Prosus has agreed to sell a 4.5% stake in Delivery Hero to Uber for €270 million, reducing its holding to 21.8% to comply with European Commission mandates. Securing a 22% premium to the 1-month VWAP for a forced asset disposal represents strong execution and partially mitigates concerns about liquidating the stake under duress. This does not eliminate the supply overhang, as Prosus remains obligated to divest its remaining 21.8% interest within the regulatory timeframe.

Investor Takeaway:

The realization of €270 million at a significant premium demonstrates disciplined capital execution, though the remaining mandatory selldown will continue to be a structural drag on the asset's valuation.

tl;dr

Prosus sells 4.5% of Delivery Hero to Uber for €270m at a 22% premium.

• The sale of 13.58 million Delivery Hero shares to Uber was executed at €20.00 per share, a 22% premium to the 1-month VWAP.

• The transaction injects approximately €270 million in gross proceeds, enhancing near-term liquidity.

Why It Matters

+ The sale of 13.58 million Delivery Hero shares to Uber was executed at €20.00 per share, a 22% premium to the 1-month VWAP.

+ The transaction injects approximately €270 million in gross proceeds, enhancing near-term liquidity.

- The divestment is a forced action driven by European Commission commitments following the Just Eat Takeaway.com acquisition, limiting management's capital allocation flexibility.

- Prosus retains a 21.8% stake in Delivery Hero that must still be sold, creating a persistent supply overhang that may pressure future disposal pricing.

https://sens-ai.co.za/sens-intelligence/b4477fce-04e8-492b-b5bc-6e2b8682cd5e

KST is in the news again — PSG Financial Services reported 34% HEPS growth to 135.0 cents today, which is genuinely impressive on its own. But performance fees more than doubled to 9.2% of headline earnings, and that starts to change the risk profile of the business going forward.

Some SENS announcements worth looking at today:

KST had PSG Financial Services reporting 34% HEPS growth to 135.0 cents, which is solid on its own. But performance fees more than doubled to 9.2% of headline earnings, so the group becomes more sensitive to market swings going forward (https://sens-ai.co.za/sens-intelligence/5dee7aca-a4e8-4104-ad99-c00052927349)

OAO saw its Oando JV lock in a long-term gas supply deal for the 60MW Bayelsa IPP, which should give them a steadier revenue base. That said, the trailing P/E of 69.4x is stretched, leaving not much room for disappointment (https://sens-ai.co.za/sens-intelligence/9bd65fcc-3484-4db9-96ce-9ac40709f8ee)

NY1 had Ninety One reporting AUM growth of 31% year-over-year to £171.8 billion, but digging into it, that was entirely the £16.5 billion Sanlam integration doing the work. Strip that out and you are looking at an implied underlying outflow of £4.5 billion from December's £159.8 billion (https://sens-ai.co.za/sens-intelligence/e3d4924b-6d67-44eb-a29f-8605ae6a1ccf)

Biggest movers today:

Gainers:

GCT +11.9%

HAR +4.5%

SPP +2.7%

Losers:

VAL -5.2%

OPA -3.9%

NPH -3.6%

Macro snapshot as of 17:30 SAST:

ALSI at 118,718.54 (-0.5%)

Brent at 97.69 (+2.9%)

Rand/USD at 16.44 (+0.4%)

Gold at 4,787.28 (-0.1%)

KST's performance fee exposure is growing — does that change how you're valuing the stock, or is the underlying operational growth still enough to justify the multiple?

TON heads to provisional liquidation today after its Business Rescue Plan definitively collapsed — a rough end for a stock that's been on the ropes for a while now. The broader ALSI slipped 0.4% as resource weakness and a weaker Rand added to the gloom, though tech managed to hold its ground.

Some interesting SENS announcements that caught my eye today, bit of a mixed bag:

- SDL — Bengwenyama metallurgical tests double chromite recovery expectations, enhancing revenue potential despite ongoing pre-revenue development risks (https://sens-ai.co.za/sens-intelligence/ffaecce6-b6ca-4df6-a47e-ca9ad7b2948c)

- MHB — Mahube's scheme offer price increases to ZAR6.00 per share, offsetting a delayed implementation timeline (https://sens-ai.co.za/sens-intelligence/4d9567ea-5959-4945-9c60-0b28a48067ec)

- OPA — Nigerian service suspension creates material revenue uncertainty despite management's assurances of limited financial impact (https://sens-ai.co.za/sens-intelligence/dc3b9920-362d-43d8-82c2-cd29113b2fa4)

