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Research Notes November 2025 > https://www.unum.capital/post/rnov2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za Previous Post (28 October) Previous Post: 🎥Watch: Nedbank - Reduce Into Strength + Further Upside Target Lester Davids Senior Investment Analyst: Unum Capital

Research Notes October 2025 > https://www.unum.capital/post/roct2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za Rebounding From Buy Re-Entry Zone Updated Video Below Previous Video (19 October) Lester Davids Senior Investment Analyst: Unum Capital

Research Notes November 2025 > https://www.unum.capital/post/rnov2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za 5 Points To Note Explosive Earnings Growth: Vodacom has delivered a stellar set of results, with Headline Earnings Per Share (HEPS) surging 32.3% to 467cps. This massively outperforms top-line revenue growth, indicating exceptional operational leverage and successful scaling in high-growth markets. Major Legal Risk Removed : A critical highlight is the out-of-court settlement of the "Please Call Me" matter. The removal of this decade-long contingent liability provides definitive market certainty and should trigger a significant positive re-rating of the share price. Egypt & Fintech Firing: The diversification strategy is paying off handsomely. Egypt service revenue skyrocketed 42.3% (in local currency), while Financial Services revenue grew 20.3% to R8.0bn, cementing these as the Group's new primary growth engines. Safaricom/Ethiopia Scaling: The associate investment in Safaricom is delivering, with net income up 52.1%. Crucially, the greenfield Ethiopia operation is reaching critical mass (11.1m customers, up 83.7%) with "moderating losses," signaling it is approaching break-even. Robust Shareholder Returns: despite heavy capital investment (R9.4bn capex) and macro headwinds, the Board declared a 330cps interim dividend, up 15.8%. This signals high management confidence in the Group's sustained cash generation capabilities. Core Thesis Vodacom has successfully executed its diversification strategy. It is no longer solely reliant on the low-growth South African market. The integration of Vodafone Egypt and the scaling of Safaricom Ethiopia have provided new layers of double-digit growth. Combined with the resolution of major legal uncertainties ("Please Call Me") and pending infrastructure deals (Maziv, various TowerCos), the business is fundamentally de-risked while simultaneously accelerating growth. Comprehensive Summary The Group delivered ahead of its medium-term targets, with normalized service revenue growing 13.6% and EBITDA up 14.8%. The business is demonstrating resilience against currency volatility and macro pressure. The strategic focus on "systems of advantage" (Fintech, Digital Services, IoT) is working, now contributing nearly 22% of Group service revenue, moving steadily towards the 30% Vision 2030 target. Segment Performance Analysis South Africa (Mature/Cash Cow): "Stable" performance with 2.2% service revenue growth. The focus here is on network resilience (R54.1bn invested over 5 years) and managing the transition to data/fintech to offset voice pressure. Egypt (High Growth Star): Exceptional performance with 42.3% local currency growth. The launch of 5G in this market is expected to sustain this momentum. International (scaling): DRC, Lesotho, Mozambique, and Tanzania are all accelerating, delivering 13.3% normalized service revenue growth. Financial Services (Strategic Pillar): Now a substantial business in its own right (R8.0bn revenue in 6 months). With 93.7 million customers, this ecosystem provides a massive competitive moat. Strategic Catalysts & Risks Catalyst (Immediate): "Please Call Me" settlement removes a major overhang on the stock. Catalyst (Near-Term): Final approval of the 30% stake in Maziv (fibre infrastructure) will accelerate SA growth and reduce long-term costs. Risk (Ongoing): Currency volatility in key markets (Egypt, Ethiopia, DRC) remains the primary headwind to reported Rand earnings, though currently well-managed. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes November 2025 > https://www.unum.capital/post/rnov2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za Previous Post: 🎥Watch: Spot Gold Rebounding From Buy Re-Entry Zone Updated Video Below In addition, Spot Gold discussed in a note yesterday (Tuesday, 28 October): https://www.unum.capital/post/xauext Previous Video (19 October) Lester Davids Senior Investment Analyst: Unum Capital

Research Notes November 2025 > https://www.unum.capital/post/rnov2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za High Beta vs. Low Volatility (SPHB/SPLV) - WEEKLY Risk Appetite Reversal:  The SPHB/SPLV ratio, a key barometer of market risk sentiment, has sharply reversed from its recent highs. This indicates a swift rotation by investors away from aggressive, high-beta stocks and back towards safer, low-volatility defensive assets. Immediate Momentum Collapse:  The 2-Week Ultra Short Term trend has collapsed from "Overbought" levels directly into the "Neutral" zone (currently 43.00). This violent mean reversion signals an acute and immediate loss of speculative fervor in the market. Structural Uptrend Intact:  Despite the sharp short-term correction, the longer-term trends (Mid Term and Base Term) remain in "Strong" territory. This suggests the current rotation is likely a healthy consolidation within a broader, ongoing "risk-on" structural regime, rather than a complete trend change. Neutral Zone Testing:  The 3-Week Short Term trend has also fallen into the "Neutral" zone (53.78). The ability of the ratio to find support within this neutral band will be critical in determining if this is a shallow pullback or the start of a deeper de-risking phase. Watch for Stabilization:  The key now is to watch for stabilization in the faster momentum indicators. A turn back upwards from these neutral levels would signal that the risk appetite is returning and the primary uptrend is ready to resume. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes November 2025 > https://www.unum.capital/post/rnov2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za *Anglo American Plc (Code: AGL) *Price levels are displayed on the chart. Provisional Sell Re-Entry Range = (1) Overshoot of the declining 8/21-EMA Provisional Buy Re-Entry Range = (1) Downside overshoot of the rising 21-week EMA + (2) Previous Breakout Level Lester Davids Senior Investment Analyst: Unum Capital

Research Notes November 2025 > https://www.unum.capital/post/rnov2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za *Absa Group (Code: ABG) *Price levels are displayed on the chart. Provisional Sell Re-Entry Range = (1) Previous Swing Highs Provisional Buy Re-Entry Range = (1) Downside overshoot of the 21-week EMA + (2) Previous Breakout Level Lester Davids Senior Investment Analyst: Unum Capital

Research Notes November 2025 > https://www.unum.capital/post/rnov2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za *Bidvest Group (Code: BVT) *Price levels are displayed on the chart. Provisional Sell Re-Entry Range = (1) Previous Swing Highs Provisional Buy Re-Entry Range = (1) Previous Short Term Swing Lows + (2) Previous Breakout Level Lester Davids Senior Investment Analyst: Unum Capital

Research Notes November 2025 > https://www.unum.capital/post/rnov2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za *Harmony Gold (Code: HAR) *Price levels are displayed on the chart. Provisional Sell Re-Entry Range = (1) 50-61.8% Fibonacci Retracement + (2) Upside overshoot of the 21-day EMA. Provisional Buy Re-Entry Range = (1) Unfilled gap + (2) Multi-month swing low. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes November 2025 > https://www.unum.capital/post/rnov2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za *Price levels are displayed on the chart. Provisional Sell Re-Entry Range = (1) Overshoot of the declining 21-day EMA Provisional Buy Re-Entry Range = (1) Overshoot of the rising 21-week EMA + (2) Support Lester Davids Senior Investment Analyst: Unum Capital

Research Notes November 2025 > https://www.unum.capital/post/rnov2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za Lester Davids Senior Investment Analyst: Unum Capital

Research Notes November 2025 > https://www.unum.capital/post/rnov2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za Lester Davids Senior Investment Analyst: Unum Capital