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Redefine (RDF) Financial Results for FY25 (565c) 

RDF chart

HEPS: 36.74c (+11.1% from 33.06c)
EPS: 59.45c (+1.1% from 58.79c)
Revenue: R11.007bn (+3.3% from R10.656bn)
Dividend: 45.84cps
Redefine Properties reported a 7.8% increase in annual distributable income, driven by a resilient portfolio and disciplined financial strategy. The group’s conservative loan-to-value (LTV) ratio and strengthened balance sheet provide flexibility to pursue growth amid improving market sentiment. Profit margins remained stable, supported by strong retail and industrial performance, with negligible vacancies and robust tenant health. Retail assets in the Western Cape delivered standout results, reflecting strategic location strength and consumer resilience. Office sector occupancy remains muted, though valuations held firm. CEO Andrew König remarked, “We’re already seeing the bond market pricing in improved sentiment,” citing South Africa’s FATF greylist exit and potential credit rating uplift. These macro tailwinds position Redefine to capitalise on rising investor confidence and liquidity.
Comment: there are plenty of sound metrics to support management’s optimism including the LTV ratio improving from 42.3% to 40.6%, interest cover from 2.1x to 2.2x, occupancy from 93.2% to 93.5% in SA and from 99.1% to 99.4% in Poland. For SA investors the portfolio is both simple and interesting to understand. 22% of the R103bn asset portfolio comprises offices, mainly in Gauteng, and Polish assets comprise 35.2% of Redefine’s total. Retail in SA comprises 28.9% and, in Poland, 28.2%. Other sectors include 12.8% in industrial in SA and 5.1% in logistics in Poland. For SA investors the stock offers an attractive yield and diversification into the growing Polish economy as well as a play on improvement in the Gauteng economy which comprises 46.6% of the total portfolio.

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Altron (AEL) Interim Results for 6M Aug 25 (1816c) 

AEL chart

HEPS: 96c (+22% from 79c)
EPS: 84c (+12% from 75c)
Operating Profit: R549m (+15% from R477m)
Revenue: R4.825bn (−1% from R4.868bn)
EBITDA: R938m (+4% from R905m)
Dividend: 48cps
Operating profit at Netstar rose 54% due to a revised depreciation policy that extended asset lifespans, reducing depreciation by R65m. Excluding this change, Netstar’s operating profit still grew 10%. Altron FinTech’s revenue surged 24%, driven by SME growth and POS device expansion.
Netstar added 248k gross subscribers, reaching 2.1m, with strong enterprise uptake. Altron FinTech expanded its SME base by 40%, processing 20m debit orders worth R24bn. HealthTech saw flat revenue but 21% EBITDA growth, aided by annuity revenue and oncology solution uptake. Digital Business faced headwinds from muted IT spend and OEM rebate changes, prompting a R150m cost-cutting strategy. Altron launched its AI Factory to support enterprise AI adoption.
CEO Werner Kapp remains focused on platform investment and strategic execution: Outlook remains cautious for IT Services, with emphasis on platform-led returns.
Comment: the stock rose strongly from around 855c when Werner Kapp was appointed CEO in September 2022 to 2300 early in 2025 but has retreated due to a muted IT investment climate denting Digital Services revenue by 42% and the anticipated turnaround in Netstar’s Australian business yet to occur. Management is, however, confident that its portfolio is well placed for growth and that its strict cost, capital allocation and other disciplines will yield results. It is guiding for operating profit margin improvement in the platforms businesses from 17% in FY24 to 20% in FY25 and 22% in the next 3 to 5 years and, for the services businesses over the same period, from 2% to 5% and 7%. On a trailing PE of 8.9x and FY26 FDY of 5.8% it is attractively priced but needs better GDP growth to really perform.