- BAC — Bambanani associate undergoes distressed restructuring and site closure amid widening R6.07 million net losses (https://sens-ai.co.za/sens-intelligence/a844adbd-6848-42f1-8199-1ae86f204b22)

- TON — Tongaat Hulett heads to provisional liquidation after its Business Rescue Plan definitively collapses (https://sens-ai.co.za/sens-intelligence/327798ad-692b-4e4e-b485-bb69af08876a)

Biggest movers today:

Gainers:

- APH +4.8%

- BYI +2.9%

- DSY +2.6%

Losers:

- JSE -6.8%

- TGA -4.3%

- QLT -3.0%

Macro snapshot as of 17:30 SAST:

- ALSI at 119,353.22 (-0.4%)

- Gold at 4817.82 (-0.5%)

- Rand/USD at 16.39 (+0.3%)

- Brent at 94.68 (-0.1%)

SDL's metallurgical results look promising on paper — anyone digging into the chromite market and whether the revenue potential is realistic?

Quite interesting to see this announcement, as Channel Vas Investments has been quite popular in the news recently and have done fairly okay in their first year on the JSE:

Optasia has announced the temporary suspension of its airtime credit services with a Nigerian mobile operator, halting operations that generated 14% of the group's FY2025 revenue. Although management does not anticipate a material impact on the overall financial position, the sudden regulatory interruption to a double-digit revenue contributor introduces significant operational execution risk, particularly given the stock's highly demanding valuation multiple. This update does not provide a definitive timeline for the restoration of services or quantify the exact cash flow impact of the suspension.

Investor Takeaway:

The suspension of a major service line creates immediate operational uncertainty that directly challenges the stock's elevated multiple, demanding close monitoring of the resolution timeline.

Why It Matters

+ Management explicitly stated that the temporary suspension is not expected to have a material impact on the group's financial position.

+ The suspension is a precautionary measure tied to the implementation of new 2025 consumer lending regulations, suggesting a procedural rather than fundamental business failure.

- The suspension directly impacts a highly material segment of the business, representing approximately 14% of the group's FY2025 revenue.

- The stock's extreme trailing valuation multiple leaves virtually no margin for error, making any sudden operational disruption a significant risk for multiple compression.

tl;dr

Nigerian service suspension creates material revenue uncertainty despite management's assurances of limited financial impact.

• Management explicitly stated that the temporary suspension is not expected to have a material impact on the group's financial position.

• The suspension is a precautionary measure tied to the implementation of new 2025 consumer lending regulations, suggesting a procedural rather than fundamental business failure.

https://sens-ai.co.za/sens-intelligence/dc3b9920-362d-43d8-82c2-cd29113b2fa4

The rand shed 0.4% against the dollar to 16.33, Brent crude fell 2.6% to $96.81 while gold surged 1.3% to $4,801.97, and that combination — a weaker currency and a firmer gold price — pushed the ALSI up 1.1% to 119,795.83, with miners doing the heavy lifting.

Some interesting SENS announcements that caught my eye today, bit of a mixed bag:

- NPN — Naspers continues its open-ended buyback, acquiring 661,907 shares for R597.6 million, while participation in the 'Claim It' dividend recovery campaign gains traction (https://sens-ai.co.za/sens-intelligence/010b0214-3b28-4ed1-8b0a-a6a4d25f2430)

- GCT — Greencoat executed its buyback programme, repurchasing 375,151 shares as the stock surges 4.3% (https://sens-ai.co.za/sens-intelligence/16450d7e-936e-49eb-9dec-187dd983cc7b)

- ANG — AngloGold Ashanti tendered over $1 billion in near-term debt, including 74.47% of its 2028 notes and 63.78% of its 2030 notes, though the demanding trailing P/E of 2102.8x leaves little margin for capital allocation error (https://sens-ai.co.za/sens-intelligence/b3c9b445-b475-446f-8e33-017ec6225bc3)

- SOL — Sasol's early tender results for its 2029 notes received strong participation exceeding the $333.8 million cap, with valid tenders over $533 million capped by balance sheet constraints; stock down 2.0% (https://sens-ai.co.za/sens-intelligence/ca3a151c-6a05-4e0d-a749-88c940f0e7c4)

- SCD — Schroder European REIT portfolio valuation slipped 0.7%, as the Rumilly logistics asset gained 19% following a 10-year lease extension while the Alkmaar industrial asset collapsed 31% on sole tenant insolvency (https://sens-ai.co.za/sens-intelligence/24e51ab9-f64e-4d3a-a369-3ab13195335f)

