Research Portal

Posts by Mark Ingham

Ingham stock analysis on Naspers (JSE:NPN)

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 As we near Christmas, it is timely to revisit the JSE’s largest stock by market capitalisation, namely Naspers. You can’t escape this R1.2 ...
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"Buy-back complete and special dividend announced" - MN Ingham

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The mining behemoth has completed a significant share buy-back, for which there was strong shareholder demand. BHP has also announced a $1 ...
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"Maintaining discipline" - MN Ingham

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 BHP held a meeting with analysts on 21 November to update the market on capital allocation. The outlook is positive, and BHP remains the ...
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"Insure, to be sure" - MN Ingham

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I recently issued a note on Discovery and thought it timely to update the Easy Equities community on my latest thoughts on another insurer, ...
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Banking on innovation

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As the latest banking initiative shows, Discovery continues to evolve organically, happy to embrace change and capitalise on the innovative ...
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"Glug, glug"

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Monster Beverage Corporation remains a highly rated consumer stock at a forward price earnings ratio of 30x. Should you own it? That ...
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"Artificial intelligence burgeoning" - MN Ingham

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Baidu is living up to its name, which roughly translates as “hundreds of times” in Mandarin. Judging by the searches in China, hundreds is ...
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"Focused commodity exposure" - MN Ingham

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Further to previous analysis, Mark still thinks BHP has solid fundamentals and in these jittery stock market times remains one of the ...
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"Sitting pretty at $80 a barrel" - MN Ingham

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 As a shareholder in Sasol, you doubtless wince at the filling station whilst filling your motor car with 93 unleaded at R16.85 per litre ...
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"A Time for Warner" - MN Ingham

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Commonly known as a fixed line and mobile telecommunications conglomerate, with its origins dating back to Alexander Graham Bell, AT&T ...
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Value ahead of Motus unbundling - MN Ingham

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EasyEquities investors with a canny eye for real value will be receptive to an oversold opportunity such as Imperial. The share price has ...
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CA here we come - MN Ingham

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Broadcom (NASDAQ:AVGO) is a leading semiconductor device supplier that announced on 11 July that a definitive agreement had been reached ...
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DStv appearing live on the JSE

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In my analysis on Naspers over the past year or two I have motivated for an unbundling of the video entertainment assets. In a note ...
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Naspers outperforms Tencent of late

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Over time, Naspers has been a good portfolio choice for South African investors, and particularly EasyEquities investors, who have the ...
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Spot 2020 EPS Edges Closer to R100

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I am looking at crazy numbers now for Sasol spot earnings with the rand having gone to R15.20/$ and with Brent crude at $79/bbl. With these ...
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'Turing' Up the Innovation

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It is timely to assess Nvidia from a fundamental valuation point of view. For EasyEquities investors who are invested in Tencent indirectly ...
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Cash Flush - BHP

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Following on from my last note, the stock has been firm on the Australia Stock Exchange and has moved up on the JSE, largely due to rand ...
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Bidcorp stock offering attractive comparable value

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Bidcorp presents comparatively good value relative to international peers. At R290, the stock trades on a forward PE of 20x and EV/EBITDA ...
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Mind the Gap - Brait

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I continue to recommend avoiding Brait. The latest results from troubled New Look don’t hold out much hope that we’ll see recovery in that ...
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Pick a number - Sasol

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As each day that goes by with Brent crude oil at above $70/bbl so the EPS effect improves. However, it really is down to pick a number on ...
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Down to Earth with a Thump

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I’ve had a Sell recommendation on Woolworths for a long time. Well-known brand names don’t always make for the best of investments if ...
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Option Pricing - Steinhoff

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In providing context, I think the result for the six months ended 31 March 2018 has a glimmer of positivity – with one notable caveat, that ...
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Glencore DOJ Investigation, a Perspective by Ingham

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Just as Glencore thought it had put a few headaches behind it in DR Congo, the miner receives a subpoena from the US Department of Justice ...
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EasyEquities providing the investor with a bundle of choice

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  EasyEquities is giving South African investors a bundle of choices through the mechanism of a pre-selected portfolio of shares that match ...
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Long4Life: It's all the Rage

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It has been an active time for Brian Joffe’s latest venture Long4Life since listing on the JSE on 7 April 2017. The Group, which takes as ...
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Keeping a cool head in jittery markets

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EasyEquities clients will probably be wondering whether latest global and local developments will weigh on their stock choices or ...
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Forward Spot EPS surges

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When filling up your car, remember that the basic fuel price is affected by the Mediterranean and Singapore or Mediterranean and Arab Gulf ...
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Catching a Falling STAR?

