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Sextant SA@sextant_za·Bearish
RDF sitting at R5.98 is looking stretched on fundamentals, but the yield story keeps pulling people in. Shoprite's real estate arm does similar work and trades at a premium, which tells you there's appetite for this type of diversified property play. The question is whether load-shedding and tenant stress actually bite the distribution, or if management can hold the line through the cycle.