Next week the @FinancialMail will have the Investors Monthly issue extra pages where contributors write on a slew of #JSE listed stocks @smalltalkdaily contribution as written covers $JSEART Argent Industrial, $JSECMH Combined Motor Holdings, $JSEHCI Hosken Consolidated Investments (special feature) and $JSERBX Raubex These alongside many other stories by @MarcHasenfuss @FinanceGhost and others will be in the issue. Don't forget to get your copy next Thursday

In a recent $JSECMH CMH results call they commented that when they were selling Chinse cars out of their fleet, they gained slightly worse second-hand resale values (not as good as anticipated) With some Chinese brands either not increasing new car prices or increasing at very low % on-going upgrades in model range / specs ... consumers wanted to buy the new cars (with warranty etc) and were seemingly not as keen to buy 'older' second-hand Chinese vehicles Something to monitor in the years ahead as the influx of Chinese models start to come off motorplan / warranty and hit the after market

The phrase "buy on anticipation, sell on the news" comes to mind when I read the YE2026 results from $JSECMH Combined Motor Holdings Solid results superficially from the metrics seen BUT the market - I'd wager - was expecting a fatter dividend given the cash hoard now sits at R1,145 million or 1650 a #CMH share or 39% of the current R2,912 Mcap Car sales did really well - given the NAAMSA stats - with PBT profits 29.5% to R528.75 million However car rental PBT 1.3% to R155.58 million and financial services -20.3% to R66.59 million will draw questions at the management presentation A sharp swing in "corporate" was the bacon saver with a year-on-year swing rise from R6.74 million to R48.27 million HEPS rose (top end of guidance) 33% to 536.4 cents with a final dividend of 222 cents ( 29.8%) declared - a bit mean if you ask me given the cash pile On a PE of 7.6x on these results the #CMH price remains fair & more attractive given the fat cash balance I own #CMH p.a and am engaging with the CEO/CFO in the coming days and will report back but on the face of it ... the market was probably wanting more cash back in their pockets and that's why the share is down -3.46% to 4050 cents on the results

Solid FY2026 trading update from motor retailer and car rental business $JSECMH Combined Motor Holdings HEPS guidance 25% to 35% with a range of 504.0 cps to 544.3 cps from prior 403.2cps At 3700 cents on a mid HEPS point that placed #CMH on a PE of 7.1x Improved new vehicle sales the recent summer inbound tourism has clearly aided #CMH H1 2025 to August saw #CMH report HEPS growth of 22.7% to 220cps with no dividend as #CMH used its large cash hoard (R774.5m) to buy back shares (731886% was repurchased from directors as shareholders did not tender for the offer) With cash re-building, I'd wager shareholders should expect dividends to be paid again in 2026

The National Association of Automotive Manufacturers of South Africa (NAAMSA) have released their March sales data In going through the data on passenger vehicles month-on month I find the following New passenger car sales month-on-month 39,370 (4.8%) What pushed the total industry sales stats in the March month was a SURGE in demand for commercial vehicles (CV) Light CV 17.7% Medium CV 14.3% Heavy CV 6.6% Extra heavy CV 27.9% Buses -17.9% Overall new vehicle sales 58,060 ( 8.6%) What was really interesting was a changes in the vehicle manufacturers OEM market share & vehicle sales The big losers month on month were the OEM represented by $JSECMH Combined Motor Holdings (Suzuki) and $JSEMTH Motus Holdings (Hyundai, Kia & Renault) both saw sales declines The Chinese brands (big 4 GWM, Chery, Jetour, Jaecoo/Omoda) saw month-on-month growth to 8,368 units ( 6.0%) The BIG OEM gainers were VW, Isuzu, Mahindra and BMW Month-on-month changes in new vehicle sales ranked in sales order Toyota 1,051 units or 8.6% to 13,323 VW 679 units or 13.9% to 5,574 Suzuki -1,515 units or -23.1% to 5,047 Isuzu 1,142 units or 48.2% to 3,513 Hyundai 122 units or 3.9% to 3,258 Ford -3.4% GMW 6.2% Chery 3.4% Mahindra 14.2% to 2,280 Jetour 5.7% Kia -5.7% BMW 351 units or 28.4% to 1,588 Nissan 283 units or 23.5% to 1,487 Omoda/Jaecoo 10.5% Renault -1.4%

