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First Rand - FNB in the driving seat
Banks - 8 September 2019

The reported results for the twelve months ended 30 June 2019 were good with FNB in the driving seat in percentage growth and overall contribution. Ingham Analytics had forecast growth in normalised earnings at 5.9% and the result is 5.6% growth for the year. In this... Read More

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Old Mutual - Softness in the H1 F2019 result
Life Insurance - 3 September 2019

Ingham Analytics says that the reported results for the six months ended 30 June 2019 are weak and are off an already tepid historic base. Ingham Analytics points out that results from operations for the full year in F2018 were weak with adjusted earnings essentially flat... Read More

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Sanlam - “A sound result from Sanlam’s Santam stake”
Life Insurance - 29 August 2019

In the Politics Proofing note, Ingham Analytics rated Sanlam and Santam as shares to consider owning as they have historically been relatively resilient and historically well-managed businesses. Sanlam is a traditional insurer in life and general insurance and furthermore owns 61.5% of short-term insurer... Read More

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Sasol - Confidence takes a knock
Oil & Gas Producers - 20 August 2019

Ingham Analytics say that Sasol shareholder confidence in Sasol management has worn thin. This, they say, is mainly because of a history of cost overruns on its enormous Lake Charles Chemical Project (“LCCP”) in the United States. An independent external expert review of the LCCP project... Read More

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Kumba - Where to from here?
Mining - 25 July 2019

Kumba is enjoying a bumper harvest of profitability and cash flow. The interim dividend is in line with the entire annual dividend in 2018. So far so good for shareholders. The Kumba share price has increasingly reflected an elevated premium for benchmark 62% Fe iron-content fines,... Read More

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Sasol - Implications of the Rand at R14/USD
Oil & Gas Producers - 16 July 2019

The rand has strengthened to under R14/USD whilst Brent oil is currently $67/bbl. Sasol earnings are sensitive to both variables, but chemical prices are also important, having weakened of late. The 2019 financial year is now history, so attention now turns to F2020. Ingham Analytics say... Read More

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Sasol Bundle
Oil & Gas Producers - 4 July 2019

Sasol, despite short-term volatility in the share price, should continue to be considered as a core portfolio holding for South African investors. The company has the capacity to remain a good dividend payer for the foreseeable future, earning an above average yield.

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Amber light on Imperial
Industrial Transportation - 3 July 2019

Imperial Logistics, listed in the Industrial Transportation sector, is forecast to underperform for the foreseeable future. Is there potential for recovery or not? What is the financial situation of the company and should we have any concerns? After a 30% fall in the share price year... Read More

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Saham Boost
Life Insurance - 25 June 2019

Ingham Analytics succinctly sets out the pros and cons of being invested in Sanlam. A positive to earnings this financial year is the acquisition of the remaining 53.7% of Saham whilst agreements concluded with Capitec in 2018 will further assist volumes. By investing in Sanlam,... Read More

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Bouncing back
Oil & Gas Producers - 6 June 2019

In our "Louisiana Blues" note dated 24 May, we advised that the market reaction to the news there would be a $1 billion cost overrun on the Lake Charles Chemical Project in the United States was excessively negative. We concluded that for traders and longer run... Read More

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