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Research Notes For 26 to 30 May > https://www.unum.capital/post/r2630may Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za For ABSA Group, 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 ABSA Group: Short Term (Approximately Next 1 to 10 Trading Days): The model notes, "Aggressive Buying But Do Not Chase-Look For Overshoot or Failure To Hold Prior Session Range Highs To Short-Sell Back To The 8-EMA." Approach: While there is aggressive buying, avoid simply chasing the price higher. Look for potential short-sell opportunities if the price overshoots or fails to hold above the prior session's high, targeting a move back down to the 8-period Exponential Moving Average (EMA). Medium Term (Approximately Next 2 to 4 Weeks): The model indicates "Strong Attempt At 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, "Recently Advanced From A Sideways Consolidation. If It Doesn't Hold Prior Session Highs Then Consider Potential For Retracement To Retest The Range Breakout." Approach: The long-term perspective indicates a breakout from a sideways consolidation. However, there's a caution: if the price fails to hold prior session highs, there's a possibility of a retracement to retest the breakout level. Overall Trading Considerations for ABSA Group: 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 against chasing and suggests looking for short-sell entries on weakness relative to the prior session's high. Medium-term bullish reversal: The medium term reinforces the bullish sentiment following a consolidation. Long-term breakout with a caveat: The long term shows a breakout, but highlights the importance of holding prior session highs to avoid a retest of the breakout level. In summary, for ABSA Group, the current view is bullish across short to medium terms, with a long-term bullish sentiment following a breakout. However, short-term traders should be cautious of potential overshoots and failures at prior session highs for tactical short opportunities. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes For 26 to 30 May > https://www.unum.capital/post/r2630may Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za The 7-day trend is indicated as "Strong," while the 14-day trend is "Bullish." Comparison: Both the shorter-term (7-day) and the slightly longer-term (14-day) trends are indicating upward momentum, with the 7-day trend being "Strong" and the 14-day trend being "Bullish." This suggests a generally positive price action for MTN across these two timeframes. Potential Trading Approach for MTN: Short Term (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:  Acknowledge the short-term upward trend. However, be cautious about potential reversals if the price fails to sustain above previous session highs, which could present short-selling opportunities. Medium Term (Next 2 to 4 Weeks):  The model indicates, "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:  Similar to the short term, the medium-term outlook is bullish but with a warning. Traders should be aware of potential short-term pullbacks if prior range highs are not maintained, which could offer tactical short entries. Long Term (Next 5 to 8 Weeks):  The model states, "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:  Even in the longer term, the model suggests an upward trend but maintains the caution regarding the failure to hold prior session highs. This implies that while the overall direction might be up, short-term weakness could still occur. Overall Trading Considerations for MTN: Consistent Upward Momentum:  Both short-term and medium-term trends point to upward momentum, which is a positive sign. Vulnerability at Range Highs:  The recurring caution about the potential failure to hold prior session range highs suggests that traders should be attentive to price action around these levels for possible short-term reversals. Tactical Short Opportunities:  Despite the bullish trends, the model explicitly mentions the possibility of tactical short-sell opportunities if these range highs fail to hold. In summary, for MTN, the current view suggests a bullish sentiment across the short to medium term, but traders should be vigilant for potential short-term pullbacks at prior session range highs, which could offer tactical short entries. The long term also leans bullish with the same caveat. MTN: Recent Ideas Lester Davids Senior Investment Analyst: Unum Capital

Research Notes For 26 to 30 May > https://www.unum.capital/post/r2630may Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Here's an A.I-assisted summary of Tiger Brands' H1 2025 results, highlighting bull and bear factors: Bull Factors: Strong Earnings Growth:  Significant increases in operating income (up 30%), EPS (up 51% total operations, 78% continuing), and HEPS (up 18% total operations, 34% continuing). Core HEPS surged by 54%. Like-for-Like Volume Growth:  Underlying volumes grew by a healthy 2.6%, indicating successful volume recovery initiatives. Improved Margins:  Gross margin expanded due to commodity price deflation, factory efficiencies, and value engineering. Operating margins also improved across the group and core operations. Successful Portfolio Optimisation:  Proceeds of R4.3 billion from the sale of