outcome is usually a deal. BULLISH — but a cautionary is attached, so size accordingly.
Unaudited Interim Financial Results for the six months ended 30 June 2026
Master Drilling is quietly building a monster order book. Revenue rose 17% to US$155.8m and USD HEPS climbed 16.7%, but the real story is the pipeline: US$1.06bn of potential work, more than double last year's US$515m, plus a US$400.9m committed order book. The stock trades on 4.8x earnings — a micro-cap valuation for a global leader in raise-bore drilling.
This is a global niche leader trading at a home-market discount. Revenue of US$155.8m (up 17%) and USD HEPS of 11.2c (up 16.7%) confirm the diversified model is working, even as some regions lag on client-driven delays. The standout number is the sales pipeline: US$1,062.3m, more than double the US$515m a year ago, with a committed order book of US$400.9m (up from US$305.6m). That's visibility into 2027 and beyond.
The caveats are real — ZAR HEPS rose only 4.1% (a stronger rand clipped the dollar earnings), gearing climbed from 9.1% to 14.9% as the fleet expanded, and there's no interim dividend (as usual; a 40c special for FY2025 was paid in August). The raise-bore fleet is running at ~64% utilisation, which leaves room to convert pipeline into cash as mobilisations land. At R15.50 — 4.8x trailing earnings, 0.57x book, 13.2% ROE — the market is pricing in stagnation. A company with a doubled pipeline and a structural tailwind from resource-security spend doesn't deserve a 4.8x multiple for long.
Unaudited condensed consolidated interim results and cash dividend declaration for the six months ended 30 June 2026
Grindrod's Maputo bet is paying off in spades. EBITDA jumped 52% to R884m on the back of a record 8.4Mt of drybulk through the Port of Maputo (up 29%), and the board lifted the interim dividend 6% to 24.3c. Headline earnings were flat only because last year's numbers were stuffed with R903m of one-off gains — strip those out and this is a port-and-rail compounder hitting its stride.
The integrated logistics strategy Grindrod has been building is finally translating into earnings quality. Port and Terminals was the star: the Port of Maputo exported a record 8.4Mt for the half (up from 6.5Mt), including a record 1.623Mt in June alone — a run-rate that vindicates the Maputo dredging programme. Group revenue rose 19% to R2,836m and EBITDA surged 52% to R884m. Cash generated from operations rose 28% to R561m, funding a 6% dividend hike to 24.3c.
Ignore the scary headline: basic earnings 'fell' 59% to R598m, but only because H1 2025 included R903m of one-off forex translation gains on the Matola buy-up and the marine fuel trading exit. Headline earnings of R593m were dead flat year-on-year — the underlying business held its own while the one-offs washed through. The real story is the forward look: locomotive redeployment accelerates into H2, and the rail access agreement positions Grindrod for a step-change when Open Access commences in early 2027. At 13.5x earnings, 1.6x book and a 64% 12-month share price gain already in the bag, this isn't undiscovered — but the Maputo corridor thesis has years left to run.
Financial Results for the Six Months Ended 30 June 2026, Interim Dividend Declaration, Additional Shareholder Returns Programme Increased and Appointment of Interim Company Secretary
Gold Fields just printed a gold-plated half. Profit attributable to owners jumped 81% to US$1.85bn, EPS hit US$2.07, and the board more than doubled the interim dividend to 1,625c (from 700c). Adjusted free cash flow of US$2.2bn was up 134%, and net debt is now a rounding error at 0.06x EBITDA. When a gold miner hands back 61% of its free cash flow AND lifts its buyback, the good times are here.
This is what R766 a share buys you in a gold bull market. Gold Fields delivered profit of US$1,854.6m for H1 2026, up 81% on the US$1,026.7m a year ago, on gold-equivalent production of 1,267koz (up from 1,136koz). The kicker is the cost base: AISC of US$1,893/oz is up from US$1,682/oz — that's cost inflation, not runaway — but with the gold price doing the heavy lifting, adjusted free cash flow more than doubled to US$2,225m. The balance sheet flipped from US$1,487m of net debt to just US$437m (0.06x EBITDA).
Management is returning the windfall, not banking it. The interim dividend of 1,625 SA cents is more than double last year's 700c, and they've already repurchased US$300m of stock between March and July. The board added another US$500m to the returns programme, lifting it to US$1.25bn. With 61% of adjusted free cash flow handed to shareholders and the buyback stepped up, this is management saying the stock is cheap at 9.5x earnings — and the 59% ROE says they're right. The only thing to watch is AISC drift and the inevitable day the gold price takes a breather. Until then, this is a cash machine with a 9.5x price tag.
Anglo American and Teck announce future Anglo Teck Executive Leadership Team
Anglo American and Teck have named the executive team that will run Anglo Teck, the copper-focused giant their merger will create. Duncan Wanblad stays CEO, Jonathan Price (Teck) is deputy, and the leadership blends both houses. Completion is still targeted for between September 2026 and March 2027, pending final regulatory approval. A milestone — but no new numbers.
The org chart is done; the deal isn't. Anglo American and Teck announced the full Executive Leadership Team for Anglo Teck plc, the combined company from their 9 September 2025 merger agreement. Duncan Wanblad (Anglo) is CEO, Jonathan Price (Teck) is Deputy CEO and Chief Strategy Officer, John Heasley stays CFO, and the regional chiefs — including Kumba's Mpumi Zikalala — report to COO Ruben Fernandes. Nolitha Fakude stays on as chair of the SA management board. HQ moves to Vancouver, with the deal targeting completion between September 2026 and March 2027 once final regulatory approvals land.
The investment case is the copper exposure: Anglo Teck will give investors more than 70% exposure to copper, with ~US$800m of annual pre-tax synergies by year four and US$1.4bn of EBITDA synergies from optimising the adjacent Collahuasi and Quebrada Blanca mines in Chile from 2030. De Beers is still being sold. At R913 the JSE line trades on ~28.5x forward earnings, with the market already pricing in much of the copper story. This announcement is process, not progress on the financials — hence NEUTRAL. The real catalyst is the completion date and the De Beers disposal.
Afrimat business update and pre-close briefing session
Afrimat just told shareholders these are 'some of the hardest times' in its 20-year history. A stronger rand, softer iron ore prices, shipping costs spiked by the Iran conflict, an overtraded cement market and inclement weather all hit Q1 at once. But the diversification strategy is the saving grace — aggregates and fly ash are compounding, a 240,000tpa manganese allocation is secured, and H2 is expected to improve.
The pre-close update reads like a bingo card of macro pain. Q1 of FY2027 saw rand-denominated iron ore export revenue crunched by a stronger currency, lower international prices and — of all things — shipping rates inflated by the conflict in Iran. Add an overtraded cement market, inclement weather and a sharp fuel-price spike, and you get management describing 'some of the hardest times' in two decades. Cement is so tough that Afrimat is openly investigating 'strategic alternatives' for a business it spent years painstakingly rebuilding.
But this is exactly why Afrimat bought Lafarge's diversified asset base. The Construction Materials segment — aggregates and fly ash — will be the biggest contributor to HY1 profit, with aggregates' operating profit compounding at 36% annually since FY2022. The new 240,000tpa MECA III manganese export allocation (seven years) and the Doornfontein iron ore deposit extend the runway. Cash preservation and debt reduction are the priorities, and H2 is guided to improve. At R26.05 the stock is down 35% over 12 months, trading on 32.9x trailing (9.4x forward) and 0.89x book — the market has already priced in most of the pain. The question is whether H2 delivers. Neutral until the September update.
Karo Platinum Signs Special Mining Lease Agreement with Government of Zimbabwe
This is the milestone Tharisa shareholders have been waiting for. Karo Platinum has signed a 25-year Special Mining Lease with the Zimbabwe government, locking in tenure and fiscal terms for one of the Great Dyke's largest undeveloped PGM assets. With 2.1 Moz in reserves, 11.2 Moz in resources, and over $240m already invested, this de-risks the project enormously. President Mnangagwa attended the signing — that's political buy-in.
The Special Mining Lease is the key that unlocks Karo Platinum. Under Zimbabwe's Mines and Minerals Act, this 25-year lease over 23,903 hectares provides fiscal certainty and long-term security that institutional investors need to write cheques. Karo is 85% owned by Karo Mining Holdings (a Tharisa vehicle) with the remaining 15% held by the Zimbabwe government on a free carry. The 2.1 Moz open-pit reserve is just the starter — there's 11.2 Moz in total resource and a mine life exceeding 50 years when underground potential is included.
Tharisa trades at a PE of 4.0 with P/B of 0.52 — the market is pricing this like a pure-play chrome miner with a PGM side-hustle, ignoring Karo entirely. That changes now. The lease signing means Karo can move towards first production of PGM concentrate with fiscal terms locked in. Zimbabwe risk remains, but a deal personally witnessed by the President sends a signal. At $240m sunk cost and a tier-one resource, the optionality here is enormous relative to Tharisa's R7.85bn market cap.
Sabvest is putting R754m into South Africa's digital backbone — a ≥8.97% stake in a fibre-and-internet group valued at R14.4bn. Frogfoot is the country's 4th largest open-access fibre network operator, Vox is a national ISP, and Hypa targets prepaid fibre for lower-income households. This is exactly the kind of infrastructure-adjacent investment that makes Sabvest's portfolio interesting.
This is Sabvest doing what Sabvest does best — finding value in unlisted South African assets. The R754m subscription buys them into a DNI-led consortium that will hold 34.8% of the Companies, with Sabvest's existing 19.4% DNI stake adding indirect exposure. The R14.4bn enterprise value implies R8.4bn equity after debt — that's a chunky bet on South Africa's fibre rollout. Frogfoot alone has been building networks for 25+ years. Funding comes from new term bank debt, so no shareholder dilution.
Sabvest remains a fascinating holding company — PE of 5.1, P/B of 0.93, ROE of 20.2%, and the stock is up 58% over 12 months. This transaction is Category 2 (no shareholder vote needed) and closes 1 October. The play here is simple: South Africa needs more fibre, these companies are established players, and Sabvest gets in at what looks like a sensible price alongside experienced operators. Andrew might note we were bullish on SBP on 5 August too — the thesis keeps building.
Interim Results for the Six Months Ended 30 June 2026 and Share Buyback
MTN fired on all cylinders in H1 2026. Constant-currency service revenue jumped 17.5%, adjusted HEPS surged 21.3% to 793c, and the EBITDA margin hit a juicy 47.6%. Net debt is a negligible 0.3x EBITDA. Paired with a R6bn buyback, this is management saying the stock is cheap — and the numbers back them up.
MTN delivered its strongest half in years. Group service revenue hit R115.3bn with data revenue surging 21% to R57.6bn — that's where the real growth is. Fintech is quietly becoming a monster: $330.5bn in transaction value, up 33.8% in constant currency, with 70.8 million active MoMo users. Fintech revenue was up 13.3% CC excluding regulatory items in Nigeria. Adjusted HEPS of 793c is up 21.3% — strip out once-offs and this business is humming.
Management reaffirmed medium-term guidance and didn't declare an interim dividend — instead they're launching a R6bn share buyback. That's the right call when your stock trades at a forward PE of 11.3 with ROE of 16.7%. The IHS transaction progress adds a catalyst. Capex of R19.7bn at 16.6% intensity shows they're still investing for growth. Nigeria remains the elephant in the room, but the diversification across 19 markets is now clearly paying off. Africa's biggest telco is back.
Unaudited Interim Results and Cash Dividend Declaration for the Six Months Ended 30 June 2026
Mpact is doing the right things in the wrong market. Cash generation jumped to R448m from R173m and net debt fell to R2.6bn, but EPS from continuing ops halved to 50c on weak paper demand. The BM6 cartonboard machine is now discontinued and the recycling footprint is being rationalised. A 15c interim dividend at least keeps income investors warm while the restructuring plays out.
Bruce Strong is pulling the right levers — cutting capacity, rationalising the cost base, focusing on higher-margin converting and plastics — but the structural oversupply in global containerboard and cartonboard markets is a headwind he can't outrun. Paper Manufacturing margins got squeezed between rising input costs and falling selling prices. The agricultural sector held up (good export crop volumes), but floods in the Cape disrupted packing demand. The Middle East conflict escalation in Q2 pushed up fuel and freight costs, compounding the pain.
Here's the glass-half-full view: Mpact trades at 0.41x book with a PE of 6.2. The balance sheet is improving (net debt down R400m), and the portfolio optimisation is real — BM6 is shut, BM3 continues, recycling is leaner. If the paper cycle turns, this stock could re-rate aggressively. But the -39% 52-week price decline tells you the market isn't betting on a near-term recovery. A Piotroski F-Score of 7 suggests the financials aren't deteriorating, but until demand picks up, this is a value trap that might stay trapped.
Reviewed Annual Results for the Year Ended 30 June 2026 and Dividend Declaration
Italtile churned out a flat year in a grim consumer environment. System-wide turnover inched up 0.6% to R11.3bn, but trading profit fell 10% to R1.8bn and HEPS slipped 9% to 113.4c. The dividend took a haircut — 45c ordinary plus 25c special, down from 50c + 98c. Net cash of R1.7bn keeps the balance sheet fortress-like, but there's no top-line catalyst in sight.
The tile-and-bathroom king had a forgettable year. Every line item went backwards — trading profit -10%, HEPS -9%, NAV per share -7%. The special dividend collapse from 98c to 25c is the real sting for income investors. CEO Brandon Wood points to excess Southern African manufacturing capacity hammering Ceramics margins, while Australia is on the block. Retail held up reasonably — 0.4% system-wide growth with margin up 0.5% — but supply chain imports fell 6.4%.
On the positive side, R1.7bn net cash and a PE of 7.9 means there's a floor. The 45c ordinary dividend still yields 4.9% at R9.10. 213 stores and seven webstores give them unmatched distribution. But with consumer wallets squeezed and competitors flooding the market, Italtile needs a macro tailwind it's not getting. Until building activity picks up, this is a quality business marking time.
