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You're listening to Strictly Business
Podcast with Lindsay Williams.

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JSC has closed its doors for another day,
so it's time for the five o'clock shadow.

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And as always on a Wednesday, I speak to
Skulk Lowe, who's a portfolio manager at

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PSG Wealth

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Old Oak in Cape Town.

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Skulk, we always say to ourselves before
we come on air, we say we're going to make

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it short this week, Lindsay, because I've
got to do this.

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And yeah, I agree, Skulk, I've got to do
that.

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And then we end up with a half hour chat.

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I'm not going to say it this week because
there's so much to talk about.

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And therefore it will be a long chat, like
it or not.

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Can we start off with the JSC, please?

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And a share...

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You know so well.

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I know.

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The markets could be closed and it would
still be half hour with you.

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Skulk, tell me about the JSC and the Stock
Exchange News Service results,

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announcements, et cetera,

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and a share called Kuro Holdings Limited.

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What is that?

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What's happened?

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It's up 50%.

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Why?

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Yeah.

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I mean, so let's firstly start.

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They actually released the six-month end
at results today.

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And for anybody listening to this podcast
now thinking that the results had anything

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to do with it.

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Nothing.

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They were rubbish.

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I know.

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I know.

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It was boring results.

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I mean, revenue up 4.7%.

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EBITDA was flat.

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0.2% higher or something.

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And I thought, what is this now?

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Where's the sentence I'm looking for?

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And then, there it came.

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The firm intention announcement coming
from Janne Merton Stichting.

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They actually mentioned that they, and
currently they own about 3.4% of Kiro.

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And we know that some of the shares that
they still hold is Capitec and our

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company, PSG Financial Services.

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And they came out this morning and said,
well, that's it.

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They are happy.

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They want to make a firm offer to buy the
whole of Kiro. Goodness me.

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And remember, the share price closed at
8,13. Yes,

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I've got it in front of me.

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8,13.

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And this, if you equate this, the offer,
this is for listeners that didn't switch

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on their radio,

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didn't watch any Bloomberg or screens
today.

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Effectively, what the offer is, We're
looking at about...

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just show up 86 cents per share they're
going to offer that and then they're going

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to give you a bunch of for the offering

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about capitex shares and also phd
financial services and if you add all of

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these together this offer

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together it equates to on yesterday's
closes to

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about let's go to 13 rand per share for
kiro and then there we go you know 8 grand

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13 close yesterday

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offer 12, 13, rant, Mr.

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Market, just say.

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Where do I sign?

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And it was a wonderful, wonderful day.

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What I found interesting, Lindsay, was I
did have a bit of a pullback.

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Now, we'll chat about the JSC in general,
but the JSC struggled a bit.

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Some of the resources, they were under
pressure today, and the market was, let's

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call it,

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anything between half a percent to one
percent down during the course of the day.

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But Stadia interests me because when this
announcement came out, I think for that,

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let's call it an hour,

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hour and a half after the announcement
came out.

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The company of Kiro, of course.

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Yeah, Stadia was trading 2% to 3% higher.

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So I think the market is looking at this
and asking the question.

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That's what I read into this.

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I think they're asking the question, are
we going to see

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Jannie Maton Stichting stop at Kiro?

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Or will they be looking?

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to to to to bite into to stadio as well be
there as a may let's not um change the

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subject you know from

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stadio to from kiro to stadio um and this
is you know for the kiro shell that's

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that's been sort of

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waiting don't know should i be holding
should i be selling i mean the share price

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it's been uh sort

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of not going going anywhere because as we
mentioned that the the um uh the results

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weren't that great.

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I mean if we look at Earlier this year,
end of last year, share price,

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it was trading at 13 rand per share,
twiddled down all the way to 8 rand.

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And yeah, today, what a movement.

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Very nice.

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You can just imagine an investor that just
receives a phone call saying, Mr.

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Lowe, we've got your stockbroker on line
four.

