Best and worst JSE Stocks Over the Last Decade

dd 🌍 Worldwide Markets – Episode 658 📅 26 November 2025 🎙️ Hosted by Simon Brown 💼 Powered by Standard Bank Global Markets & Shyft 🔥 This Week's Big Themes 📊 JSE 10-year returns — miners dominate! 💽 Nvidia results: great numbers, strange market reaction 🥇 Harmony goes big on copper 🛠️ SA Inc sleeper stock ready to run with GDP recovery 📦 Process/Tencent update: super-app dreams + buybacks 🧠 Standard Bank launches new AI structured product 🎯 Power Hour: Position your portfolio for 2026 (8 December) 🏭 Invicta Results — A Deep Value SA Inc Play 🏗️ Capital equipment group with exposure to SA, EU, US & Asia. 🌍 Tariffs hit their China → US shipments. 💰 Valuation extremely cheap: PE Dividend yield > 3% Price-to-book: 0.7 🚧 SA's weak GDP is the drag — but a recovery to 1.8% → 2% → 3% could turn this into a major SA Inc winner. ⚙️ Manufacturers sweating assets = more parts sold = small cyclical buffer. 🥢 Prosus / Naspers / Tencent — Cash Flow Turns Positive 💵 First positive free cash flow ever → +$59m vs -$104m. 💰 Billions of $ in cash reserves. 🍔 Food delivery (iFood, etc.) gaining scale + working toward a unified "super-app" model. 🧧 Still overwhelmingly driven by Tencent, but: 🎮 Tencent Games 🎵 Tencent Music 📺 Online ads 📱 WeChat ecosystem 🎥 Epic Games stake 🎞️ TikTok-style platforms 🔄 Ongoing share buybacks funded by selling Tencent into Hong Kong. 💻 Nvidia — Big Beat, Yet the Stock Falls? 📈 Beat on revenue, profit, and guidance — classic Nvidia. 🤔 But inventory jumped 32%, raising questions about demand visibility. 🏭 Meta reportedly exploring Google chips, with Amazon & Google also pushing their own silicon. ⚠️ Non-Nvidia chips = slower + higher power usage → still "B-grade". 📉 Technically: Support at ~$180 Next support ~$166 Further support ~$150s 🎈 Bubble chatter now turning into "yes, it is a bubble" — but bubbles go UP before they pop. 📉 Mag-7 200-day MA signals: Only Meta sits below (-10%). Microsoft almost there (+1.5%). Amazon also soft (+5%). 🥇 Harmony — From Gold to Copper Giant? 🪙 Buying + building the Eva copper project in Australia. 🧱 Production cost: $2.50/lb copper (vs spot ~$4.50–$5.25). ⛏️ Harmony is shifting from pure gold → gold + copper, diversifying earnings. 🎙️ Jimmy Moyaha's view: ✔️ Good blend of cyclical exposures ✔️ Some risk hedging between metals ⛏️ Deep SA gold mines = harder + costlier → copper is a logical hedge. 🔌 Copper = "metal of the future" (again) due to electrification & green tech. 🧠 Standard Bank AI Structured Product (Now Open!) 🧺 Basket: 🇺🇸 US Tech (NASDAQ) 🇨🇳 China Tech (KWEB) 💸 Auto-call feature: Year 1: If both indices are positive → 16% payout If not, each subsequent year with positivity → 16% per year Max 5-year horizon = up to 80% 🛡️ Capital protection: 100% capital back if indices not more than 30% down at maturity 💵 Minimum: R25,000 (+ R1,000 increments) 🗓️ Closing: 3 December 2025 📍 Available via OST or your stockbroker. 📈 10-Year JSE Winners — The Miners Dominate 🥇 Top Performers (per-year returns, excluding dividends) 🥇 Harmony Gold — 43.5% p.a. (3600% total!) 🥈 Gold Fields — 37% 🥉 Kumba Iron Ore — 33% (42% incl. dividends) ⚒️ Exxaro — 28% + 12% dividends ⚙️ Northam Platinum — 28.5% 🇬🇧 Argent — 27% (first non-miner) 💼 African Rainbow Capital / Valterra — 25% 🏦 Capitec — 22.5% + dividends → 24% total 🛠️ Bell Equipment, Merafe, Sibanye — strong ~19%+ 🌐 Datatec — 19% + 17% dividends → 37% 📉 Big Losers (per-year declines) 🪓 Eskom (ELI / ACO) — -26% 📦 Nampak — -18% 🛏️ City Lodge — -14.5% 🧪 ArcelorMittal — -14% 💊 Aspen — -10% 🛢️ Sasol — -10% 🏘️ Balwin — -7% 🍔 Famous Brands — -7% 🧱 PPC — -5% 🛒 Pick n Pay — -5% 🏥 Netcare — -4.8% 🧺 Woolworths — 2.4% p.a. (only 1.4% incl. dividends) 📊 Top 40 — 10-Year Benchmark Performance 📈 118% total return over 10 years 📉 CAGR: 8.2% (≈10.5% incl. dividends) 📌 Best period: 11.6% (2019) 📌 Worst: ~3% during crisis 🎯 Real return (CPI ~5%): ≈7% — very respectable. 📣 Call to Action 💬 Tell us in the comments: Which 10-year winners do you own? Which stats shocked you most? What's your best-performing JSE stock of the last decade?