Declaration of a Special Dividend of R29.00 and Scrip Distribution Alternative
Datatec is returning a staggering R7.05bn to shareholders — that's R29.00 per share, a 35% yield on the R83.85 share price. The windfall comes from the Westcon refinancing and minority stake sale to General Atlantic, completed on 4 August. Shareholders can take cash (R23.20 after withholding tax) or scrip. Either way, this is a massive capital return that validates the sum-of-the-parts thesis.
This is what unlocking value looks like. Datatec spent years trading at a conglomerate discount — a sprawling IT distribution business with a hidden gem (Westcon) that the market refused to price properly. The General Atlantic transaction brought in a strategic partner, refinanced WIGHL's balance sheet, and freed up enough cash to return $435m to shareholders. The special dividend of R29 per share on a 243m share base is the single biggest per-share distribution we've seen on the JSE this year.
There's some nuance: the scrip alternative means shareholders who take shares instead of cash effectively get a capitalisation issue at a 30-day VWAP less the R29 dividend, and the withholding tax doesn't apply. Record date is 16 October. Datatec still retains a controlling stake in Westcon and the Logicalis business. The stock trades at a forward PE of 9.9 with ROE of 17.9% — but the real story is that management finally proved the sceptics wrong. After this distribution, Datatec becomes a cleaner, leaner story. Or you can just bank your R29 and walk away.
Category 2 Acquisition of R2.04bn Property Portfolio, Private Placement Results, and Withdrawal of Cautionary
Dipula is going shopping in a buyer's market. A R2.04bn acquisition of nine retail properties across four provinces adds 89,168 sqm of GLA anchored by Checkers, Shoprite, Game, Cashbuild and Makro. The deal is immediately earnings-accretive, funded via a private placement, and fits Dipula's strategy of owning convenience and rural retail. Moolman Group is a credible seller with quality assets.
This is Dipula putting its REIT structure to work. The Moolman portfolio spans nine properties with national-anchor tenants that pay rent every month, recession or not. At a R2.04bn purchase price, the acquisition broadens Dipula's geographic spread and deepens its retail exposure — exactly where they've been steering the ship. The private placement results suggest institutional demand was there to fund it. Withdrawal of the cautionary means the deal is now firm.
Dipula trades at a PE of 7.2 with P/B of 0.92 — classic REIT territory. The 11.3% share count increase over the past year reflects the acquisition funding, but if the assets are genuinely accretive (which management claims they are day one), that dilution is earnings-neutral or better. The 89,168 sqm addition takes the portfolio past a meaningful threshold. With 95.7% institutional ownership, this is a serious property counter. The risk is interest rates — debt/EBITDA of 4.6x is on the higher side for a REIT. But for yield-hungry investors, a well-anchored retail portfolio at close to book value is hard to find.
Changes to Executive Management, Resignation of Directors and Appointment of Chairman
Aveng is getting a leadership overhaul. Fraser Wyllie, a Kiwi civil engineer with a proven turnaround record at McConnell Dowell NZ, becomes CEO on 1 October. Chairman Philip Hourquebie and director Nick Bowen have retired, with Graeme Bevans taking the chair. Wyllie's NZ unit had zero loss-making projects in three years — exactly the operational discipline Aveng desperately needs.
This is a boardroom refresh with substance. Fraser Wyllie isn't a random appointment — he's been running McConnell Dowell's New Zealand and Pacific Islands business since 2017, turning around underperforming projects and building it into a highly profitable unit. His NZ team has also been collaborating with the Australian business on water infrastructure, which is where Aveng's growth ambitions lie. Wyllie brings 30+ years of civil contracting experience, an engineering degree from Auckland, and an MBA from Massey.
But let's not get ahead of ourselves. Aveng still trades at R4.25 with negative ROE (-8.39%) and an enterprise value that's negative. The P/B of 0.28 screams deep value or deep trouble. The retiring directors served through some of Aveng's darkest hours — Hourquebie was around since 2015. This is a necessary changing of the guard, but a CEO announcement doesn't fix the balance sheet or the order book. Watch for Wyllie's first strategy update before getting excited.
Interim Results for the Six Months Ended 30 June 2026 and Dividend Declaration
ADvTECH keeps delivering the kind of results that make Curro shareholders weep. Revenue up 8% to R5.06bn, operating profit up 14% to R1.12bn, and normalised EPS up 16% to 130.8c. The interim dividend jumps 18% to 53c. Private education demand in South Africa remains structural, not cyclical, and ADvTECH's premium brand positioning gives it pricing power that rivals envy.
This is a compounder doing compounder things. Revenue growth of 8% translated into 14% operating profit growth — that's operating leverage working in shareholders' favour. Normalised earnings of R717m and HEPS of 130.8c (both +16%) show consistent execution. The board is confident enough to lift the dividend 18% while maintaining 2x cover. With ROE of 20.6% and a Piotroski F-Score of 7, the quality metrics are flashing green.
At a PE of 19.8 and P/B of 3.8, this stock isn't cheap — the market knows what it owns. But education is one of the few sectors where South African parents will cut everything else before pulling their kids out of a good school. The stock is up 42% over 52 weeks, and with 549.9m shares outstanding (barely diluted), the earnings per share growth flows straight to shareholders. The only question is whether you want to pay nearly 20x earnings for it. For a quality business with a structural tailwind, the answer is probably yes.
Changes to the Board — Retirement of Chairman Hilton Saven after 23 Years
Truworths chairman Hilton Saven is retiring at the November AGM after 23 years on the board. Annemarie Mostert will succeed him. Saven steered Truworths through the post-2015 credit crisis, the Office Shoes acquisition, and the Covid retail wipeout. This is a planned, orderly transition — not a governance panic. But losing a chair who's seen every retail cycle since Mandela was president is a milestone worth noting.
Hilton Saven is the last of the old guard at Truworths — he joined the board in 2003, became chair in 2005, and has sat through every boom and bust in SA retail for two decades. His retirement at the 5 November AGM is entirely orderly: Annemarie Mostert, an independent non-executive who joined the board in 2021, takes the chair. The board is also refreshing its committee composition with effect from the AGM. This is textbook corporate governance succession — no midnight departures, no 'pursuing other interests', no emergency replacements.
Does it change the investment case? No. Truworths is still the same business it was last week: a well-run fashion retailer with a 25.9% ROE, 6.95x PE, and 1.73x P/B, trading at R51.61. The full-year results on 27 August (EPS guided 715-730c, down 2-4%) will tell you more about the near term than a board change. The consumer is still stretched, the Middle East oil spike still hurts the discretionary wallet, and the UK (Office) still faces a stronger rand headwind. But Saven's departure matters symbolically — it closes the chapter on the leadership that built Truworths into SA's most profitable fashion retailer. Mostert inherits a good business at a tricky moment. Rating: NEUTRAL. No red flags, no catalysts. A respectful handover at a company that does governance properly.
Audited Financial Results for the Year Ended 31 May 2026
Cell C's maiden results as a JSE-listed company are a proper flex. HEPS R23.37 (+57.4%), group revenue R12.64bn (+14%), reported EBITDA R5.5bn (+162%), adjusted EBITDA R2.4bn (+16.9%). Net debt slashed 64% to R2.02bn. 8.9m subscribers. CEO Jorge Mendes is projecting R3bn adjusted EBITDA in FY2027. The turnaround is real — but the R11.2bn enterprise value (2.18x EV/EBITDA on the headline number) says the market is still cautious.
Cell C has spent five years in the wilderness — balance sheet restructuring, network-sharing deals with MTN and Vodacom, and a brand that was getting lapped by Telkom Mobile. These maiden JSE results are the first proper look at the post-restructuring Cell C, and the picture is better than the market expected. Service revenue grew 6% to R11.64bn, prepaid revenue up 9.7%, and the wholesale/MVNO business jumped 20% — the capex-light model is working. The headline EBITDA of R5.5bn is flattered by R3.1bn in pre-listing restructuring gains, but even the clean adjusted EBITDA of R2.4bn (up 16.9%) shows the operating engine is turning.
The balance sheet is the real win. Net debt collapsed from R5.69bn to R2.02bn — leverage of 1.56x against the clean EBITDA, 0.50x against the headline figure. That's night-and-day different from the R9.1bn working capital deficit of a year ago. The caution: current ratio of 0.58 and an Altman Z-score of -0.83 suggest the turnaround isn't complete, and the R11.2bn enterprise value (PE 6.73x on trailing, 4.94x forward) reflects the market's lingering scepticism. CEO Mendes guided FY2027 adjusted EBITDA of ~R3bn — if he delivers, the re-rating will be violent. Rating: BULLISH. The worst is behind Cell C. The market is still pricing in failure; the numbers say recovery.
Business Update and Trading Statement for the Year Ended 30 June 2026
Aspen's FY2026 numbers are a tale of two earnings lines. Normalised HEPS from total operations is guided 550-620c — more than double last year's comparable. But R2.3bn in manufacturing restructuring costs flips basic EPS to a loss of ~243.9c. The operational engine (Commercial Pharma + Manufacturing) is building momentum; the P&L is still absorbing the cost of the strategic pivot. Forward PE 17x at R147.63. Results 2 September.
Aspen spent FY2026 executing the manufacturing restructuring it flagged 18 months ago — rationalising its sterile manufacturing footprint, closing high-cost sites, and shifting to a leaner contract manufacturing model. The R2.3bn bill (roughly R5.18 per share) is the accounting cost of that pivot. It's a one-off, but it's a big one. Excluding it, the underlying business tells a much better story: normalised HEPS of 550-620 cents represents >100% growth on the prior year's comparable base, driven by the Commercial Pharmaceuticals brands (the Anaesthetics portfolio, thrombosis, and the regional brands in Africa, Asia, and Latin America) and improved manufacturing utilisation.
Group revenue was supported by the Anaesthetics portfolio and a weaker rand, while the Manufacturing segment benefited from contract wins that were part of the restructuring strategy. The balance sheet carries R33bn in debt against a R65.6bn market cap — D/E of 0.41 is manageable, and interest cover of 3.29x is adequate but not comfortable. The stock at R147.63 trades on 0.81x book with a forward PE of 17x — not cheap, but pricing in the recovery. The 2 September results will be the acid test: can Aspen show revenue momentum in Commercial Pharma while keeping the restructuring on track? Rating: NEUTRAL. The operational turnaround is real, but the restructuring bill is a blunt reminder that pivoting a global pharma manufacturer is expensive and messy. Watch results day.
Audited Annual Financial Statements for the Year Ended 30 June 2026 and Cash Dividend
Ignore the GPS noise — adjusted HEPS +8.9% to 370c, dividend +9% to 326c (7.6% yield). Restaurant sales +6.9% to R12.3bn. Adjusted PE of 11.4x is cheap for a 22.6% ROE franchise.
Spur's FY26 results require reading past the headline. Reported earnings were clobbered by a GPS litigation provision: EPS -36.1% to 215.69c, HEPS -38.4% to 209.32c. Strip that out and the real picture emerges: adjusted HEPS +8.9% to 370.28 cents, adjusted PBT +12.8% to R453.1 million. Franchised restaurant turnover rose 6.9% to R12.3 billion in a consumer environment that's been brutal for discretionary spending. The board lifted the dividend 9% to 326 cents — a 7.6% yield at R43.
The market is pricing Spur on the reported PE of 20.5x, but the adjusted PE is just 11.4x — a yawning gap that won't persist. ROE of 21.9%, ROIC of 38.2%, net cash on the balance sheet. This is a franchise machine with strong brands (Spur, Panarottis, RocoMamas, The Hussar Grill) that consistently generates cash and returns it to shareholders. The GPS provision is a one-time legal contingency, not an operational problem. At 7.6% yield and double-digit underlying earnings growth, Spur is the best value in SA consumer discretionary right now.
Retirement of CFO Norman Basthdaw and Appointment of Vanessa Olver as New CFO
CFO Norman Basthdaw retiring April 2027. Vanessa Olver (ex-Standard Bank Africa FD, BCX CFO, Investec board) taking over Jan 2027. Textbook succession — smooth 4-month handover. Business itself trades at just 7.5x PE with 51% ROE.
Sun International announced a CFO transition that's about as well-managed as these things get. Norman Basthdaw, CFO since 2017 and a 13-year veteran of the group, reaches normal retirement age in April 2027. His replacement, Vanessa Olver, brings heavyweight credentials: Finance Director for Standard Bank Africa, CFO and Deputy CEO of Business Connexion, and currently an independent non-executive at Investec where she chairs the Audit and Risk Committee. She starts 1 January 2027, giving a full four-month handover period.
This announcement tells us nothing about trading, and that's fine — it's a governance update. But the context matters: Sun International trades on 7.48x trailing PE, 3.24x PB, and a staggering 50.91% ROE. The business is a cash machine (P/FCF of 6.32x) albeit with meaningful debt (D/E 1.54x). The next catalyst is FY26 results on 7 September. The CFO transition is well-handled and Olver's resume suggests the finance function is in good hands. But no rating change without fresh trading data.
Unaudited Summarised Results for the Six Months Ended 30 June 2026
Revenue +30.1% to R1.53bn, swing from R31.6m operating loss to R30.1m profit. EPS 8.02c vs -9.31c. At R1.10, trades at 0.34x NAV. The electrical cable turnaround is real and accelerating.
South Ocean Holdings didn't just deliver on its trading statement promise — it exceeded it. Revenue surged 30.1% to R1.53 billion, driven by strong demand for electrical cable as infrastructure spend and renewable energy projects ramp up. The group swung from a R31.6 million operating loss to a R30.1 million profit — a R61.7 million turnaround in six months. Earnings per share came in at 8.02 cents versus a restated loss of 9.31 cents. Net asset value ticked up 4.1% to 327.6 cents per share.