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Okay, put him through.

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What's he got now?

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And he tells you that news.

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It must be wonderful.

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What a lovely call to make.

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Oh, no, I think it's, well, you know, if
you bought it in the past, it's got two to

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three months.

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It's a lovely call to make.

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But as I mentioned, I mean, if you had the
stock, you know, for many, many years, and

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when I say many, many years,

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let's say if you had the stock for the
past 10 years, I mean, the share price

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literally 10 years ago,

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you know, what it was trading around
about, let's go to 25, 26.

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I thought around 20.

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Yes, yes.

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I remember that.

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It was all the rage.

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Now, there's two things you can say here.

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This is a vote of confidence.

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in South Africa because it means that
there's going to be lots of people that

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have enough money to send their kids to
the type of education that Kiro

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Holdings offers or it's a vote of no
confidence in the government because they

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can't provide it yeah I

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think um be

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that as it may I know um enough okay I
know Yanni Matone is not but I know

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the people at at uh let's call it the the
animatron Stichting, they still look at

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at great opportunities so that they must
look at this not just in terms of uh no

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confidence they still i think they look at

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at the whole cure it's got a business um
thesis that it's

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it's still positive going out you know
looking at the future okay

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very good big corp also out with results
share price down about three and three

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quarters percent what happened there

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uh let's say At first glance, I don't
think that BitCorp's results looked bad.

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I mean, when you look at the EPS, EPS came
out

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25,000, 63.

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I've got consensus in front of me, 25,000,
45.

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So that's a slight, slight beat.

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When you, and I know you love doing this,
when you take your financial results, you

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usually go straight to the end,

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the outlook.

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and the management outlook and overview,
they actually mentioned very,

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very lightly that the food inflation is
ticking upwards.

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Now, when you're a consumer, you don't
want to see food inflation goes up because

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that'll hurt your pocket.

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But for a company like Bitgob, providing
this food, producing these food,

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delivering these foods,

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food inflation is naturally positive.

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So.

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They did show a positive outlook.

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But I just think the market, I mean, this
is a company that's always been trading at

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a,

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let's call it a higher multiple.

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It's a company that I love.

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I'm not invested.

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Cards on the table, I always want to be
invested.

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It's like that, let's call it the clicks
and those type of companies that's trading

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at higher multiples.

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That's great management.

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And it's a well-diversified company.

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You know, for the listeners out there,
they...

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They produce or deliver food to
restaurants.

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And when you look at their revenue per
region, Europe makes up close to, yeah,

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a little bit more than a third of the
revenue.

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The UK is about 29%, Australasia 19%, and
the rest is emerging markets.

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So you've got such a well-diversified
company,

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giving you income of close to, when I say
income, that's dividend.

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to two odd percent that was up 6.4 so yeah
i i think it's just i think the market

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just

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expected more there wasn't there wasn't
any good enough reason for me for the

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share price to to be hammered you know two
two and a half

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percent today but market market just uh
maybe expected more okay

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what else we got the fmac came out with an
update share price down to an opposite

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nice company outshurants came out with a

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voluntary trading update share price up by
two and a half percent So we have to clear

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the decks now.

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and I have to sound the trumpet and
congratulate you on your sassle call

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because after its

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results, this thing was up 10% on the day
a couple of days ago.

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Scott, well done.

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I'm just scared to talk about it again.

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You talk about it.

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Go on.

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Give us the pertinent salient points.

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I was very sceptical about this, but
goodness me, what on earth sparked this?

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I mean, we had a guidance, didn't we?

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I gave it the kiss of death.

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Now, I thought for the listeners out
there, why are we sort of tongue in the

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cheek?

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I mean, I came out and this is one of my
stock picks.

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I was verbal because it's been a company
everyone knows that's been under so much

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pressure over

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the past, let's call it 18 months.

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And then I think about three or four weeks
ago, I just blew the trumpet.

