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Research Notes For 02 to 06 June > https://www.unum.capital/post/r0206june Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Further Update: SPOTIFY from $190 to above $700 PALANTIR TECHNOLOGIES from $16 to $130 Previous Post: This is an update: Yesterday, the top 2 performers for our 2024 group continued their rallies to multi-year highs. Sometimes you just have to stick with the winners... Palantir Technologies : Recommended at $16 on 05 January 2024. Now Trading at $105. Spotify Technologies: Recommended at $193 on 05 January 2024. Now Trading at $618. Out of my 14 ideas, only 3 is negative! Previous Post (14 November): GLOBAL IDEAS: 14 Picks. Year-To-Date, Here's How They've Performed As a result of an internal request at the start of this year ( for U.S stocks ), this is an update on my 14 ideas at the time. Overall: 2 Decliners, 1 Unchanged and 11 Gainers Top 2 Detractors: Schlumberger down 15.1%; Merck down 10.5% Top 2 Contributors: Palantir Technologies higher by 265%; Spotify Technologies higher by 107% The charts are below, ranked from worst to first To trade global equities, you will need an offshore account. To get started, contact the Unum Capital Trading Desk today. E-MAIL: tradingdesk@unum.co.za| CALL:011 384 2923 Original Communication on Friday 05 January 2024 Lester Davids Analyst: Unum Capital

Research Notes For 02 to 06 June > https://www.unum.capital/post/r0206june Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Click on the image to enlarge. Readings as of the close of trade on Wednesday 04 June. These are subject to change as the price action develops. Short Term (approximately 1 to 10 days) Medium Term (approximately 2 to 4 weeks) Long Term (approximately 5 to 8 weeks) Lester Davids Senior Investment Analyst: Unum Capital

Research Notes For 02 to 06 June > https://www.unum.capital/post/r0206june Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Further Update: Running 7.8%; Reaching 7000c Per Share. Previous Post (Monday 02 June), Glencore: Relative Outperformance, Adding +440c (or +6.7%) Today, (Friday 30-May), the share stood out among it's peers, adding over 3% for the session. Over the week and since last week Friday's post, we saw a 6.7% gain, with the share also advancing in line with the price action model. Previous Post (Friday 23 May): Trading Glencore Plc: Technical Regime + Price Action Probabilities The 50-day EMA is losing downside momentum. Reclaiming the 50-EMA + clearing the downward trend line resistance opens up a path back toward the 200-day SMA. Fundamentally, the Copper bull case (supply shortage) remains in tact. Analyst Disclosure: The summary below (based on the price action guide above), has been written with an A.I tool. Summary The overall setup for Glencore PLC appears to be mildly bullish to neutral with a potential for bullish development . In the short term (1-10 trading days) , the analysis indicates that Glencore PLC is "Attempting A Bullish Reversal Following A Consolidation Phase." This suggests that after a period of sideways movement, there is an emerging upward momentum being observed. This points to a potential for a bullish move in the near term. Looking at the medium term (next 2 to 4 weeks) , the expectation is that Glencore PLC is "Attempting A Rebound Following A Downward Trend May Consolidate Further Before Continuing Higher." This implies that while there might have been a recent downtrend, the analysis anticipates a recovery. The mention of potential further consolidation suggests a cautious optimism, indicating a possible pause before a more sustained upward movement. In the long term (next 5 to 8 weeks) , the outlook is "Range-Bound In A Weak Regime - Recovery Buy/Long Is Triggered On Strong Bids And Break of Current Range High." This suggests that the price is currently confined within a certain range. However, the strategy outlined indicates a bullish bias, with buy or long positions being considered upon the appearance of strong buying interest or a breakout above the current range's upper limit. Summary:  While the 7-day and 14-day trends are currently neutral and range-bound respectively, the analysis across the short, medium, and long term shows a leaning towards potential bullish developments. The short term highlights an attempted bullish reversal, the medium term anticipates a rebound, and the long term suggests a bullish entry point upon specific conditions being met. Therefore, the overall tone is cautiously optimistic with a bullish tilt. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes For 02 to 06 June > https://www.unum.capital/post/r0206june Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Equinix, Inc. is a digital infrastructure company, which engages in the provision of a platform that interconnects the foundational infrastructure. Code: EQIX Current Price: $894.84 Stop-loss: A weekly Close Below $820.00 Target: $1150.00 Lester Davids Senior Investment Analyst: Unum Capital