If they ever did wish to enter the new car market there would be an easy and swift solution BUY $JSECMH CombinedMotor Holdings whose aged founders and major shareholders are retiring and stepping back from the business #CMH Mcap R2.55 billion #WBC MCap R18.2 billion Inside #CMH is the 2nd best selling OEM brand @Suzuki_ZA and a slew of other brands. Mandarin Parts - a supplier to Chinese vehicles as well as a leading car rentals business (First Car Rental) where excess cars are sold & there is a ready supply of second-hand vehicles Looks like a fairly good fit if you ask me #WBC (if) they ever decide to move into the formal new vehicle sales sector

The January vehicle sales stats were released for January 2026 by The Nationals Association of Automotive Manufacturers South Africa I break down the data points In January NEW passenger car sales rose 7.1% to 37,190 units Car rental sales to the sector were 13.3% of all new passenger vehicle sales c.4,497 units Sales of bakkies and light commercial vehicles 11.0% in the month to 10,996 units @Suzuki_ZA regained its N0.2 sales spot in January 2026 as it had been a consistent No.2, but in December 2025, @VW regained its N0.2 but slipped again into January 2026 Suzuki sales December 2025 to January 2026 rose 29% to 6,410 units (I'd wager many went into car rental as $JSECMH has the rights to the Suzuki OEM and many of it First Car Rental fleet is Suzuki) VW fell -4.8% month-on-month to 4,774 units Looking on the Top 15 OEM brands change in sales from December 2025 data to January 2026 sales data The Chinese & Indian imports in January 2026 continue to sell well Toyota -8.9% Suzuki 29.2% $JSECMH main importer VW -4.8% Hyundai -0.6% $JSEMTH main importer Ford -10.3% GWM 2.8% Chery 0.4% Kia 25.2% $JSEMTH main importer Mahindra 35.4% Isuzu -15.7% Jetour 13.1% Renault 8.5% $JSEMTH main importer Omoda & Jaecoo 7.3% Nissan 12.1% BMW 29.8%

$JSECMH this sentence from @FinanceGhost this morning. It's telling that directors were big sellers into this offer by the company. No issue from a Governance perspective. Everyone had a fair chance. But the significant sales give and indication of where they see value

Month 11 Top Stocks of 2025 Update With a month to go until my self-emposed and deadline expires, the @smalltalkdaily Top Stocks of 2025 had a roaring November and again (like October) allows me to show my face in public after the terrible start to the selection Ex-#CSB & #HCI the selection has mostly met or beaten my benchmark indices in the period with some solid year-to-date gains For November the selection is 12.49% having been 8.19% in October and -0.69% in September with its very worst (April -9.99%) From point of selection, the roaring resources led ALSI is 33.44%, the Mid Cap Index 20.92% and the Small Cap 15.99% with the Small to Mid Cap Indices having an excellent November month-on-month up 4.6% and 5.0% on the month respectively @smalltalkdaily portfolio is still behind my benchmark JSE Small & Mid Cap Indices but its been the persistent two $JSECSB Cashbuild and $JSEHCI Hosken Consolidated Investments that have dogged me like leprosy All the others have had respectable performances with $JSEKAL KAL Group (formally Kaap Agri) as I wrote a few months ago ahead of results "being one to watch as the market was wrong on results expectations. #KAL indeed reported a record HEPS) and #KAL from its worst (September 17th) has rallied 26.9%. Not to shabby and my standing target of R48.00 then R54.00 still hold On month 11, the best performing stocks month-on-month in the selection were; $JSERBO Rainbow Chickens 14.7% $JSENPK Nampak 11.2% $JSEADH ADvTech 4.7% $JSECMH Combined Motor Holdings 3.9% $JSEKAL KAL Group 3.4% $JSERFG Rhodes Foods Group 2.9% The worst performers; $JSECSB Cashbuild -7.9% $JSEHCI Hosken Consolidated Investments -2.7% $JSEPPC PPC Group -1.3% $JSEGND Grindrod -1.1%