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I said, this is the time.

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I think it's time to get back into social.

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I'm not f***ing with you.

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I think the next day it dropped like 10%,
15%.

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So, yeah, I'm not going to say anything.

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I'm not going to give any calls.

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I'm just saying that results actually
surprised on the upside.

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I mean, it does seem like things are
improving.

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I mean, the free cash flow, that was up
75%.

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The net debt, now remember we know that
they had this inflow,

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that transit money that they paid them.

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There was a few inflows to the net debt.

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That's down 13%.

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That's the biggest worry.

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But, I mean, turnover was up 9%.

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Every DAW was looking better.

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I mean, everything just looked better in
general.

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And they did guide.

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I think it was about two weeks ago, a week
and a half ago, they did guide.

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But the actual results that they released
eventually came out on the upper band of

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the guidance,

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which is always good for a company like
Sasol.

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Yes, it is.

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But anyway, well done.

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What is it trading at now on the day?

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It was about 120, the results day.

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Where is it now, Skunk?

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Yeah, I'm not going to get away with that
one so easy.

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Today it's down 2.8%, following most
resources companies, trading at 115 rent,

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05.

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Still, I mean, that was just a trading
thing and short covering and everything

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with the results surprise, but very good.

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It's established a new trading band, I
think.

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Now, the other one that we briefly ought
to mention, which is not for widows or

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orphans or both, Blue Label Telecom's down
about 17%

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after results.

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I don't know what's happening with this
company.

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I don't know.

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I just wouldn't touch it.

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And that's nothing against the two chaps
that started it.

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Yeah, I mean, OK, I'm not invested.

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I don't know enough in the company to give
really a solid recommendation.

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I mean, one should just remember that this
company has done close to 180% up to

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yesterday, year to date.

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So it's been on the JSC, been one of the
star performers.

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Again, I don't know enough, but looking at
the results, and I did look at the

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results,

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it looked pretty good.

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I don't think that, you know, when you
look at the revenue.

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That was up, let's call it 7%.

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The gross profits, that was up.

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Margins were up.

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Core headline earnings, that was up a
crazy amount.

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And they actually came out and said, well,

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they're looking at doing a separate
listing for sell C in October.

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So that, I think, would be a positive sign
for them.

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But the market sort of took this and
immediately after the results came out, it

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dropped just over 6%.

245
00:12:43.509 --> 00:12:48.050
And then, as you mentioned, it just went
from bad to worse because, yeah,

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you mentioned share price down 17.8%.
Again, it's not one of the most liquid

247
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companies.

248
00:12:57.675 --> 00:12:59.941
It's been a company that's been under
pressure.

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00:13:00.425 --> 00:13:03.566
And, yeah, we'll need to see what's going
on there.

250
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Okay.

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00:13:04.925 --> 00:13:06.363
Let's move to the United States now.

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And the good old day, Skulk, when I
started and probably you started as well,

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I used to look forward to...

254
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an event you couldn't schedule a lunch on
jobs day which would be the first friday

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of the new month the us jobs

256
00:13:21.164 --> 00:13:26.387
non-farm payrolls number then you got
inflation sort of taking over in

257
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importance so you couldn't have lunch on

258
00:13:28.387 --> 00:13:33.426
cpi day now you have a look at both so
that's two lunches out the way and now

259
00:13:33.426 --> 00:13:35.426
you've got a at least you don't have to
worry

260
00:13:35.426 --> 00:13:40.285
about lunch because you have to watch
nvidia because it's eight percent of the s

261
00:13:40.285 --> 00:13:42.285
p and its results are out after the market

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00:13:42.285 --> 00:13:45.917
closes tonight an important event if it's
eight percent of the s&p it affects

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everything

264
00:13:47.917 --> 00:13:48.018
it's it's going to be massive

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um i i mean it seems like i'm giving
giving david um you know free mileage

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every

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week now but i mean i don't know did you
ever chat with him at lunchtime again

268
00:14:01.175 --> 00:14:03.175
today yeah yeah we

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00:14:03.175 --> 00:14:03.346
had a conversation and and i

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said well anything you you're watching and
he says yep nvidia i mean I'm calling

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NVIDIA.