At R1.10, SOH trades at a 66% discount to book value (0.34x P/B). On an annualised basis, the stock is on roughly 6.9x PE — cheap for a business showing 30% revenue momentum. The caveats: no dividend (all cash goes to working capital), thin liquidity (average daily volume of ~11,000 shares), and it's a small-cap in an industry with lumpy project cycles. But the operational trajectory is hard to argue with. After years of disappointment, South Ocean is finally delivering. For patient small-cap investors, this is a genuine deep-value play with improving fundamentals.
Trading Statement for the Six Months Ended 30 June 2026
Total HEPS -18 to -28% at 12.1-13.7c, but normalised HEPS broadly flat at 23-25c. Dickon Hall integration is the villain — four of seven sub-categories growing. Forward PE of 5x is either a steal or a trap. Full results 8 Sep.
Libstar's trading statement confirms what the June pre-close update telegraphed: the Dickon Hall Foods division is a serious drag. Total HEPS is expected at 12.1-13.7 cents (down 18-27.5%) and total EPS at 8.0-9.6 cents (down 37-47%). But peel back the non-recurring and non-cash items — impairments, integration costs, unrealised forex — and normalised HEPS lands at 23.0-25.4 cents, essentially flat against last year's 24.8 cents. Four of seven food sub-categories (Dairy, Value-Added Meats, Select Products, Baking) are growing EBITDA. The pain is concentrated.
At R3.75, the stock looks absurdly cheap on normalised earnings: forward PE around 5x, price-to-book 0.47x, EV/EBITDA 3.59x. The question is whether Dickon Hall's integration into Montagu Foods is a temporary operational headache or a permanent impairment of value. Management sounds confident in a second-half recovery, and the balance sheet (current ratio 2.27x, D/E 0.41x) gives them room to execute. Full interim results on 8 September will be the moment of truth. Too early to call this a buy, but the risk-reward is tilting interesting.
Reviewed Financial Results for the six-month period ended 30 June 2026 and Interim Dividend
Revenue up 7% to R22.1bn but HEPS down 20% to 1,377c as softer coal prices bite. Interim dividend cut 17% to 700c — still a 7.6% yield but the earnings trajectory isn't your friend.
Exxaro delivered exactly what the trading statement warned: HEPS of 1,377 cents, down 20% from 1,724c a year ago. Revenue grew 7% to R22.1 billion on higher coal volumes, but that volume gain was more than offset by weaker coal prices — the classic commodity producer's dilemma. The board declared a 700c interim dividend, down 17% from last year's 843c, but still representing a chunky 7.6% annualised yield at R184.
The balance sheet remains fortress-grade with net cash (ex-Cennergi debt) and a current ratio of 2.95x. At 6.45x trailing PE and 0.60x price-to-book, Exxaro screens as deeply cheap. But commodity stocks are always cheap at the top of the cycle and get cheaper on the way down. The forward PE of 4.82x tells you analysts expect further earnings compression. With coal under structural pressure from decarbonisation, the dividend is the only reason to stick around — and even that's shrinking. If you're a yield hunter, 7.6% is tempting. If you're looking for capital appreciation, look elsewhere.
Unaudited results for the six months ended 30 June 2026
Revenue +2.2% to R6.08bn, HEPS +5.9% to 53.41c. Solid but uninspiring. Acquisitions of Sunpac and Pantry Club add capabilities. Strong ROE of 20.5% but the stock's down 24% over 12 months for a reason.
CA Sales delivered a characteristically steady set of numbers: revenue grew 2.2% to R6.08 billion, headline earnings per share rose 5.9% to 53.41 cents, and operating profit ticked up 2.3%. The Botswana pula's depreciation against the rand shaved something off the top line — constant-currency growth would look better. The group deployed R204 million to acquire Sunpac (private-label distribution) and also took a controlling stake in Pantry Club (e-commerce), both sensible bolt-ons to the route-to-market platform.
At R13.55, the stock trades on 11.89x trailing PE and 2.22x book. ROE of 20.46% and ROIC of 21.93% against a WACC of 4.6% confirm this is a genuine value compounder. But the market has de-rated it 24% over 12 months — partly macro (Africa risk, currency), partly growth (2% revenue growth doesn't excite anyone). Management expects a stronger H2 from recent acquisitions, and the balance sheet has capacity for more. If you believe in Africa's consumer story, this is a quality operator at a reasonable price. If you need catalysts, keep looking.
Update on the Merger of PG Bison Southern Cape and Mto Forestry Businesses
KAP's forestry merger is still happening — but with a detour. Safcol (the state forestry company) hasn't transferred its MTO Forestry shares to the community trust as planned, so the deal has been restructured. Safcol retains 11.32% of MTO Forestry pending the trust's establishment. PG Bison will end up with 49% of the merged Cape Forest Products entity, with Wild Peach holding 51%. The effective date is now 1 October 2026. The deal is alive, but the state's involvement continues to complicate things.
KAP announced the PG Bison/Mto Forestry merger back in October 2025 — a sensible deal to consolidate the Southern Cape's forestry and sawmilling operations into a single, more efficient entity called Cape Forest Products. The original plan was for Safcol to transfer its MTO Forestry shares to a community trust, which would then hold the community's stake in CFP. That hasn't happened. The SENS is diplomatic — 'Safcol has not transferred its shares' — but the subtext is clear: the state's community empowerment machinery is grinding slowly, and the deal can't wait.
The amended structure keeps the deal alive. Safcol will retain a minority 11.32% of MTO Forestry pending the trust's establishment, and PG Bison's subsidiary (PGBSC) will be sold to Cape Pine Investment Holdings instead of merging directly. The end result is the same: PG Bison gets 49% of CFP, Wild Peach gets 51%, and the combined forestry/sawmilling operations achieve scale. The Competition Commission already approved the deal in May 2026, and the Competition authorities have been notified of the amended structure. Effective date: 1 October 2026. This is a follow-up to our 14 August KAP review — the operational turnaround is real (HEPS +82-92%), but the balance sheet is still saddled with goodwill impairments. The forestry merger is a sensible move to extract value from a non-core asset. Rating: NEUTRAL. The deal is progressing, but Safcol's inability to execute on its side of the bargain is a reminder that state-owned entities remain a wildcard in any transaction. Watch for the 1 October effective date.
Reviewed Condensed Consolidated Financial Statements and Dividend Declaration for the Year Ended 30 June 2026
DRDGOLD delivered exactly as promised — and then some. Revenue R11.16bn (+42%), operating profit R6.45bn (+83%), EPS 492.1c (+89%), HEPS 491.9c (+89%). Final dividend 120c per share, tripling last year's 40c. The gold tailings machine is printing cash, and the R1.63bn tax bill is a happy problem. Zero bank debt, R2.8bn in cash. This is what happens when you own exposed gold at a fixed cost base.
The numbers land almost precisely on the midpoints of the 13 August trading statement guidance (EPS 481.4-507.4c, HEPS 481.3-507.3c). Revenue of R11,159 million is up 42% on R7,878 million in FY2025, driven by a 40% higher average rand gold price received of R2,289,250/kg. Gold sold was essentially flat at 4,865kg. The operating leverage in this business is breathtaking: operating profit of R6,452 million, up 83%. The EBITDA margin is staggering — the tailings-retreatment model delivers a cost base that barely moves while the revenue line soars. That's the whole investment thesis in one sentence.
The dividend is the exclamation point. 120 cents per share final — triple last year's 40c — and the R120c dividend alone represents a 2.7% yield on the R44.65 share price. The balance sheet remains fortress-grade: R2.8 billion in cash, zero bank debt, and R1bn+ in undrawn revolving facilities. Capex surged 57% to R3.5bn to fund the Far West Gold Recoveries expansion, all funded from internal cash flow. The 39.4% ROE, 3.05x P/B, and 9.14x trailing PE look expensive only if you think gold is rolling over. At R44.65, the forward PE of 8.08x suggests the market is still cautious. Rating: BULLISH. DRDGOLD is the purest gold-price leverage on the JSE. The day the rand gold price drops, this stock drops harder. But while gold stays above $3,000 and the rand stays weak, DRDGOLD is a money printer. Follow-up on our 13 August call — the numbers delivered.
Trading Statement for the 52 Weeks Ended 28 June 2026
Cashbuild's headline numbers are ugly — EPS guided down 22-27% to 765.2-817.4c. But the real story is the Malawi exit. Strip out the R1.74/share loss on the Malawi disposal and HEPS is down a more manageable 5-10% to 939.1-991.1c. The core SA business is holding up, and the stock got punished 3.2% on the day. At 9.4x forward PE and 1.28x book, the market is pricing in a lot of bad news that may already be behind it.
Cashbuild is South Africa's largest retailer of building materials and hardware, serving the low-to-middle-income home improvement market. The trading statement for the 52 weeks to June 2026 shows a tale of two numbers. The reported EPS of 765.2-817.4 cents is down 22-27% from last year's 1,042.5 cents — a headline disaster. But the HEPS range of 939.1-991.1 cents is down just 5-10% from 1,040.4 cents. The entire difference is the loss on the disposal of the Malawi subsidiary, which the company had flagged as a non-core exit. The market sold the stock 3.2% to R118.99 anyway — classic headline-driven panic.
The underlying SA business is not thriving, but it's not collapsing either. The Q4 operational update from 23 July showed revenue up 3% with selling inflation of just 1.5% — implying real volume growth. The balance sheet carries manageable debt (D/E 0.84) and the forward PE of 9.42x on expected HEPS of ~R10.00 is reasonable for a defensive retailer with a 60% institutional shareholder base. The R2.45bn market cap is not demanding. The real question is whether the SA consumer — battered by fuel prices, the Middle East conflict's oil spike, and still-high interest rates — can sustain building and renovation spending. Results 2 September will give the full picture. Rating: BEARISH on the headline, but the Malawi-adjusted numbers are less alarming. This is a show-me story. Watch the September results for colour on the SA consumer.
Requisitioned General Meeting — All Resolutions to Remove Directors Fail
Trustco's dissident shareholder revolt collapsed. The requisitioned GM was ruled invalid — the requisitionist wasn't even a member. All seven resolutions to remove directors (including founder Quinton van Rooyen) failed by ~58% to ~42% margins. The attempted boardroom coup is dead. For a company that hasn't updated its stock price since January 2025, this is corporate theatre that changes nothing.
The Trustco saga has lurched from opaque to absurd. A shareholder group called a general meeting to oust the entire board — including founder and controlling figure Quinton van Rooyen — and replace them with a slate of five new directors. The meeting was held on 18 August. The result: the meeting was found not to be validly requisitioned because the requisitionist wasn't even a registered member of Trustco Group Holdings. Despite the invalidity, voting was allowed 'for record purposes', and every single removal resolution failed by roughly 58% against to 42% for. The proposed new directors fared even worse — 58.3% against to 41.7% for.
This is the definition of a pointless SENS. The company trades at 30 cents on the JSE — a price that hasn't budged since the stock was suspended or went dormant in January 2025. Revenue and net income are negative, there's no PE ratio to speak of, and the stock has lost 40% of its value over the past year. The requisitioned meeting was a sideshow designed to give the appearance of shareholder activism, but without the legal standing to back it up. Rating: NEUTRAL. Trustco remains what it has been for years: a governance black box trading in penny stock territory. The boardroom drama changes nothing. Stay away unless you have a very specific reason to be here.
Reviewed Interim Condensed Consolidated Financial Statements for Six Months Ended 30 June 2026
NEPI Rockcastle delivered another textbook set of results. Net rental income +3.8% to €318M, DEPS +3.5% to 32.14c, distribution +3.5% to 28.93c (90% payout). Portfolio value rose €126M to €8.4bn with 98.2% occupancy. S&P upgraded to BBB+. Guidance raised to 3.5-4% DEPS growth for FY2026. First investment outside CEE — a Bilbao, Spain acquisition. This is what compound growth looks like in retail property.
NEPI Rockcastle is the best property company on the JSE and it's not close. The H1 2026 numbers are classic NRP: not flashy, just relentlessly consistent. Net rental income grew 3.8% to €317.7M, distributable earnings per share rose 3.5% to 32.14 euro cents, and the distribution followed at 28.93c. The 90% payout ratio is maintained while LTV stays at a conservative 33.1% — well below the 35% strategic threshold. Tenant sales were 2.7% higher like-for-like with average basket size up 3.3%. The recovery rate hit 99% by July. These are the numbers of a business with genuine pricing power.
The S&P upgrade to BBB+ in July 2026 is the cherry on top — it validates the balance sheet quality and opens the door to cheaper debt for the development pipeline. Speaking of which: NEPI's first investment outside Central and Eastern Europe, in Bilbao, Spain, signals that management sees growth opportunities beyond its traditional hunting ground. Guidance was raised to 3.5-4% DEPS growth for the full year. At R149.55, NRP trades on a PE of 10.9x and 1.12x book with a yield of ~7.7% (in EUR terms). Rating: BULLISH. NEPI is the closest thing the JSE has to a sure bet. Buy the compounder, collect the dividends, sleep well.
BHP's FY2026 is a copper story disguised as a mining result. Underlying profit +30% to $13.2bn, revenue +15.6% to $59.3bn. Copper operating earnings of $18.19bn surpassed iron ore ($14.53bn) for the first time as the dominant earnings driver. Full-year dividend $1.72/share — the highest in four years. Net debt down to $8.7bn. New CEO Brandon Craig is pushing a copper growth vision to 40% more production by 2035.
Copper has officially dethroned iron ore as BHP's profit engine. Operating earnings from copper hit $18.19 billion in FY2026, well ahead of iron ore's $14.53 billion. That's a tectonic shift for a company that built its fortune on Pilbara red dirt. Record copper prices above $14,000/ton — driven by AI data centre buildouts and the energy transition — transformed BHP's earnings power. The underlying attributable profit of $13.20 billion came in 4% above consensus, and the full-year dividend of $1.72 per share (final: 99 US cents) is the biggest shareholder return since FY2022. The stock jumped as much as 4.2% in Sydney on the news.