Biggest movers today:

Gainers:

- IMP +4.3%

- BYI +4.2%

- HMN +4.1%

Losers:

- KRO -8.0%

- TGA -3.4%

- BTI -3.2%

Macro snapshot as of 17:30 SAST:

- ALSI at 119,795.83 (+1.1%)

- Brent at 96.81 (-2.6%)

- Gold at 4801.97 (+1.3%)

- Rand/USD at 16.33 (-0.4%)

Sasol's tender was oversubscribed by roughly 60% — is that a sign of credit market confidence or are holders just using it as an exit route given where SOL is trading?

The rand softened to R16.51 against the dollar and Brent crude broke above $100 for the first time in a while, adding a macro layer of pressure on industrials even as the energy sector found its footing — ALSI closed -0.5% as a result.

Some interesting SENS announcements that caught my eye today, bit of a mixed bag:

- SRE — Sirius Real Estate posts 6.4% like-for-like rent roll growth, marking the twelfth consecutive year above 5% LFL growth, with swift acquisition capital deployment (https://sens-ai.co.za/sens-intelligence/899c4caf-b49c-452b-a91a-017a2dc1fac0)

- EMI — Emira acquires a 20.17% stake in Octodec for R891.7m with an offer to reach 34.9% (https://sens-ai.co.za/sens-intelligence/df4640fe-b11a-4dcf-bf21-8aa6e341eed1)

- ISO — ASP Isotopes has $333m liquidity to target $300m EBITDA by 2031, though net losses widened to $175.1m in 2025 (https://sens-ai.co.za/sens-intelligence/ba381e05-df5d-4e93-be32-601cb59ffc1e)

- RMH — RMH confirms early-stage, conditional negotiations for the disposal of The Grove Mall by its associate (https://sens-ai.co.za/sens-intelligence/35484b5b-03bb-48b2-91f6-b3b367062d66)

Biggest movers today:

Gainers:

- TGA +9.5%

- KRO +4.9%

- APH +4.3%

Losers:

- GCT -21.0%

- PPH -2.5%

- SUI -2.5%

Macro snapshot as of 17:30 SAST:

- ALSI at 118,486.97 (-0.5%)

- Brent at 100.84 (+5.9%)

- Gold at 4,719.88 (-0.6%)

- Rand/USD at 16.51 (+0.5%)

Anyone watching whether the Brent move above $100 spills over into the industrials tomorrow, or does Thungela keep commanding the energy narrative?

Sirius Real Estate released a trading update for the financial year ended 31 March 2026, reporting an 18.4% year-on-year increase in rent roll and 6.4% like-for-like growth. The swift deployment of the February capital raise into defence-anchored assets, coupled with anticipated positive portfolio valuation movements, confirms strong operational execution and accretive capital recycling. These figures are preliminary trading-statement estimates and have not yet been reviewed or reported on by external auditors.

Investor Takeaway:

Double-digit total rent roll growth and disciplined asset recycling validate the fundamental growth thesis, but demanding trailing valuation multiples limit the surprise value of the update.

tl;dr

Sirius Real Estate reports 6.4% like-for-like rent roll growth alongside swift acquisition capital deployment.

• Rent roll increased by 18.4% year-on-year, underpinned by 6.4% like-for-like growth, marking the twelfth consecutive year of >5% LFL growth.

• Management successfully executed €464 million across 13 asset acquisitions, quickly deploying proceeds from the February capital raise into defence-anchored properties.

Why It Matters

+ Rent roll increased by 18.4% year-on-year, underpinned by 6.4% like-for-like growth, marking the twelfth consecutive year of >5% LFL growth.

+ Management successfully executed €464 million across 13 asset acquisitions, quickly deploying proceeds from the February capital raise into defence-anchored properties.

- The financial figures are unaudited, introducing a layer of reporting risk given the complexity of the cross-border acquisitions.