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00:14:11.112 --> 00:14:13.112
I'm telling you, by the end...

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of today, I'm going to quote, unquote,
it's either going to be up 10% or it's

274
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going to be down 10%.

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I'm leaning towards the up 10%.

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00:14:21.819 --> 00:14:26.444
I think, of course, you just love his
techie stuff, but that, I think,

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00:14:26.905 --> 00:14:31.014
is the best explanation of what to expect
for Naveed.

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00:14:33.530 --> 00:14:40.421
We know that there's some let's call it
the beat thus

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00:14:40.483 --> 00:14:41.183
far.

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00:14:41.183 --> 00:14:44.675
I mean, 80% of the companies that reported
on the S&P 500 beat.

281
00:14:45.058 --> 00:14:50.620
And some of these big tech companies,
we're talking about the likes of the

282
00:14:50.620 --> 00:14:52.620
Metas, those companies did beat as well.

283
00:14:52.620 --> 00:14:54.620
So

284
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I would be really surprised if they
disappoint and not beat.

285
00:14:59.136 --> 00:15:01.276
It's just going to be, you know, what type
of...

286
00:15:01.433 --> 00:15:04.433
It's the outlook that is really the key.

287
00:15:05.011 --> 00:15:09.839
This is when my philosophy of going
straight to the end of the results and

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00:15:09.839 --> 00:15:10.086
reading.

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00:15:10.152 --> 00:15:17.138
really comes to the fore because everyone
will say goodness me they beat analyst

290
00:15:17.138 --> 00:15:19.138
expectations then you go to the end and
the boss says things

291
00:15:19.138 --> 00:15:23.588
don't look so good for the next six months
because of uh policy uncertainty or

292
00:15:23.588 --> 00:15:25.588
whatever he says that'll be the key skulk

293
00:15:25.588 --> 00:15:30.056
yeah yeah yeah this is a 4.4 trillion
dollar company and as you mentioned makes

294
00:15:30.056 --> 00:15:32.056
up over

295
00:15:32.056 --> 00:15:35.431
yeah yeah yeah and it makes up over 8% of
the S&P 500.

296
00:15:35.978 --> 00:15:38.775
And, I mean, it's...

297
00:15:39.304 --> 00:15:43.608
done phenomenal this year i don't have the
growth right but i think it's up

298
00:15:44.089 --> 00:15:51.034
28 or 30 again this year so it's it's uh
it could be even more um but it's it's

299
00:15:51.034 --> 00:15:53.034
it's been a

300
00:15:53.034 --> 00:15:58.190
crazy growth so yeah you're right it's
gonna it's gonna be the outlook um you you

301
00:15:58.190 --> 00:15:58.516
need

302
00:15:58.516 --> 00:16:05.128
to really really hit the ball on it on the
the sweet spot in a if you have four point

303
00:16:05.128 --> 00:16:07.128
four trillion

304
00:16:07.128 --> 00:16:12.385
dollar company and at the growth rate that
we've seen over the past few years let's

305
00:16:12.385 --> 00:16:14.385
see i think i think it's going to be

306
00:16:14.385 --> 00:16:19.210
it's going to be fun thing to to to watch
i i do think it's going to be sort of a

307
00:16:19.210 --> 00:16:21.210
non-event for for us africans because
they're only

308
00:16:21.210 --> 00:16:22.077
going to report after the market close but
uh

309
00:16:22.718 --> 00:16:26.999
yeah let's see see what happens until then
okay very good actually

310
00:16:27.000 --> 00:16:33.358
we got through things quite quickly by by
our lofty standards so let's go now to the

311
00:16:33.358 --> 00:16:35.358
markets yeah we're still uh

312
00:16:35.358 --> 00:16:40.409
anyway it doesn't matter what we Let's
have a look at the market because I got

313
00:16:40.409 --> 00:16:42.409
the dollar round at 17.72, barely changed.