New CEO Brandon Craig, just one month into the job, is talking copper growth — 40% more production by 2035 from the project pipeline, even as near-term output dips. The Jansen potash project adds a third leg to the stool. Iron ore's Western Australia operations grew earnings 2% to $14.67bn despite Port Hedland labour tensions, and net debt fell to $8.69bn — below the $10-12bn target range. The JSE listing trades at R719.57 with a PE of 23.2x, which looks full but reflects the copper growth premium. Rating: BULLISH. BHP is no longer an iron ore miner with copper on the side. It's a copper supermajor that also happens to dig up iron ore. The highest dividend in four years is just the cherry on top.
Unaudited Consolidated Interim Results for Six Months Ended 30 June 2026
Absa delivered a clean set of numbers. HEPS +7.9% to 1,545c, revenue +4.1% to R58.8bn, dividend +8.3% to 850c. ROE holding at 15%, cost-to-income 53.4%. Stage 3 loan ratio improved from 5.90% to 5.30%. CET1 12.8%. At 8x PE and 0.94x book with a 7.6% dividend yield, Absa is the cheapest Big Four bank delivering the biggest dividend growth.
Absa's interim results are what you want from a bank: steady earnings growth, improving asset quality, and a bigger cheque for shareholders. HEPS of 1,545.4 cents (+7.9%) came from a combination of revenue growth (+4.1% to R58.8bn) and disciplined cost management — the cost-to-income ratio ticked up marginally to 53.4% from 53.2% but that's rounding error territory. Net interest margin compressed slightly to 4.46% from 4.58% as rate cuts filter through, but loan growth of 5% and deposit growth of 8% more than compensated. The real standout: the Stage 3 loans ratio improved from 5.90% to 5.30%, and the credit loss ratio followed suit. In an economy where consumers are stretched, that's genuinely impressive risk management.
The dividend is the headline-grabber — 850 cents per share, up 8.3% year-on-year. That's a 7.6% yield at R222.60. The balance sheet is fortress-grade: CET1 of 12.8% and LCR of 125.2% give ample room for further capital returns or growth investment. The pan-African story (12 countries, Kenya and Ghana being the key markets outside SA) adds optionality. At a trailing PE of 7.98x and 0.94x book, Absa remains the cheapest Big Four bank by a comfortable margin. Rating: BULLISH. When a bank grows HEPS 7.9%, lifts the dividend 8.3%, and still trades below book value, the market is leaving money on the table.
Interim Results for Six Months Ended 30 June 2026 and R5.50 Dividend
Thungela delivered exactly what its trading statement promised — and then some. EPS R10.95 (up 467%), HEPS R4.80 (up 150%), adjusted operating free cash flow R1.9bn (up 291%), net cash R6.1bn, and a R5.50 interim dividend (up 175%). Full-year guidance reaffirmed. The stock rallied 10% on the day.
This is what a coal exporter should look like when the market turns. Thungela's H1 2026 results land almost precisely on the numbers flagged in its 7 August trading statement — EPS of R10.95 versus the R10.75-R11.10 guidance, HEPS of R4.80 versus R4.60-R4.95. Revenue hit R15.2bn (up 2%) despite an 11% stronger rand, because benchmark coal prices ran 15% higher in South Africa and 25% higher in Australia. Export saleable production rose 6% to 8.5Mt, with Ensham in Australia the standout — 2.2Mt versus 1.6Mt, after finally shaking off the geological gremlins that plagued H1 2025. Adjusted EBITDA nearly doubled to R1.3bn.
The real story is cash. Adjusted operating free cash flow of R1.9bn — nearly four times the prior period — sits on top of a R6.1bn net cash pile. That balance-sheet strength is what funds the R5.50 interim dividend, a 175% hike on last year's R2.00, and still leaves room for the Lephalale coal bed methane optionality and the Goedehoop North disposal due in H2. Management reaffirmed full-year guidance and flagged that SA environmental liabilities should be fully cash-collateralised by year-end. The one shadow is price risk: the Middle East conflict has propped up coal, but that's not a durable earnings floor. Rating: BULLISH. Thungela is printing cash and handing it back to shareholders. Follow-up on our 7 August call — the numbers delivered.
Resignation of Chairman and Deputy Chair with Immediate Effect
SPAR's boardroom bloodbath claims its biggest scalps yet. Chairman Mike Bosman and deputy chair Shirley Zinn quit with immediate effect, three months after 1,300 independent store owners demanded a board overhaul. Risk committee chair Lwazi Koyana steps in as interim chair. The share has collapsed from R127 to R43 since Bosman took the chair in December 2022.
The SENS says Bosman and Zinn resigned 'in the best interest of the Company' after 'the context of the period that both these directors and the Board have recently experienced.' Read between the lines: this is a store-owner revolt made flesh. In May the National Council of the Spar Guild — representing the independent retailers who actually own and run SPAR's stores — issued a petition demanding Bosman's resignation, bluntly stating he had become 'an obstacle to renewal, confidence-building, and the restoration of constructive relations.' The board batted it away at the time. Three months later, the chair and deputy chair are gone.
This is governance crisis stacked on governance crisis. Since December 2022 SPAR has churned through a chairman (Graham O'Connor, forced out over a scandal), a CEO (Brett Botten), a replacement CEO (Angelo Swartz), and now the chairman and deputy who were supposed to stabilise the ship. Bosman and Zinn's own joint statement referenced 'capricious behaviour' and 'sustained personal attacks, hostility and, at times, threats' from current and former retailers and employees. The Financial Mail also flags a rumoured probe into potential conflicts of interest around Zinn's directorship of Tuesday Consulting. The share price tells the whole story: R127 when Bosman arrived, R43.32 today. Turnaround strategy 'unaffected,' says the board — but a board can only say that so many times while its leadership walks out the door. Rating: BEARISH. Interim chair Koyana has a brutal brief: rebuild trust with the very retailers who just forced his predecessors out.
South Ocean Holdings swung from a 9.31c per-share loss to 8.02c of earnings — a 186% turn — and the market loved it, bidding the stock up 25% to R1.00 on the day. The electric-cable maker has quietly returned to profitability after a bruising prior year.
South Ocean is a micro-cap — market cap around R208m — but the turnaround it just flagged is unambiguous. For the year ended June 2026, both EPS and HEPS moved from a loss of 9.31 cents to earnings of 8.02 cents, a 186.1% swing into the black. That's not a marginal recovery; it's a full return to profitability, and the market responded by pushing the share up 25% in a single session.
The catch is the usual one for a company this size: a thin free float, a heavy debt-to-equity ratio (0.37) relative to its R381m enterprise value, and an interest-coverage ratio that only just turns positive as earnings recover. The trailing metrics are still ugly because the profitable year hasn't fed through to the balance sheet yet — P/B sits at 0.32, which is either a bargain or a warning, depending on your view of the cable market's durability. There's no commentary in the statement explaining the drivers, so the recovery's quality is unproven until full results land. Rating: BULLISH — but with both hands. This is a speculative turnaround at a R1.00 share price, not a quality compounder. Position size accordingly.
RCL's sugar business is drowning in cheap imports, and it's dragging everything down. HEPS guided 30-35% lower to 101.6-109.4c, EPS 50-55% lower to 81-90.1c. Underlying HEPS down 25-30%. Sugar, its Eswatini associate RES, and pet food all took hits. Culinary and Baking held up. A 20.3c/share Sunshine impairment adds insult.
RCL's year is a story of one structural problem and two self-inflicted wounds. The structural problem is sugar. With no effective tariff protection, deep-sea imports flooded the market — local industry sales volumes fell 10.3% while export volumes jumped 48.3% into a market where international raw sugar prices fell 22.6% and the rand strengthened. The gap between local and export prices hit roughly R7,000/ton. RCL couldn't raise local prices, so its Sugar unit, plus associate Royal Eswatini Sugar, took the pain. The tariff question remains unresolved at ITAC — and until it is, this bleeds every quarter.
The self-inflicted wounds are pet food and the Sunshine brand. Pet food volumes fell 20.5% after the food-safety production disruptions reported in March, which also drove stock write-offs through H2. And the Sunshine cash-generating unit took a 20.3c/share goodwill and brands impairment, triggered by volumes that never recovered from the December 2024 Durban factory labour disruption. Culinary and Baking delivered 'good performances' — but they can't offset a structurally wounded sugar division. Underlying HEPS of 102.3-109.6c is down 25-30% from 146.1c. At R8.27 the stock trades on 6.8x trailing earnings, so a lot of this is priced in. But the tariff overhang is unresolved and the impairments are a blunt admission of past mistakes. Rating: BEARISH. Results land 31 August — the sugar tariff outcome is the only thing that moves the needle.
Appointment of Four Independent Non-Executive Directors
OUTsurance refreshes its board with four new independent NEDs — an ex-RMB investment banker (Kamo Kroll), an Allan & Gill Gray research director (Nazia Kahlon), an ex-PwC actuary (Renasha Werbeloff) and a Standard Bank tech veteran (Magnus Taljaard). The move locks in the board's independent majority. Clean governance, no drama.
This is the board refresh OUTsurance telegraphed back in November 2025, and it lands exactly as promised. Four independent non-executive directors join the OUTsurance Group and OUTsurance Holdings boards, keeping a majority of independents in the boardroom — a deliberate, governance-first posture for a company whose founding family (the Roos/Wolff lineage via RMI) still looms large over the shareholder register. The appointments span the skills a R128bn insurer actually needs: capital-markets nous, research discipline, actuarial depth, and enterprise technology.
None of this moves earnings. OUTsurance's quality is already reflected in the numbers — 37% ROE, a 25.6x PE, and a fortress balance sheet with effectively zero debt (D/E 0.03). What this does is quietly de-risk the governance story. After years of scrutiny over the RMI/OUTsurance relationship and related-party arrangements, methodically rebuilding an independent board is the right, boring, correct thing to do. Fit-and-proper assessments done, no integrity flags. Rating: NEUTRAL. You don't buy or sell OUTsurance on this announcement — but you file it under 'reasons the premium rating is justified.'
Results of General Meeting — Delisting Scheme Approved
Balwin shareholders voted 98.48% in favour of the Bidco scheme of arrangement to take the R2bn residential developer private and delist from the JSE. The vote is effectively a formality on the path to closing, subject to remaining scheme conditions.
Balwin's exit from the JSE is now a matter of process, not persuasion. Shareholders approved all three scheme resolutions by 98.48%, with 78.85% of votable shares exercised — comfortably clearing the thresholds needed for the Bidco-led scheme of arrangement to proceed. The firm intention to delist was flagged back in May, and Monday's GM was the rubber stamp. Balwin — founded by Steve Brookes, who built it into SA's largest sectional-title residential developer — will delist once the remaining conditions are met.
The numbers tell you why the market wasn't moved (the stock ticked up 0.47%): the scheme has been a known quantity for months. Balwin trades at R4.24, a market cap of just R2bn against an enterprise value of R5bn — the debt-laden balance sheet (D/E 0.70) is part of why the delisting offer looked attractive to a board fighting a hostile residential market. For shareholders, the scheme crystallises an exit at the agreed consideration rather than waiting out a property cycle. Rating: NEUTRAL. This is the closing chapter, not a new story. Watch for the finalisation date and fulfilment of remaining conditions.
Voluntary Trading Statement and Publication Date of Financial Results
Stadio keeps compounding. EPS guided 23.2-24.8c, up 11.5-19.2%. HEPS up 12.1-19.8%, Core HEPS up 14.5-22.2% to 23.7-25.3c. Private higher education is one of the most defensive growth stories in SA — rising enrolments, tuition pricing power, and a structural shortage of quality tertiary places. No drama, just steady double-digit growth.
Stadio is the quiet compounding machine of SA private higher education. The business model is simple and powerful: enrol more students, charge tuition that rises with (or slightly above) inflation, and let the fixed campus cost base generate operating leverage. The voluntary trading statement confirms the machine is running smoothly — EPS of 23.2-24.8 cents is up 11.5-19.2% on last year's 20.8 cents, HEPS up 12.1-19.8%, and Core HEPS (management's preferred measure) of 23.7-25.3 cents is up 14.5-22.2%.\n\nThe structural tailwinds are real. South Africa has a chronic undersupply of quality tertiary places, and private providers like Stadio (with its distance-learning and contact campuses) are the natural beneficiaries. The balance sheet is clean — D/E of just 0.12, interest cover of 27.7x — and the business generates real cash. The one caveat is the price: at R12.57 the trailing PE is 33x, which is rich by JSE standards and reflects the market's confidence in the growth durability. The 16.4% ROE is solid but not spectacular. Results 28 August will be the test of whether enrolments kept climbing. Rating: BULLISH. You pay up for Stadio, but you're buying a compounder, not a turnaround.
Updated Trading Statement for the Year Ended 30 June 2026
KAP's operational turnaround is real — HEPS guided 43.8-46.2c, up a stunning 82-92% on last year's 24.1c. But the goodwill bill has come due: impairments on Restonic (bedding), Safripol (polymers) and Optix (Australia) flip EPS into a 3.8-6.2c loss. Net debt down more than R1bn, ahead of target. The good news and the bad news arrive together.
KAP is a sprawling industrial group — polymers (Safripol), bedding (Restonic), automotive components, timber (PG Bison), and logistics. The FY26 story is genuinely two-sided. On the operational side, the turnaround is unambiguous: HEPS is guided at 43.8-46.2 cents, up 82-92% on the 24.1 cents from a year ago. Higher operating profit, lower net finance costs, and tax incentives from PG Bison's new MDF line all contributed. Net debt was cut by more than R1 billion — double the R500m target — driven by stronger operating cash flow. That's what a disciplined management team does.\n\nThe other side is the balance-sheet reality check. Under IFRS, KAP has impaired goodwill on Restonic (the bedding market is deteriorating under subdued consumer demand and competitive pressure), the remaining Safripol intangibles (a stronger rand and a polymer cycle expected to stay in the trough until beyond 2030), and Optix's intangibles (the Australian division's continued underperformance). The net effect flips EPS into a loss of 3.8-6.2 cents. None of this is cash — but it's a blunt admission that the acquisitions behind these assets have under-delivered. At R2.82, the forward PE of 6.81x and 0.55x book price in a lot of the bad news. Results 1 September. Rating: NEUTRAL. The operational engine is fixed; the acquisition ledger is still bleeding. Watch what the new numbers say about Safripol's trough.