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Renergen (REN) Interim Results for 6M Aug 25 (1165c)

REN chart

HEPS: -91.14c (down 99.3% from -45.73c)
EPS: -91.14c (down 99.3% from -45.73c)
Revenue: R29.1m (up 13.7% from R25.6m)
HEPS and EPS nearly doubled in losses due to once-off transaction costs from the ASP Isotopes combination, full commissioning of Phase 1 plant increasing depreciation, previously capitalised costs now expensed, and higher interest expenses. These factors significantly impacted profitability.
During the period, Renergen progressed its strategic combination with ASP Isotopes, incurring related costs and navigating complex regulatory and lender approval processes. The Phase 1 plant was fully commissioned, marking a key operational milestone. However, funding uncertainties and timing of approvals introduced material doubt over going concern status, as flagged by auditors. Despite this, the review opinion remained unmodified.
Comment: CEO Stefano Marani addresses the funding uncertainties at several levels.
The US Government has promised to participate up to $250m and Standard Bank $100m in funding while, following the ASP Isotopes deal, Renergen is part of a larger group with access to markets which understand the need for critical minerals. As regards the delays with Project 1, he says it was the smallest helium plant yet built and none of the established contractors would bid and as a result the contractor appointed was unsatisfactory. Project 2, in contrast, is a turnkey project (contractors take responsibility for, and risk of, delay with the HE4u consortium which includes Chart Industries which has many successful builds under its belt). It also includes WBHO the last of the pre-World Cup Big Five contractors still standing. While this sounds encouraging and may warrant a HOLD position in the stock, we suggest further investment be deferred until the Project 2 financing arrangements are finalised.

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Operating Updates & Trading Statements

Vodacom (VOD) Trading Statement for 6M Sep 25 (13619c)

VOD chart

– HEPS: 459–494c (30–40% increase from 353c)
– EPS: 460–496c (30–40% increase from 354c)
This uplift reflects improved operational leverage and strategic execution aligned with Vodacom’s Vision 2030 ambition for double-digit EBITDA growth.
Vodacom continued to scale its digital ecosystem across Africa, with strong momentum in financial services and platform expansion. Strategic investments in network resilience and spectrum deployment supported improved customer experience and data growth. Regulatory clarity in key markets and enhanced roaming partnerships contributed to operational stability. The one-off cost adjustment, although not detailed, suggests a reversal or reclassification that positively impacted interim earnings metrics.
Management remains confident in delivering sustainable growth, underpinned by disciplined capital allocation and digital transformation. CEO Shameel Joosub reaffirmed Vodacom’s strategic trajectory: “We are executing on our Vision 2030 strategy, driving inclusive digital growth and creating long-term value for our stakeholders.” – Shameel Joosub, CEO. Results due 10 Nov ’25

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Impala Platinum (IMP) Production Report for Q1 FY26 (18778c)

IMP chart

Group 6E production volumes declined 5% to 882koz, driven by a 5% drop in managed and JV operations. Refined and saleable 6E volumes rose 3% to 830koz, while 6E sales volumes increased 7% to 847koz, supported by firmer PGM pricing. Platinum, palladium and rhodium volumes rose modestly, while nickel output surged 15.4% to 4,531t.
Operational disruptions at Rustenburg’s South and Central Shafts, power instability, and furnace maintenance at Zimplats impacted output. Impala Canada and Marula saw lower volumes, while North Shafts and IRS improved.
CEO Nico Muller stated: “Ongoing geopolitical and macroeconomic uncertainty has driven increased demand for supply surety and critical metals security.” Implats reaffirmed FY26 guidance and concluded annual customer contract renewals, citing rising demand. The Group remains focused on safe, consistent delivery and value maximisation amid constrained liquidity and improved investor sentiment.

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Gold Fields (GFI) Operational Update for Q3 Sep 25 (67277c) 

GFI chart

HEPS: 93c (+55% from Q3 Sep 24)
EPS: 98c (+58% from Q3 Sep 24)
Operating Profit: US$1,436m (+52% from Q3 Sep 24)
Revenue: US$2,368m (+39% from Q3 Sep 24)
Gross Profit: US$1,606m (+51% from Q3 Sep 24)
EBITDA: US$1,784m (+54% from Q3 Sep 24)
Dividend: US$0.36 per share
HEPS, EPS, EBITDA, Operating Profit and Gross Profit rose sharply due to higher gold sales volumes, improved production across key assets, and lower capital expenditure. Salares Norte and Gruyere contributed significantly to volume growth, while cost discipline supported margin expansion.
Salares Norte ramped up output by 53% QoQ, reaching commercial production. Gruyere’s acquisition was finalised, consolidating 100% ownership. Tarkwa’s life-of-mine plan was extended with a 70% increase in attributable reserves. Renewable energy projects at St Ives and Granny Smith progressed, with solar and wind installations nearing completion.
Gold Fields remains on track to meet FY25 guidance, with full-year production expected at the upper end of 2.25Moz–2.45Moz. CEO Mike Fraser stated: “We continued to focus on our multi-year safety improvement plan. Gruyere and Salares Norte are expected to drive Q4 growth, while Windfall advances permitting. Tarkwa optimisation and exploration across Australia, Canada and Chile underpin long-term growth. Results due 20 Feb ’26