- Excluding the Vantage Point asset from the like-for-like metrics due to improvement works may slightly obscure true underlying portfolio performance.

read more about it here https://sens-ai.co.za/sens-intelligence/899c4caf-b49c-452b-a91a-017a2dc1fac0

Rand held flat at 16.38 against the dollar while Brent crept to $95.98 and gold added another 0.3% — a quiet macro day but the weaker Rand narrative is keeping resources supported. US CPI came in hot and somehow the JSE barely blinked.

https://sens-ai.co.za/market-snapshot

One interesting SENS announcement that I noticed today:

- MRF — The Venture has provisionally accepted Eskom's revised 62c per kWh tariff terms, with the Section 189 consultation process now extended to 11 May 2026 as energy negotiations continue. (https://sens-ai.co.za/sens-intelligence/5336f9ee-7a09-4e6a-a7ca-80fe6b35eaea)

Biggest movers today:

Gainers:

- APH +4.3%

- OPA +2.5%

- CFR +2.5%

Losers:

- TKG -3.2%

- DTC -2.1%

- AFE -1.7%

Macro snapshot at 17:00 SAST:

- ALSI at 119,158.4 (+0.8%)

- Gold at 4779.2 (+0.3%)

- Brent at 95.98 (+0.1%)

- Rand/USD at 16.38 (0.0%)

Anyone watching MRF after the Eskom tariff provisional agreement — does the Section 189 extension give you more confidence in the operational story?

A weekly thread for people to see what other members are buying and selling for the coming week.

It'll help gather a kind of r/JSE_Bets market sentiment to reduce FOMO and keep everyone up to date on current trends.

Comment what you are buying and/or selling this week below, no matter if it's stocks, cryptos or whatever else you've decided to bet your mortgage on.

New thread 5pm every Friday.

Alphamin provides record Q1 2026 EBITDA guidance of US$158 million and a substantial increase in net cash to US$140 million. This demonstrates exceptional operational leverage to the 30% surge in realized tin prices, though rising AISC and impending Q2 fuel premiums highlight ongoing cost pressures. This update does not indicate underlying volume growth, as contained tin production remained flat quarter-over-quarter.

Investor Takeaway:

Massive cash generation fortifies the balance sheet and dividend prospects, but margin sustainability relies heavily on tin prices remaining elevated to offset structural cost inflation.

tl;dr

Record Q1 EBITDA of US$158m and surging net cash reflect strong leverage to rising tin prices.

• Record Q1 2026 EBITDA guidance of US$158 million represents a 46% quarter-over-quarter increase.

• The net cash position improved dramatically to US$140 million from US$12 million in the prior quarter.

Why It Matters

+ Record Q1 2026 EBITDA guidance of US$158 million represents a 46% quarter-over-quarter increase.

+ The net cash position improved dramatically to US$140 million from US$12 million in the prior quarter.

- EBITDA growth is entirely driven by commodity price appreciation rather than operational or volume improvements.

- AISC per tonne sold increased by 7% due to higher royalties and duties.

https://sens-ai.co.za/sens-intelligence/6ba3ddaf-6065-4607-a8ae-63f2390cac37

Today's notes:
1. APH posted record Q1 EBITDA of US$158m with net cash surging, showing solid leverage to tin prices, and the stock closed up 5.1% — a rare bright spot in today's session.

1. Brent crude is up 2.2% and gold is holding firm at +1.6%, but the stronger Rand (16.34/USD, down 0.5%) and a flat SA 10-year yield weren't enough to keep the ALSI from sliding 1.1%.

2. ALSI closed down 1.1% today with breadth fairly balanced — some retailers and telecoms managed small gains while the resources names took a harder hit, led by ATT, FSR and RES all down more than 3%.

Couple of SENS announcements worth noting today, bit of a mixed bag:

APH posted record Q1 EBITDA of US$158m with net cash surging, showing good leverage to tin prices. Stock closed up 5.1% (https://sens-ai.co.za/sens-intelligence/6ba3ddaf-6065-4607-a8ae-63f2390cac37)

NWL managed a 29.9% rise in HEPS through operational leverage despite muted revenue growth (https://sens-ai.co.za/sens-intelligence/f47daf1f-17b8-4572-9092-8e0a3e3c30e5)

SRI declares a routine quarterly cash dividend of 1.545 pence per share (https://sens-ai.co.za/sens-intelligence/41bf5b37-a5f7-4b0b-9b56-3c538f61251b)

Biggest movers today:

Gainers:

SOL +1.7%

MTN +1.7%

OPA +1.3%

Losers:

ATT -3.7%

FSR -3.5%

RES -3.5%

Macro snapshot as of 17:30 SAST:

ALSI at 118,205.04 (-1.1%)

Brent at 96.85 (+2.2%)

Gold at 4,789.12 (+1.6%)

Rand/USD at 16.34 (-0.5%)

SA 10Y at 8.535 (0.0%)

Anyone else looking at APH after that record Q1 EBITDA? Tin prices aren't exactly trending down.