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There remains the question of stock overhang. Steinhoff has a 71% shareholding and is a forced seller. To put that in context, that is R37 ...
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Preferred exposure in telecos

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In previous analyses on telecommunications stocks I have advised that listed companies such as Vodacom, MTN, and Telkom, should be treated ...
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Q1 Tencent results due 16 May

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Tencent, now 31,2% owned by Naspers after selling 190 million shares or 2% of the 9,5 billion Tencent stock in issue, is reporting ...
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Significant progress in a short time

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Lifestyle Group Long4Life reported a fine set of result for the eleven months ended 28 February 2018. The company listed listing on the JSE ...
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Jaw not war, for now

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At this point, it is premature to assume a very bad future outcome with respect to American trade policy. Whilst investors, including Easy ...
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Ciao private equity, hello (again) JSE

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EasyEquities clients can look forward to an attractive new addition to their investment options. Subject to the usual caveats and market ...
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Keeping calm in taxing times

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With April underway, topics concerning us all included a higher rate of VAT in South Africa, a trade skirmish started by the Trump White ...
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Rallying round

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In my recent strategy note on banks (see “Mind the Gap” dated 20 March) I assessed only the big four banks, excluding Capitec as it has ...
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Trolley for Trolley

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All supermarket trolleys are not created equal, and a street turf battle has waged for some years to get more of the consumers’ grocery ...
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Naspers Valuation Update on Tencent Sell-Down

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Naspers’s sale of Tencent shares in the amount of 190 million, which is 2% of the 9,5 billion in issue, will realise around $10 billion. ...
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Mind the Gap

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The majority of us have bank accounts with the “big four” banks and, grudgingly, swallow debits for all manner of charges for transactions ...
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Progressive dividend hard to justify

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What was noteworthy about the 2017 annual result was a return to a “progressive” dividend policy, the sort of policy that hit a buffer once ...
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Listeriosis Infiltrates HACCP

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For many South Africans, polony, among other processed meats, is a staple foodstuff that is affordable and nutritious. The presence of a ...
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Keeping in Good Company with Your Equities

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What a difference a few weeks makes. The political landscape has shifted, South Africa has a new State President, there is a new dawn and ...
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Strengthening Fundamentals - M Ingham

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Since my last note on Anglo American dated 16 February (see “South African political tailwind”) the company has reported a pleasing set of ...
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Undervalued Offshore Opportunity on Rand Strength

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Bidcorp, the international foodservice specialist, reported good underlying constant currency results for the six months ended 31 December ...
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South African Political Tailwind

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A week is a long time in politics, a quote attributed to British Prime Minister Harold Wilson. In South Africa, the winds of political ...
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A Hedged Half

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Harmony produced a very solid set of interim results for the six months ended 31 December 2017. The result exceeded my earlier expectation ...
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Bid-divest

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If you want an example on the JSE of the shift in political mood, Bidvest, among others, fits the bill. The stock price has been almost ...
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Holding the line by M N Ingham

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Vodacom released a reasonable Q3 F2018 trading update but there is little fundamental reason to warrant a valuation upgrade. I tend to view ...
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Mispriced - by M N Ingham

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Mr Price is a good apparel retailer that is mispriced. After climbing by 37% since the end of November and by over 60% in six months the ...
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Expensive, even at $74/ton spot iron ore - Kumba Iron Ore by M N Ingham

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Kumba is now significantly overvalued on a fundamental evaluation. Despite easing back to around R350 per share from highs above R400 a ...
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Mischievous rumblings or grains of truth? - by M N Ingham

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The now infamous Viceroy have a cloak-and-dagger modus operandi within a guise of anonymity that disregards common professional scruple. ...
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Earnings in Davy Jones' locker - by M N Ingham

