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Research Notes 25 - 29 August > https://www.unum.capital/post/r2529august Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Lester Davids Senior Investment Analyst: Unum Capital

Research Notes 25 - 29 August > https://www.unum.capital/post/r2529august Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za The slide and chart directly below was presented to clients two years ago (02 August 2023). Since then the share has rallied by 72% and has reached the long term target (set at the time) of HK$611. Trading Tencent: Medium Target 1 & 2 Exceeded; Now Consolidating For Potential Continuation. Long Term Target = HK$611 Long Term Target = HK$611 Previous Post: Year-to-date, risk assets OUTSIDE of the United States have started to catch a bid, with Chinese stocks being some of leading performers. This interest from global markets may be supportive of our view around Tencent where the target of HK$611 was measured off the weekly chart, having been recognized by the development of inverse head and shoulder technical formation. (It's taken 18 months for the move to get going, however, we could finally be getting going...) . Thus far, the share has advanced from HK$354 to HK$474. Now +33%. Most recently (09 July) we also discussed Tencent, with both short term targets being reached. Previous Post: Tencent Holdings (700) | Wednesday, 02 August 2023 For an enlarged view, click on the arrows in the top right corner of the image Published pre-market the Asian session. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes 25 - 29 August > https://www.unum.capital/post/r2529august Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Lester Davids Senior Investment Analyst: Unum Capital

Research Notes 25 - 29 August > https://www.unum.capital/post/r2529august Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Well done to clients who may have capitalized on the index-level and/or sector-level opportunities. The extract below forms part of our note on Sunday 06 April (for Monday 07 April) in which we highlighted 4 shares (Absa, Old Mutual, Bidvest & Sappi) trading at appealing fundamental valuations. Since then the shares have performed as follows (see the updated charts further below): Contributor: Old Mutual: +35% Since Contributor: Absa Group +26% Since Contributor: Bidvest +16% Since Detractor: Sappi: -12% Since Contributor: JSE Top 40 Index +30-34% Since Previous Post (Sunday, 06 April) April 2025: Volatility Equals Opportunity Talking Points: Macro Developments Currently Driving Sentiment/Outlooks What We Know Valuation Volatility Equals Opportunity Where Is The Bottom? / Timing Macro Developments Currently Driving Sentiment/Outlooks | This note runs the risk of communicating items you may already be familiar with. For example, you will be aware that global financial markets are under pressure. You will be aware that the trade war via tariffs are one of, if not the main driver of the decline in risk assets. You will also be aware that volatility is high and that most risk assets have sold off. The aforementioned, are some of the negative factors that are at play. What We Know | As analysts and traders, we will never have all of the information at hand in order to make a decision. In some cases, we will have 55% of the information while in other case, will have 78% of the information etc. What we do know is that lower prices are presenting us with opportunities to (1) be active and take advantage of volatility and both the buy (long) and sell (short) side and (2) Take advantage of lower prices to build medium to long term portfolios (both U.S and global). What we also recognize is that at an index level, the All Share and Top 40 indices are slightly off their long term highs, but underneath the surface there has been some have been businesses that have seen their share prices decline significantly over several weeks and months. Valuation | In the short term, valuation isn't a very good timing tool however, over the long term, it does add value and can help traders and investors accumulate pieces of businesses that have the ability to 're-rate' over several months and years. While it is a crude way of measuring value, it does help us identify potentially cheap stocks (to buy) or expensive ones (to sell). A quick screen will help to uncover potential opportunities. Take Absa , for example. At Friday's close the share traded on a price-to-earnings ratio of 6x , with a dividend yield of 8% . It also sported a price-to-book value of 0.82 . SA industrial group Bidvest's price-to-book ratio is at 1.98x , which is the lowest since October 2020. Old Mutual trades on 6 times it's trailing earnings, with a dividend yield of 7.6% . Cyclical share Sappi trades on a 4 price-to-earnings ratio and a 7.2% dividend yield . This is a non-comprehensive list and merely just examples of shares leaning toward fundamental value. Volatility Equals Opportunity | The spike in volatility is presenting traders and long term investors with opportunities to smartly allocate capital to take advantage of falling prices . Where is The Bottom? / Timing The Market |  With prices moving at a rapid pace, levels have and are being breached with new support and resistance zone being tested. In some case, support is taken out and reclaimed, creating an opportunity for the fast-fingered trader to generate cash. I'll be the first to admit that I don't know where the exact bottom is, however, I'll be monitoring real-time developments in price action in an attempt to ascertain whether the momentum is slowing down or accelerating as well as what the price action is signaling. Bottom Line | The next few days and weeks may present an opportunity gradually phase in positions i.e. rand or dollar-cost average into a medium to long term portfolio. The current sell-off represents some businesses going 'on sale', with prices that may offer value for a 'limited period only'. Others might have further to fall, which will offer opportunities at a later stage. Note: With prices moving fast, it might be that not all ideas/opportunity will be communicated in written format via the Unum Capital website. To avoid missing opportunities, open an account and connect directly with our traders on the desk. To get started, email tradingdesk@unum.co.za Lester Davids Analyst: Unum Capital

Research Notes 25 - 29 August > https://www.unum.capital/post/r2529august Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za For clients trading Harmony Gold (NYSE:HMY): The share is in a bullish regime, trading above it's rising short term moving averages i.e. 8 and 21-EMA as well as at the upper boundary of a 3 month range. Here, the $16.25 level is key to further short term upside, with a strong break above that targeting the unfilled gap at $16.90 as well as the previous highs above $17.70. As with all potential breakouts, we remain cognizant of failure to hold the range highs. Here, failure to hold above $16.05 would a first warning sign that sellers are looking to take control. Note: Event risk in the form of earnings (at or around 28 August). Lester Davids Senior Investment Analyst: Unum Capital

Research Notes 25 - 29 August > https://www.unum.capital/post/r2529august Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Lester Davids Senior Investment Analyst: Unum Capital

Research Notes 04 - 08 August > https://www.unum.capital/post/r0408august Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za DRD Gold: At the time, out of the 4 gold mining shares, DRD Gold generated a BUY trigger based on the price action model reading. Subsequently, the share rallied by more than 32% to Friday's high of 3049c. The original post is shown further below on this page. Previous Post (Friday 27 June)JSE Gold Miners: Technical Comparison JSE Gold Miners (Equally-Weighted): Lester Davids Senior Investment Analyst: Unum Capital

Research Notes 25 - 29 August > https://www.unum.capital/post/r2529august Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Lester Davids Senior Investment Analyst: Unum Capital

Research Notes 25 - 29 August > https://www.unum.capital/post/r2529august Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Lester Davids Senior Investment Analyst: Unum Capital

Research Notes 25 - 29 August > https://www.unum.capital/post/r2529august Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Lester Davids Senior Investment Analyst: Unum Capital

Research Notes 25 - 29 August > https://www.unum.capital/post/r2529august Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Previous Post (16 June) Invesco WilderHill Clean Energy ETF (PBW) False breakdown, followed by a reclaim (weekly chart). Lester Davids Senior Investment Analyst: Unum Capital

Research Notes 25 - 29 August > https://www.unum.capital/post/r2529august Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Lester Davids Senior Investment Analyst: Unum Capital