been through the last quarterly filing and services revenue growth is actually still solid at 16% yoy, which matters because that's where the real margin is. hardware's looking tired though, especially mac, and when you're sitting at 308.91 with a 3.5% yield people are basically pricing in flat growth for the next couple years. google and meta are still outpacing on ai integration and apple's playing catch-up there, which is a real strategic gap heading into next cycle. long term the installed base is too big to fade but near term i'm not seeing the catalyst.
Looking at ANG's last results, the all-in sustaining cost came in around 1050 per ounce which gives decent buffer at current gold prices. The real question for me is whether they can actually grow production again or if we're just managing decline at the SA operations. Domestic electricity costs are brutal but that's the same problem everyone here faces. At 1358.89 I reckon there's value if you believe gold stays elevated and they execute on the exploration upside in West Africa.
Read through the latest MD&A last night and the sustaining capex guidance for FY25 actually came in lower than I was expecting, which matters when you're looking at cash generation. Gold price moving the way it is helps, but what's caught my attention is they've managed to keep production volumes stable while cutting costs, and that's not trivial in a declining ore grade environment. At 267.83 the valuation feels reasonable if you believe rand weakness sticks around, but I'd want to see the next quarterly numbers confirm those cost trends are holding before adding more.
been reading through alibaba's latest quarterly results and the cloud segment is finally showing some real traction, revenue up 24% yoy. the margin expansion is what's catching my eye though, operating leverage kicking in. at 1.28 this feels like people are still pricing in way too much china regulatory risk when the fundamentals are actually moving the right direction. long way to go but first time in a while i'm not fighting the thesis.
Picked up more BVT at 248 after the recent pullback. The logistics and services exposure still makes sense for inflation hedging, and that dividend yield is keeping me honest on the holding period.
Been through the H1 results again. Net interest margin holding up better than I expected given rate cuts, and the wealth management fee income is actually growing decently while the rest of banking gets hammered. At 143.44 the valuation's not exactly cheap but you're paying for diversification across retail, commercial, and the specialist side, which most SA banks don't have. Long term if they can stabilize the loan book and keep NIM from compressing further, there's probably something here.
After reading the latest MD&A, the ad tier numbers are starting to look less like hope and more like actual traction, but I'm not convinced the market's pricing that in properly at 71.71. If they hit 40m ad subs this year like they're guiding, you're looking at margin recovery that Disney couldn't pull off, which changes the long-term story, but the subscriber growth is still slowing and content costs aren't getting cheaper.