Research Notes For 02 to 06 June > https://www.unum.capital/post/r0206june Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Current Price Action Model Reading: (scrolls down for previous views/comments) Previous Post (26 May): Trading Discovery: Megaphone Formation + Approaching Overbought Conditions) Discovery Holdings (DSY) has previously given clients opportunities on both the buy (long) and sell (short) side. There's a chance that the share could lose short term momentum and fail to hold it's highs however, traders should also be open to the possibility of a test of the upper boundary of what appears to be a MEGAPHONE technical formation. This range is approximately between R223 and R230 - a level at which it could become extremely overbought in the short term. If it trades at that range, we should be considering a short/sell trade meaning, potentially taking a position which takes advantage of a bearish reversal from overbought conditions. Let's stay flexible & let's get ready to trade. Note: Levels subject to change as the news flow and price action develops. Last Close: 21347c Previous Post: Trading Discovery (+20%): 'We Had An Opportunity To Build A Position' DSY now higher by 20%. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes For 02 to 06 June > https://www.unum.capital/post/r0206june Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Adding to the previous post: Pan American Silver Corp (PAAS) - initial target is the previous short term swing high of $30. Last: $26.26. Temporary failure/stop is a close below $22.70. Note: Precious metal have the ability to display elevate volatility. Previous Post (21 May): Global X Silver Miners ETF - Multi-Month Base + Bull Flag A break above $42.50 targets $47.00 and $50.00 Stop-loss $37.60 Previous Post (17 April): Offshore: Wheaton Precious Metals - Target Exceeded The surge in precious metals has supported our trade idea on Wheaton Precious Metals which is higher by 40% over the 7 months . To open a trading account and/or move from your existing service provider, email   tradingdesk@unum.co.za Trade Alert: Wheaton Precious Metals - Friday, 13 September 2024 Offshore Ticker: WPM Pre-Market: U.S Trading Session S/African Time: 15h09 Lester Davids Analyst: Unum Capital

Research Notes For 02 to 06 June > https://www.unum.capital/post/r0206june Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Well done to clients who continue to capitalize on the powerful data at hand. From the mid-point the trading session Monday 07 April (day of the market bottom), the share is higher by roughly 44%. The time-stamped reading for the long term (approximately 5 to 8 weeks) shown below: "The reward-to-risk is becoming attractive for a small buy/long position". Previous Post (Published on Saturday 05 April for Monday 07 April) Trade JSE Shares  with Unum Capital. To get started, email lester@unum.co.za Click on the image to enlarge. Readings as of the close of trade on Friday 04 April. These are subject to change as the price action develops. Short Term (approximately 1 to 10 days) Medium Term (approximately 2 to 4 weeks) Technology + Proprietary Insights has helped to develop automated tools and strategies that are used to identify potential trading opportunities as well as highlight potentially significant technical developments across various time frames. This page highlights readings from the analyst's Tactical Trading Guide (Price Action Tool) . The tool provides automated price analysis of over 90 JSE-listed equities across 17 sectors and across 3 time frames : short (short term), medium (medium term) and long (long term). Readings are subject to change , based on the development of the subsequent price action. SHOULD YOU URGENTLY REQUIRE A READING FOR THE LONG TERM, YOU ARE WELCOME TO E-MAIL ME AT LESTER@UNUM.CO.ZA Lester Davids Analyst: Unum Capital (Data as of end of day Friday 28 March 2025)

