| Good morning Voornaam, Quick links: Libstar pulled off a strong finish to 2023, particularly at gross margin level. Along with this story and numbers from the likes of Oceana, Mediclinic (within Remgro) and York Timber, you can get an array of little bites (including director dealings) and the latest from Clientele and MC Mining as well. It's all in Ghost Bites, brought to you by Fedgroup. Investec has launched the Investec Nikkei 225 Autocall, a structured product that references the Japanese market. You can get all the details in this Ghost Stories podcast with Brian McMillan. For those who prefer to read, there's also a brand new article on this product available here. Interested in learning more about private credit in the US market? Harris Gorre of Grovepoint Investment Management LLP brings us an excellent piece on how to navigate the US private debt market and take advantage of the opportunities it brings. Read it here>>> The creative rut at Disney continues and there's little sign of things improving. Dominique Olivier loves the movies, so she couldn't help but contrast Disney and Studio Ghibli as a perfect example of quantity vs. quality. Read this great piece here>>> There's a brand new episode of the Ghost Wrap podcast thanks to Mazars, which means you need just a few minutes to get the latest on Mustek, Curro, Sea Harvest and Quilter - available here. Also from Satrix, get a very helpful overview of recent index performance metrics and trends in the company's March newsletter, republished on the Ghost Mail website here. A brand new episode of the Magic Markets podcast gives you the latest on Saudi Aramco and Broadcom. |
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| LISTEN AND READ: The Investec Nikkei 225 Autocall
with Brian McMillan of Investec |
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| Brian McMillan of Structured Products at Investec talked to me about the Investec Nikkei 225 Autocall.
It offers exposure to the Nikkei 225 index over a period of up to five years with an enhanced return of up to 17% per annum in ZAR or 11.5% per annum in USD. Importantly, there is 100% capital protection provided the index does not drop by more than 30%.
Listen to this podcast to find out more. Alternatively, you can read this article about the product. |
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| READ: Private credit - the bold "bank heist"
(by Harris Gorre, Grovepoint Investment Management LLP) |
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| The US market has seen substantial growth in the private credit market. But what is the right approach to investing in this space?
Harris Gorre of Grovepoint Investment Management walks you through his strategy in this article. |
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| READ: Disney goed nie
(by Dominique Olivier) |
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| The creative rut at Disney continues and shows no sign of improving.
As a perfect example of the trouble with quantity over quality, Dominique Olivier contrasts the recent Disney films against the approach taken by Studio Ghibli with The Boy and the Heron. |
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Local company news:
Ghost Bites is brought to you by Fedgroup.
Libstar achieved an excellent end to 2023. It wasn't enough to save the full-year result, but it got about as close as anyone could've hoped for. When you consider that HEPS was down 44.9% at the half-year mark, a full-year drop of 11.2% doesn't look quite so bad!
Over at Oceana, the volatility of the ocean itself leads to difficult-to-predict earnings. This is why diversification is important. In this period, the US-based operations did the heavy lifting, with Lucky Star coming under pressure locally.
At Remgro, the performance of Mediclinic (now a private company) has been announced. I must be honest that it does nothing to change my mind that hospital groups are underperformers. It really is a difficult way to achieve anything exciting. I'm not even convinced that the sector is as defensive as people like to think.
York Timber released numbers that show a drop in HEPS of between 62% and 67%. For me, this is one of the eternal value traps on the JSE. I struggle to see the appeal here. The share price performance over the past few years seems to agree with me.
Also look out for a trading statement from Clientele, a set of numbers from MC Mining that won't make the independent board's job any easier and results from Montauk Renewables as well.
All of this is available in Ghost Bites at this link>>>
Check out the most recent episode of the Ghost Wrap podcast, made possible by Mazars. It takes just a few minutes to get the latest on Mustek, Curro, Sea Harvest and Quilter. Get it here>>>
You can also enjoy my latest Namibian radio segment at this link, dealing with Absa, Remgro, Quantum Foods, Caxton, Old Mutual and WeBuyCars.
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| READ: Satrix March 2024 newsletter with market trends |
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| | | Satrix's latest newsletter is a great overview of index performance up to the end of February, along with the trends responsible for the numbers.
There are also some fun stats about returns in leap years! Read it here. |
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| READ: Artificial Intelligence - fad or future, and how best to invest
(by Nico Katzke of Satrix) |
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| | | Nico Katzke of Satrix asks the real questions when it comes to AI, including the ones that few seem to be asking about its sustainability.
Get his views here. |
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| LISTEN: Magic Markets podcast |
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| In Episode 166 of Magic Markets, we latched onto the concept of whether chips are the new oil. How better to do this than by covering chips and oil?
It's not as tasty as covering chips in oil, but we still enjoyed ourselves. I covered Saudi Aramco (a name you'll know from Formula One) and Mohammed Nalla dealt with Broadcom as one of the lesser-known names in the tech and semiconductor space.
Magic Markets is a great way to expand your reach to global opportunities. Listen to the show here.
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| Currencies, commodities and rates: TreasuryONE Market Update The University of Michigan's consumer sentiment report came out on Friday afternoon. Despite the headline index missing expectations slightly, inflation expectations remained stable. Nevertheless, there is speculation in the US rate market that interest rates might peak above the Fed's projections. There is also much debate over the expected number of rate cuts.
As the US market continued to grapple with the near-term future of interest rates, the rand had a rather uneventful day. It traded in a range of just 7 cents.
Key indicators: USD/ZAR R18.76; US 10-year 4.30%; Gold $2,146; Platinum ZAR R17,439; Brent Crude $85.65 |
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| LISTEN: The ETF product design process
with Siyabulela Nomoyi of Satrix |
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| | | Delving into the ETF product design process and with a discussion on the latest ETF product launches at Satrix, Siyabulela Nomoyi joined me for this insightful conversation.
Don't miss it! |
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International company news:
Home Depot is a great example of a US-based blue chip. This is a rock solid business. Although economic cycles obviously have an impact on demand, the underlying story is strong.
Sales dipped in the last fiscal year as the impact of higher interest rates took hold, but that's not enough to stop Home Depot from investing in its business. With a plan to open another four large distribution centres in the first half of this year, the company is continuing to target the "Pro" side of the market as a key growth area.
The reason? DIY customers are harder to win and have a lower lifetime value. When you become part of a pro customer's business supply chain, the till keeps on ringing.
If you want to learn about global companies, then Magic Markets Premium is the perfect way to do it. For just R99/month, you get access to the entire research library that includes a new research report every week on a global stock. There's no minimum monthly commitment, either. Subscribe here and start learning>>> READ: Stability doesn't always have to come at a cost
with Fedgroup |
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| | | Fedgroup believes that a combination of fixed-term investments can do more than just withstand a battering. In fact, they cann offer solid returns as well.
Learn more here. |
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Our content is intended to be used and must be used for informational purposes only. You must do your own analysis before executing any investments or strategic decisions, based on your own circumstances. We do not provide personalised recommendations or views as to whether an investment approach or corporate strategy is suited to the needs of a specific individual or entity. You should take independent financial advice from a suitably qualified individual who gives due regard to your personal circumstances.
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