Thursday 10 June 2021
Good morning Voornaam,
Stage 4 load shedding is here. As I write this, I'm staring down the barrel of a late night with my rechargeable LED lantern and my computer, editing the next episode of Magic Markets in the darkness.
It can be difficult to remain positive at times, although investors certainly saw green shoots in a couple of the JSE-listed REITs. Both Hyprop and Vukile released earnings updates and saw appreciable gains in their share prices.
InceConnect is full of property stories this morning, as Stor-Age and Sirius also released news yesterday. Stor-Age focuses on storage units (as the name suggests) and Sirius focuses on German light industrial properties (as the name doesn't suggest).
When investing in property funds, it's critical to assess the underlying portfolio and understand exactly what you are buying. REITs and property funds vary considerably in their strategies and exposures. Even retail-focused REITs can have significantly different strategies, as we can see by comparing Hyprop to Vukile.
Moving on from property, the honours for lead story this morning go to Bidcorp. The food service business has put in a brave performance over the past year, despite the restaurant and hospitality industries facing an existential crisis. Bidcorp is an excellent example of the power of diversification.
Finally, there's a (very) detailed update from Sanlam. The company is a favourite for dividend-focused investors and one look at the dividend history and through-the-cycle revenue performance quickly demonstrates why.
May your Thursday be brighter than your Stage 4 experience!
The Finance Ghost
Local and Offshore Market News
Bidcorp's diversification pays off
Bidcorp is a global food service business. The diversified footprint is its greatest strength. Read More
Stor-Age bucked the REIT trend
Stor-Age has withstood the pandemic and continued to grow its business. Read More
Hyprop and Vukile share prices rally
Hyprop and Vukile are retail-focused funds that are struggling with negative rental reversions. Still, the shares rallied in response to earnings updates. Read More
Sanlam drives forward
Sanlam's impressive dividend history may return to form soon, based on strong through-the-cycle growth in the business. Read More
Sirius tweaks its balance sheet
Sirius is considering a raise of €300 million in senior unsecured bonds. Read More
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