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🌍 Worldwide Markets – Episode 658📅 26 November 2025
🎙️ Hosted by Simon Brown
💼 Powered by Standard Bank Global Markets & Shyft
📊 JSE 10-year returns — miners dominate!
💽 Nvidia results: great numbers, strange market reaction
🥇 Harmony goes big on copper
🛠️ SA Inc sleeper stock ready to run with GDP recovery
📦 Process/Tencent update: super-app dreams + buybacks
🧠 Standard Bank launches new AI structured product
🎯 Power Hour: Position your portfolio for 2026 (8 December)
🏗️ Capital equipment group with exposure to SA, EU, US & Asia.
🌍 Tariffs hit their China → US shipments.
💰 Valuation extremely cheap:
PE < 5
Dividend yield > 3%
Price-to-book: 0.7
🚧 SA's weak GDP is the drag — but a recovery to 1.8% → 2% → 3% could turn this into a major SA Inc winner.
⚙️ Manufacturers sweating assets = more parts sold = small cyclical buffer.
💵 First positive free cash flow ever → +$59m vs -$104m.
💰 Billions of $ in cash reserves.
🍔 Food delivery (iFood, etc.) gaining scale + working toward a unified "super-app" model.
🧧 Still overwhelmingly driven by Tencent, but:
🎮 Tencent Games
🎵 Tencent Music
📺 Online ads
📱 WeChat ecosystem
🎥 Epic Games stake
🎞️ TikTok-style platforms
🔄 Ongoing share buybacks funded by selling Tencent into Hong Kong.
📈 Beat on revenue, profit, and guidance — classic Nvidia.
🤔 But inventory jumped 32%, raising questions about demand visibility.
🏭 Meta reportedly exploring Google chips, with Amazon & Google also pushing their own silicon.
⚠️ Non-Nvidia chips = slower + higher power usage → still "B-grade".
📉 Technically:
Support at ~$180
Next support ~$166
Further support ~$150s
🎈 Bubble chatter now turning into "yes, it is a bubble" — but bubbles go UP before they pop.
📉 Mag-7 200-day MA signals:
Only Meta sits below (-10%).
Microsoft almost there (+1.5%).
Amazon also soft (+5%).
🪙 Buying + building the Eva copper project in Australia.
🧱 Production cost: $2.50/lb copper (vs spot ~$4.50–$5.25).
⛏️ Harmony is shifting from pure gold → gold + copper, diversifying earnings.
🎙️ Jimmy Moyaha's view:
✔️ Good blend of cyclical exposures
✔️ Some risk hedging between metals
⛏️ Deep SA gold mines = harder + costlier → copper is a logical hedge.
🔌 Copper = "metal of the future" (again) due to electrification & green tech.
🧺 Basket:
🇺🇸 US Tech (NASDAQ)
🇨🇳 China Tech (KWEB)
💸 Auto-call feature:
Year 1: If both indices are positive → 16% payout
If not, each subsequent year with positivity → 16% per year
Max 5-year horizon = up to 80%
🛡️ Capital protection:
100% capital back if indices not more than 30% down at maturity
💵 Minimum: R25,000 (+ R1,000 increments)
🗓️ Closing: 3 December 2025
📍 Available via OST or your stockbroker.
🥇 Harmony Gold — 43.5% p.a. (3600% total!)
🥈 Gold Fields — 37%
🥉 Kumba Iron Ore — 33% (42% incl. dividends)
⚒️ Exxaro — 28% + 12% dividends
⚙️ Northam Platinum — 28.5%
🇬🇧 Argent — 27% (first non-miner)
💼 African Rainbow Capital / Valterra — 25%
🏦 Capitec — 22.5% + dividends → 24% total
🛠️ Bell Equipment, Merafe, Sibanye — strong ~19%+
🌐 Datatec — 19% + 17% dividends → 37%
🪓 Eskom (ELI / ACO) — -26%
📦 Nampak — -18%
🛏️ City Lodge — -14.5%
🧪 ArcelorMittal — -14%
💊 Aspen — -10%
🛢️ Sasol — -10%
🏘️ Balwin — -7%
🍔 Famous Brands — -7%
🧱 PPC — -5%
🛒 Pick n Pay — -5%
🏥 Netcare — -4.8%
🧺 Woolworths — 2.4% p.a. (only 1.4% incl. dividends)
📈 118% total return over 10 years
📉 CAGR: 8.2% (≈10.5% incl. dividends)
📌 Best period: 11.6% (2019)
📌 Worst: ~3% during crisis
🎯 Real return (CPI ~5%): ≈7% — very respectable.
💬 Tell us in the comments:
Which 10-year winners do you own?
Which stats shocked you most?
What's your best-performing JSE stock of the last decade?