Ghost Bites
Ghost Bites (ADvTECH | Fairvest | Heriot REIT | Hulamin | Oceana | PSG Financial Services | Thungela | Vukile Property Fund)
ADvTECH's education business is doing well. Fairvest, Heriot REIT and Vukile Property Fund demonstrate the strength of our REITs. PSG Financial Services just keeps growing. Oceana is a mixed bag. Hulamin and Thungela are tough stories.
Ghost Bites
Ghost Bites (Hulamin | Labat Africa | Premier | The Foschini Group | York Timber)
Premier is the star of the show. The Foschini Group's trading statement is worrying. Hulamin made losses in 2025. York Timber needs a new CEO. Labat Africa has done a deal with pricing that looks almost too good to be true.
Ghost Bites
Ghost Bites (Aspen | Exxaro | Investec | Momentum | Schroder European Real Estate)
Aspen has released the APAC deal circular. Exxaro's dividend is much higher. Investec's UK business is lagging. Momentum is largely positive. Schroder European Real Estate remains unappealing to me.
Ghost Bites
Ghost Bites (Astral Foods | BHP | Ethos Capital | iOCO | Master Drilling | PPC | Sabvest | Vukile Property Fund)
BHP, the world's biggest mining house, has a new South African CEO. Astral Foods is printing money. iOCO, PPC and Sabvest are also doing well. Master Drilling had a somewhat flat year in earnings. Vukile is acquiring a property in Spain. Ethos Capital is in the final stages of unlocking value.
Ghost Bites
Ghost Bites (Libstar | Mr Price | Old Mutual | Primary Health Properties | SPAR | STADIO | Woolworths)
Libstar is doing much better than before. In related sector news, Woolworths is acquiring in2food from Old Mutual Private Equity. Separately, Old Mutual released results for 2025. Mr Price is still trying to convince the market that NKD is a good deal. STADIO is growing beautifully. SPAR has launched a voluntary severance programme. Primary Health Properties released results.
Ghost Bites
Ghost Bites (MTN | Optasia | South32 | Sun International)
MTN has over 300 million customers, a great growth story, and sadly a headache in Iran. Optasia's numbers are good, but what is this related party deal? Sun International has performed very well vs. the market. South32's Mozal Aluminium smelter is on care and maintenance.
Ghost Bites
Ghost Bites (Mahube Infrastructure | MC Mining | MTN Uganda | Remgro | SA Corporate Real Estate | Texton | York Timber)
Mahube Infrastructure has released the offer circular - and the price is below the fair value range. MTN Uganda keeps doing well. Remgro's trading statement is encouraging. Other updates came in from MC Mining, SA Corporate Real Estate, Texton and York Timber.
Ghost Bites
Ghost Bites (MTN Rwanda | Resilient REIT | Sanlam | Standard Bank | Woolworths)
Growth in Africa is visible at Standard Bank and MTN Rwanda. Woolworths has a new CEO - and it's an internal appointment this time. Resilient REIT achieved double-digit dividend growth. Sanlam's results are complex.