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I’ve had a Sell recommendation on Woolworths for some time. In fact, three years back I advised that “Woolies has its hands full with its ...
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Trump's gift to Sasol - by M N Ingham

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In December, US President Donald Trump signed into law H.R. 1, originally known as the “Tax Cuts and Jobs Act.” There are major changes to ...
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Music to your ears - Naspers by M N Ingham

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Tencent, 33,3% owned by Naspers, is not short on corporate activity or pipeline. Spotify, a leader in music streaming, and Tencent Music ...
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“Politics-proofing your portfolio” M N Ingham

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The 54th ANC national conference runs from the 16th to the 20th of December. A new ANC president is to be elected. The difference between ...
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Mark Ingham: Still value left, but it’s eroding fast at shuttered-up Steinhoff

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Mark Ingham: Still value left, but it’s eroding fast at shuttered-up Steinhoff "It becomes obvious early during this interview that ...
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Looking at Liquidity - Steinhoff

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The latest ad hoc announcement from Steinhoff has two components – one which begs more questions than it answers relating to the validity ...
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"Glamorous goodies:" Richemont fundamental analysis

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 In the past year, Richemont took some internally disruptive measures to make sure that the Group remains top of its game in luxury goods. ...
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"Glamorous goodies:" Richemont fundamental analysis

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 In the past year, Richemont took some internally disruptive measures to make sure that the Group remains top of its game in luxury goods. ...
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Long4Life: "From a standing start to R5 billion"

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 The indefatigable Brian Joffe, who recently turned 70 years of age, has invested his considerable business acumen in a start-up called ...
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Long4Life: "From a standing start to R5 billion"

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 The indefatigable Brian Joffe, who recently turned 70 years of age, has invested his considerable business acumen in a start-up called ...
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Mediclinic: "Spire Offers Opportunity"

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 Financial analyst Mark Ingham reviews the potential deal between Mediclinic and Spire Healthcare Group Ltd. Mediclinic has until 20 ...
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"Vasbyt:" Taste Holdings

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 The question the investor wants to know is, do I head for the hills and cut my losses or do I vasbyt and wait for the strategy to unfold? ...
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FirstRand: "Online in England"

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 It is not just Capitec that does things differently. There are plenty of overseas examples, one of which is Aldermore in England; it has ...
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Moral Compass: Ingham chats ethical investing and US stocks

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  EasyEquities is launching investors in to a brave new world, that of US stocks. Shortly, after the virtual trial, you’ll be able to ...
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Trolley for trolley, it's worth paying more

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  I’ve had a Sell recommendation on Woolworths for some time as the future fundamentals looked questionable. Once the darling of retail, it ...
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Ingham Broadline Retailers: STAR

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STAR: “A PEP in its step” Steinhoff Africa Retail Limited or STAR is listing on the Johannesburg Stock Exchange on 20 September 2017. Ahead ...
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Ingham Aspen Earnings Preview

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Aspen: “Watch that forex” Aspen Pharmacare reports results for the twelve months ended 30 June 2017 on Thursday, 14 September. I’ll do an ...
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Ingham ARM Earnings Preview

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Miner African Rainbow Minerals reports results for the twelve months ended June 2017 on Thursday, 7 September. Whilst we know what the ...
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Sanlam Earnings Results

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Insurance giant Sanlam reports results for the six months ended 30 June 2017 on Wednesday, 6 September. Insurance companies are complex and ...
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Ingham on Glencore fundamentals

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Glencore: "Richer Dividend In Store” Glencore has a primary quote on the London Stock Exchange and a secondary quote on both ...
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Purple Group Limited - Focus on Tomorrow

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“What’s cooking?” Tesla and Purple have some similarities – both are loss making, both have a large investment in intellectual property, ...
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Your Pharmacy needs with Aspen

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  Aspen     Take a listen to Mark's thoughts here.                 Share price: R329,00  Net shares in issue: 456,4 million Market cap: ...
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Ascendis Health and your Pharmaceuticals

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Pharmaceuticals Take a listen to Mark's thoughts here.         Ascendis                     Share price: R28,66  Net shares in issue: 432,2 ...
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AVI: Food Products

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    Take a listen to Mark's thoughts here. AVI                    Share price: R92,71  Net shares in issue: 320,8 million Market cap: R29,7 ...
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Start your engines with Sasol!