non-core operations (Baby Wellbeing and Carozzi) strengthen the balance sheet. Progress made on the disposal of Langeberg & Ashton Foods and Maize Milling. Strong Cash Generation:  Cash generated from operations increased significantly, leading to a strong net cash position of R5.9 billion (compared to net debt previously). Commendable cash conversion ratio of 66%. Shareholder Returns:  Increased interim dividend (up 19%), significant share buybacks completed (R1.25 billion), and a substantial special dividend declared (1 216 cents per share). Strategic Progress:  Clear identification of core and non-core businesses, focus on cost leadership, superior channel presence, deliberate growth platforms, and brand rejuvenation. Segmental Strengths:  Strong operating profit growth in Milling and Baking and Grains, and solid revenue growth in Snacks, Treats and Beverages. Bear Factors: Challenging Consumer Environment:  Consumers remain under pressure despite early signs of economic recovery. Reported Volume Flat:  Overall reported volume was flat, with price increases being the primary driver of revenue growth. Decline in Home and Personal Care:  Revenue and operating income decreased in this segment due to competitor intensity and supply challenges. International Weakness:  Revenue decline in Chococam due to ZAR appreciation, offsetting local currency growth. Working Capital Normalization Expected:  The significant working capital improvement in H1 is expected to normalize in H2. Continued Non-Core Operations:  Uncertainty remains around the final decisions for the remaining non-core operations. In summary, Tiger Brands delivered a strong first half driven by successful strategic execution, portfolio optimization, and cost efficiencies, leading to significant profit and cash flow improvements and enhanced shareholder returns. However, they continue to navigate a challenging consumer environment and face some headwinds in specific business segments. Previous Post (Monday 26 May) Tiger Brands Overbought On 3x Time Frames M = Monthly W = Weekly D = Daily Previous Post The share was featured at 19850c (13 June 2024), looking for a measured move to R242. Today (08 May 2025), the share reached a multi-year high of R302. (Previous Post) TIGER BRANDS: Full Target Reached at R242 - Tuesday, 27 August 2024 Pre-Market Bank/Take Profit Yesterday's high = 24995c Lester Davids Senior Investment Analyst: Unum Capital Related Posts: https://www.unum.capital/post/tiger-brands-reducing-into-strength-as-measured-move-nears-monday-26-august-2024 https://www.unum.capital/post/tiger-brands-potential-for-upside-continuation-tuesday-09-july-2024

Research Notes For 26 to 30 May > https://www.unum.capital/post/r2630may Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Global X Copper Miners (COPX) is the first ETF option for a pure-play copper exposure in the equity space. The fund gets this exposure by tracking a market-cap-weighted index that offers broad equity exposure to the global copper mining industry. Although technically a global fund, it has a strong North American exposure. The fund ranks companies according to their average daily trading volume with respect to its exchange over three months. The highest ranked funds are included in the index. The index is rebalanced semi-annually. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes For 26 to 30 May > https://www.unum.capital/post/r2630may Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Previous Post (09 April): Market Risk Index: The Weekly Reading Is Worth Noting! *Weekly Time Frame* - Current *Monthly Time Frame* - Current The indicator is a custom-built risk and sentiment index, designed to assess market risk appetite, including whether sentiment is at an extreme position (i.e. excessively bullish or excessively bearish). Components: Copper: Copper often serves as a proxy for global economic activity. A decline in copper prices could signal slowing economic growth, increasing risk. High Beta vs Low Beta: High beta stocks tend to be more volatile than low beta stocks. A widening spread between high and low beta returns might indicate increased risk aversion. Growth vs Value: Growth stocks typically outperform value stocks in bull markets. A shift towards value stocks could suggest investors are becoming more cautious. EM Currencies: Emerging market currencies can be sensitive to risk appetite. A weakening of EM currencies could signal increased risk aversion. AUD/USD: The Australian Dollar is often used as a proxy for global risk sentiment. A decline in AUD/USD could indicate increased risk aversion. Consumer Staples vs Consumer Discretionary: Consumer staples are generally considered defensive assets. A shift towards consumer staples could suggest investors are seeking safety. Semiconductors vs S&P 500: The semiconductor sector is cyclical and sensitive to economic downturns. Underperformance of semiconductors relative to the broader market could signal increased risk. Russell 2000 ETF: This ETF tracks small-cap stocks, which are generally considered riskier than large-cap stocks. Underperformance of the Russell 2000 could suggest increased risk aversion. U.S. Dollar Index (Inverse): A strengthening US Dollar often signals a flight to safety, suggesting increased risk aversion.