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Pepkor (PPH) Trading Statement for FY25 (2636c)

PPH chart

HEPS: 153.6c to 167.6c (+136% to +146% from 63.4c)
EPS: 149.6c to 156.0c (+130% to +146% from 65.0c)
Pepkor Holdings grew revenue 12% to R95.3bn in FY2025, driven by strong Fintech and mobile services expansion. Pepkor’s Fintech segment surged 31.1% to R16.6bn, reflecting robust demand for digital financial solutions. Its Flash business thrived in informal markets, expanding mobile connectivity and financial access. Clothing and general merchandise rose 8.9%, while furniture and electronics grew 7.2%. CEO Pieter Erasmus stated, “We have delivered consistent retail performance, strategically executed on our FinTech growth ambitions, and maintained disciplined cost management”. The group’s value-focused model proved resilient amid a muted economic backdrop. Ackermans and footwear recovery is ongoing, with cautious optimism for H1 FY26. Additionally the company announced the acquisition of Legit, Swagga, Style, and Boardmans from Retailability for R1.7 billion. The deal expands Pepkor Speciality’s store base to over 1,000, enhances adult wear and homeware offerings, and was finalised after regulatory approvals on 2 November 2025. Results due 25 Nov ’25

 

Truworths (TRU) Business Update for 18W to 2 Nov 25 (5363c)

TRU chart

Group revenue was flat year-on-year at R7.2bn, with gross profit margin improving. Truworths Africa saw a 4.0% decline in retail sales, while Office UK grew 6.0% in GBP terms. Online sales in Africa rose 23.3%, contributing 8.3% to segment sales. Credit sales declined due to cautious lending, but receivables quality improved. Office UK continued to outperform despite macroeconomic headwinds, supported by strong brand appeal and online capabilities.
Strategic initiatives to reposition Truworths Africa include distribution centre consolidation and cautious credit extension. Trading space is expected to grow 1% in Africa and 10–12% in the UK. CEO Michael Mark remains optimistic: “Office UK’s unique positioning and brand strength continue to attract top global footwear brands, reinforcing our growth strategy.”

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Snippets

Spear REIT (SEA) finalised the R455m acquisition of Maynard Mall in Wynberg on 31 Oct, transferring ownership of ten Cape Town properties and the rental enterprise. The deal boosts Spear’s gross asset value to R6.2bn, market cap to R4.6bn, and expands its Western Cape-only portfolio to 513,286m² GLA, with a conservative LTV of 18%–19%.

FirstRand (FSR) remains opposed to the UK FCA’s proposed redress scheme for historic motor finance commission practices, citing disproportionate scope and methodology misaligned with actual customer loss. The scheme may require further provisioning, but adjustments will only follow finalisation. FirstRand warns of broader UK credit supply contraction and reserves legal rights if outcomes prove unfair or economically damaging.

Vodacom (VOD) settled the 17-year Please Call Me dispute with Kenneth Makate for $32 million (approx. R600 million), ending prolonged litigation over compensation for the idea. The agreement was reached out of court and finalised on 4 Nov ’25. Vodacom withdrew its appeal and abandoned the 2022 High Court judgment, with the settlement reflected in its interim results.

Exxaro (EXX) completed the R250m sale of its FerroAlloys unit to EverSeed, a 100% black-owned energy and resources investor. The deal supports Exxaro’s strategic focus on coal, energy solutions, and transition metals. Management and employees retain stakes, ensuring continuity. CEO Ben Magara praised the move as enhancing industrial resilience and export competitiveness while empowering local ownership. Effective 31 Oct ’25.

Blue Label Telecoms (BLU) plans to streamline its balance sheet by listing Cell C separately on the JSE. Through its subsidiary The Prepaid Company, BLU will raise R7.7bn via a private placement, using proceeds to settle debt, pay dividends, and fund working capital. The move supports BLU’s strategic exit from direct telecom operations while retaining upside via Cell C’s growth.

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