$JSECMH Combined Motor Holdings announces the details of its voluntary share buy-back program Shareholders can elect to tender up to 15% of their shareholding to the company for a price of 3550 cents per share #CMH will buy-back up to a maximum of 11,220.300 shares for R398,320,650 As I have stated in many prior posts on #CMH I do not foresee many institutions exiting up to 15% of their shares rather this is a mechanism for the exiting founder directors to sell a part of their combined c.42% stake in #CMH as part of estate planning I'm a #CMH shareholder and as I have stated with (1) improving new car sales prospects especially in cheap imports (where #CMH has the @Suzuki_ZA rights) and Suzuki is consistently the No.2 brand in SA and #CMH also has a slew of Chinese brands and a really interesting car parts business (Mandarin) targeting the sector. A good long-term bet given the inroads Chinese vehicles are making in South Africa (2) First Car Rental an important division in #CMH going into the inbound tourist season (3) #CMH still sits on acres of cash and is generating more post the buy-back. The share will be cancelled aiding HEPS and the PE rating dividends will be resumed in 2026 and #CMH pays generous dividends (4) New management is coming on board as the founders (CEO CFO) gracefully exit into 2026 having served the company exceptionally Given all of the above why would you sell even at 3550 cents. Anyway the share is trading at a new 52-week high of 3780 cents and is year-to-date 18.3% (including last dividend) My standing price target for #CMH has been R38.00 then R42.,00. The first is pretty much made #CMH is included in my Top Stocks of 2025 and since selection date is 19.5% including dividend One I will hang onto thank you very much

Updating October (month 10) of my @smalltalkdaily Top Stocks of 2025 and for the month the selection is 8.19% and has had a big turnaround from when it was down -9.99% Again all the action has been in the ALSI which year-to-date is 31.38% in my timeline versus 10.87% for the JSE Small Cap Index & 15.52% for the Mid Cap Index Month-on-month the selection went from -0.69% to 8.19% driven by the M&A offer for $JSERFG Rhodes Foods Group by $JSEPMR Premier Foods & strong gains from $JSEADH ADvTech ( 12.3%), $JSEGND Grindrod ( 12.8%) & $JSECMH Combined Motor Holdings ( 9.4%) My two portfolio 'dogs' $JSECSB Cashbuild (-0.8%) and $JSEHCI Hosken Consolidated Investments ( 8.7%) had a mixed month & are still the main cause of my year-to-date portfolio woes. #KAL at one stage was down -25% and over the past couple of months stages a stunning rally (as I expected) on YE2025 expectations The balance of the portfolio is performing admirably versus the JSE Small Cap & Mid Cap Index if you look at the % tally for the year-to-date Let's see how the last two month of 2025 goes with some results due (#KAL, #NPK) to see if I can hold my head up with my selection

Solid news for those @JSE_Group stocks with a tourism & leisure focus like $JSECLH City Lodge Holdings, $JSESSU Southern Sun Hotels and $JSECMH Combined Motor Holdings (where their First Car Rentals division is a significant profit contributor to group) Worth watching the inbound summer figures though I wonder how much better could it have been as some gloss must have been removed from some traveller's pockets by the stronger rand year-on-year

New 52-week high from @smalltalkdaily Top Stocks of 2025 selection $JSECMH Combined Motor Holdings at R36.00 having traded intra-day at R36.50 When I selected the stock at the start of 2025 at R33.03 including dividend the return is 14.07% and I see more gains ahead as my stated target for #CMH was R38.00 then R42.00

Solid H1 2025 results from a @smalltalkdaily favourite and a stock I've owned myself for years $JSECMH Combined Motor Holdings I've had a LONG: CMH and a relative SHORT: Motus for over two years and its been a good call and continues to be H1 2025 results detailed HEPS 22.7% to 220 cents with the cash pile 14.9% to R774,5 million (R954 million at YE2025) and I can see this expanding by R300 million to YE2026 No interim dividend as #CMH undertaking a pro-forma buy-back of upto 15% of its shares at a level yet to be determined As a tightly held stock as 42% is held by top insiders inc the CEO, I cannot see major institutional shareholders selling a material chunk of their shares in any buy-back. This may be a mechanism for top mag't to exit and take some family estate planning cash off the table With earnings back in the ascendant, improving new vehicle sales & #CMH well positioned given its Suzuki and Foton brands are selling like hot cakes, then you add in the lowly PE valuation (ex-cash) then the cash pile share buy-back aiding HEPS going forward ... WHY would you want to sell your #CMH shares ? I also see a buy-out / M&A deal somewhere possibly on the horizon as the founder and CEO is 80 years old soon and though an heir apparent has been identified .... do the heirs of the founders want to own 42% of car retailing & car rental business ? Into H2, the car retailing business should continue to perform in line with the encouraging NAMSA stats but the car rental sector - keeps shooting itself in the foot with price wars and oversupply (they never learn) but with the summer season ahead, First Car Rental tends to have a better H2 (if) the sector behalves At R33.35 my standing target value for #CMG remains R42.00 ( 26%) and results overnight and the management meeting ahead will surely chirp up the market towards this well-run, conservative R2,5 billion small-to-mid cap stock One I intend to keep tucked away and hand on for the ride

#JSECMH: Combined Motor Holdings buying back 15% of shares outstanding. Epic. Had too much cash for way too long. I only have a small position because it's taken forever for them to do something. Good to see it finally happen.