314
00:16:42.409 --> 00:16:43.452
The British pound against the round is
23.87.

315
00:16:43.453 --> 00:16:45.394
The euro round is 20.57.

316
00:16:45.395 --> 00:16:48.519
The euro dollar is 1.1610.

317
00:16:48.520 --> 00:16:52.808
That's a dollar that is quite a bit
stronger than this time yesterday.

318
00:16:52.948 --> 00:16:59.402
But, yeah, it's waiting for all sorts of
different things, notably the Fed in, what

319
00:16:59.402 --> 00:17:01.402
is it, a couple of weeks' time.

320
00:17:01.402 --> 00:17:01.573
But anyway, what else have we got?

321
00:17:01.589 --> 00:17:02.464
We've got the gold price.

322
00:17:02.527 --> 00:17:04.745
I've got some interesting gold news for
you, actually.

323
00:17:05.564 --> 00:17:12.470
And actually, I'll tell you off air,
because otherwise we're going to be here

324
00:17:12.470 --> 00:17:14.470
until after my dinner time.

325
00:17:14.470 --> 00:17:16.673
The gold price is 33.89, which is down
slightly.

326
00:17:17.197 --> 00:17:18.400
Now let's go to the white metals.

327
00:17:18.401 --> 00:17:21.361
13.47 for the platinum, barely changed,

328
00:17:21.362 --> 00:17:25.970
and palladium just up a tad at 10.99 and a
half.

329
00:17:26.064 --> 00:17:31.330
Crude oil had a horrible day yesterday,
down over 2%, 2.25% in fact.

330
00:17:31.704 --> 00:17:37.591
It's clawed back 0.7% today with Brent
Crudeau of $67.67 and West Texas

331
00:17:37.630 --> 00:17:43.833
$63.75, $63.75 per barrel.

332
00:17:44.497 --> 00:17:49.122
The Bitcoin price was below $109,000
yesterday,

333
00:17:49.200 --> 00:17:51.747
currently exactly $112,000.

334
00:17:51.748 --> 00:17:56.685
And the US 10-year Treasury bond doing
quite nicely, the yield falling in other

335
00:17:56.685 --> 00:17:56.900
words,

336
00:17:56.900 --> 00:17:59.107
just over 4.25%.

337
00:17:59.185 --> 00:18:00.700
S&P 500 futures.

338
00:18:01.044 --> 00:18:08.013
64.91 that's the september futures up nine
points but it means nothing because

339
00:18:08.013 --> 00:18:10.013
everyone's waiting

340
00:18:10.013 --> 00:18:14.739
for nvidia south african 10-year bond is
below 960 just by by 50

341
00:18:14.817 --> 00:18:17.325
basis points 5.5 9

342
00:18:17.966 --> 00:18:24.935
5 skulk let me give you my ups and downs
on the jsc and you can agree

343
00:18:24.982 --> 00:18:29.091
with them and add a couple of your own
i've got to the upside aspen

344
00:18:29.396 --> 00:18:34.199
The much maligned Aspen is top of the
board, up just over 6%.

345
00:18:34.941 --> 00:18:37.164
Woolies up 5.75%.

346
00:18:37.165 --> 00:18:40.367
Richemont up 4.2%. Kumba Iron Ore,

347
00:18:41.328 --> 00:18:44.274
don't forget to remind me to tell you
about Woolies as well off air.

348
00:18:44.594 --> 00:18:46.195
Richemont up 4.2%.

349
00:18:46.196 --> 00:18:48.117
Kumba Iron Ore up 3.75%.

350
00:18:48.492 --> 00:18:49.820
Carew up 2.8%.

