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#EarlyAccess Trade   Sasol, Omnia and AECI   with Unum Capital. To get started, email   lester@unum.co.za This is a follow-up to the post on 02 February which highlighted the group trading at a 20-year low versus the broader market, but more importantly the swing low. Note the monthly candle Previous Post (02 February): JSE Chemicals: 20-Year Relative Low Portfolio View I have no special fundamental insight into this sector, however, it may be worth noting that it trades at a +20-year low relative to the Top 40 Index - possibly worth investigating. Lester Davids Analyst: Unum Capital

Trade Global Shares  with Unum Capital. To get started, e-mail lester@unum.co.za Previous Post: [GLOBAL IDEAS] Deutsche Boerse AG Friday 29 November 2024 (Time: 06h24, S/Africa / Pre-Market European Session) Code: DB1 Model: Trend Acceleration Bias: Buy/Long Lester Davids Analyst: Unum Capital

Disclosure: This post was summarized using an A.I tool. Implats reported its condensed consolidated interim results for the six months ending December 31, 2024, revealing a period marked by both operational adjustments and market headwinds. Despite a focus on safety, the company tragically experienced five fatalities across four separate incidents, highlighting ongoing challenges in achieving zero harm. However, there were improvements in injury frequency rates, with a 29% decrease in the lost-time injury frequency rate (LTIFR) and a 22% reduction in the total-injury frequency rate (TIFR). Operationally, Implats navigated a Group-wide labor restructuring and adjusted operating parameters in response to low platinum group metals (PGM) prices. Production saw a 4% decline in Group 6E production to 1.82 million ounces, although refined and saleable 6E production increased by 2% to 1.79 million ounces. Sales volumes rose by 5%, reaching 1.77 million ounces. The company faced challenges including water and power disruptions in southern Africa and project commissioning complexities at Zimplats. Implats made progress on strategic projects, including the ramp-up of Zimplats' solar plant and the completion of its smelter expansion and SO2 abatement project. Cost management was a focus, with Group 6E unit costs increasing by 3% to R20,885 per ounce. Capital expenditure was significantly reduced, dropping 42% to R3.9 billion, as projects neared completion. Financially, Implats faced pressure from weak rand PGM pricing, resulting in a 3% decrease in dollar revenue per 6E ounce sold and an 8% decline in rand revenue. The company reported EBITDA of R6.5 billion and headline earnings of R1.85 billion, or 206 cents per share. Basic earnings were R1.9 billion, or 208 cents per share. Despite these challenges, free cash flow generation improved to R639 million, and the company maintained a strong balance sheet with adjusted net cash of R6.7 billion. Due to constrained free cash flow and market uncertainties, Implats did not declare an interim dividend. The company's dividend policy, which aims to return at least 30% of adjusted free cash flow, will be reassessed at year-end. The decision reflects the company's cautious approach amid volatile market conditions. The PGM market outlook remains uncertain, with weak consumer and investor sentiment impacting pricing. However, near-term outlooks for platinum, palladium, and rhodium are tightening, with expected deficits in 2025. Implats continues to receive robust spot material requests from customers, and recycling flows are slower than anticipated. Implats is focused on delivering safe and profitable production, with operational planning and capital investment aimed at maximizing returns. The company is responding to the sharp downturn in the sector by enhancing the competitive positioning of its assets. Challenges at some operations may require further interventions and adjustments to operating parameters. For the remainder of FY2025, Implats anticipates support from strong delivery at key operations, including Impala Rustenburg, Impala Bafokeng, Mimosa, and Two Rivers. The company expects a partial unwind of accumulated inventory at Zimplats, although processing constraints at Impala Rustenburg's furnaces will moderate the pace of destocking. Implats maintained its refined and saleable 6E production and unit cost guidance for FY2025, expecting production between 3.45 and 3.65 million ounces and unit costs between R21,000 and R22,000 per 6E ounce. The forecast for capital expenditure has been lowered to between R7.0 billion and R8.0 billion, including growth capital. The company is navigating a complex market environment characterized by geopolitical uncertainty, fluctuating demand, and price volatility. Implats' strategic focus remains on optimizing operational efficiency, maintaining financial flexibility, and ensuring long-term sustainability.

