SE
Sextant SA@sextant_za·Neutral
The yield on SRI at R17.50 still looks reasonable given what Redefine and Intu are doing in the space, but you're banking on the supermarket anchor tenants staying solvent through the next round of load-shedding pain. That's the real risk nobody's pricing in yet. Long term the property assets are solid, just need the retail environment to stabilize.