Trading Statement for the Six-Month Period Ended 30 June 2026
Exxaro's headline numbers are going backwards — HEPS guided 18-23% lower to 1,327-1,414c. But read the fine print: the drag is entirely from its equity-accounted investments (Sishen Iron Ore and Black Mountain), hit by a stronger rand and higher input costs. Exxaro's own operations held up, with EBITDA broadly flat. At 5.8x earnings and 0.61x book, the market is already pricing in the bad news.
Exxaro is a diversified miner with three legs: coal (its own operations), iron ore (via its 19.98% stake in Sishen Iron Ore Company), and a growing renewable energy business (Cennergi). The H1 trading statement shows the headache is concentrated in the equity-accounted investments. HEPS is guided down 18-23% to 1,327-1,414 cents, and AEPS down a similar amount — but the company is explicit that this is driven by lower income from SIOC and Black Mountain Mining. SIOC was hit by the stronger rand against the dollar and above-inflation increases in mining input costs (exacerbated by the Middle East conflict), while BMM suffered higher production costs and a delayed ramp-up at Gamsberg.\n\nThe crucial line is that Exxaro's own EBITDA is expected to be broadly in line with last year. The coal operations are holding the fort while the associates drag the reported number. At R187.99, Exxaro trades on a trailing PE of 5.83x, 0.61x book, and a 4.99x forward PE — with a net cash-rich, low-debt balance sheet (D/E 0.19). The market has already marked down the stock for the associate weakness. The full results on 20 August will show whether the coal cash engine is still generating enough to support the dividend. Rating: NEUTRAL. Cheap, but the associate overhang needs a catalyst to clear. Watch the rand and iron ore.
Trading Update for the 3rd Quarter Ended 30 June 2026
CAFCA — the Zimbabwean cable maker — is quietly having a cracker of a year. Q3 volumes jumped 32%, taking year-to-date volumes to +20% (local +21%, exports +8%). Revenue is up 31% and profit before tax is up a blistering 147%, as operating leverage and cost discipline meet Zimbabwe's stabilising currency. At 5x earnings and 0.51x book, this micro-cap is punching well above its weight.
CAFCA is a small Zimbabwean manufacturer of electrical cables and conductors, and it's been one of the JSE's quiet outperformers — the stock has more than doubled over 52 weeks. The Q3 trading update shows why. Sales volumes for the quarter jumped 32% year-on-year, lifting the year-to-date figure to +20%, with local volumes up 21% and exports up 8%. Revenue is up 31% on the back of volume growth and price adjustments made in sympathy with raw material costs (which rose 36%). And profit before tax is up 147% — the clearest possible evidence of operating leverage kicking in as cost containment offsets supply-chain-driven inflation.\n\nThe backdrop is Zimbabwe's improving monetary stability, which has given the company the confidence to convert demand into revenue and exports. The balance sheet is conservative — a current ratio of 4.08 and near-zero debt. The catches are the obvious ones: it's a R268m market cap with a thin free float (a 3.17m share float), Zimbabwe sovereign risk is real, and the trailing ROE of 0.09% reflects a business that's only just returning to health after years of hyperinflation. At R7.90 — 5x earnings and 0.51x book — you're paying very little for a business growing PBT at triple digits. Rating: BULLISH. Small position, big optionality. This is a speculative snack, not a meal.
The reported numbers are horrifying — EPS swings to a loss of -536c to -542c. But this is entirely Cell C's accounting hangover. Strip out Cell C and the restructuring noise and Blu Label actually did: R9.4bn revenue, R923m EBITDA, R677m net profit, and Core HEPS of 75.33c. The underlying prepaid-and-payments engine generated R99.9bn of imputed gross revenue. Ignore the headline, buy the business.
Blu Label (formerly Blue Label Telecoms) is the JSE's most misunderstood earnings story right now. The trading statement shows reported EPS crashing from +276.52 cents to a loss of between -536.96 and -542.50 cents, with HEPS down 81-83% and Core HEPS down 80-82%. Those numbers are genuinely awful — but they are almost entirely the non-cash accounting consequences of the Cell C restructuring transactions and its subsequent listing. The company told the market this was coming at the interim stage, and it has arrived exactly as guided.\n\nThe real business is in fine shape. Excluding Cell C, Comm Equipment, and all the restructuring/impairment noise, Blu Label would have reported revenue of R9.4 billion, gross income of R2.555 billion, EBITDA of R923 million, net profit after tax of R677 million, and Core HEPS of 75.33 cents. The underlying platform is enormous — because Blu Label only recognises the gross profit on PINless top-ups, prepaid electricity, ticketing and universal vouchers as revenue, the imputed gross revenue flowing through its rails was R99.9 billion. That's a payments and distribution giant wearing a telecoms costume. The stock has halved over 52 weeks, pricing in the Cell C mess. Once the accounting noise clears and the market refocuses on the 75.33c of clean core earnings, the re-rating should be violent. Results 26 August. Rating: BULLISH. Buy the rails, not the reported number.
Business Update and Voluntary Trading Statement for the 52 Weeks Ended 28 June 2026
Truworths got mugged by geopolitics. Group retail sales slipped 0.9% to R21.8bn, and EPS is guided 2-4% lower at 715-730c (from 745.2c). The culprit is a Middle East conflict that spiked oil prices and killed consumer confidence just as SA shoppers were finding their feet. But the balance sheet is strong, the credit book is well-managed, and the owned-brand model is intact. This is a quality retailer in a lousy year.
The trading update reads like a story of two halves. The first half was subdued, as expected, with SA consumer spending constrained by global trade tensions and UK households cautious. Then the second half opened constructively — moderating inflation, the prospect of further rate relief, and a well-received national budget pointed to a real recovery in consumer confidence. And then, within days, the Middle East conflict escalated, oil prices spiked, and fuel costs crushed the discretionary income of exactly the consumers Truworths serves. Sentiment weakened across both South Africa and the UK.\n\nThe result: group retail sales down 0.9% to R21.8bn, with the stronger rand/pound exchange rate compounding the pressure on the UK (Office) contribution. EPS is guided 2-4% lower at 715-730 cents. It's not a collapse — it's a grinding year. The redeeming features are the fortress balance sheet, net cash position, and a credit book that management deliberately kept prudent through the uncertainty. At R54.23, the 7.3x PE and 25.9% ROE mean the market isn't paying much for the recovery. Results 27 August. Rating: NEUTRAL. Truworths is a well-run retailer waiting for a consumer that keeps getting interrupted. Watch the fuel price — that's the swing factor.
Rainbow just printed its best year since listing. EPS guided 141.87c to 154.68c — up 122-142% on last year's 64.04c. HEPS up 118-138% to 143.00-156.12c. The driver is textbook: stronger poultry demand, lower feed (commodity) prices, and operational cost efficiencies all firing at once. The chicken cycle has finally turned, and Rainbow is the purest play on it.
Rainbow Chicken was unbundled from RCL Foods in 2024 with a mandate to fix a poultry business that had been underperforming for years. This trading statement is the payoff. EPS of 141.87-154.68 cents is up 122-142% on the 64.04 cents reported a year ago, and HEPS of 143.00-156.12 cents is up 118-138%. The company points to three things: stronger demand for poultry products, lower commodity (feed) prices, and robust agricultural and operational performance with cost efficiencies. That last point matters — Rainbow isn't just riding the cycle, it's extracting margin from it.\n\nThe poultry cycle is the story. Feed is the single biggest input cost for a chicken producer, and grain prices have come down hard while consumer demand for affordable protein has held up through a brutal consumer environment. At R6.25, Rainbow trades on a trailing PE of just 6.08x with an 18.8% ROE and a near-debt-free balance sheet (D/E of 0.05). That's cheap for a company printing triple-digit earnings growth. The full results land 28 August — the market will be watching for dividend reinstatement and any colour on the next leg. Rating: BULLISH. The chicken cycle doesn't last forever, but right now Rainbow is cashing in.
Trading Statement and Trading Update for the Year Ended 30 June 2026
DRDGOLD is the purest gold-price leverage on the JSE, and this trading statement proves it. EPS guided 481.4-507.4c — up 85-95% on last year's 260.1c. Revenue jumped 42% to R11.16bn on a 40% higher rand gold price. Cash operating costs rose only 8%. Zero bank debt, R2.8bn in cash. The tailings-retreatment machine is printing money while the gold price stays high.
DRDGOLD doesn't mine gold — it reprocesses the tailings dumps that the old Johannesburg and East Rand mines left behind. That's a beautiful business model: the ore is already on the surface, already paid for, and the economics are a pure function of the gold price against a mostly-fixed cost base. The FY26 numbers show exactly what happens when that lever tips in your favour. Revenue of R11,159 million is up 42%, driven by a 40% jump in the average rand gold price received to R2,289,250/kg. Gold sold was essentially flat at 4,865kg. Yet EPS is guided 85-95% higher at 481.4-507.4 cents. That's operating leverage, pure and simple.\n\nThe balance sheet is the real moat. DRDGOLD remains entirely free of bank debt, sits on R2.8 billion in cash, and has a R1bn revolving facility (plus R500m accordion and R500m general facility) — all undrawn. Capex surged 57% to R3.5bn as the company builds out its growth pipeline (including the Far West Gold Recoveries expansion), funded entirely from cash flow. At R40.12, the trailing PE of 10.6x and 34.7% ROE still look undemanding if gold holds these levels. Results on 19 August. Rating: BULLISH. DRDGOLD is a toll booth on the gold price — and gold is paying top dollar to drive through.
Unaudited Interim Results for H1 ended 30 June 2026 and Board Changes
Weaver's top line is growing — revenue +10% to R2.8bn, fintech fee income +43%. But profit conversion is broken. Trading profit +2%, EPS dropped 10% to 256.5c (from 285.5c). Credit provisions are rising, payment processing issues surfaced, and the lending book is showing stress. 5.1m customers and R1.1bn in cash are the cushions. But growth without profit conversion isn't growth — it's expensive marketing.
Weaver Fintech is a genuinely interesting business — 5.1 million customers across lending, payments, and insurance, with a connected ecosystem that creates real network effects. Fintech fee income jumped 43% and cash generated from operations rose 43% to R320 million. The revenue story is intact. The problem is that all that growth isn't converting to the bottom line. EPS of 256.5c is down from 285.5c a year ago. Trading profit grew just 2% on 10% revenue growth — that's negative operating leverage. Management cited 'lending credit performance with payment processing issues, macroeconomic pressure and a deliberate increase in credit provisions.' Translation: their loan book is getting worse, and they're booking provisions for it.
The board changes add uncertainty: Pierre Joubert moves from lead independent to chairman, Shirley Maltz to executive deputy chair. Succession is orderly but it's a lot of moving chairs mid-cycle. At PE 12.9x and PB 1.3x, the market hasn't punished Weaver yet — it's still pricing the growth story, not the profit problem. The R1.1bn in cash and facilities provides runway, but if credit losses keep rising, that cash will get consumed. Rating: BEARISH. Top-line growth is seductive, but earnings direction is what matters. This one needs to prove its lending model works through a cycle first.
Operational Update for the 52 Weeks Ended 28 June 2026
Shoprite delivered and the stock roared — +8.2% on the day. Total sales R270.8bn (+7.2%), HEPS guided 1,498-1,567c (+10-15%). Checkers +10%, Sixty60 +34.5% to R25.5bn. Internal price inflation at 0.8% — less than a quarter of CPI Food. They're buying market share while others raise prices. This is what a fortress balance sheet and operational excellence look like.
The operational update is a masterclass in what makes Shoprite the best-run retailer in Africa. Sales of R270.8 billion — adding R18.1 billion year-on-year — with the core Supermarkets RSA (84.5% of Group) growing 7.1%. Checkers and Checkers Hyper at +10% is genuinely elite retailing. Sixty60, the on-demand delivery platform, hit R25.5 billion in sales, up 34.5%. That's a R25.5 billion business growing at 35% inside a retailer that most people think is boring. Think about that.
Internal selling price inflation of 0.8% versus Stats SA CPI Food of 3.9% means Shoprite is deliberately absorbing margin to protect its customer base. That's a long-game strategy and it's working — like-for-like sales grew 2.0%, implying real volume growth. Adjacent businesses (+57.4%) and new formats (Petshop Science, Uniq, Checkers Outdoor) are tiny but growing fast — call options on future retail categories. The HEPS guidance of 1,498-1,567c puts the stock on a forward PE of ~20x. Not cheap, but quality rarely is. The full year results on 1 September should confirm the trajectory. Rating: BULLISH. Shoprite is a compounding machine dressed up as a supermarket.
Trading Statement for the Year Ended 31 March 2026
Sebata's EPS collapsed 93-94% from 91c to 5-6c, and HEPS dropped 94-95% from 101c to 5-6c. The culprit: 'substantial non-recurring items recognised in the previous corresponding period, which are not repeated.' Translation: last year's R1.01 HEPS was a mirage of one-offs. The real business earns 5-6c a share. The company is profitable, the balance sheet is clean, but the market now needs to reprice a business that's 95% smaller than it thought.
This trading statement is a brutal reality check. Prior year HEPS of 100.66 cents per share — which made Sebata look like a mini-conglomerate giant trading on a PE of 1.4x — was entirely propped up by non-recurring items that have now vanished. The normalized earnings base is 4.66-5.96 cents of HEPS, putting the stock on a forward PE of roughly 25x. That's no longer a screaming bargain; it's a fairly-priced micro-cap. The company remains profitable, which is more than many General Segment listings can say, and the PB of 0.37x suggests some asset backing. But the days of triple-digit earnings were an illusion.