Research Notes For 26 to 30 May > https://www.unum.capital/post/r2630may 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 For 26 to 30 May > https://www.unum.capital/post/r2630may 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 27 May. 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 26 to 30 May > https://www.unum.capital/post/r2630may Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za 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 26 to 30 May > https://www.unum.capital/post/r2630may Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za For Shoprite, here's a breakdown of the current price action: The 7-day trend is indicated as "Neutral," while the 14-day trend is "Rangebound." Comparison: The 7-day "Neutral" trend suggests a lack of clear short-term directional momentum. This contrasts with the "Rangebound" 14-day trend, which also indicates sideways price action over a slightly longer period. The short-term neutrality aligns with the broader range-bound nature of the 14-day trend, suggesting that the price is currently consolidating without a strong immediate direction. Potential Trading Approach: Short Term (Next 1 to 10 Trading Days):  The model notes, "Attempting A Bullish Reversal Following A Consolidation Phase." Approach:  The short-term outlook suggests that Shoprite might be trying to move upwards after a period of consolidation. Traders might look for confirmation of this reversal, such as a break above the consolidation range. Medium Term (Next 2 to 4 Weeks):  The model indicates, "Recently Advanced From A Sideways Consolidation. If It Doesn't Hold Prior Session Highs Then Consider Potential For Retracement To Retest The Range Breakout." Approach:  The medium-term view acknowledges a recent move up from consolidation. However, it highlights a crucial point: failure to hold above prior session highs could lead to a pullback to test the breakout level. Traders should watch price action around these prior highs for potential entry points, either long on a hold or short on a failure. Long Term (Next 5 to 8 Weeks):  The model states, "Bullish Regime But Currently Lacks Directional Bias Needs Break of Range To Trigger New Trend." Approach:  The long-term perspective suggests an underlying bullish sentiment ("Bullish Regime"). However, it also points out a lack of clear directional movement currently, emphasizing the need for a break out of the existing range to initiate a new trend. Long-term traders might wait for a confirmed breakout before committing to a directional trade. Overall Trading Considerations: Short-term reversal attempt within a range:  The attempted bullish reversal in the short term is occurring within a longer-term range. The success of this reversal might dictate the next medium-term move. Key levels to watch:  Prior session highs are critical in the medium term. Holding above them could signal continued upward momentum, while failure could lead to a retracement. Long-term potential:  The underlying bullish regime in the long term suggests that a range breakout could lead to a significant upward move. In summary, for Shoprite, the current view suggests a potential short-term bullish reversal attempt within a medium-term context where holding recent highs is crucial. The long-term outlook is bullish but requires a range breakout for a new trend to emerge.

Research Notes For 26 to 30 May > https://www.unum.capital/post/r2630may Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za For Truworths, here's a breakdown of the current price action: The 7-day trend is indicated as "Strong," while the 14-day trend is "Rangebound." Comparison: The 7-day timeframe, being the shorter-term, suggests current buying strength ("Strong"). However, the 14-day timeframe indicates a "Rangebound" market, suggesting that this short-term strength might be contained within a broader period of sideways price action. The "Strong" reading on the 7-day chart could be an early indication of a potential move out of the range defined by the 14-day trend, but it's not yet confirmed. Potential Trading Approach for Truworths: Given these readings, a trader might approach Truworths with the following considerations: Short Term (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:  Acknowledge the short-term upward trend. However, be wary of immediate long positions due to the caution about failing at prior session range highs. Look for potential short-sell opportunities if the price fails to hold above these highs. Medium Term (Next 2 to 4 Weeks):  The model indicates "no reading available." Approach:  Without a medium-term outlook from the model, focus on how the short-term price action interacts with the 14-day range. A breakout from the range on strong volume could suggest a shift. Long Term (Next 5 to 8 Weeks):  The model states, "After A General Downward Trend Some Buyers Are Showing Interest." Approach:  The long-term perspective suggests potential bottoming or a shift in sentiment after a downtrend. This could mean that short-term weakness might eventually lead to longer-term buying opportunities if this interest from buyers sustains. Overall Trading Considerations for Truworths: Short-term strength vs. medium-term range:  The "Strong" 7-day trend needs to be viewed in the context of the "Rangebound" 14-day trend. The upward momentum might face resistance within this range. Potential for tactical shorts:  The model specifically highlights the possibility of short-selling if prior session range highs are not maintained. Long-term watch:  The emerging buyer interest in the long term suggests keeping an eye out for potential trend reversals, but this needs confirmation through shorter-term price action. In summary, for Truworths, the current view suggests being cautiously bullish in the very short term but aware of potential resistance from the longer-term range, with tactical short opportunities possible. The longer term hints at a possible shift in buyer interest that could develop over time. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes For 26 to 30 May > https://www.unum.capital/post/r2630may Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za We have seen a strong rebound (+15%)% The bullish reversal is also in line with the model reading at the time (scroll down to view). Chart is current (Tuesday, 27 May at 12h16). The current setup remains positive with the development of a cup and handle technical formation targeting 3823c and 4000c. Short Term = pullback possible (see price action model below the chart) Long term = Buyers showing interest (see price action model below the chart) Previous Post: (Tuesday 08 April at 11h12): Trading South 32 South 32 Zooming In on the 2-day candle structure which reflects early buying interest out of a deeply oversold range. Price Action Model Reading South 32 (S32) | Zooming out, highlighting the share trading at/near a long term inflection point.

