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| | Wednesday 2 June 2021 | |
| | Good morning Voornaam,
All company announcements are not created equal, at least not in terms of general reader interest and what we can learn from them.
For example, the Alexander Forbes earnings update tells us a lot about their challenges but not a lot about the broader economy. The Bidvest update is full of fascinating insights about relative prospects of different business models under pandemic conditions. For that reason, Bidvest is our lead story this morning.
The Sibanye-Stillwater share buyback gives me mixed feelings. I'm a shareholder, so I'm glad they have buckets of cash. I'm just saddened by a reality where the management team will allocate more cash to buybacks than to investment projects in South Africa.
In many ways, we are a land of wasted opportunity. One can only hope that this trajectory will improve at some stage. Until then, corporate management teams will act in the best interests of their shareholders rather than our country in terms of job creation etc.
Speaking of wasted opportunities, Delta Property Fund has made progress with its financial reporting. We now have earnings until August 2020 and they don't paint a pretty picture, although that period was the worst of our lockdowns. The auditor's report speaks volumes about the state of affairs in that company as it approaches the JSE to lift the suspension on its shares.
Looking abroad, one of the young writers I collaborate with on thefinanceghost.com has written a great piece on Alibaba. $BABA has been a sore point in my portfolio, as Jack Ma found himself on the wrong side of Chinese authorities. In Alibaba and the Forty Dips, we consider whether the underlying investment thesis has materially changed to justify the drop in share price.
Finally, make sure you don't fall behind on Magic Markets episodes! In the latest show, we have a detailed discussion on US growth counters and their recent sell-off. Through a worked example on Cloudflare, Craig Antonie of AnBro Capital Investments explains why the long-term picture is important when considering the high multiples of growth companies.
I hope you have a lovely Wednesday!The Finance Ghost
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| | Local and Offshore Market News | |
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| | A basket of Bidvest insights
Bidvest is so diversified that it has winners and losers in every economic cycle. The narrative from the company gives us great insights into various sectors. Read More |
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| | Sibanye-Stillwater buybacks will be larger than SA investments
Sibanye-Stillwater has announced a buyback programme for 5% of issued shares (over R9bn at current prices). That's larger than the R6.3bn investment programme in South Africa. Read More |
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| | Delta means (and needs) change
Delta Property Fund is a rare example of when investors should read the auditor's report before anything else. Read More |
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| | Alexander Forbes needs to cut expenses
Alexander Forbes has hinted at expense cuts, as the group struggles to grow profitability after selling the large short-term insurance business. Read More |
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| | Today's Trustee Jun- Aug 2021 Edition
There's a changing of the guard, and of the compliance obligations,,for retirement funds under the Financial Sector Code. Read More |
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| | Company Notices and Announcements | |
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| | CORPORATE ANNOUNCEMENT BY: Adapt IT HOLDINGS LIMITED | |
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