The Altman Z-Score of 0.95 is worrying — technically in distress territory. Insiders own 83.7%, meaning the free float is roughly R25 million. That's a rounding error. The full results are due 14 August, which should shed light on what the actual operating segments earn. Until then, this is a show-me story. Rating: NEUTRAL. The prior year's earnings were a house of cards. The real Sebata is a much smaller, much less exciting business. Wait for the full results.
Unaudited Interim Results and Dividend Declaration for H1 ended 30 June 2026
Resilient keeps delivering. Interim dividend 274.38c, up 11.7%. NPI +6% like-for-like, vacancies a tiny 1.9%. The Lighthouse dividend (in euros) +9.7%, amplified to +11.2% in rands via forward contracts. Interest rates 70bps lower. PE 6.0x, PB 1.03x — this REIT is pricing like retail property is dead. The numbers say otherwise.
Resilient is the best-run retail REIT in South Africa, and these interim numbers show why. Like-for-like NPI growth of 6.0% is outstanding in an economy where retail sales grew just 2.9%. Vacancies at 1.9% — including planned vacancies for asset management initiatives — is world-class. Lease renewals concluded 2.5% higher than expiring rentals; new leases 7.1% higher. Escalations of 5.2% on renewals and new leases. The pricing power is real.
The offshore portfolio continues to perform: France NPI +6.6% despite political uncertainty, Spain retail sales +8.5%, and the Lighthouse dividend grew 11.2% in rand terms. The solar strategy (94.4 MWp installed capacity, supplying 43.2% of electricity needs) is a genuine moat — lower costs and energy security in a country where Eskom's cost-reflective pricing transition is just beginning. At PE 6.0x and PB 1.03x with a 6.7% trailing dividend yield, the market is pricing Resilient as if retail property has no future. The data disagrees. Rating: BULLISH. Resilient is boringly excellent. Buy the discount to NAV while it lasts.
Form 8-K — CFO Change: David Wilson Out, Paul Lalljie In
Powerfleet terminated CFO David Wilson and appointed Paul Lalljie — a veteran with stints as CFO of 2U (the edtech that filed Chapter 11 in 2024) and a decade as CFO of Neustar. Lalljie gets $475k salary, 85% bonus, $100k sign-on, and 450k in RSUs/PSUs. Wilson exits with a $37k/month consulting gig. Sudden CFO terminations at Nasdaq-listed companies are rarely good news. But at least the replacement has real public company experience.
Powerfleet — the Nasdaq-listed IoT and fleet management company with a secondary JSE listing — just showed its CFO the door. David Wilson was terminated effective 10 August, replaced by Paul Lalljie who was appointed President and CFO on 11 August. The speed is notable: no transition period, no 'mutual decision,' no 'pursuing other opportunities.' Just gone. The separation agreement suggests a clean break — Wilson gets COBRA coverage and a $37k/month consulting arrangement for 90 days. There's no suggestion of misconduct. But sudden CFO departures at a R65 stock raise eyebrows.
Lalljie's CV is a mixed bag. He spent nearly a decade as CFO of Neustar — a successful data analytics company — before jumping to 2U as CFO in 2019 and later CEO. 2U filed for Chapter 11 bankruptcy in July 2024. That's not a great reference for a new CFO. On the other hand, he was there through a brutal period for edtech and the bankruptcy was pre-packaged. He currently sits on the board of a Bitcoin company. The compensation package — $475k base, up to 85% bonus, 225k RSUs vesting over 3 years, 225k PSUs tied to stock price through 2029 — is aggressive. This is either a turnaround CFO hire or a board that's overpaying for a rebuild. Rating: NEUTRAL. A sudden CFO change always warrants caution. Watch for more management churn.
Implats just printed the comeback of the year. Headline earnings guided R21.8bn-R23.8bn — up from R0.7bn. HEPS of 2,429-2,652c vs 82c. That's not a recovery, it's a resurrection. PGM prices, production, and the Impala Rustenburg impairment reversal all firing at once. Forward PE of ~8x for the world's second-largest primary PGM producer. The debt? Pocket change at 0.03x equity.
The numbers are staggering: 6E production up 5% to 3.56 million ounces, revenue per ounce surging 51% to R38,116, EBITDA hitting ~R43.6 billion, and free cash flow of R22 billion — and that's after a working capital drag from Zimplats receivables. The R8.1 billion impairment reversal at Impala Rustenburg (904c per share, post-tax) reflects higher prevailing rand PGM pricing. The balance sheet has never looked better. Debt-to-equity of 0.03x means they could buy back a quarter of the company if they wanted.
Unit costs rose 8% to R24,249/oz — not great, but more than absorbed by the revenue surge. The weighted share count dipped slightly thanks to buybacks. The trailing PE of 23x is meaningless — based on last year's R0.7bn earnings. The forward PE on the midpoint of the HEPS range (~2,540c) is roughly 8.4x. That's cheap for a diversified PGM miner with 3.56 million ounces of production. The full results on 3 September will reveal the dividend — the market is expecting a monster. Rating: BULLISH. Implats is printing money again. The question isn't whether it's cheap — it's how long the PGM cycle runs.
Trading Statement for the Six Months Ended 30 June 2026
Grindrod's headline numbers look horrific — EPS down 58-61% — but it's all one-off noise. Prior period included R902.8m in non-recurring FX gains from the Matola acquisition and marine fuel exit. Strip that out and headline earnings are flat (+4.3% to -4.2%). The market punished the stock 11.4% anyway. Classic overreaction to a noisy trading statement.
The headline EPS range of 85.9-93.4c versus last year's 219.8c looks like a catastrophe. It isn't. Last year's H1 included R902.8 million in once-off net profits from foreign currency translation reserves released on two transactions: acquiring the remaining 35% of the Matola terminal and exiting the marine fuel trading JV. Strip those out and the comparable earnings were ~R592 million — roughly the same as this year's R568-618 million.
Headline earnings per share of 85-92.5c versus 88.7c tells the real story: the underlying logistics and port operations are stable. Grindrod's core business — the Matola dry bulk terminal in Mozambique, the Maputo port operations, and the coastal shipping and clearing/forwarding — is a steady, hard-to-replicate infrastructure franchise. At PE 7.2x and PB 1.5x with 21.8% ROE, the market is pricing Grindrod like it's broken. It's not. The 11.4% sell-off is an opportunity for investors who read past the headline. The full results on 25 August will hopefully clarify the story. Rating: NEUTRAL. Headline numbers are scary but misleading. The underlying business is fine. Overreaction creates opportunity.
Trading Statement for the Year Ended 31 March 2026
Cilo Cybin's trading statement is a masterclass in how reverse acquisitions destroy reported earnings. EPS swung from +9.49c to a loss of 0.85c, thanks to a R217.5m IFRS 2 listing expense. The prior year was restated under reverse acquisition accounting. Beneath the accounting noise, there's an actual business — a pharmaceutical company that reverse-listed into a shell. But the numbers are opaque, the stock hasn't traded since July, and the ROE is -273%. Caveat emptor.
Cilo Cybin is a reverse takeover story. The company acquired Cilo Cybin Pharmaceutical in September 2025, settling in shares. Under IFRS, this is a reverse acquisition — the private company (CC Pharmaceutical) is deemed the acquirer, and the listed shell the acquiree. Because the listed shell didn't meet the definition of a 'business,' the excess consideration of R217.5 million was expensed as an IFRS 2 share-based payment. Result: a massive one-off charge that flipped EPS from a restated 9.49c profit to a 0.85c loss. That's not an operational problem — it's an accounting artefact of obtaining a JSE listing via a reverse takeover. But it's a red flag for governance quality.
The underlying pharmaceutical business might be viable — we simply don't know, because the SENS contains almost no operational disclosure. Stock hasn't traded since 31 July. The market cap is R288m on a PB of 2.88x with -273% ROE. The annual results are due 28 August. Those will be the first real look at what Cilo Cybin actually earns. Until then, this is a black box wrapped in IFRS complexity. Rating: BEARISH. Reverse acquisitions are messy, and the opacity here is a warning. Wait for the 28 August results before forming any view on the actual business.
Changes to the Composition of the Board and Committees
Naspers has appointed Pedro Arnt — the man who spent 12+ years as MercadoLibre's CFO during its rise to a ~US$100bn market cap — as an independent non-executive director. He joins the audit and risk committees effective 10 August 2026. Arnt is now CEO of payments firm dLocal. This is a high-calibre fintech/e-commerce veteran joining the board of a company that desperately needs expertise exactly like his.
Pedro Arnt isn't a ceremonial director. He was one of MercadoLibre's earliest executives, joining in 1999 and spending 24 years building what became Latin America's dominant e-commerce and fintech platform. As CFO from 2011 to 2023, he oversaw the company's growth from a regional marketplace to a US$100bn technology giant. Now he's CEO of dLocal, the emerging markets payments processor. The skillset — emerging markets fintech, e-commerce platform scaling, capital allocation — is precisely what Naspers/Prosus needs on its board.
Does this fix the Naspers discount? No. The holding company discount is a structural problem tied to the cross-holding with Prosus, and one non-executive director won't change that. But it signals that the board is bringing in world-class operators with direct experience in the businesses Prosus owns. Arnt understands marketplace economics, payments infrastructure, and Latin American growth — three things at the core of the Prosus portfolio. At R875 with a PE of 8.37x and P/B of 0.72, Naspers remains optically cheap. Rating: NEUTRAL. A governance upgrade that adds real expertise. Not a catalyst, but a building block.
Increase of the Revolving Credit Facility to R15.0 Billion
Northam has increased its revolving credit facility from R13.3bn to R15.0bn, with maturity in August 2027 and all other terms unchanged. The banks are backing Northam's growth ambitions with an extra R1.7bn in undrawn credit — at a time when PGM prices are under pressure, that's a serious vote of confidence. This is balance sheet strength translating into firepower for the next leg of growth.
Northam didn't need to increase this facility. R13.3bn was already substantial. But the company is clearly positioning for more than just staying afloat — it's gearing up for the next phase of investment. The RCF now sits at R15bn with unchanged terms, which tells you the banking syndicate sees Northam's credit risk the same way despite the PGM price headwinds. That's remarkable given where the basket price is. The facility matures in August 2027, giving the company a comfortable runway.
This is the same Northam that's been methodically building one of the best-run PGM operations in the country — Booysendal, Zondereinde, Eland. The balance sheet carries moderate debt with strong coverage ratios. At R267.69 per share, Northam trades on a forward PE of 7.5x against an ROE of 26%. That's cheap for a company with this asset quality. The RCF increase is a small announcement that says something big: management sees opportunities worth funding, and the banks agree. Rating: BULLISH. When lenders are throwing more credit at you in a down cycle, you're doing something right.
Business Update and Voluntary Trading Statement for the Year Ended 30 June 2026
Italtile held system-wide retail turnover flat in a brutal consumer environment, but manufacturing — specifically Ceramic Industries — dragged on group results. EPS and HEPS expected to fall 7.5% to 12.7% year-on-year. The bright spots: a new CEO (Brandon Wood from 1 July), the highest dividend in company history, and webstores gaining traction. It's a resilient business being tested by a consumer with no money.
The retail side of Italtile is doing what it's always done — grinding out market share in a market where nobody's renovating. System-wide retail turnover was stable year-on-year. That's no small feat when South African consumers are being squeezed by interest rates, food inflation, and stagnant wages. The integrated import supply chain businesses saw sales fall 6% but margins improved, which speaks to good cost management. Webstores are showing increased traffic and sales, which is where the future growth lives.
The problem child is manufacturing. Ceramic Industries faced significant margin pressure and dragged on group results, contributing to the 7.5-12.7% decline in HEPS. This is the cyclical nature of the business — when demand softens, the fixed-cost manufacturing base hurts. The incoming CEO Brandon Wood takes the reins at a challenging moment, but the balance sheet is clean (PE 8.58x, P/B 1.55, 18% ROE, 0.12 debt-to-equity) and the dividend signals confidence. Rating: NEUTRAL. Italtile is a quality operator in a tough cycle. The manufacturing headwinds are real, but the retail franchise remains a cash-generating machine. Wait for the full results on 24 August.
Trading Statement for the Six Months Ended 30 June 2026
EPS surged 457-475% to R10.75-R11.10 (H1 2025: R1.93). HEPS up 140-158% to R4.60-R4.95, stripping a R1.0bn non-cash Kleinkopje mining right disposal gain. Headline earnings R580m-R630m on improved coal prices, better RBCT throughput, and rand weakness. Full results 17 August.
Thungela's H1 2026 trading statement is what a commodity recovery looks like in raw numbers — EPS rocketing from R1.93 to a R10.75-R11.10 range, a nearly 5x improvement. The eye-watering headline is flattered by a R1.0bn non-cash gain from the Kleinkopje mining right disposal, but even stripping that out, HEPS of R4.60-R4.95 represents a 140-158% lift from the depressed H1 2025 base of R1.92. That's genuine operational recovery, not accounting smoke.
The three drivers here are textbook coal-exporter arithmetic: stronger API4 benchmark prices, improving throughput at Richards Bay Coal Terminal (finally), and a weaker rand amplifying dollar revenues. Headline earnings attributable to shareholders are guided at R580m-R630m. With the share count trimmed to ~127m shares, the per-share maths works in investors' favour. The Kleinkopje gain, while excluded from HEPS, is strategically interesting — it's portfolio rationalisation, crystallising balance sheet value from an asset approaching end-of-life. Full results drop 17 August. The market will be watching for the dividend signal.
Arbitrator awarded R74.6m in damages against Spur Group in the GPS Food Group dispute, forcing a R129.5m total provision. Spur is appealing (hearing Feb 2027, senior counsel confident of success). Reported EPS guided 31-41% lower (199-233c) but adjusted HEPS up 5-13% (357-384c). Dividends unaffected — strong cash reserves. Year-end results 20 August.