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Take a listen to Mark's thoughts here. Energy       Sasol                   Share price: R370,30  Net shares in issue: 610,6 million Market ...
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Apparel Retail  “Remaining cautious on exposure”

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I’ve cautioned on exposure to retail and apparel retail in particular for many months. Mr Price has been particularly overpriced in ...
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Is Nenegate 2.0 on the horizon? Ingham weighs in

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“What’s cooking this week?” Discovery, Sanlam and Steinhoff.

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This week, the following key stocks will be topical – Discovery, Sanlam and Steinhoff. With a collective market capitalisation of R530 ...
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Banks “23/8 is 9/12-light – for now”

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Recommendation I’d advise caution on exposure to interest rate sensitive stocks for the time being. Banks are particularly sensitive to ...
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Sibanye Gold Newsflash

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Following on from my interim pre-results note on 19 August, Sibanye has reported a respectable set of numbers with normalised EPS of 234 ...
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What’s cooking this week?

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We are in the middle of a busy earnings reporting season. This week, the following key stocks will be topical. Bidcorp This is arguably the ...
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“Tencent likely to report strong Q2 results” What does this mean for Naspers?

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What does this mean for Naspers? On Wednesday 17 August, Tencent reports second quarter earnings. Naspers owns 31,5% of Tencent, which is a ...
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“Texan snooze deal” for Steinhoff

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Steinhoff, the vertically integrated international mass market retailer and manufacturer, is once again writing out a cheque – this time ...
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SuperGroup "Brexit buy-in"

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In my last note dated 23 May (“Sandown Western Cape acquired”) I analysed the terms to buy Sandown Motors Western Cape dealerships as a ...
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MTN “Currency caution”

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I’ve revised my MTN forecast again following release of the results for the six months ended 30 June 2016. A combination of weaker ...
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South Africa’s Brexit moment

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  Two disruptive public holidays for business within seven days. At least the Brits have it cracked by having bank holiday Mondays – in ...
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"Riding along at spot"

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Kumba Iron Ore reports interim results on 26 July. Per the trading statement, earnings will essentially be flat on an adjusted basis. The ...
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Brait Brexited?!

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  I’ve been bearish on the Brait valuation for months now with a Trading Sell recommendation and a fair value south of the prevailing share ...
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NASPERS CONTRADICTION?!

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Cable & Satellite Media       Naspers    “Trading statement context” On Wednesday, the Bloomberg screens lit up with seemingly ...
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What is the effect on my investment in a dual-listed JSE/LSE stock if there is a Brexit?

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“Should I stay or should I go now? If I go there will be trouble, An' if I stay it will be double” With the rather insular “Brexit” debate ...
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Cables, satellites and Naspers!

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Cable & Satellite Media       Naspers     “More brainy things” Recently, Naspers Ventures was set up in San Francisco to form partnerships ...
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To unbundle or not? Bidvest's latest!

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Industrial conglomerates     
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What does your latest cellphone bill tell you?

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Vodacom   “To yield or not to yield” Investors have been attracted in recent years to the dividends that the two major wireless ...
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Digging Deep With Glencore!

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Mining     
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Chemicals or mechanicals with Sasol?!

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Chemicals     Sasol  “Q3 production shows 2016 on track” The latest production numbers out of Sasol for Q3 and the nine months to March ...
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Hit the road with Imperial

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Transportation Imperial “Hyundai’s blues unabated” The latest vehicle sales statistics continue to indicated a weakening market. April new ...
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Incisive Insights: Implats

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Implats
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Incisive Insights: Amplats

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Amplats  Amplats had a net after tax margin of only 0.18% or R107 million on revenue of R59,8 billion for the year ended December 2015. The ...
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Platinum Miners and a Market Overview

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“Precious, but only so far” Bottom Line: Recent sharp share price rises in platinum miners need to be seen in the context of the profit & ...
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Ingham’s Incisive Insights: REITs (Fortress)

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  REITs (Fortress)        “Hybrid property”   What are REITs? If you’re looking to get into the real estate market, but you don’t have ...
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