| Good morning Voornaam, Articles: Ghost Bites: Calgro M3 is reporting excellent HEPS growth. Renergen is a step closer to helium production. Redefine is cautious with dividends. Look out for Accelerate Property Fund, Eastern Platinum and Orion as well. Read Ghost Bites>>> Investec: The demographic shift in the world has major impacts on retirement planning. How can structured products help? Read it here>>> Dominique Olivier: Speaking of the demographic shift, how much can tiny pineapples tell us about our future? More than you think. Read it here>>> Satrix: The MSCI ACWI helps investors capture global equity opportunities, with around 60% of exposure in the US. Read it here>>> |
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| Podcasts: Ghost Wrap: the news and my views on MTN Nigeria, Datatec, Capital & Regional, Harmony Gold and the poultry duo of Astral Foods + Quantum Foods, brought to you by Mazars. Listen to it here>>> Bond ETFs: Improve your understanding of bond ETFs and how they work in a portfolio. Siyabulela Nomoyi of Satrix joined me on a Ghost Stories podcast to unpack this type of investment. Listen to it here>>> Sanlam / Grovepoint: Private markets are fascinating, especially private credit. In this podcast featuring two highly experienced professionals (Reginald Labuschagne and Harris Gorre), we unpack the capital allocation and investment considerations. Full transcript included. Don't miss this! Find it here>>> Magic Markets: If you import or export, or move money offshore in your personal capacity, then pay attention. Future Forex joined us on Magic Markets to explain their FinTech-flavoured offering and how it makes international money transfers simpler and cheaper. Listen to it here>>> Investec Structured Products: The Global Accelerator offers 100% capital protection in dollars at maturity after five years, while giving exposure to global equity indices. Japie Lubbe joined me in this podcast>>> Investec podcast The Current: Interested in investment opportunities stemming from South Africa's energy transition? Listen to Iman Rappetti in conversation with Barry Shamley, Zane Bezuidenhout, Boipelo Rabothata and Campbell Perry in Episode 4 of The Current at this link>>> |
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| Videos: Unlock the Stock: The recording of the recent presentation by Astoria Investments is available at this link>>> |
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| LISTEN: Ghost Wrap
(MTN Nigeria | Datatec | Capital & Regional | Harmony Gold | Astral Foods + Quantum Foods) |
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Local company news:
Calgro M3 has flagged growth in HEPS of between 20.2% and 27.7%. The core business has been doing well lately, with an extensive share buyback programme giving HEPS growth a massive boost. This is a case study in capital allocation.
Renergen is a step closer to being a helium producer, with performance tests and then continuous operation mode as the next steps. At least the helium cold box has been brought to the right temperature to liquify helium.
Over at Redefine, market conditions and a loan-to-value ratio that is slightly on the high side means that this REIT has taken a more cautious approach with the interim dividend, coming in at the bottom of the payout ratio guidance. It looks like rental reversions are still a headache in the local portfolio.
In other updates, Accelerate Property Fund had an initial court victory in its COVID business interruption claim. In junior mining, we saw updates from Eastern Platinum and Orion.
Get the details in Ghost Bites at this link>>>
In case you missed it, don't forget to watch Astoria Investments on Unlock the Stock. With the dividend gone for now, the focus was on how the company will allocate capital and grow going forward. You can watch it here>>>
The next Unlock the Stock event is CA Sales Holdings, scheduled for Thursday 9 May at midday. This company has been a superstar on the local market and I highly recommend putting this in your diaries so you can engage with the management team. Attendance is free, but you must register here>>>
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| LISTEN: Investing in Private Credit
(Reginald Labuschagne, Sanlam Private Wealth |
Harris Gorre, Grovepoint Investment Management) |
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| Get ready to learn - and in a big way. Reginald Labuschagne and Harris Gorre shared their extensive insights into how private credit can be used by investors for returns and diversification. Full transcript included. Listen to the podcast here>>> |
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| READ AND LISTEN: The Global Accelerator |
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| For Investec's views on how structured products can play a role in the context of shifting demographics and possibly delayed retirements, read this great article>>>
To learn about the Global Accelerator, which offers 100% capital protection in dollars at maturity after five years, while giving exposure to global equity indices, listen to this podcast with Japie Lubbe of Investec Structured Products. |
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| READ: Satrix MSCI ACWI - Capturing Opportunities |
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| In this article, Satrix puts the spotlight on the MSCI All Country World Index ETF, which gives broad global market exposure.
Over 60% exposure is to the US, with China as the next highest. |
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| LISTEN: Cashing in on clean |
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| There are so many investment opportunities stemming from South Africa’s energy transition.
In episode 4 of Investec’s The Current, discover how you can get some skin in the clean energy game. Hosted by Iman Rappetti, listen to the discussion here>>> |
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International business news:
BP released first quarter numbers for 2024. They report a metric called "underlying replacement cost" profit, which came in at $2.7 billion vs. $3.0 billion in the previous quarter. There will be some nervous faces at head office, with the company targeting $2 billion in cash cost savings by the end of 2026. You can be almost certain that restructuring activities will be part of this.
The bankers are certainly fans of BP, with an investment grade credit rating and net debt of $24 billion on the balance sheet.
Ready to understand more about risks and opportunities in global stocks? Subscribe to Magic Markets Premium for just R99/month. You'll get a subscribers-only weekly report and podcast on global stocks, covering strategy, financials and technical trading indicators. |
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| READ: What tiny pineapples can tell us about our future
(by Dominique Olivier) |
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| The Precious Honeyglow, roughly half the size and weight of a full-size pineapple, tells us a whole lot about changing demographics in the world and what this means for consumer trends.
Dominique Olivier unpacks it in this great article>>> |
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| Macroeconomic Update The dollar has consolidated at recent weaker levels, as the market focuses on Fed speakers this week. The first such speaker reiterated that the Fed still has time to gain greater confidence that inflation is moving towards the 2.0% target. This is a "higher for longer" rhetoric.
With a lack of any new economic data, the metals are largely flat this morning.
Key indicators: USD/ZAR R18.51; US 10-year 4.47%; Gold $2,322; Platinum ZAR R17,793; Brent Crude $83.46
This macroeconomic update is based on TreasuryONE's morning update. |
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