Cratos Asset Management

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The latest JSE analyst recommendations 📋 Premier Group (PMR) - not shown below - was upgraded to a Buy recommendation by HSBC with a R228 target price, which is 21% upside to yesterday's closing price.

South Africa's manufacturing production 🏭 decreased by 3.5% in September 2026 vs estimates for a 2% fall. Contributors (y/y) • Motor vehicles, parts and accessories (-15% & contributing -1.1%) • Wood & wood products, paper, publishing and printing (-11.2% & contributing -1.1%) • Furniture and ‘other’ manufacturing (-19% & contributing -0.8%) • Iron, steel, metal & machinery (-3.7% & contributing -0.8%) On a monthly basis, manufacturing production was flat in September 2026 compared with August 2026. This follows month-on-month changes of -3% in August 2026 and 2.1% in July 2026.

Out on SENS 📱 | VOD | SSS | PMR | MKR • Vodacom (VOD) reported HEPS up 25.7% to 587c vs the midpoint estimate of 581.5c. • Revenue increased 25.6% to R102.5bn. • Financial services revenue rose 99% to R15.9bn. • Performance was driven by Safaricom consolidation, strong growth in Egypt & International markets, & South Africa’s prepaid recovery. • EBITDA increased 40% to R42.7bn. • Interim dividend up 7.6% to 355c. Source: senspdf.jse.co.za/documents/… • Stor-Age (SSS), the SA and UK self storage property REIT, reported distributable income per share up 4% to 69.04c. • Growth was supported by SA rental income increasing 9.5%, alongside acquisitions and improving occupancy across its portfolio. • Closing occupancy of the owned portfolio fell to 89.3% from 90.6%. • The interim dividend increased 4% to 62.14c, with loan to value at 27.3% from 30.9% previously. Source: senspdf.jse.co.za/documents/… • Premier Group (PMR), the food producer behind Blue Ribbon, Snowflake and Lil Lets, reported HEPS up 27.1% to 711c. • Revenue increased 38.8% to R14.30bn, primarily reflecting the inclusion of Culinary. • Growth was supported by Millbake EBITDA increasing 23.7%, merger synergies and improved operational efficiencies. • EBITDA increased 51.4% to R2bn, while the margin improved 120 basis points to 13.9%. Source: senspdf.jse.co.za/documents/… • Montauk Renewables (MKR), the renewable energy company converting landfill methane into renewable natural gas and electricity, postponed its third quarter results announcement. • The company intends to file by 16 November 2026, within the permitted extension period. Source: senspdf.jse.co.za/documents/…

These JSE-listed shares go ex-dividend this week 💸

Out on SENS 📶 | MTN | OMN | RBX | OCT | • MTN Group (MTN) reported service revenue up 9.9% to R176.2bn for the nine months to September 2026, or 17.2% in constant currency. • Growth was driven by data revenue up 28.2%, strong performances in Nigeria and Ghana, and improved operating efficiency, while fintech remained under pressure. • EBITDA increased 22.9% in constant currency to R86bn, with margins expanding to 47.9% from 45.1%, while R2bn was spent on share buybacks. Source: senspdf.jse.co.za/documents/… • Omnia Holdings (OMN) HY27 HEPS was up 25% to 399c for the six months to September 2026 vs the trading statement midpoint of 394c. • Revenue increased 2% to R11.41bn, while operating profit rose 26% to R1.43bn. • Agriculture benefited from higher selling prices, Mining from stronger volumes and new contracts, while Chemicals improved through cost reductions & better margins. • ROE improved to 15% from 12.3%. • Net cash declined 47.3% to R366m. Source: senspdf.jse.co.za/documents/… • Raubex Group (RBX), the construction and infrastructure group, reported HEPS up 4.4% to 254.3c for the six months ended 31 August 2026. • Revenue increased 11.8% to R12.12bn, while operating profit rose 2.5% to R618m. • Growth was supported by its diversified operations, stronger activity and continued expansion into complementary sectors. • The order book increased 24% to R39bn. • Interim dividend up 8.6% to 88c per share. Source: senspdf.jse.co.za/documents/… • Octodec Investments (OCT), the property investment group, expects distributable income per share to increase 11% to 13% to between 190.37c and 193.80c for FY2026. • The improved outlook reflects an insurance settlement following the Johannesburg CBD gas explosion, lower maintenance costs and reduced finance expenses. • Final dividend expected to increase between 15.1% and 20.7%, to between 83.45c and 87.49c a share. Source: senspdf.jse.co.za/documents/…

The latest JSE analyst recommendations 📋

These JSE-listed shares go ex-dividend on Tuesday this week as a result of the South African local government election public holiday on Wednesday. 🚨

South Africa had 162k overseas visitors ✈️ in September 2026, down 11% year-on-year, via @StatsSA. • Europe -7% to 88k • North America -18.6% to 33k • Australasia -11.6% to 14k • Asia -21% to 15k (China -27% to 2.2k) The figure is 19.4% below the 201k visitors in September 2019, pre-pandemic. Source: statssa.gov.za/publications/…

These JSE-listed shares go ex-dividend today 💼

SA's tourist accommodation income 🛌 rose 7.6% y/y in August, via @StatsSA. This was a result of a 3.9% increase in the number of stay unit nights sold and a 3.6% increase in the average income per stay unit night sold. Hotel occupancy rates of 67.4% are above August 2019's pre-pandemic figure of 64.8%.

The latest JSE analyst recommendations 📋

The latest JSE analyst recommendations ⬇️

The latest JSE analyst recommendation changes ♻️

South Africa's retail trade sales 🛒 increased by 3.3% year-on-year in August 2026 vs estimates for a 3% rise, via @StatsSA. Contributors (y/y) • Textiles, clothing, footwear and leather (+6.5% & contributing 1%) • All ‘other’ retailers (+8.1% & contributing 0.9%) • General dealers (+2% & contributing 0.9%) • Food, beverages & tobacco (+5.8% & contributing 0.5%) On a monthly basis, retail trade sales decreased by 0.3% in August 2026 after a 2.4% rise in July 2026 and -0.8% fall in June 2026.

South Africa's annual consumer price inflation 📈 gained 4.5% year-on-year in September 2026, vs estimates for 4.7%, via @StatsSA. Contributors (y/y) • Transport (+10.8% & contributing 1.5%) • Housing & utilities (+5.2% & contributing 1.3%) • Insurance & financial services (+5.4% & contributing 0.6%) On a month-on-month basis CPI rose 0.4% in September 2026.

These JSE-listed shares go ex-dividend this week 🚨