Freight Going Down the Suez
Small Caps
by Keith McLachlan
2M ago
Freight Going Down the Suez Off the Radar Keith McLachlan – CIO of Integral Asset Management Readers are likely aware that conflict in the Middle East has spread to attacks on commercial vessels traveling through the Red Sea. Naturally, this has had the effect of collapsing trade through the Suez Canal (Figure 1). Figure 1 ..read more
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Spur Corp & Grindrod: Two Update, Two Gems
Small Caps
by Keith McLachlan
8M ago
It is always worthwhile revisiting earlier calls and see how they are progressing, especially on the back of fresh news flow. Two such calls have been ports & terminals group, Grindrod (GND), and restaurant franchisor, Spur Corporation (SUR). At the beginning of this year, I wrote about Spur Corp (Tucking into Spur) and highlighted both ..read more
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Back to School
Small Caps
by Keith McLachlan
8M ago
A little over a year ago, I picked ADvTech (ADH) as my preferred education stock (Pick of the Education Stocks) while highlighting the growth of Stadio (SDO). I did not like Curro (COH) at that point both operationally and from a valuation perspective. While a single year is an arbitrary measure of performance, Stadio is ..read more
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Which Earnings Figure to Use?
Small Caps
by Keith McLachlan
8M ago
Previously, I wrote about “Which Valuation Matters?” and a key input in most valuations is what the company has earned. With the increasing abstraction of International Financial Reporting Standards (IFRS) and many management teams publishing their own “versions” of earnings (so-called “adjusted”, “normalized”, “core” or “underlying”, et al earnings), the next logical question is: what ..read more
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Santova: A Great Business
Small Caps
by Keith McLachlan
8M ago
Santova Logistics (SNV) has been a long-running stock pick of mine (for a decade or more by now!), and the Group’s latest set of results reinforces the stock’s validity as growth story. Check out my previous article on the Group here (Could Santova be a multi-bagger?). In a recent JSE panel of stock pickers (SA ..read more
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Tsogo Gaming Wins!
Small Caps
by Keith McLachlan
8M ago
As one of the companies that did not waste the COVID crisis, Tsogo Gaming’s (TSG) FY 23 results confirm my earlier view (Tsogo Sun Gaming beating the odds). The gaming Group’s full-year revenue rose +27% y/y while H2:23 revenue grew +7.2% versus H1:23 showing how the momentum rose during the twelve-month period. The cost-cutting, rationalization ..read more
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Stor-Age’s UK property is Not Equites’ UK property
Small Caps
by Keith McLachlan
8M ago
Following my previous writing on Stor-Age Property REIT (Stor-Age is Aging Well), the share price has done a glorious nothing since then. Which, I suppose is not a bad thing when compared to the pressure local markets have shown in the SA Inc and small cap space. Despite this, last week, Stor-Age’s share price suddenly ..read more
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Market Should Drill into Master Drilling
Small Caps
by Keith McLachlan
8M ago
A little over a year ago, I wrote about how I expected Master Drilling Group (MDI) to report strong results (Expect the Lights to be Shot Out). This wasn’t anything clever from my side. Rather it was noting that the Group’s key variables were moving in their favour: Order Book (a leading indicator for future ..read more
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Tucking into Spur Corp
Small Caps
by Keith McLachlan
8M ago
Previously, I highlighted some of the so-called ‘reopening trades’ that remain on the JSE (There are still ‘reopening trades’ out there), which included Spur Corporation (SUR). Spur has now released their full H1:23 results revealing quite how well they are doing and the share price has started responding positively. How much more upside may be ..read more
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Strategic status awarded to Renergen’s Virginia Gas Project by the SA government
Small Caps
by Keith McLachlan
8M ago
Renergen is pleased to announce that the Virginia Gas Project’s Phase 2 is now a Strategic Integrated Project (SIP) under the Infrastructure Development Act (Act No. 23 of 2014) (IDA) and its amendments, gazetted by Public Works and Infrastructure Minister Patricia De Lille on 6 December 2022. Benefits related to SIP status include processes relating to ..read more
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