The GPS Food Group saga has been dragging on since 2019, and the latest quantum award — R74.6m in damages plus interest and legal costs totalling R129.5m — isn't the outcome Spur wanted. However, management is appealing in its entirety and senior counsel believes the group has strong prospects of success. The appeal panel of three independent arbitrators sits in February 2027. For now, Spur books the provision but continues business as usual.
The more important number is adjusted HEPS — excluding the once-off GPS provision, it's guided at 357c to 384c, up 5-13% year-on-year. That's from a base of 339.88c in FY2025. The underlying restaurant franchise business is healthy, with sufficient cash reserves to absorb the provision without touching dividends. The market will want to hear about restaurant count growth and franchisee profitability at the 20 August results. If the GPS appeal goes Spur's way, that R129.5m flows straight back. For now, the market is pricing the litigation overhang while the operations hum along.
Resignation of Director and Changes to Board Committees
Nedbank announced a board director resignation with associated committee changes, and flagged further board changes before end-August. Rob Leith has been reappointed to a key committee role as the bank stabilises governance. The boardroom reshuffle comes against a backdrop of strong operational performance — Nedbank's PE of 7.88x remains the cheapest of the Big Four.
Nedbank's boardroom is in flux. A director resignation announced Friday evening triggered committee reshuffles, and management has pre-announced more changes before the end of August. The reappointment of Rob Leith to a key committee signals an effort to steady the ship. Board-level churn at a bank this size is never ideal, but Nedbank's executive team under Jason Quinn has been delivering — HEPS was up 2% in the latest interim results, and the cost-to-income ratio improved to 56.2%.
The governance noise shouldn't distract from the valuation case. At a PE of 7.88x, P/B of 1.16, and ROE of 13.78%, Nedbank is the cheapest Big Four bank by most metrics. The market is pricing in the board uncertainty but the operational engine is running smoothly. More detail promised before month-end — investors should watch for who's filling the vacant seats.
Update on the IHS Holding Transaction and Notice of IHS Latam Towers Sale
MTN updated the market that IHS Towers has completed the sale of its Latin American tower operations on 7 August 2026. This is a procedural step in the broader $6.2bn all-cash acquisition of IHS by MTN at $8.50/share — a deal that will give MTN 100% control of Africa's largest independent tower operator.
This SENS is process, not fireworks — MTN notifying shareholders that IHS Holdings has completed the sale of its Latam tower operations, a housekeeping step in the path to MTN's full acquisition of IHS. The $6.2bn deal, announced in February 2026, will see MTN take 100% ownership of IHS at $8.50 per share. The Latam divestiture cleans up IHS's portfolio ahead of closing.
Strategically, this matters enormously. MTN already uses IHS towers across its African footprint for network infrastructure. Bringing tower assets in-house removes a cost line and gives MTN operational control over a critical part of its infrastructure stack. The forward PE of 12.2x reflects some deal optimism but the balance sheet will stretch — IHS carries meaningful debt. With MTN's H1 results due 14 August, the market will be watching for colour on financing plans and synergy targets. For now, this is a checkbox ticked on the way to a transformational deal.
Sappi's Q3 was ugly. Revenue flat at $1,334m. Adjusted EBITDA crashed 34% to $53m. Headline loss of 27 US cents per share. A $152m forestry fair value loss pushed the P&L deep into the red (-$181m). Net debt hit $1,997m with leverage at 6.9x. The silver lining: DWP prices rose $53/ton to $898/ton, and Somerset PM2 is ramping. But this is a recovery story that keeps getting postponed.
The numbers don't lie — Sappi is in a tough spot. Revenue of $1,334m was barely positive (+1%) while profitability evaporated. The $152m forestry fair value adjustment is mostly a paper loss driven by currency and fuel costs, but the $53m adjusted EBITDA tells the real story: the underlying business is barely covering its costs. The strong ZAR crushed SA division earnings, the Ngodwana maintenance shut cost $22m, and depressed selling prices across most product categories mean the top line isn't flowing through. Net debt of nearly $2bn with 6.9x leverage is uncomfortable territory, even with covenant testing suspended until March 2027.
There are green shoots if you squint. DWP pricing momentum is real — Chinese hardwood DWP hit $898/ton, up $53 in the quarter, and the lag benefit should support Q4. The Somerset PM2 ramp is progressing and North American paperboard demand is improving. The UPM/Sappi graphic papers JV is on track for year-end close. But "the outlook is improving" has been the Sappi refrain for six quarters now. Rating: BEARISH. The recovery thesis is intact but the timeline keeps slipping. At 0.69x book, it's cheap for a reason. Wait for actual earnings, not promises.
Tetra4 Signs Take-or-Pay LNG Contract with Domestic Food Processor
Renergen's Tetra4 subsidiary signed a multi-year take-or-pay LNG contract with a domestic food processor. This is real contracted cash flow for Phase 1 of the Virginia Gas Project, which is targeting commercial operations in Q3 2026. For a company that has been trading on promises, a signed contract with a penalty clause is tangible progress.
Renergen has been a story stock for years — the only onshore natural gas and helium producer in South Africa, with a unique asset in the Virginia Gas Project. The helium is the headline-grabber, but the LNG business is what pays the bills. This take-or-pay contract with a food processor provides visible, recurring revenue that de-risks Phase 1. Food processors need reliable energy — load-shedding may be over, but grid costs keep rising. LNG at a fixed price is a competitive advantage for the customer and steady cash flow for Renergen.
The caveats are real: Phase 1 isn't in commercial production yet. The company has missed timelines before. The JSE listing is a secondary one via ASP Isotopes, and liquidity is thin. But a take-or-pay contract is the kind of derisking event that turns a story stock into a real business. One contract at a time. Rating: BULLISH. Small position only — this is still a speculative bet. But the bet is getting less speculative by the quarter.
Quilter is firing on all cylinders. Record core net flows of £6.0bn (+32%), AuMA up 11% to £157.4bn. Adjusted PBT +12% to £112m. Revenue +12% to £379m. Adjusted diluted EPS +13% to 6.1p. Dividend up 5% to 2.1p. £100m buyback underway. Solvency II ratio of 202%. This is what a quality wealth manager looks like in a bull market.
The UK wealth management market is consolidating, and Quilter is winning. The dual-distribution model — Quilter's own advisers plus the IFA channel — is a competitive moat. IFA platform net inflows of £3.7bn (+27%) show they're taking share from competitors. The Quilter channel's productivity hit £3.9m per adviser (annualised), up 18% — that's operating leverage in the people business. WealthSelect, the UK's largest MPS at £29.3bn (+15%), is the silent growth engine.
The numbers are clean. Revenue margin compressed only 2bps to 40bps — tiered pricing is doing its job without destroying economics. Operating margin held at 30% despite 13% cost growth from strategic investments. The Solvency II ratio of 202% after the dividend payment means the balance sheet is fortress-grade. The £100m buyback is the cherry on top. Rating: BULLISH. Quilter is a compounding machine wrapped in a wealth manager. When flows are this strong, the earnings follow.
Trading Update for 20 Weeks Ended 19 July 2026 and CFO Transition
Pick n Pay's turnaround is making progress but it's slow and messy. Group turnover +2.7%, like-for-like +2.5%. Boxer doing the heavy lifting (+7.2%). Company-owned supermarkets +3.3% like-for-like — the best number in a year. But the S189A retrenchment process is contested in the Labour Court, and CFO Lerena Olivier is out, replaced by Tina Rookledge. Green shoots visible, but this garden still has weeds.
The glass-half-full reading: Pick n Pay's company-owned supermarkets delivered 3.3% like-for-like growth with implied volume growth of 2.0%. Internal inflation of just 1.3% means they're gaining share by keeping prices below CPI Food (2.5%). Online turnover surged 37.5% as asap! and Mr D gain traction. Boxer remains the crown jewel — 7.2% turnover growth in a market where consumers are stretched thin. Clothing improved from an ugly -5.6% to a less ugly -1.3%. The direction is right.
The glass-half-empty reading: Group turnover growth of 2.7% is below inflation. The store reset — closing or converting 35 underperforming corporate stores — is necessary but painful, with the S189A process now in the Labour Court. The remuneration policy got only 80.7% support from ordinary shareholders — that's a yellow card. And the CFO change, while planned, adds execution risk to an already complex turnaround. Tina Rookledge is highly qualified — CA(SA), big company experience — but she's new to the role. Rating: NEUTRAL. The turnaround train is on the tracks but still being assembled. Boxer alone justifies the share price; the rest needs more time.
Neal Froneman — the man who built Sibanye-Stillwater from a R10bn gold spin-off into a global mining powerhouse — is now Chairman of Copper 360. This is the biggest board appointment in the junior mining sector in years. Froneman doesn't lend his name to losers. He's betting on copper, and he's betting on the Northern Cape.
This is not a ceremonial chairmanship. Neal Froneman spent four decades building mining businesses — gold, PGMs, battery metals. He took Sibanye from zero to a R100bn+ market cap through disciplined M&A and relentless operational focus. Now he's joining a junior copper miner with a market cap south of R2bn. The signal is unmistakable: Froneman sees something here worth his time, and that alone will make institutional investors sit up and take notice.
Copper 360 has real assets — the Northern Cape copper belt is underexplored and underexploited. But it's a junior. It needs capital, credibility, and an operator's mindset. Froneman brings all three. The retiring chairman Rupert Smith was a steady legal hand; Froneman is a builder. The stock jumped on the news and rightly so. Rating: BULLISH. When one of the best mining executives in the world puts his name on your company, the market should pay attention. We are.
BAT's CMO Luciano Comin is retiring after 34 years. Internal successor Pascale Meulemeester (currently APMEA head) takes over in March 2027. Celina Li joins from Ocean Spray to run APMEA. This is orderly succession — no drama, no gaps, no surprises. The smokeless transformation (19.8% of revenue, 35m consumers) continues on autopilot.
CMO changes at a consumer goods company matter — the CMO is the steward of brand equity and the architect of new category growth. Comin spent 8 years on the Management Board, 3 as CMO, steering BAT's pivot from cigarettes to smokeless alternatives. The fact that his successor is internal (Meulemeester built APMEA into a growth region) and the external hire (Li from Ocean Spray/Coca-Cola/AB InBev) fills the regional gap, not the CMO seat, is reassuring. This is a company that plans succession.
BAT's investment case doesn't change on this news. The smokeless transition is the only thing that matters — 19.8% of group revenue and 35m consumers on the path to 50m by 2030. The 8%+ dividend yield remains the core attraction for SA investors. Rating: NEUTRAL. Good governance, orderly handover. Come back when the H1 numbers drop — that's where the real action is.
Super Group's continuing operations are on fire. HEPS +34-41% to 329-347c, EPS +29-36% to 330-348c. Gained market share across most businesses despite infrastructure and supply chain headwinds. The post-SG Fleet Super Group is leaner, meaner, and the market hasn't caught up — trading at just 6x earnings with a P/B of 0.50.
Ignore the total earnings numbers — they're distorted by last year's SG Fleet disposal which included 10 months of trading plus a R10+ per share profit on sale. The real story is in the continuing operations. HEPS of 329-347 cents is up 34-41% from the 246.1 cents base. That's an exceptional result in an economy that's barely growing. Super Group gained market share across most of its businesses while managing infrastructure constraints and supply chain disruptions. The balance sheet is in good shape with modest net debt leverage and ample headroom against covenants.
At R20.02, Super Group trades on a trailing PE of around 6x continuing HEPS and just 0.50x book value. The ROE of 2.16% looks terrible but reflects the SG Fleet disposal proceeds sitting on the balance sheet — the return on operating assets is much higher. Management has navigated a complex operational environment and delivered. The 8 September results should confirm the trajectory. Rating: BULLISH. A quality business at a liquidation multiple. The market is still mourning SG Fleet instead of celebrating what's left.
Sasol's recovery is real. EPS guided +65-84% to R17.50-R19.50, HEPS +2-14% to R36-R40. Adjusted EBITDA +12-20% to R58-R62bn. Higher Brent, rebounding refining margins, and 4% volume growth did the heavy lifting. Impairments are down but not gone. The Secunda overhang remains, but the direction of travel is clear.
Sasol is a leveraged bet on the oil price and the Rand, and both moved in its favour. Brent up 7% in USD terms, refining margins more than doubling, and 4% higher sales volumes across the portfolio. That combination drove adjusted EBITDA to as much as R62 billion — up from R51.8 billion. The HEPS range of R36-R40 puts the stock on a forward PE of roughly 4.5-5.0x at R181. That is absurdly cheap for an integrated energy company if these earnings are sustainable. The problem: they might not be.
Secunda remains fully impaired — all R7.7 billion of capitalised costs written off. Another R3.7 billion impairment on polyethylene, and R3.9 billion on the Mozambique PSA. The total impairment bill of R16.8 billion, while lower than last year's R20.7 billion, is still a staggering number. And the R4.3 billion Transnet settlement from last year won't repeat. Higher working capital also means the earnings improvement won't fully translate to free cash flow. Still, at 6x trailing PE and 0.79x book, the market is pricing in almost permanent distress. It's overdone. Rating: BULLISH. Sasol is ugly, but at these levels the risk/reward favours the brave.
Trading Statement for Six Months Ended 30 June 2026
Sabcap's NAV per share jumped 18-24% to 16,381-17,214 cents. That's compounding at its finest. The 40c dividend is maintained. With the stock at R139 trading at a 15-19% discount to NAV and a trailing PE of 4.8x, this is one of the cheapest compounders on the JSE. Quiet, boring, brilliant.
Sabvest Capital is the JSE's best-kept secret. A holding company for a portfolio of unlisted and listed investments — Apex Partners, Corvest, SA Bias Industries, and the listed securities book — that has compounded NAV at mid-teens for years without fanfare. The H1 2026 NAV range of 16,381-17,214 cents represents 18-24% growth from the 13,882 cent base. That's roughly a 35-48% annualised ROE. The NAV was 16,105 cents at December 2025, so H2 added 276-1,109 cents of additional value. The compounding engine is running.
