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May 3, 2023 18 min

The PGM miner margin squeeze (#539)

from JSEDirect with Simon Brown Hosted by www.JustOneLap.com

Simon Shares Implats (JSE code: IMP) trading update saw production down and costs up. That's squeezing margins and going to hurt. Kumba (JSE code: KIO) nice boost in production, but iron ore prices are falling. Will hurt Afrimat (JSE code: AFT) as well. Combined Motor Holdings* (JSE code: CMH) results sees them on a PE of under 5x and DY of ±13%. But return will be mostly from dividends, ±650c over next thirteen months = ±22%. Renergen* (JSE code: REN) results. Smaller loss, but no profit as they ramp up Phase 1. A deal with Timelink for LNG and contracts with Consol & Italtile most of Phase 1 LNG (±50 tons a day) is under contracted sale. MTN (JSE code: MTN) update from Ghana and Nigeria look good. On PE ±11x, stock is cheap, albeit not without risks (always for MTN). All my index trades have been stopped out. * I hold ungeared positions. Simon Brown

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