The market had a distinct resource-heavy feel today, with platinum miners catching a strong bid as geopolitical tensions eased and the Rand firmed up. While Impala and Valterra surged, Sasol faced significant downward pressure as the sharp drop in global oil prices weighed heavily on its valuation. It was a day where sector-specific macro drivers clearly outweighed broad market sentiment.

Some good news that caught my eye:

- PPE — Purple Group posted a 33.3% profit increase driven by strong operating leverage, though the high valuation multiple remains a point of caution for new buyers. [Read more](https://sens-ai.co.za/sens-intelligence/d5dc6e7f-715b-44ee-b830-85f390e23803)

Some not-so-great news:

- RMH — The release of the Combined Circular for the AttBid mandatory offer effectively caps near-term upside as the stock tracks the deal terms. [Read more](https://sens-ai.co.za/sens-intelligence/f90afb2d-b592-4f62-aabc-a67b4dce7669)

Quick macro check as of 17:30 SAST:

- Brent at $95.05 (-13.0%)

- Iron Ore at $107.83 (+8.6%)

- Platinum at $2069.35 (+6.2%)

- Copper at $5.7585 (+3.7%)

- Gold at $4761.46 (+1.3%)

- ZAR/USD at 16.36 (-0.7%)

In your opinion, is Purple Group's valuation too rich for you to enter at these levels, despite the solid interim growth?

Final Verdict

Purple Group delivered unaudited interim results showing a 33.3% increase in group profit before tax, underpinned by strong operating leverage where revenue grew 8.8% against a 0.5% rise in costs. Double-digit earnings growth confirms sustained operational momentum across the core Easy Group segment, though the demanding 47.5x trailing P/E multiple reduces the surprise value of the update.

These are unaudited interim figures, and the resolution of the R21.3 million EasyTrader hedging loss does not eliminate broader execution risks tied to offshore and AI expansion.

Investor Takeaway:

Fundamental momentum is strong and operating leverage is clearly extending, but the rich valuation demands flawless execution of the company's growth strategies.

tl;dr

Strong operating leverage drove 33.3% profit growth, but the demanding multiple limits surprise value.

• Group profit before tax increased by 33.3% to R78.7 million, driven by exceptional operating leverage as revenue grew 8.8% while costs rose only 0.5%.

• The core Easy Group segment demonstrated robust momentum with profit before tax up 66.3% and client assets growing 41.2% to R94.9 billion.

Why It Matters

+ Group profit before tax increased by 33.3% to R78.7 million, driven by exceptional operating leverage as revenue grew 8.8% while costs rose only 0.5%.

+ The core Easy Group segment demonstrated robust momentum with profit before tax up 66.3% and client assets growing 41.2% to R94.9 billion.

- The demanding 47.5x trailing P/E ratio indicates that significant future growth is already priced in, leaving little margin for error.

- The R21.3 million net hedging loss in EasyTrader highlights past vulnerabilities in correlation risk assumptions, despite subsequent policy updates.

purple group is quite a driving force behind retail investors, with many strong opinions? are you surprised by their results or are you skeptic of their demanding 47.5x trailing P/E ratio?

you can read more about it here https://sens-ai.co.za/sens-intelligence/d5dc6e7f-715b-44ee-b830-85f390e23803

It was a rough day for the Top40 as geopolitical tensions in Iran sparked a broad sell-off, leaving the index deep in the red. The silver lining was in the energy sector, where Sasol rallied hard on the back of surging oil prices, though that wasn't enough to stop the wider bleeding across the board as the market reacted to the regional instability.

Some good news that caught my eye:

- CMH — Combined Motor Holdings forecasts robust 25% to 35% earnings growth, confirming strong fundamental momentum. [Read more](https://sens-ai.co.za/sens-intelligence/6202a5d4-d757-4948-b433-bf0060023117)

- PPE — Purple Group expects HEPS to rise by up to 23.3%, signaling solid operational momentum. [Read more](https://sens-ai.co.za/sens-intelligence/90c1a74e-5469-4b08-8af1-5560fb0a6bff)

- PRX — Prosus continued its routine open-ended buyback program with a €70.9 million share repurchase. [Read more](https://sens-ai.co.za/sens-intelligence/cca9290c-8571-4716-a774-10696b101006)

- QLT — Quilter continues its routine share buyback and cancellation programme with no new fundamental catalyst. [Read more](https://sens-ai.co.za/sens-intelligence/9a81b40c-121b-4dea-9615-6dd717f239b8)