The stock at R139 trades at a 15-19% discount to the H1 NAV range and just 4.8x trailing earnings. That's a gift-wrapped discount for a business run by one of the most disciplined capital allocators on the JSE (Chris Seabrooke). The holding company discount is a feature, not a bug — it lets patient investors buy R1 of assets for 81-85 cents. The 40 cent dividend is just the cherry on top. Rating: BULLISH. Buy the discount, wait for the NAV to keep compounding. The market will eventually notice.
Redefine appointed Nadya Bhettay as an independent non-executive director. She is a CA(SA) with a serious CV — Vodafone Ireland FD, Vodacom Group Chief Strategy Officer, and currently on Capitec's board. This is a quality board appointment for a REIT that needs all the strategic thinking it can get.
Redefine is SA's second-largest REIT but it has been a tough decade for commercial property. The office sector is still bleeding, and retail is under pressure from e-commerce. Bhettay brings telecoms and tech experience — exactly the kind of thinking a property company needs when the world is going digital. She is on the Audit, Remuneration, and Risk/Compliance/Technology committees. That is not a ceremonial appointment — she will have real influence.
But let us be honest: one board appointment does not fix a REIT. Redefine's portfolio is what it is — a mix of retail, office, and industrial in a tough economy. The LTV is manageable, the dividend is being rebuilt, but the sector headwinds are real. Bhettay is a good hire. The question is whether the board as a whole can navigate the next five years. Rating: NEUTRAL. Good governance, but the property cycle is the real driver here.
Oando is delivering. Production +16% to 42,789 boepd, revenue +20% to N2.1 trillion, PAT +8% to N68.6bn. Production opex dropped 18% to $16.83/boe. Cash from operations swung from -N287.9bn to +N179.5bn. The turnaround from the Eni/NAOC acquisition is real.
Oando's transformation from a trading company into Nigeria's leading indigenous upstream operator is one of the most underfollowed stories on the JSE. The Eni/NAOC acquisition was a bet-the-company move, and it is paying off. Facility uptime of 92% (from ~85%), zero lost-time injuries, and a drilling programme that is accelerating. Cash of N544.9bn gives them breathing room. The gas monetisation play — 11.2 MMscfd to the Bayelsa power plant — diversifies the revenue base beyond oil.
But there are risks. The rights issue and $1.5bn multi-instrument issuance programme are coming — that is dilution. Nigeria's regulatory environment is never predictable. And the 50,000 boepd target for FY2026 is ambitious. The JSE secondary listing is liquid enough for SA investors to get exposure, but this is not a stock for the faint-hearted. Rating: BULLISH. High risk, high reward — but the operational momentum is undeniable.
Unaudited Interim Financial Results for the 6 Months ended 30 June 2026 and Cash Dividend Declaration
Nedbank delivered a solid set of numbers. Headline earnings flat at R8.4bn at face value, but strip out the ETI disposal and underlying growth was 12%. Revenue +6%, dividend up 2.3% to 1052c, ROE holding at 15%. The NCBA acquisition is the game-changer — 79.9% acceptance secured.
Nedbank is the quiet achiever of the Big Four. Jason Quinn has spent two years repositioning the franchise — becoming more client-centred, buying iKhokha and Eqstra, and now the transformative NCBA deal in East Africa. The numbers are starting to reflect the strategy. CIB is gaining momentum, BCB is seeing early synergies from acquisitions, and PPB is taking market share in home loans and deposits. The brand value jumped 16% to R24bn. That is not just marketing spend — it is what happens when you actually deliver.
The credit loss ratio ticked up to 95bps from 81bps — that is the one blemish. Higher rates and a tougher consumer environment are starting to bite. But the CET1 ratio of 12.6% gives plenty of buffer. The NCBA acquisition is the big swing factor — if they execute the integration well, this is a bank that can genuinely diversify earnings away from SA. Rating: BULLISH. Nedbank is executing. The market is still pricing this like a laggard.
Unreviewed Interim Results for the six months ended 30 June 2026
The JSE delivered a cracking first half. Operating income +14.6% to R2.0bn, HEPS +18.8% to 816c, NPAT +16.9% to R652m. R2.6bn cash on the balance sheet. Not bad for a company that is supposedly being disrupted by listing emigration and offshore investing.
The JSE is the ultimate 'picks and shovels' play on SA capital markets. When volumes are up, they print money. And volumes were up — equity market revenue drove the Capital Markets and Post-Trade Services segments, while non-trading income hit R659m (+8.1%). The 99.99% market availability with zero outages is genuinely impressive. You don't think about the plumbing until it breaks. It hasn't.
Total costs rose 11.5% but strip out once-off redesign costs and the CEO departure, and the real opex increase was just 3.5%. That is positive operating leverage of 3.1%. The capex spike to R110m (from R27m) is the FORGE 2031 strategy in action — investing in the exchange's future relevance. The JSE trades on a modest multiple and is a beneficiary of any improvement in SA's economic trajectory. Rating: BULLISH. The exchange is open for business, and business is good.
Implementation of Transaction and Disclosure of Disposal and Acquisition of Securities
The SACTWU/Squirewood corporate restructure is done. SACTWU now holds 27.98% of HCI via Squirewood (25.73%) plus direct (2.25%). This is the Copelyn succession plan taking shape — a tidying-up of the control structure for the post-Copelyn era.
HCI is one of those companies that looks like a bargain on a sum-of-the-parts basis but has a permanent discount because it is controlled by a trade union. The Squirewood transaction does not change that — it just moves the deck chairs. SACTWU still calls the shots. The question is what happens after Johnny Copelyn retires. He has been the architect of HCI's strategy for three decades. The 27.98% stake is now consolidated in a cleaner structure, which might make it easier to monetise down the line.
HCI's underlying assets — Tsogo Sun, eMedia, mining — are a mixed bag. Gaming and hotels are recovering, media is tough, and mining is cyclical. The discount to NAV is probably justified until the market sees proof that the post-Copelyn era can create value. Rating: NEUTRAL. The structure is tidier. The strategy still needs to prove itself without Copelyn.
Telkom's data-led strategy is working. Group data revenue +8.8%, EBITDA +10% with margin expanding to 27.7%. Mobile subs 25.3m (+6.1%), pre-paid ARPU holding at R59. Openserve launched its own ISP. This isn't the Telkom of five years ago.
Telkom has been quietly transforming from a dying fixed-line business into a credible mobile and fibre player, and the Q1 numbers prove it. Group data revenue now contributes 62.4% of the top line, mobile service revenue re-accelerated, and Openserve external revenue grew 18.2%. The EBITDA margin expansion from 25.9% to 27.7% shows the cost discipline is real — total expenses down 1.9%. They're spending less and earning more. That's the holy grail.
The BCX problem persists — revenue down 10.9% — but new management is reshaping the IT business and the cybersecurity and cloud segments are growing. Plus they sold 100 properties for R200m with another R264m in the pipeline. The capex intensity has room to ramp. Rating: BULLISH. Telkom is executing. The market still prices this like a turnaround. The turnaround is here.
Trading update and trading statement for H1 ended 30 June 2026
HEPS guided 70-75c (up 7-15%), EPS swinging from -93c loss to 65-75c profit. R3.3bn debt refinanced for 5 years. AutoZone back in the black from May. But Hesto volumes down 15-20% and a Numsa strike at First Battery clouds the outlook.
The headline numbers look like progress — HEPS up double digits, EPS back in positive territory after last year's Hesto-induced accounting carnage, and the R3.3bn debt package now locked in for five years with rates that ratchet down as leverage falls. The refinancing removes the R1.6bn subordinated loan cliff that was due June 2027. That's genuinely good news. AutoZone returning to profitability in May is also a tangible win for the turnaround playbook.
But flip the page and the picture gets messier. Hesto — the big acquisition — is seeing revenue drop 15-20% with margins compressing. The Numsa strike at First Battery, though suspended, signals unresolved labour tension. And that R400m Rombat fine in Europe is still grinding through the courts with a guarantee now required. Metair has done the hard work of restructuring. The question is whether the rewards will actually materialise, or whether this is just a car parts company treading water in a brutal industry. Rating: NEUTRAL. The refinancing buys time. Now management needs to convert time into growth.
Results of Special Meeting — Executive Chairman Option Award Approved
Shareholders approved 1 million share options for Executive Chairman Ali Mazanderani at $5.00 strike — well above current levels. Vesting in 2028, exercisable from 2029. This is skin in the game, not a handout. When the chairman's payout depends on creating real value, investors should cheer.
Executive compensation votes usually induce eye-rolls, but this one is different. Mazanderani gets options at $5.00 per share — a strike price that's meaningfully above where Lesaka trades on Nasdaq. He can't exercise until April 2029 and only if he's still employed through April 2028. This is a long-dated, performance-aligned incentive that puts the chairman squarely on the same side as shareholders. 38 million votes for, 1.2 million against — the market gets it.
Lesaka is building something interesting in SA fintech — an integrated payments and banking platform for the underbanked. They've got the Nasdaq listing, Bank Zero partnerships, and a growing merchant network. The business still needs to prove it can scale profitably, but when the executive chairman's personal wealth is tied to a $5.00+ share price, you know where his focus is. Rating: BULLISH. Alignment matters. Mazanderani eats his own cooking — and he's betting it tastes good.
Unaudited Consolidated Results for H1 ended 30 June 2026
The numbers are out and they're good. Revenue +2% to R7.2bn, EBITDA surged 103% to R470m. HEPS 79cps. The quiet turnaround we flagged on Thursday just got loud, and the stock responded with a 25% surge.
Hulamin delivered exactly what the trading statement promised — and then some. Revenue growth of 2% looks pedestrian until you see EBITDA doubling. That's operating leverage doing its thing. When your costs are under control and volumes are rising, profit flows straight to the bottom line. The operational recovery from H2 2025's mess is substantially complete, and the can-stream ramp is on track.
The portfolio clean-up is the cherry on top. Disposals of Extrusions and Containers unlock ~R100m in working capital in H2, all going to debt reduction. Cleaner balance sheet, leaner operations, and a management team that's actually delivering. Rating: BULLISH. We liked it on Thursday at R1.90. We like it even more now.
Voluntary Announcement — Acquisition of Xtraspace Portfolio
Stor-Age is buying the Xtraspace portfolio — consolidating its position as the dominant self-storage operator in SA. This is exactly what you want a niche REIT to do: buy the competition, extract cost synergies, and widen the moat. Smart, boring, accretive.
Stor-Age keeps doing exactly what it says on the tin. The Xtraspace acquisition is a bolt-on that strengthens their already-dominant position in SA self-storage. They know these assets better than anyone — every site, every occupancy rate, every rand per square metre.
Self-storage is one of the few property sub-sectors with genuine structural growth. People accumulate stuff, downsize, relocate. The economics are better than retail or office: lower capex, higher margins, stickier customers. Stor-Age's UK expansion is the wildcard, but the SA business is the cash engine. Rating: BULLISH. A REIT that actually grows — rare and worth owning.
Amendment to Dividend Timetable — 21.5c final dividend declared
Primeserv declared a 21.5c final dividend — up 72% from 12.5c last year. That's not a typo. The staffing and HR services business is throwing off cash and returning it to shareholders. A small-cap that doesn't get much attention, but this dividend says the business is healthy.
Primeserv flies under the radar — R200m market cap, thin liquidity, no analyst coverage. But when a company grows its dividend 72% year-on-year, you pay attention. Staffing is cyclical, yes, but the cash generation here is real.
The caution: small caps with thin liquidity can be traps. You might like the story but struggle to get out if you need to. That said, a business that can nearly double its payout is doing something right. Rating: BULLISH. A small position only — this is a tasty snack, not a meal.
Executive Leadership Change — Retirement of Mfundo Nkuhlu
Mfundo Nkuhlu is retiring from Nedbank's executive leadership. He ran Corporate and Investment Banking — a key profit driver. Leadership changes at banks always matter, but this looks orderly. Succession planning in a R200bn+ institution should not be a crisis.
Nkuhlu's departure from Nedbank CIB deserves attention — he's been a steady hand on one of the group's most important divisions. CIB contributes roughly a quarter of Nedbank's earnings. You don't shrug off a change at that level.
But this is a retirement, not a resignation. There's a difference. Nedbank has had time to plan for this and the broader Africa strategy (NCBA acquisition in Kenya) is set. The real question isn't who replaces him — it's whether Nedbank can ever close the gap with Standard Bank. Rating: NEUTRAL. Watch the CIB numbers over the next two quarters for any wobble.
Trading Statement and Business Review for H1 ended 30 June 2026
Hulamin delivered a strong H1 with improved volumes and better margins across rolled and extruded products. The turnaround is real — the balance sheet is cleaner and the operational improvements are sticking. Not a flashy business, but aluminium packaging isn't going anywhere.
Hulamin has been quietly fixing itself and the numbers are starting to show it. The trading statement points to meaningful improvement in both the rolled products and extrusions businesses. Canmaking stock is a steady earner and the auto sector exposure through extrusions is recovering.
The market has been sleeping on this one — it trades at a discount to its own net asset value. If the recovery continues into H2, that gap closes. For patient investors, this is the kind of boring story that pays off. Rating: BULLISH. Buy the quiet achievers.
Updated Trading Statement for the year ended 31 March 2026
Accelerate's updated trading statement doesn't change the narrative: this is a deeply troubled property fund. Fourways Mall remains an albatross. The correction to the trading statement adds another layer of concern — getting your numbers right the first time shouldn't be this hard.
Accelerate is the poster child for everything that went wrong in SA commercial property. Fourways Mall — the biggest super-regional centre nobody asked for — continues to drag the entire portfolio down. When your flagship asset needs an independent manager just to function, the investment case is broken.
And now a correction to the trading statement? That's the kind of thing that erodes whatever credibility management has left. The share price reflects the damage — it's been obliterated. Some will argue it's cheap on a price-to-NAV basis. It's also cheap for a reason. Rating: BEARISH. There are better ways to play SA property. This one needs a miracle, not a recovery.