Research Notes For 26 to 30 May > https://www.unum.capital/post/r2630may Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Analyst Disclosure: The following was summarized with an A.I tool. Here are the bull and bear factors identified from the Pepkor interim results: Bull Factors (Positive Indicators): Strong Earnings Growth:  18.9% growth in normalised headline earnings per share. Revenue Growth:  +12.8% revenue growth to R48.8 billion. Gross Profit Margin Expansion:  +110 bps increase to 39.2%. Operating Profit Growth:  +13.3% growth to R5.8 billion. HEPS Growth:  +12.4% growth in HEPS to 84.3 cents. Strong Cash Conversion:  82.3% cash conversion. High Return on Net Assets:  23.7% return on net assets. Market Share Gains:  Strong trading momentum driving market share gains in retail. Strong Performance in Key Brands:  Stellar performance from PEP and recovery in Ackermans. Healthy Fintech Growth:  34.5% increase in FinTech revenue, with significant growth in financial services. Expansion into New Customer Segments:  Acquisition of Choice Clothing to enter the semi-formal off-price segment. Scaling the Home Lifestyle Business:  Acquisition of Shoprite's furniture business. Expanding Market Share in Adult Wear:  Acquisition of Legit and other Retailability businesses, and the launch of Ayana. Continued Trading Momentum:  Trading momentum continued into the second half of the year. Potential Benefit from Global Tariff Environment:  South Africa potentially benefiting from increased global product supply capacity. Disciplined Cost Management:  Mentioned as a driver of strong results. New Store Openings:  Well on track to open 250-300 new stores in FY25. Growth in Online Sales:  Group online sales increased by 18%. Growth in Informal Market:  Flash business throughput increased by 23.6%. Growth in Retail Credit:  Credit sales increased by 29%. Bear Factors (Potential Concerns): Subdued and Highly Competitive Market:  Despite strong results, the market is described as subdued and highly competitive. Persistent Structural Challenges:  High unemployment and low economic growth in South Africa. Financially Constrained Consumers:  Consumers remain financially constrained. Slower NAV Growth:  Net asset value per share growth is relatively low at 1.6%. Weakness Outside Southern Africa (Rand Terms):  Like-for-like sales outside southern Africa decreased by 11.0% in rand terms. Challenging Environment in Brazil:  High inflation and interest rates leading to customer indebtedness. Muted South African Economic Landscape:  Mentioned in the outlook as remaining challenging. Previous Post (22 May)Trading Pepkor: Pepkor's short-term momentum has waned, with the share price retreating against overhead resistance. The recent candle structure suggests short-term distribution. However, the long-term outlook remains supported as the share price is still trading above its rising 200-day simple moving average. In the short term, the price has lost it's 8-day EMA which is turning lower while the 21-day EMA has also started to flatten out. A retracement to the 50 to 61.8% Fibonacci level is not out of the question, which would be a potential re-accumulation range while on the sell side, the prior swing high (just above 3000c) would be a first (provisional) next-best level of selling interest. Note: Event Risk in the form of earnings on or around 27 May. Previous Post (13 May): Pepkor's Power Move! Now Running +26% The motivation behind the Tactical Trading Guide ( price action model ) was to systematically uncover opportunities and assess reward-to-risk, saving time in the process! In essence, the model is the analyst's thought process, on paper. Here, clients have access  to a process that has help to guide traders in order to generate cash and which has helped to manage risk. PEPKOR is one of those names where the model stated: (1) "Aggressive selling recently, however the buy/long reward-to-risk may be attractive" and (2) "Has been sold aggressively. Look for a continued dip/decline before a minor rebound". Scroll down to view the reading for the close of business on Friday 04 April. On Monday 07 April, traders had the opportunity to accumulate, which was followed by a 26% rally (multi-week highs seen yesterday, Monday 12 May). The current price action model reading + the updated chart is as follows: Previous Post (Saturday, 05 April): Price Action Commentary: Short & Medium Term 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)