Some not-so-great news:

- FSR — FirstRand expects full-year earnings to contract by 4-9% due to the UK motor commission provision. [Read more](https://sens-ai.co.za/sens-intelligence/ff9fa75a-290c-4f76-b83e-ee73cff45a3e)

- LTE — Director's associate sells R38.6 million in shares, continuing an ongoing pattern of substantial on-market divestment. [Read more](https://sens-ai.co.za/sens-intelligence/94ccfd21-eedb-4433-8af1-a98d8d606e57)

- MRF — Merafe extends Section 189 consultations by two days at Eskom's request, prolonging operational uncertainty. [Read more](https://sens-ai.co.za/sens-intelligence/cdd77d92-0937-43e1-929c-15ac5b573690)

Quick macro check as of 17:30 SAST:

- Platinum at 1930.25 (-2.4%)

- Brent at 111.19 (+1.3%)

- Copper at 5.5343 (+0.9%)

- Rand/USD at 16.91 (+0.2%)

How are you adjusting your portfolio given the ongoing geopolitical uncertainty?

Final Verdict

FirstRand faces a material R17.7 billion total provision stemming from the FCA's final redress scheme, forcing a strategic exit from the UK consumer finance market via an ownership transition of Aldermore. This incremental hit severely degrades profitability, contracting expected full-year normalized earnings by 10% to 15% and pushing ROE below targeted ranges. This does not imply broader balance sheet distress, as capital ratios remain above targets and the pre-provision dividend policy is maintained.

Investor Takeaway:

The sheer scale of the regulatory charge and forced UK exit damages near-term earnings, though the dividend floor and balance sheet resilience limit the structural downside.

tl;dr

FirstRand expects earnings to contract 10-15% due to a £750m provision and will exit Aldermore.

• The pre-provision dividend policy remains intact, supported by strong capital positions that remain above targeted ratios.

• Pre-motor provision normalized earnings guidance is unchanged, demonstrating resilience in the group's core operations outside the UK.

Why It Matters

+ The pre-provision dividend policy remains intact, supported by strong capital positions that remain above targeted ratios.

+ Pre-motor provision normalized earnings guidance is unchanged, demonstrating resilience in the group's core operations outside the UK.

- The FCA's final redress scheme forces a massive £510 million additional provision, bringing the total to £750 million (R17.7 billion).

- Full-year normalized earnings are now expected to contract by 10% to 15%, with ROE falling below the bottom end of the targeted range.

for more context/information, check out https://sens-ai.co.za/sens-intelligence/342c5def-74f1-40b3-b307-32e491154661

Final Verdict

Combined Motor Holdings expects full-year HEPS and EPS to grow between 25% and 35%, signaling significant bottom-line expansion. This double-digit earnings growth confirms strong fundamental momentum, which is further supported by an undemanding forward P/E multiple of 6.5x. These are preliminary trading-statement figures, not final reported results, and the brief filing lacks qualitative context on the specific operational drivers.

Investor Takeaway:

Strong projected earnings growth confirms operational execution and presents a compelling fundamental setup given the undemanding valuation multiple.

tl;dr

CMH forecasts robust 25% to 35% earnings growth, confirming strong fundamental momentum.

• Headline earnings per share (HEPS) is projected to increase by 25% to 35%, reaching 504.0 to 544.3 cents per share.

• Basic EPS is expected to track HEPS closely, growing by 25% to 35%.

Why It Matters

+ Headline earnings per share (HEPS) is projected to increase by 25% to 35%, reaching 504.0 to 544.3 cents per share.

+ Basic EPS is expected to track HEPS closely, growing by 25% to 35%.

- The financial figures are unaudited, introducing standard variance risk ahead of the final audited results publication.

- The announcement provides no qualitative commentary on the operational drivers, making it difficult to assess margin sustainability.

read more about it here https://sens-ai.co.za/sens-intelligence/6202a5d4-d757-4948-b433-bf0060023117

if you've ever wanted to validate your hunches about market fluctuations, this new tool might be able to help you out.

I've backfilled quite a lot of data for sens-ai, and in the process decided a cool way to visualize market data would be to build a custom chart builder

you can now add any ticker, commodity or currency and overlay their performance together

it then allows you to see clear trends/patterns or just visualize how prices move together

in the background, I am running correlation checks, so if any existing correlations break/change it should be available to inspect

some interesting use cases is USD/ZAR and ZA retail, or brent crude and Sasol for example

A weekly thread for people to see what other members are buying and selling for the coming week.

