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Saxo’s electrifying message
Banks - 6 January 2020

Every December for almost two decades, Saxo Bank, a Copenhagen headquartered specialist trading and investment bank, publishes its annual “Outrageous Predictions”. For 2020, South Africa makes a rare appearance, and the prediction makes for an electrifyingly possibility for capital markets. Should Saxo be proven right, even... Read More

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Kumba Iron Ore Ltd - Earnings forecast to double in 2019
Mining - 23 December 2019

Ingham Analytics have updated their earnings on Kumba, 69.7% owned by Anglo American. They say the iron ore giant will end the twelve months to December 2019 with a strong financial performance, driven by higher average realised iron ore prices.

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Politics-proofing your portfolio this Christmas
Mining - 16 December 2019

It is just over seven months since our first “Politics-proofing your portfolio” note, issued ahead of the 8 May general and provincial elections. We advised that it was prudent to keep hedging your bets and have a good proportion of SA politics-proof stocks. As Christmas approaches... Read More

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Bide your time on Baidu
Media - 9 December 2019

This latest note by Ingham Analytics is hot on the heels of the Prosus note last week (“It’s all in Tencent”) which also had a China tech theme. In coverage of Baidu, among other overseas listed companies, Ingham Analytics gives investors an informed view... Read More

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Prosus - It’s all in Tencent
Media - 2 December 2019

Ingham Analytics will retain the analogy we applied to its holding company Naspers, namely a marked-down Tencent proxy. Not only does Naspers retain a significant discount to its shareholding in Tencent but so too does Prosus, albeit much less, with other assets valued at zero.

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Banks - Valuation Update
Banks - 26 November 2019

FirstRand is the favoured local bank by overseas fund managers, and we see the restructuring by Remgro and RMH as positive in that regard too. A detailed announcement is expected to be made during Q1 2020.

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BHP - Changing the guard and betting on oil
Mining - 14 November 2019

Mike Henry has been appointed CEO and takes over on 1 January 2020. A 16-year veteran of BHP he is currently President Operations, Minerals Australia. The announcement comes in the same week that BHP held a briefing in Sydney on its petroleum portfolio. BHP takes the... Read More

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FirstRand - “Outperfomer”
Banks - 6 November 2019

Our most recent note on FirstRand entitled “FNB in the driving seat” was issued two months ago when the share price was R60. Our price target was R67, which has now been reached. This gives FirstRand the distinction of being the outperformer of the big four... Read More

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Sasol - We all invest in companies like Sasol for dividend pay-outs, with the current situation at hand it looks less likely over the next two years
Oil & Gas Producers - 30 October 2019

With the delayed release of the financial results for the twelve months ended 30 June 2019 it is now confirmed that the dividend has been passed. Ingham Analytics give their latest view on Sasol and shall re-evaluate their earnings outlook in the light of this latest... Read More

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Sanlam - Power of Digital Disruption (and Partnerships)
Life Insurance - 23 October 2019

We rate Sanlam and Santam as shares to consider owning. They have historically been relatively resilient, and we regard both as being historically well-managed businesses.

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