Today's Reviews

Tharisa has priced a US$300m five-year senior secured Nordic bond through wholly-owned subsidiary Arxo Finance. The proceeds are earmarked for completing the Karo Platinum Project in Zimbabwe — a transformational growth asset. Securing this funding in a challenging rate environment is a testament to the project's quality and lender confidence in Tharisa's management. At R27.00, the stock eased 1.6% on the day — likely the dilution/maturity structure being digested. But this is an execution milestone. With Karo funded, Tharisa can shift from capital-raising mode to delivery mode. Ghost Mail has previously been BULLISH on Tharisa (July 2026), and this bond pricing removes the primary overhang. BULLISH, with execution risk reduced.

Remgro's FY2026 trading statement is a cracker. HEPS is expected between R19.30 and R20.71 — that's 37% to 47% ahead of the R14.09 delivered last year. The CNBC Africa article on this says headline earnings for the six months to end-December jumped 38.8% to R5.175bn, and this full-year number suggests the momentum carried through H2. Remgro's diversified portfolio — FirstRand, Mediclinic, RCL Foods, Air Products — is firing on multiple cylinders. What I like: the holding company discount narrative keeps working in Remgro's favour. At R198.68, the stock trades at roughly 10x the midpoint of guided HEPS, which is cheap for a portfolio with this kind of earnings momentum. The market agreed — shares rose 3.1% on Friday. The only question is whether H2 accelerated or just held the interim pace. We'll find out when the full results drop.

Pan African keeps delivering. The DFS on the Soweto Tailings Retreatment project confirms a nearly R4bn investment pathway that could add meaningful production from the Mogale Tailings Retreatment complex. A final investment decision is expected in December. This builds on an already spectacular operational year — Ghost Mail recently highlighted that Pan African expects HEPS to jump 195-205%, driven by a 54.8% increase in the average USD gold price received and a 38.3% increase in gold sold. Ghost calls out the jaw-dropping 3-year total return of 831% and 5-year return of 1,011%. The Soweto DFS extends this growth runway. At R27.06, the stock has pulled back 2.4% on the day — possibly profit-taking after the gold price rally pause Ghost noted. But the fundamental story — operational leverage, rising production, and a clear growth project in the pipeline — is firmly BULLISH.

Omnia dropped a cautionary bomb on Friday: the company is in discussions regarding a potential offer for all its issued ordinary shares. The market didn't wait for details — the stock surged 14.6% to R117.67, making it the day's standout performer. This follows a strong operational year, with a prior trading update showing revenue up 6% to R24.2bn and operating profit jumping 28% to R2.17bn. The chemicals and agriculture group has been on an impressive earnings trajectory. A potential offer at a premium to the already-strong share price would be a massive vote of confidence in management's strategy. The cautionary means shareholders should sit tight — but the direction of travel is unmistakable. BULLISH.