Solid H1 2025 trading update from motor retailer and car rental business $JSECMH Combined Motor Holdings HEPS expected to increase by 20% to 25% to a range of 215.2 cents per share to 224.2 cents per share Their affordable brands of Suzuki and Foton have gained solid market share in new vehicle sales H2 should see he First Car Rental side kick-in to results I also believe their cash hoard - R954 million - has also grown in the six months. Could this (perhaps) see a special dividend as no small-cap company needs R1bn cash on its balance sheet Cash - at last results was worth R12.75 a share #CMH is trading at R33.49 year-to-date-1.21% but has still outperformed rival $JSEMTH Motus I've has a long #CMH short #MTH as a straddle for the past 2 years and its been the right call

At half-year 2025 or month six my @smalltalkdaily Top Stocks of 2025 still shows a mixed bag compared to the scenario when they were finalised in late-December 2024 From its worst -9.99% in April, its continued to improve to -3.67% in May and now -2.19% in June but still lags the benchmark indices I track Year-to-date the JSE Small Cap Index is 1.48% and Mid Cap 7.88% (but) all the action remains in the heavyweight also which is YTD 15.97% since point of selection In the month of June, The Small Cap 1.4% The Mid Cap 1.9% ALSI 2.2% Of the selection, Best performers $JSEPPC PPC Group 10.5% $JSENPK Nampak 7.8% $JSECSH Cashbuild 6.9% $JSEKAL KAL Group 5.8% $JSERBO Rainbow Chickens 4.0% Worst performers, $JSEHCI Hosken Consolidated Investments -8.8% $JSECMH Combined Motor Holdings -7.8% $JSERFH Rhodes Foods Group -6.8% $JSEGND Grindrod -5.9% $JSEADH ADvTech -1.7% Still another six months to go so, I await to see where the performance ends. June was a wild ride

Just recorded a slot for 6.30am tomorrow morning, Friday 6th June with @SimonPB for @Moneyweb @MoneywebNow discussing the chicken sector the the positive spins to $JSEAR Astral Foods...and $JSERBO Rainbow, comment on the stellar turnaround in $JSENPK Nampak (with more to come) and closing with a opinion on $JSECMH Combined Motor Holdings

The NAAMSA new vehicle stats for May are out and as always you have to unpack the data to get a true reflection Overall in May the number of new vehicle sales like-on-like grew 22% (or 8,169 units) to 46,308 vehicles. This is a staggering number in what is a flat economy Splitting the data points NEW passenger car sales were 31,741 units ( 30%) or 7,322 cars. These were mainly direct purchases as the car rental sector only accounted for 8.5% of new passenger car sales in the month (they tend not to buy too many new cars in winter to re-fleet) This May 2024 to May 2025 uplift in sales could be attributed to consumer nerves and unwillingness to buy new vehicles and take out finance in the election month of May 2024 and the uncertainty of what the new @GovernmentZA landscape would be. May 2024 was a hard month for obvious reasons as was much of consumer SA = rebound on a like-on-like basis off a very low base Looking at the Top Car brand sales month-on-month, April 2025 to May 2025, there was were significant uplift The top rankings remain unchanged with $JSECMH Combined Motor Holdings brand @Suzuki_ZA remaining at No.2 having overtaken @VW a long while ago Toyota unchanged month-on-month at 10,330 Suzuki -7.4% m-on-m at 5,536 Volkswagen 15.3% m-on-m at 4,582 Hyundai 8.1% at 3,251 Ford 22.2% m-on-m at 2,932

Month 4 (April) from my Top Stocks of 2025 and it was as tough as I commented it could be in early January when the selection was published On the month, the selection for the first four months is now -9.99% versus -3.05% for JSE Small Cap Index, 0.51% for Mid Cap and 10.14% for ALSI from point of selection Worst performers continue to be $JSECSB Cashbuild, $JSEHCI Hosken Consolidated Investments, $JSEKAL KAL Group and $JSERBO Rainbow Chickens Modest winners are $JSECMH Combined Motor Holdings and $JSENPK Nampak This is a 12 month cast in stone selection so I have another eight months to go. Results are ahead for #HCI, #KAL, #NPK Writing my monthly update note now with comments on each counter