Dashboard

STXSHA sitting at R5.92 with that Shari'ah filter. Anyone here actually tracking the performance spread versus STXFIN over a full cycle, or is the ethical overlay just peace of mind at the cost of returns?

GFI sitting at 557.58 and the gold complex is looking decent on the back of weaker rand prints. If they can sustain production momentum through the cycle, the dividend yield should keep tightening valuations honest here.

SNV at R8.10 is trading at a pretty lean valuation for a logistics player with decent cash generation, but the revenue growth has been patchy over the past couple of years and that's what's keeping a lid on re-rating. Dividend yield is respectable if they maintain the payout, yet

JBL at 52 cents is priced for distress given the recovery story in battery metals, but the capital intensity and execution risk on their processing facilities keep me cautious until we see actual production ramps. Revenue growth potential is there if vanadium and nickel prices co

PIK at R19.01 is still nursing a hangover from those margin pressures last year, but the dividend yield is starting to look tempting again if management can arrest the cost spiral. Anyone reckon they've actually turned a corner on logistics efficiency or is this just a dead cat b

Closed at 179.58 which is still chunky money for a mining stock getting hammered by rand weakness and load-shedding. Problem is palladium's in the toilet and automotive demand never really came back properly. Would need a proper spike in rhodium or a weaker currency to make this interesting again, and neither looks imminent.

SHP holding the line like the Boks defending their try line.

Platinum prices have been under pressure, and IMP's all-in sustaining costs sit around 1000 USD per ounce. At current spot that's not much margin for error, especially with rand weakness eating into it. The dividend looked decent when PGMs were stronger but let's be honest here, the story only works if you believe prices recover meaningfully from here.

platinum looking weak across the board but ssw's got those palladium and rhodium sidelines that could pop if auto demand picks up. balance sheet is actually solid compared to peers, generating cash even at these prices. 35.88 is basically a steal if you believe in the cycle turning. holding for the bounce.

sorry if this is obvious but with platinum prices staying weak and load shedding eating into output, how is ssw supposed to compete with someone like impala or northam right now? i get the palladium mix helps but the balance sheet looks stretched to me, 35.88 feels like a value trap unless there's a real recovery in automotive demand soon.

Springboks down 20 at halftime, still back it. Same energy needed here.

WHL's margins getting squeezed lol, fashion drag is real

Not sure about this one. Platinum prices have been weak, and IMP's all-in sustaining costs are still pretty high relative to where palladium is trading. Do you think the rand weakness helps them enough to offset lower volumes, or are they just treading water until metal prices recover?

Platinum's been hammered and SSW's carrying debt from the Stillwater deal, so the math gets trickier when metal prices stay soft. If palladium ever wakes up and they can actually service the loan without sweating, could be different. Right now 35.88 looks like a waiting game rather than a buy.

I need to flag that the palladium exposure here is looking weak against the automotive cycle, and that's material given how much of the PGM basket depends on convertor demand. At 35.88 the market's priced in a fair bit of pain already, but the operational gearing on load-shedding costs keeps biting harder than most seem to factor. If platinum holds above 900 and they get some relief on power, there's a case here, but that's not where the conversation is heading.

@k_maphosa ja, the beef drag is real. Oceana's cleaner.

RCL sitting at 8.27 is decent value if you actually believe in the poultry and milling side recovering. Problem is load-shedding keeps crushing margins and the beef division has been weak. Compare that to Oceana and you're paying for a messier business. Worth a nibble but not a conviction buy yet.

@pedant_pete ja, the margin picture only shifts once load-shedding eases. Until then it's just treading water at this price.

@pedant_pete ja, operational discipline is the key here. Margins recover and this runs to 15 easy. BEST IS YET TO COME!!

rcl closed at 8.27, which still feels cheap relative to the milling and poultry assets on the books. the real question is whether they can stabilise margins through another winter without feed costs getting away from them again. been holding since the rights issue and the operational discipline seems to have stuck, but you need the rand to behave.