Research Notes For 02 to 06 June > https://www.unum.capital/post/r0206june Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Here's a breakdown of the current price action: The 7-day trend  is indicated as "Strong," while the 14-day trend  is "Bullish." Comparison: Both the short-term  (7-day) and slightly longer short-term  (14-day) trends indicate upward momentum ("Strong" and "Bullish" respectively). This suggests a consistent buying pressure across these timeframes. The "Bullish" 14-day trend  reinforces the "Strong" 7-day trend , indicating that the recent strength is part of a broader upward movement. Potential Trading Approach for US30 : Short Term  (Approximately Next 1 to 10 Trading Days ): The model notes, "In or Commencing Upward Trend However Strongly Consider The Potential Failure To Hold Prior Session Range Highs Which Will Create A Tactical Short-Sell Opportunity." Approach: While the trend is upward, strongly consider the potential for a tactical short-sell opportunity if the price fails to hold prior session range highs. Medium Term  (Approximately Next 2 to 4 Weeks ): The model indicates "Attempting A Bullish Reversal Following A Consolidation Phase." Approach: The medium term suggests that the recent bullish activity is likely a strong attempt to reverse from a prior consolidation. This supports a bullish bias over the next few weeks. Long Term  (Approximately Next 5 to 8 Weeks ): The model states, "Attempting To Rebound Within A Range General Trend Up-Buy/Long On Strong Bids Near The High Of Range." Approach: The long-term perspective indicates an attempt to rebound within a range, suggesting opportunities to buy or go long on strong bids near the high of that range. Overall Trading Considerations for US30 : Consistent bullish momentum: Both short  and slightly longer short-term  trends are bullish, supporting upward price action. Short-term  caution: Despite the buying pressure, the model advises considering tactical short-sell opportunities if the price fails to hold prior session highs. Medium-term  bullish reversal: The medium term  reinforces the bullish sentiment following a consolidation. Long-term  rebound opportunity: The long term  shows an attempt to rebound, highlighting opportunities to buy/long on strong bids near the high of the range. In summary, for US30 , the current view is bullish across short  to medium terms , with a long-term  bullish sentiment following a rebound attempt. However, short-term  traders should be cautious of potential failures at prior session highs for tactical short opportunities. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes For 02 to 06 June > https://www.unum.capital/post/r0206june Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Here's a breakdown of the current price action: The 7-day trend  is indicated as "Strong," while the 14-day trend  is "Bullish." Comparison: Both the short-term  (7-day) and slightly longer short-term  (14-day) trends indicate upward momentum ("Strong" and "Bullish" respectively). This suggests a consistent buying pressure across these timeframes. The "Bullish" 14-day trend  reinforces the "Strong" 7-day trend , indicating that the recent strength is part of a broader upward movement. Potential Trading Approach for US30 : Short Term  (Approximately Next 1 to 10 Trading Days ): The model notes, "In or Commencing Upward Trend However Strongly Consider The Potential Failure To Hold Prior Session Range Highs Which Will Create A Tactical Short-Sell Opportunity." Approach: While the trend is upward, strongly consider the potential for a tactical short-sell opportunity if the price fails to hold prior session range highs. Medium Term  (Approximately Next 2 to 4 Weeks ): The model indicates "Attempting A Bullish Reversal Following A Consolidation Phase." Approach: The medium term suggests that the recent bullish activity is likely a strong attempt to reverse from a prior consolidation. This supports a bullish bias over the next few weeks. Long Term  (Approximately Next 5 to 8 Weeks ): The model states, "Attempting To Rebound Within A Range General Trend Up-Buy/Long On Strong Bids Near The High Of Range." Approach: The long-term perspective indicates an attempt to rebound within a range, suggesting opportunities to buy or go long on strong bids near the high of that range. Overall Trading Considerations for US30 : Consistent bullish momentum: Both short  and slightly longer short-term  trends are bullish, supporting upward price action. Short-term  caution: Despite the buying pressure, the model advises considering tactical short-sell opportunities if the price fails to hold prior session highs. Medium-term  bullish reversal: The medium term  reinforces the bullish sentiment following a consolidation. Long-term  rebound opportunity: The long term  shows an attempt to rebound, highlighting opportunities to buy/long on strong bids near the high of the range. In summary, for US30 , the current view is bullish across short  to medium terms , with a long-term  bullish sentiment following a rebound attempt. However, short-term  traders should be cautious of potential failures at prior session highs for tactical short opportunities. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes For 02 to 06 June > https://www.unum.capital/post/r0206june Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za As per my previous comment, the share traded back into the 50-day EMA which was followed by a rejection. Today, the group released it's interim results. Below is an A.I-assisted summary: Summary of Interim Results For The 26 Weeks Ended 28 March 2025 Interim Financial Results Overview The SPAR Group Limited has released its unaudited condensed consolidated interim financial results for the 26 weeks ending March 28, 2025, reflecting a period of strategic realignments and operational adjustments. The Group adopted a 52/26-week reporting framework to align with industry best practices, and all reported figures for continuing operations are presented on a comparable basis, factoring in the impact of this change. This period has seen the Group navigate a challenging economic environment while simultaneously making significant strides toward its strategic objectives. Financial Performance of Continuing Operations Despite a challenging market, the Group's revenue from continuing operations remained stable at R66.1 billion, a slight decrease from R66.2 billion in the prior comparable period. However, in constant currency terms, Group revenue saw a modest increase of 1.1%. Gross profit margin expanded to 10.7% from 10.6%, indicating improved efficiency in managing cost of sales. Operating profit before extraordinary items demonstrated a positive growth of 1.6% to R1.46 billion, and Earnings Before Interest, Tax, Depreciation, and Amortisation (EBITDA) also rose by 1.7% to R1.72 billion. Headline Earnings and Cash Generation Headline earnings per share (HEPS) from continuing operations experienced a marginal decline of 0.4% to 450.1 cents, compared to 451.9 cents in the previous period. Diluted headline earnings per share similarly saw a slight decrease of 0.5%. Despite the small dip in HEPS, the Group reported a substantial improvement in cash generated from total operations , which surged by 50.1% to R1.9 billion, highlighting enhanced working capital management. The Net debt/EBITDA ratio also improved, standing at 2.1x for South Africa and 1.9x for Ireland. Strategic Milestones Achieved The first half of 2025 was marked by the achievement of three critical strategic milestones. The disposal of SPAR Poland  was successfully concluded in January 2025, streamlining the Group's international footprint. Furthermore, the Group's debt restructuring  was completed in March 2025, strengthening its financial position and improving liquidity. Finally, in May 2025, SPAR announced its intent to divest from its operations in Switzerland and Appleby Westward Group (AWG)  in the United Kingdom, following a comprehensive review of capital allocation and strategic focus, aiming to concentrate on its core Southern African and Irish markets. Southern Africa Performance In Southern Africa, wholesale turnover grew by 1.7%, with combined grocery and liquor wholesale revenue increasing by 1.1%. Retail revenue saw a rise of 1.9% (1.6% on a like-for-like basis). This growth occurred in a difficult trading environment characterized by lower food inflation, post-election unrest in Mozambique, the timing of Easter, and store closures in Gauteng. The Group observed strong growth in lower-income customer segments. The SPAR2U on-demand shopping app  showed significant progress, with a 174% increase in delivery volumes, and a new partnership with Uber Eats launched in Q1 2025 expanded reach to new customers. Southern Africa Operational Efficiencies and Segment Growth Ongoing cost and margin improvements significantly contributed to the EBIT margin expansion in Southern Africa, with notable advancements at the KwaZulu-Natal distribution center. Reductions in warehouse and distribution costs bolstered overall profitability for grocery and liquor segments, maintaining the Group's trajectory toward its medium-term goal of achieving a 3% margin. Build it , South Africa's largest building