Research

For the fiscal year ended March 31, 2024, TFG reported robust financial results despite challenging macroeconomic conditions. The group achieved a record revenue of R60.1 billion, marking an 8.9% increase from R55.2 billion in FY2023. Headline earnings grew slightly by 0.8% to R3.14 billion.

Capitec has exhibited stable performance on the JSE over the past three months (Jan 2024 – Apr 2024). While significant price fluctuations haven’t been observed, the share price has seen a modest increase. Specifically, year-to-date (YTD) the price has grown by 7.28% compared to the beginning of 2024.

MultiChoice’s share price performance in 2023 was quite volatile, with both significant gains and losses throughout the year. The price fluctuated significantly, reaching a high of R147 in March and a low of R74 in September.

Over the past 3 months, Grindrod has outperformed the JSE Top 40 Index, gaining 18.13% compared to the index’s return of 5.37%. This performance is likely due to a number of factors, including strong demand for shipping services as global trade rebounds from the COVID-19 pandemic.

In June, the JSE listed property experienced a modest recovery, in line with the overall market, as improved market sentiment was driven by positive developments in the US debt ceiling and employment figures.

The defensive SA portfolio continues to perform well. We reiterate a BUY recommendation with a target price of R45.92.

In June, the JSE listed property experienced a modest recovery, in line with the overall market, as improved market sentiment was driven by positive developments in the US debt ceiling and employment figures.