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ANC's NEC meeting: Almost no hard news, but most news wires intimating that CR has survived. Fin24's 'sources' say his bid to stamp out corruption in ANC ranks was widely endorsed on Saturday and that Yengeni's call for CR to resign was not repeated in the NEC.
SundayTimes not adding anything new, except that Gwede Mantashe was the only member of the NWC to defend CR according to 'a NWC member'. The NWC meeting preceded the NEC.
Bloomberg says CR is considering making changes to his cabinet after this weekend, according to 'people familiar' with the deliberations.
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Karin Richards
@Richards_Karin
Sasol: I'm more optimistic than most. Yes, the write-off is huge but it was expected and current investors are arguably not paying for the mess. Oil hedging looks OK with >70% of hedged Q1 & Q2 (as disclosed at June) subject only to a floor & leaving room for upside participation
Sasol: If the write-off is viewed as past sins, and it is assumed that Sasol can generate a fairly modest R20 of sustainable earnings going forward, the PE of 8x is not demanding. The tone I'm getting from their update is that a rights issue is now less likely.
Sasol: Technically, I'm encouraged by this break holding today, despite the negativity. Targets remain at R180 and R210 with potential to R240. As said last week, it is not a perfect picture, hence a stop is essential as downside risk is as low as R100.
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Karin Richards
@Richards_Karin
OK. Have received 5 DMs about this. Bottom Line: very poorly done by @EasyEquities . Securities lending is an accepted practice but it should be strictly with the client's opt-in. Forcing an opt-out is bad enough but requiring the added hassle of an email is entirely unacceptable
It is fine to offer clients the option to partake in scrip lending. It is then the task of @EasyEquities to motivate this sufficiently with all facts, detail and risks clearly set out. Then clients can decide. NOT by force requiring effort to opt-out. That is unconscionable.
Having said the above, I note that the author is also peddling subscriptions. Hence it is in their interest to create a furor. Comparatives to 'gambling in Vegas' are over the top. @EasyEquities clients should note all views on all sides but temper with facts &healthy skepticism
Read 3 tweets
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Karin Richards
@Richards_Karin
Satrix China ETF: As promised, here are my thoughts. On balance, I like it and will be buying but not in the IPO (reasons below).
Apologies, but twitter does not show more than 3 twts per thread, so had to cut it up. But the sequence does not really matter.
Satrix China ETF:
• Listing date: 22 July 2020
• Tracks the MSCI China Index (large- and mid-cap Chinese stocks)
• Code: STXCHN
• Targeted TER: 0.63%
• Dividends: Nil (accumulating: divs net of fees are reinvested)
• P/E Ratio: 16.6x (historical) as stated by iShares
1/8
Satrix China ETF: The underlying feeder fund is the iShares MSCI China UCITS ETF (Code: ICHN). It is listed on Euronext Amsterdam in US$. The advantage of a large underlying feeder fund is that it provides complete transparency. No need to ever overpay.
2/8
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