Christina

The Heneck family owns "The Crazy Store", South Africa’s largest discount variety chain with 500+ stores. They keep a low profile and are rarely in the spotlight. Despite attractive buyout offers for Melbro over the years, they’ve stayed private with no plans to list.

One side of Investec has 128 000 private banking clients and charges R705 a month. Only people earning R800 000+ qualify. The other side of Investec is about to power Shoprite’s low fee debit account for millions of South Africans. $JSESHP $JSEINL

Investec built its whole brand on being this ultra-exclusive private bank… Now they will be behind the Shoprite debit card. This will expand their retail deposits and transaction volumes. $JSESHP $JSEINL

AMD $AMD : If you own AMD or follow the stock, this research note is worth a look.

Purple $JSEPPE released a trading statement for the year ended 31 August 2026 HEPS is up 22.3%-32.3% to between 5.26c - 5.69c per share. The midpoint of the guided range for the full year is 5.48c

If you bought the Cell C IPO at R26.50 and the Optasia IPO at R19 in November last year... Cell C is now sitting at R24.99 (-5.7%) Optasia is at R16.89 (-11.1%) IPO investors are sitting on a loss and still waiting to break even. $JSECCD $JSEOPA

Woolworths $JSEWHL spent $2.1 billion to buy David Jones in 2014. They cut their losses and dumped it for less than $100m in 2023. And now David Jones has gone bust just before Christmas.

CMH $JSECMH : Jebb McIntosh has passed away. He was 80. He was 50 years at CMH, the co-founder & CEO and was an absolute giant in the motor industry. He built it from the ground up and was still in the office directing things right up until the end.

Goldrush $JSEGRSP : The High Court threw out the National Lottery licence for being awarded illegally. This is a setback for Piet Viljoen & Jan van Niekerk at RECM. They are major shareholders and RECM manages Goldrush.

Coronation $JSECML scrapped performance fees on their big funds (Equity, Top 20, SA Equity & others). From October, it’s a fixed fee of 1.4% for retail investors. It's a shift in their business model. It's less upside for them in strong years, but more predictable revenue.

DisChem $JSEDCP : CEO Rui Morais says Checkers Sixty60 is a bigger threat than Clicks. At this point nobody is safe from Shoprite. They already own groceries and now they’re coming for pharmacies with Medirite.

Naspers + Prosus weight in the Top 40 has been cut almost in half. Aug 2025: Naspers 14.1% | Prosus 4.7% Sep 2026: Naspers 7.5% | Prosus 2.6% They’re a massive drag on the JSE and they’re holding the index back, since Gold, PGMs and the banks are higher over the same period.

Piet Viljoen & Rudi van Niekerk’s Merchant West SCI Value Fund Top 10 holdings (as of 30 Sep 2026): 1. Sasol 7.7% 2. Sabvest 6.0% 3. Naspers 5.8% 4. FirstRand 5.3% 5. Standard Bank 5.1% 6. Argent 5.0% 7. HCI 4.9% 8. Valterra 4.0% 9. Momentum 3.4% 10. Oceana 3.3%

Pick n Pay $JSEPIK : CEO Sean Summers admits that Shoprite is "one of the best retailers in the world" and they getting outclassed. It's rare to hear a CEO say that out loud. They’ve been taking a hiding for years and still don’t have a proper answer to Shoprite.

The Top 10 holdings of John Biccard’s Ninety One Value Fund (at end September 2026) : • Truworths 8.2% • Harmony 8.2% • Life 6.3% • Pick n Pay 4.8% • AECI 4.7% • Reunert 4.4% • AVI 4.2% • Raubex 4.2% • Tsogo Sun 2.4% • Remy Cointreau 2.3% Top 10 = 49.7%

Meta $META : If you own Meta or follow the stock, this research note is worth a look.

Sipho Maseko (Ex Telkom CEO) whose supposed to provide independent oversight at Shoprite, Motus and KAP is a director of five companies that didnt submit tax returns. He was charged by SARS and paid R85k to make it go away. This is not a great look for an independent director.

Sygnia $JSESYG : CEO Magda Wierzycka already owns 43% of Sygnia (worth R2.2bn) and collects massive dividends. Now she wants to hand out R600m in 1c shares to herself and the executive team. And if shareholders question her, she's hinting that she might leave as CEO.

Stephen Gleisner built "The Courier Guy" from nothing and sold it for hundreds of millions in 2024. He now owns 68 properties in Eagle Canyon Golf Estate in Roodepoort (worth about R300m). This is a serious bet on one estate… and a massive vote of confidence in Johannesburg.

Finbond $JSEFGL released a Trading Statement after close on Friday : EPS is expected to fall 83.6-85.5% to 1.6-1.8c (from 11c). HEPS is down more than 100% to a loss of 5.8-6.0c (from a 1.1c profit). The share is down 35% since the beginning of the year.

Naspers/Prosus : Tencent’s about to stop share buybacks for 30 days, before earnings on 18 November. This means less support under the share price for a bit. Naspers and Prosus will feel it too, since they’re basically leveraged to Tencent. $JSENPN $JSEPRX