- Capitec (CPI)* results, as a shareholder I liked them a lot, HEPS +25% on PE os 21x. Loan duration and size down that shows their ability to turn the taps on / off at will. Cost to income edges another 1% higher while they continue to grow clients and deposits.
- Tigerbrands (TBS) CEO steps down. Has not been a happy period for him; Nigeria, Kenya, losing market share at home.
- Glencore (GLN) Goldman Sachs and Investec both issued reports that their debt levels are too high and shareholder equity could erode down to nothing. Right now being a mining company with debt is bad news, hence Implats (IMP) doing a rights issue and Lonmin (LON) looking very ill with large debt burden due in 2016. "Peak prices in gold and silver are four years old". How much longer can this commodity sell off continue? Likely longer than anybody expects.
Jean Pierre Verster - 36One Asset Management
- China and the impact on commodity prices and what of Chinese consumers and Naspers (NPN) and Richemont (CFR). We also chat VW, how to manage this sort of crisis if one was a shareholder, the long term impact on platinum and finally a quick word on Sygnia as an investment.
We Get Mail
- Say AB Inbev buys SAB and de-lists them from the JSE, what happens to my SAB shares in my Satrix Indi ETF? What if they offer AB Inbev shares for SAB shares and I want to swap them for AB Inbev shares? This seems to be a downside to ETFs/Unit Trusts that I have not experienced until now. Same with rights offers, etc, on shares in ETF indexes. Please advise.
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