Access Global Shares  with Unum Capital. To get started, email lester@unum.co.za Code: NYSE: YUMC Bias: Buy/Long Sharp reversal and gap up off the lows. Now developing a bull flag technical formation. Yum China Holdings, Inc. engages in the business of franchising and owning entities that own and operate restaurants. It operates through the following segments: Kentucky Fried Chicken (KFC), Pizza Hut, and All Other Segments. The KFC segment focuses on operating a restaurant chain. The Pizza Hut segment offers casual dining and home service. The All Other segment includes Taco Bell, Lavazza, Little Sheep, Huang Ji Huang, COFFii and JOY, East Dawning, and other e-commerce business. The company was founded in 1987 and is headquartered in Shanghai, China. Consensus Analyst Estimates Lester Davids Analyst: Unum Capital

Access Global ETFs  with Unum Capital. To get started, email lester@unum.co.za Why AIA? 1. Exposure to large, established Asian companies 2. Access to 50 of the largest Asian stocks in a single fund 3. Use to diversify internationally and express a regional view Lester Davids Analyst: Unum Capital

Trade   Local & Global Shares   with Unum Capital. To get started, email   lester@unum.co.za Previous Post (Sunday 16 February): Premium Post: Buy Idea Let's do a trade. In exchange for the name of the share, we would love to have a few minutes of your time to explain our services. Specifically, if you are: New to financial markets and looking to start your trading journey. An experienced trader, but looking to elevate your trading. Interested in an ACTIVE TRADING approach. Interested in a high quality, award-winning research. Interested in insights that informs and identifies both risks and opportunities. Should you you fit into any of the above categories, we would love a few minutes of your time to be able to further explain why you should consider Unum Capital your trading partner. To access, e-mail your name and contact details to   lester@unum.co.za    To open a trading account, e-mail   lester@unum.co.za    The chart below is a ratio of the share, relative to the JSE Top 40 Index. This chart is available to NON-CLIENTS  of Unum Capital.   Lester Davids Analyst: Unum Capital

Trade   Harmony Gold with Unum Capital To get started, email   lester@unum.co.za Update: Currently lower by 2900c. The original note was published Monday evening (10 February ) in the note "Channel Check" - highlighting the potential resistance at the rising trend line. Scroll down. Previous Post (Monday 10 February): For HAR traders, an inflection point worth noting. HAR Daily Chart as of today's close. HAR Price Action Model as of today's close: Lester Davids Analyst: Unum Capital

Trade   JSE Insurers with Unum Capital. To get started, email   lester@unum.co.za Insurers have offered great opportunities for clients and, we have been all over it. In case you missed it: Old Mutual https://www.unum.capital/post/omu-running-10pct Momentum Metropolitan https://www.unum.capital/post/mtm-9pct Sanlam https://www.unum.capital/post/slm-get-paid Lester Davids Analyst: Unum Capital

Trade   Momentum-Metropolitan with Unum Capital. To get started, email   lester@unum.co.za +14% Rally Off The Confluence Zone As discussed pre-market this morning, the 50-week (as per the model) was support. At 11h06, the group released a trading statement for the six months ended 31 December 2024. Previous Post: Trading Momentum Metropolitan: 50-Week/200-Day Convergence Previous Post (Wednesday 12 February) Preferred Strategies & Setups To Generate Cash Flow (Click To Enlarge) Lester Davids Analyst: Unum Capital

Trade   Momentum-Metropolitan with Unum Capital. To get started, email   lester@unum.co.za Previous Post (Wednesday 12 February) Preferred Strategies & Setups To Generate Cash Flow (Click To Enlarge) Lester Davids Analyst: Unum Capital

Trade Old Mutual  with Unum Capital. To get started, email lester@unum.co.za In line with manual and automated/model reading. High of 1289c thus far, this morning. For short term traders , consider reducing buy/long positions. __________________________________________________________________________________ Previous Post : OLD MUTUAL: Oversold + Approaching Prior Swing Low Analyst's Price Action Model at 10h24 Q: What is the overall trend of Old Mutual? A: The overall trend of Old Mutual appears to be weak, with selling pressure evident. However, there is a probability of a small rebound. Q: What is the current 7-day trend? A: The current 7-day trend for Old Mutual is oversold. Q: What is the current 14-day trend? A: The current 14-day trend for Old Mutual is very bearish. Q: Is there any opportunity for a short-term buy/long position? A: Yes, the reward-to-risk is becoming attractive for a small buy/long position. Q: What is the advice for the medium term (2 to 4 weeks)? A: For the medium term, the advice is to wait for lower time frames to stabilize before taking any aggressive selling action. Q: What is the advice for the long term (5 to 8 weeks)? A: The share has been weak however, there is a possibility of a small rebound. Summary: The Old Mutual price action model indicates a weak overall trend with oversold and very bearish short-term trends. Despite this, there's a potential opportunity for a small buy/long position due to the improving reward-to-risk ratio. For the medium term, it's recommended to wait for lower time frames to stabilize before aggressive selling. In the long term, the share has been weak however, there is a possibility of a small rebound. OMU Daily Chart as of Wednesday 15 January at 10h31 Previous Post: OLD MUTUAL Discount Relative To Sector Peers + Emerging From A Technical Base The most appropriate metric to value insurers is 'price to embedded value'. One could also consider price to book, price to earnings and dividend yield. Thursday 05 December 2024 (Time: 10h52) The most appropriate metric to value insurers is 'price to embedded value'. One could also consider price to book, price to earnings and dividend yield. Relative to it's peer group OMU is trading at a discount. OMU Price to Book Value (1.01x) vs SLM at 2.02x and MTM at 1.46x OMU Price to Earnings Ratio (6.5x) vs SLM at 11.9x and MTM at 10.3x OMU Dividend Yield (6.3%) vs SLM at 4.4x and MTM at 4.05x OMU has previously been discussed in the following posts: https://www.unum.capital/post/old-mutual-similar-to-momentum-metropolitan-thursday-01-august-2024 https://www.unum.capital/post/zooming-out-5-monthly-charts-thursday-01-august-2024 Lester Davids Analyst: Unum Capital