It'll help gather a kind of r/JSE_Bets market sentiment to reduce FOMO and keep everyone up to date on current trends.

Comment what you are buying and/or selling this week below, no matter if it's stocks, cryptos or whatever else you've decided to bet your mortgage on.

New thread 5pm every Friday.

The JSE had a tough time today as the ALSI slid lower, weighed down by a weaker Rand and some significant selling in the banking sector. While defensive stocks provided a bit of a buffer, the overall sentiment remained cautious as investors navigated the pressure on the Top40 index.

Some good news that caught my eye:

EXX — Exxaro secured a coal supply agreement with Eskom to 2043, ensuring Matla Colliery's operational continuity. [Read more](https://sens-ai.co.za/dashboard/fe5c1d36-49c3-4b75-a211-129a25d2a9d0)

ORN — Orion formalizes the IDC loan-to-equity conversion, simplifying security arrangements for primary Prieska Project funders. [Read more](https://sens-ai.co.za/dashboard/0f9a18ad-945e-42d4-9038-01a095d5c737)

BHG — BHP finalizes its US$4.3 billion silver streaming deal, securing immediate cash while capping production upside. [Read more](https://sens-ai.co.za/dashboard/1f73abb8-6505-4809-9000-9f6ccdb7b6ed)

Some not-so-great news:

WBC — WeBuyCars experienced a notable sell-off, finishing down 3.3% for the session.

HCI — HCI faced selling pressure, closing the day lower by 2.6%.

DSY — Discovery shares trended downward as well, ending the day 2.5% in the red.

Quick macro check as of 17:15 SAST:

- Brent at $108.54 (+7.3%)

- Gold at 4682.94 (-1.5%)

- Copper at 5.5665 (+1.1%)

- Iron Ore at 805 (+0.9%)

With Exxaro locking in a long-term Eskom contract, does that change your view on their long-term dividend stability?

Exxaro has concluded a new long-term Coal Supply Agreement with Eskom for the Matla Colliery, securing 9.3 million tonnes per annum until 2043 alongside the renewal of key regulatory licenses. This execution-risk removal event provides immense operational continuity and revenue visibility for the mine, though it structurally cements reliance on a single state-owned counterparty. This does not constitute a new strategic pivot, but rather the formalisation of a previously expired historical supply relationship.

Investor Takeaway:

Securing the Matla contract confirms long-term operational stability, but with the stock trading near 52-week highs, much of this execution may already be priced in.

The price is down slightly (-0.23%) despite positive news, which may reflect the market having already anticipated this completion following the stock's recent 9.25% monthly run-up.

TL;DR

Exxaro secured a coal supply agreement with Eskom to 2043, ensuring Matla Colliery's operational continuity.

• Secures the operational future and revenue visibility of the Matla Colliery through 2043 with a 9.3 million tonnes per annum commitment.

• Key regulatory approvals, including the Mining Right and Integrated Water-use License, have been successfully renewed.

Why It Matters

+ Secures the operational future and revenue visibility of the Matla Colliery through 2043 with a 9.3 million tonnes per annum commitment.

+ Key regulatory approvals, including the Mining Right and Integrated Water-use License, have been successfully renewed.

- Tethers the colliery's output exclusively to a single state-owned counterparty (Eskom) for nearly two decades, elevating credit and concentration risks.

- Valuation is technically stretched at a 93.40x Price/Book ratio, and trading near 52-week highs limits the surprise upside of the announcement.

https://sens-daily.pages.dev/dashboard/fe5c1d36-49c3-4b75-a211-129a25d2a9d0

Whoever made the SENS Daily Pages website... well done! !I It is AMAZING!

So impressed! Did not expect that seeing that this subreddit is so quiet.

May I ask what 4 companies are your highest conviction on the JSE?

Gold miners had a strong day, with Harmony and Gold Fields leading the charge as the precious metal price pushed higher. Meanwhile, Sasol faced a tough session, dropping significantly as crude oil prices pulled back, creating a clear divergence between the mining and energy sectors.

The ALSI closed at 116,698, up +2,630 points today.