351
00:18:50.149 --> 00:18:53.383
Blue Label down 17.75%.

352
00:18:53.399 --> 00:18:57.602
Sebanier is just over 5.5%.

353
00:18:57.603 --> 00:18:58.586
Weaker, Valterra.

354
00:18:59.340 --> 00:19:05.388
uh formerly anglo-american platinum down
5.4 implants down four and a quarter and

355
00:19:05.388 --> 00:19:07.388
african rainbow minerals down

356
00:19:07.388 --> 00:19:12.115
3.7 so the white metals getting getting
stuck today yeah none of them are extiffs

357
00:19:12.169 --> 00:19:19.076
that's uh yeah that's that's usually
surprising if you if you read those type

358
00:19:19.076 --> 00:19:21.076
of movements in the market usually one or

359
00:19:21.076 --> 00:19:25.326
two sticks out as being an exter, but none
of them, none of them, exter for today.

360
00:19:26.368 --> 00:19:27.149
Okay.

361
00:19:27.229 --> 00:19:29.972
Have you got any others apart from those
ones, or did I cover it?

362
00:19:30.771 --> 00:19:31.712
No, you covered them all.

363
00:19:31.955 --> 00:19:32.655
Very good.

364
00:19:32.655 --> 00:19:33.194
Okay.

365
00:19:33.194 --> 00:19:35.337
In that case, give us the closing JSC
indices, please.

366
00:19:36.298 --> 00:19:41.900
So the JSC for today, as I mentioned
earlier, did close down,

367
00:19:41.986 --> 00:19:47.087
so down 42 basis points at 102,007 points.

368
00:19:47.666 --> 00:19:52.791
Resources down 74 basis points, while the
industrials were down 58 basis points.

369
00:19:53.322 --> 00:19:56.971
both the financials and the SA property
index bucked the trend.

370
00:19:56.991 --> 00:20:02.454
They were up 17 basis points and 34 basis
points respectively.

371
00:20:03.196 --> 00:20:07.024
When you look at the daily trade, value
trade through the market, not a bad day.

372
00:20:08.102 --> 00:20:11.844
Well, it's not your close to 66 billion
that we saw yesterday,

373
00:20:12.391 --> 00:20:16.329
but I'll take the 24 billion for today,
any day.

374
00:20:16.485 --> 00:20:18.016
Very nice indeed, Skalk.

375
00:20:18.079 --> 00:20:19.438
Thanks very much for your time.

376
00:20:19.547 --> 00:20:20.657
We kept it down to...

377
00:20:21.400 --> 00:20:23.084
20 minutes and 50 seconds.

378
00:20:23.124 --> 00:20:24.769
Congratulations to both of us.

379
00:20:24.788 --> 00:20:30.620
Skalklo is a portfolio manager at PSG
Wealth Old Oak in Cape Town, and that was

380
00:20:30.620 --> 00:20:32.620
the 5 o'clock shadow.

381
00:20:32.620 --> 00:20:38.158
The views and opinions expressed in these
podcasts are those of Lindsay Williams and

382
00:20:38.158 --> 00:20:40.158
various contributors and do not reflect
the policy,

383
00:20:40.158 --> 00:20:41.904
position or opinion of any other agency,
organisation,

384
00:20:42.240 --> 00:20:46.865
employer or company associated with
StrictlyBusinessPodcast.com.

385
00:20:47.342 --> 00:20:54.311
Assumptions made on the analyses are not
reflective of the position of any other

386
00:20:54.311 --> 00:20:56.311
entity other than the speaker or the
author

387
00:20:56.311 --> 00:21:00.498
and since we are critically thinking human
beings these views are always subject to

388
00:21:00.498 --> 00:21:02.498
change, revision,

389
00:21:02.498 --> 00:21:02.624
and rethinking at any time.

390
00:21:02.926 --> 00:21:05.340
Please do not hold us to them in
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