Ghost Bites
Ghost Bites (Cell C | Ethos Capital | Mustek | KAP)
Cell C's maiden results as a listed company show us their growth engines, but also expense pressures. KAP is looking much better than before, and so is Mustek. Ethos Capital is repurchasing 41.5% of its shares in issue.
Ghost Bites
Ghost Bites (AB InBev | Altron | Brimstone – Sea Harvest | British American Tobacco | South32 | Tongaat Hulett)
AB InBev's beer volumes are dropping, while British American Tobacco reminds us what an industry in decline looks like. South32 did well overall. Altron has flagged higher earnings. Brimstone has been boosted by Sea Harvest. The show is sadly over at Tongaat Hulett, with disastrous effects on the sugar value chain.
Ghost Bites
Ghost Bites (Aspen | Capitec | City Lodge | Nampak | Pan African Resources | Trustco)
Capitec's excellent growth story continues. Pan African Resources made a fortune in 2025. Aspen's interims are predictably awful, but they are looking to the future. Nampak's business update is encouraging. City Lodge's growth was offset by currency moves. Trustco's Meya Mining raised debt for its diamond mining ambitions.
Ghost Bites
Ghost Bites (Powerfleet | Trellidor | Standard Bank)
Powerfleet is closer to achieving a net profit. Shock and horror: Standard Bank is not actually trying to acquire other banks. Trellidor's earnings have collapsed - will the turnaround ever come?
Ghost Bites
Ghost Bites (Bidvest | DRDGOLD | Hyprop | Metair | Northam Platinum | Orion | Pick n Pay | RMB Holdings | Vukile Property...
Pick n Pay looks more like a basket case by the day, with losses increasing rather than improving. RMB Holdings announced an offer by the Atterbury consortium. Vukile Property Fund's local festive numbers look good. Other updates came in from Bidvest, DRDGOLD, Hyprop, Metair, Northam Platinum and Orion Minerals.
Ghost Bites
Ghost Bites (Gold Fields | Discovery – Growthpoint)
Gold Fields' HEPS more than doubled in 2025 as the gold sector continues to print cash. Discovery and Growthpoint have announced a deal for the Discovery head office - is it possible that they are both winners in the transaction?
Ghost Bites
Ghost Bites (Anglo American | ArcelorMittal | Boxer | Glencore | Hudaco | KAL | Kumba | Lesaka | MTN | Prosus – Naspers...
Glencore has walked away from Rio Tinto discussions. MTN and Super Group are busy with acquisitions. Anglo American, Kumba Iron Ore and Valterra Platinum gave production updates. Sasol is suffering with weak oil prices. ArcelorMittal is just suffering with everything. Prosus released a shareholder letter. Lesaka Technologies reported its first positive net income. Boxer, Hudaco and KAL also gave important trading updates.
Ghost Bites
Ghost Bites (Rainbow Chicken | Sappi | Sea Harvest | Vodacom)
Rainbow Chicken's earnings have doubled, while Sea Harvest's earnings have quadrupled! Vodacom is making hay while the sun is shining in Egypt. Sappi is trading at COVID and GFC levels and expects more pressure on earnings in the next quarter.