materials retail brand, recorded solid growth with a 4.1% increase in sales and 5.4% retail like-for-like growth, supported by an improved gross margin. SPAR Health  revenue grew by 13.7%, driven by strong gains in Wholesale and Scriptwise, alongside improved loyalty and robust performance of its Own Brand products. Ireland Performance and Balance Sheet Strengthening Ireland's local currency revenue saw a marginal decrease of 0.6%, in an environment where inflation is impacting retail convenience volumes. Despite this, the gross margin was positively influenced by product mix, and local performance benefited from lower gearing and cost savings, though partially offset by increased labor costs due to minimum wage increases. The Group made tangible progress in strengthening its balance sheet, with net borrowings for continuing operations at R6.6 billion. The successful refinancing in South Africa and Switzerland enhanced liquidity and balance sheet stability, and the anticipated divestments of SPAR Switzerland and AWG are expected to materially deleverage and strengthen the balance sheet further. Cash Flow and Discontinued Operations Cash flow performance saw a material improvement, largely attributable to tighter working capital management and a reduction in capital expenditure. CapEx was strategically moderated to prioritize critical projects, aligning with disciplined, needs-based investment. As part of its strategic review, SPAR Switzerland and AWG have been classified as discontinued operations , incurring aggregate post-tax losses of R4.4 billion, including R4.2 billion in impairments. These strategic divestments, along with the completed disposal of SPAR Poland, are aimed at realizing value and ensuring business continuity in these regions. Dividend and Outlook In line with the Group's capital allocation priorities and ongoing restructuring, no interim dividend  for the 26 weeks ended March 28, 2025, has been declared. This decision will be re-evaluated based on future macroeconomic and operating conditions. Looking ahead, SPAR remains focused on continued margin improvement, robust operational execution in its core markets, a disciplined approach to capital allocation, and the completion of its strategic reset. Post-period trade has shown positive momentum across key regions, indicating a promising trajectory for the second half of the financial year. Future Growth Strategies The intended divestments of SPAR Switzerland and AWG are aligned with the Group's portfolio optimization objectives, aiming to unlock value by transitioning these businesses to owners with strong local knowledge. SPAR is currently in advanced negotiations for these acquisitions. Southern African operations are set to enhance retail segments and operational efficiencies through initiatives like optimizing category mix, leveraging partnerships with Uber Eats and Vida e Caffè, and expanding on-demand services. SPAR Health aims to double its pharmacy network by 2028. BWG Group's (Ireland) growth prospects center on enhancing its convenience retail brands by expanding own-brand ranges, driving everyday value, and growing its food services business. The Group anticipates continued margin improvement in the second half of the financial year as operational efficiency initiatives mature, maintaining focus on core market execution, top-line growth, cost discipline, and strategic portfolio decisions. Previous Post (27 March): The share traded into the buy range and only spent one day below this level (07 April where there was high volatility). Since then we have seen a gradual rebound from R108 back to R120 (now R118). The 50-day EMA could act as a temporary resistance range. Previous Post (18 March) : Spar Group: Approaching Oversold + Becoming Extended vs 75-EMA Lester Davids Senior Investment Analyst: Unum Capital

Research Notes For 02 to 06 June > https://www.unum.capital/post/r0206june Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Code: PBJ Current Price: $48.20 Stop-loss: A weekly Close Below $43.40 Target: $58.00 Lester Davids Senior Investment Analyst: Unum Capital

Research Notes For 02 to 06 June > https://www.unum.capital/post/r0206june Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Click on the image to enlarge. Readings as of the close of trade on Tuesday 03 June. These are subject to change as the price action develops. Short Term (approximately 1 to 10 days) Medium Term (approximately 2 to 4 weeks) Long Term (approximately 5 to 8 weeks) Lester Davids Senior Investment Analyst: Unum Capital