Trade African Rainbow Minerals  with Unum Capital. To get started, email lester@unum.co.za As the price continues to get sold off aggressively, this model reading might be worth noting. Previous Post (Tuesday, 25 February End of Day): My comment a few days ago above R167 was: "short term traders, consider taking profits. It's R140 now!" Previous Post Running +9%. Edit: Closed the day very strong & now running +10% ARI Daily Chart as of end of day. If you are an ultra short term trader, then a move of this size could be an opportunity bank/take profit, however, for medium term traders, we could be in the early stages of a bigger move. Also moving perfectly in line with the price action model reading (scrolls down to view). Previous Post (Sunday, 12 January for Monday 13 January): African Rainbow Minerals: Breaking Out On A Relative Basis (Bullish Setup) African Rainbow Minerals Relative To The JSE Top 40 Index African Rainbow Minerals (ARI) Analyst's Price Action Model The 7-day trend is strong, and the 14-day trend is rangebound. Q: What is the overall trend for African Rainbow Minerals in the short term (1 to 10 trading days)? A: attempting a bullish reversal following a consolidation phase. This suggests a potential upward move in the short term. Q: What is the medium-term trend (2 to 4 weeks) for African Rainbow Minerals? A: The medium-term trend is attempting a rebound following a downward trend. This indicates a potential upward movement, but it may consolidate further before continuing higher. Q: What is the long-term trend (5 to 8 weeks) for African Rainbow Minerals? A: The long-term trend is range-bound in a weak regime. A recovery buy or long position is triggered on strong bids and a break of the current range high. This suggests a potential upward move, but it may be range-bound for a while. Q: What are the key takeaways from this price action analysis? A: The short-term trend is bullish, suggesting a potential upward move. The medium-term trend is attempting a rebound, but may consolidate further before continuing higher. The long-term trend is range-bound, but a recovery buy or long position is triggered on strong bids and a break of the current range high. Q: What are some potential strategies for trading African Rainbow Minerals based on this analysis? A: Short-term traders: May look to buy on dips or breakouts in the short term, as the trend is bullish. Medium-term traders: May look to buy on a break of the current resistance level, as the medium-term trend is attempting a rebound. Long-term traders: May look to buy on strong bids and a break of the current range high, as the long-term trend is range-bound. Previous Post: African Rainbow Minerals: A +29% Rally; Now Short Term Overbought Wednesday, 02 October 2024 Time Published: Pre-Market (06h11) Ticker: ARI Significant rally off the swing lows of R155 to a high R201.98 during yesterday's session. Short term traders, take profit or trim some of your position. Previous Post: Wednesday, 13 September 2024. 11h55 The share has now rallied by R37, with a high of R192.64 today. Short term/active traders will use these advances to reduce exposure and potentially re-enter at lower levels. The high was also into my actionable trading zone (sell/reduce), pulling back to R187 on an intraday basis. Scroll down to see the previous (+original) posts which were communicated to clients of Unum Capital. The chart is 'current' Previous Post: 13 September 2024 Update / Pre-Market Ticker: ARI Previous Post: 12 September Real-Time: 10h21 Ticker: ARI The share has found support at the previous swing low and is rebounding from deeply oversold conditions. This setup was discussed on Monday, 02 September. The chart is 'current' Pre-Market Ticker: ARI As per my report on Monday, 02 September (Active Trading Plan), the share is approaching key levels i.e. the previous breakout range and the previous swing lows. Also note the following, yesterday we saw a 'doji' candle being printed, which may be early clues of a slowdown in downward momentum. Note: Event risk in the form of earnings at present (Friday, 06 September). The slide from my report is shown below. Lester Davids Analyst: Unum Capital