#237: Dischem, CellC & Calgro M3

Simon Shares

• Pick n Pay (JSE code: PIK) results. Everybody loves them but I am not wowed. Operating margin of 1.5% up from 1.3% is tiny. By comparison Shoprite (JSE code: SHP) is 5.6% and Spar (JSE code: SPP) is 2.8%. Like for like constant currency turnover grew 3.8% against selling price inflation of 5.5%, so still losing market share?
• New offshore ETFs from CoreShares. A S&P500 tracker and a Global Property fund. I have applied for the later.
• Up coming events;
  • JSE Power Hour: 20th at 5.30pm - New offshore ETFs from CoreShares.

Keith McLachlan fund manager at Alpha Wealth

Chatting Calgro M3 results, memorial parks, new CEO and their residential Reit. We also touch on the Dischem listing and Cell C results that we got a first look at due to the Blue Label 45% stake in the business.

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