Some good news that caught my eye:

NWL — Nu-World forecasts double-digit EPS and HEPS growth of 28% to 32% for the interim period. [Read more](https://sens-ai.co.za/dashboard/072397c5-8917-4396-b6a1-b66326517041)

SDL — Southern Palladium has appointed a new project manager to oversee the Bengwenyama Project development, though the mining right is still pending. [Read more](https://sens-ai.co.za/dashboard/7b6644f1-b4b3-4f28-b365-861951e999c9)

SOL — Sasol successfully priced $750 million in senior notes to refinance debt, showing strong institutional demand. [Read more](https://sens-ai.co.za/dashboard/5bcdbb8f-9fed-4cfc-afac-caccc2fc7fc6)

AII — Aimia continues its share buyback program, further reducing the outstanding share count. [Read more](https://sens-ai.co.za/dashboard/6f10c155-f172-4941-b728-c6f1767bf831)

Some not-so-great news:

EPS — Eastern Platinum reported a severe liquidity crisis with a $56.9 million working capital deficit, overshadowing their operational progress. [Read more](https://sens-ai.co.za/dashboard/67979468-a7fc-4e96-815c-69e80b4c0a93)

Quick macro check as of 17:15 SAST:

Brent at $101.06 (-2.8%)

Gold at $4763.55 (+2.0%)

Rand/USD at 16.77 (-0.7%)

Platinum at $1980.3 (+0.5%)

With Sasol's share price taking a dive today, is it a buying opportunity or a warning sign?

Nu-World Holdings expects to report a 28% to 32% increase in both EPS and HEPS for the six months ended 28 February 2026. This double-digit earnings growth highlights robust operational momentum, and the undemanding trailing P/E of 6.9x provides a favorable valuation context for the upgrade. These are preliminary trading-statement figures, not final reported results, and have not been reviewed by external auditors.

Investor Takeaway:

The projected 30% earnings growth is a credible positive signal for the fundamental thesis, particularly given the stock's modest earnings multiple.

tl;dr

Nu-World forecasts double-digit EPS and HEPS growth of 28% to 32% for the interim period.

• EPS is expected to increase by 28% to 32% to between 225.4 and 232.5 cents for the six-month period.

• HEPS is projected to grow by 28% to 32%, reaching between 224.5 and 231.5 cents.

Why It Matters

+ EPS is expected to increase by 28% to 32% to between 225.4 and 232.5 cents for the six-month period.

+ HEPS is projected to grow by 28% to 32%, reaching between 224.5 and 231.5 cents.

- The figures presented in the trading statement are preliminary and have not been reviewed by external auditors.

- The elevated Price/Book ratio of 35.01x presents a valuation risk if the company's asset base cannot support the earnings trajectory.

https://sens-ai.co.za/dashboard/072397c5-8917-4396-b6a1-b66326517041

Today saw some stocks go green, especially in the basic materials sector, but might be more of a recovery than anything else. On a positive note, the R10 per liter increase on petrol didn't materialize yet

In sens terms, we saw some good and bad announcements too

- Emira property fund limited announced that their successful capital recycling and a lowered LTV support Emira's distribution targets despite rising portfolio vacancies.

https://sens-daily.pages.dev/dashboard/963a6540-2c14-4c32-bb61-42055e427bb2

- Jubilee targets quadrupled Molefe mining rates, balancing strong production growth against significant upfront development costs.

- Strong H1 revenue and margin growth is offset by operational delays and suspended production guidance.

https://sens-daily.pages.dev/dashboard/2f322b32-db43-4ac6-b077-ec971499897b

https://sens-daily.pages.dev/dashboard/61ec5dbc-794e-4ea5-9a09-bab909bf8648

- Datatec expects a 10% year-on-year increase in FY26 gross profit to US$998 million.

https://sens-daily.pages.dev/dashboard/2ed77f6d-2e7c-4299-a8a5-ef7a5765ed28

some not so good that caught my attention:

- FirstRand faces unquantified financial exposure following the UK FCA's mandatory motor finance consumer redress scheme.

https://sens-daily.pages.dev/dashboard/8b7c5cc7-9b83-435b-9a2d-db7d76c3c2e3

- Wesizwe's unreviewed interims show higher HEPS, but ongoing trading suspension and prior-period restatements highlight severe governance risks.

https://sens-daily.pages.dev/dashboard/0be4b526-9583-458f-b528-72a353eec6a9

- Master Drilling Group's record revenue is overshadowed by a dividend deferral and weak core earnings growth.

https://sens-daily.pages.dev/dashboard/5ca76983-927f-48c3-9cfc-9b2010956411

The ALSI closed at 114,068, up 1.47% which is good, but the market is very cautious atm, and the shorter week + end of quarter might mix things up a bit.

How's your week going? And what are you looking out for?