Pete van W.

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

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.

$3.22 holding, that's the third time today

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.

4.18 holding, that's decent for midweek.

5.85 and holding. Sharp.

@pedant_pete that was Q2 numbers mate, Q3 came in softer

Been holding since the mid-3000s and the credit growth numbers last quarter were solid, but I need to flag that the net interest margin compression is real. At 4771.56 the valuation looks reasonable if they can keep cost-to-income below 50%, but that's the key watch. Still prefer this to the big four on a risk-reward basis for the next couple of years.

I need to flag that the run to R100 feels more technical than fundamental. Half year numbers were solid enough on net interest margin, but net loan losses are creeping up across the retail book and that's the bit the market's choosing to ignore right now. Long term the diversified model still works, shame about the load-shedding drag on economic activity though.

11.48, sellers finally tapped out.

SBK crawling higher at 329.76, barely a blip today but the stock's been grinding through resistance these past weeks which suggests some underlying patience from the big money.

TFG up 1.22% today, sitting at R57.27. Retail recovery is real but I need to see if this holds above the 200-day moving average before getting excited about another leg higher.

$18.43 now. Weak hands selling.

The cloud division finally turning a profit last quarter was the real story nobody talked about. At 122.25 we're still nowhere near the 2021 peak, but if they keep executing on margin expansion in that segment while Tmall stabilizes, there's proper long-term value here. Stricter regulatory environment is baked in at this point, so the floor feels more solid than it did two years ago.

Meta's advertising efficiency has been creeping up since they got their cost base sorted, and at 556.71 the valuation isn't demanding the moon anymore. The real question is whether they can keep growing ad load without choking engagement, especially against what TikTok's doing to their younger cohort. Long term the AI infrastructure spend should pay off but that's years out, not quarters.

SBK at R329.22 trades at a premium to FirstRand on forward multiples, which makes sense given its stronger net interest margin and less exposure to the retail drag that's weighing on FNB. The dividend yield sits around 5.8%, respectable but not exceptional against the broader ban

@swordfish_sa I need to flag, that's 271.58 not $271.58. But does Shein really compete with Prime members buying household goods?

google's been sitting pretty at 356 but the real question is whether they can keep growing search margins when ai starts eating into query volume. cloud is finally getting traction which matters, youtube ad load is near ceiling. for the record, they're still throwing off serious cash and the balance sheet is fortress-like compared to most peers, so long-term i'm not worried.

I need to flag something on the margin narrative here. Clicks' like-for-like growth has been decent but the gross margin compression in the last set of results was real, and I haven't seen the guidance to suggest that reverses soon. At 220.54 the valuation looks fair rather than compelling, especially with the Dis-Chem pressure on pricing not going away. Long term the defensive play still holds, pharmacy footprint is hard to replicate, but I'm watching Q2 numbers closely before adding.

Closing at 331.83 feels steep when you look at the stack of M&A they've had to digest, Crowdstrike still working through their own mess. For the record, Palo Alto's renewal rates have held up okay but you need to see better margin expansion in the cloud business to justify this multiple versus CrowdStrike or Fortinet, especially if spending slowdown hits enterprises harder next cycle.