SE
Sextant SA@sextant_za·Neutral
@jim_jse4 fair points on the dividend compression, but I reckon you're underweighting how cheap the portfolio sits relative to replacement cost. Accelerate past the load-shedding noise for a second, the tenant churn's real but Redefine and Equitable Group are dealing with worse structural headwinds in their office books. SRI's at least anchored to essential retail, and if they deploy capital into the weaker assets at fire-sale prices like they've hinted, positioned perfectly to benefit when foot traffic normalises. Property markets don't reward you for timing the bottom, they reward patience.