The R1.3 Billion Power Move $JSESSU Southern Sun has officially acquired a majority stake in the Sandton Sun & Towers. They purchased this stake from the retail giant Pareto Limited. The transaction is valued at approximately R1.3 billion. Previously, a consortium owned these iconic hotel assets. This group included Pareto, Liberty Two Degrees, and Standard Bank. Now, Southern Sun moves from manager to primary owner. This shift gives them total control over these prestigious landmarks. More moves within the greater asset base of $JSEHCI Hosken Consolidated Investments where #HCI owns 45% of #SSU and where the hotel group is #HCI largest asset presently given the price slump in gaming business $JSETSG Tsogo Sun I've already commented that at the #HCI AGM back in August 2025, #HCI CEO Johnny Copelyn suggested that he would be open to offers for the group's stake in #SSU but wanted a healthy premium for such a strong brand asset

There are 16 shares in the JSE ALSI (ex Property) trading on <10x forward P/E ratio and >5% forward implied dividend yield: Couple of interesting names: - Tsogo Sun $JSETSG - Sun International $JSESUI - Truworths $JSETRU - Nedbank $JSENED - ABSA $JSEABG Which shares do you hold?

Tsogo $JSETSG may pay a Special Dividend to shareholders. They reduced their 11.5% stake in City Lodge to 3%. This raised around R215m in cash.

City Lodge $JSECLH is no longer a potential takeover target by Tsogo $JSETSG Tsogo (and subsidiary Entertainment Holdings) owned 11.5% in June, but they announced today they own 3% :

The long expected news that the Western Cape Gaming Board would move the regional casino license from rural Caledon to more populous catchment area Somerset West ... has been approved On a business perspective the move makes strategic sense given the demographics and catchment areas. However, market must worry the capital cost of closing one casino & building a new one must weigh on $JSETSG Tsogo and thus its majority shareholder the embattled $JSEHCI Hosken Consolidated Investments Year-to-date #HCI -27.3% and #TSG -36.7% As #HCI CEO Johnny Copelyn stated at the AGM in August I attended "every R1.00 fall in the Tsogo share price = a R7.00 fall in #HCI" ... so some of the slam in the #HCI share price is due to the hit in #TSG. #HCI's woes are not just gaming related and the push int more bricks & hard assets gaming assets - when they miserable missed the boat on the surge in online gaming which has slammed the sector - is an issue that has still not be addressed at #TSG nor #HCI With the #HCI discount to NAV now at -61% - and as I stated to CEO Copelyn at the AGM as an analyst & shareholder "you have the widest discount of ANY JSE-listed investment holding company and you have even taken Brimstone's crown as having the widest discount"..which he admitted was disappointing but gave few answers as to how this would be addresses aside from stating "shareholders need to be patient".... Patience only last so long....the value trap is apparent...I'm not a seller but when will the wider institutional market become convinced "value unlock or some value accretion will occur"? The black or red question on the stock market roulette machine. Place you bets....

Over the past 5 years $JSESSU has gone from half the value of $JSETSG to double its value. The initial pricing might have been wrong (due to Covid fears?) but this is an astounding reversal of fortunes

Every company in the JSE ALSI with >30% potential upside based on average sell-side target price. Couple of interesting names on the list: - Reunert $JSERLO 66.5%(?) - TFG $JSETFG 49% - Afrimat $JSEAFT 46% - Tsogo Sun $JSETSG 45% - Bidvest $JSEBVT 36% - Sasol $JSESOL 36% - Nedbank $JSENED 32% Any sitting in your portfolio or watchlist? DYOR!

There are 7 shares in the JSE ALSI (ex Property) trading on <7x forward P/E ratio and >7% forward implied dividend yield: Sappi $JSESAP Tsogo Sun $JSETSG Exxaro $JSEEXX ABSA $JSEABG Nedbank $JSENED Thungela $JSETGA Old Mutual $JSEOMU Sappi having a tough time!

List of companies with the lowest forward P/E on the JSE ALSI: Sasol $JSESOL 1.9x Sappi $JSESAP 3.9x Pan African Resources $JSEPAN 5.0x Tsogo Sun $JSETSG 5.2x Exxaro $JSEEXX 5.3x Looking at the list, there are some companies that deserve their low valuation given the risks.

There are 9 shares in the JSE ALSI (ex Property) trading on <7x forward P/E ratio and >7% forward implied dividend yield: Oceana $JSEOCE Sun International $JSESUI Nedbank $JSENED Old Mutual $JSEOMU ABSA $JSEABG Investec $JSEINP Exxaro $JSEEXX Tsogo Sun $JSETSG Sappi $JSESAP

There are 8 shares listed on the JSE (ex Property) that are trading <7x forward P/E ratio and >7% forward implied dividend yield: Exxaro $JSEEXX African Rainbow Minerals $JSEARI Oceana $JSEOCE Tsogo Sun $JSETSG Nedbank $JSENED Old Mutual $JSEOMU ABSA $JSEABG Investec $JSEINP

$JSEHCI Hosken Consolidaed Investments largest asset $JSETSG Tsogo (well its slipping with $JSESSU Southern Sun increasing) ... continuing to take #HCI lower as investors worry over the gaming issue and the rise & market share gains of online gaming competition #TSG were so late to the online party they are now having their lunch & tea eaten The oil issue inside #HCI also remains opaque to investors as to what CEO Copelyn will do with the various assets As I wrote to clients on December 30th 2024, I'd wager with #HCI now gaining control of African Energy Corp as well as Impact Oil & Gas and consolidating #HCI interests in the South African blocks... Could #HCI meld all the oil,assets into Africa Energy Corp, an offshore listed vehicle much as they did with $JSEMKR Montauk on @Nasdaq way back in the day ?

There are 8 shares listed on the JSE (ex Property) that are trading <7x forward P/E ratio and >7% forward implied dividend yield: Merafe $JSEMRF Gemfields $JSEGML Exxaro $JSEEXX Combined Motors $JSECMH Lewis $JSELEW Tsogo Sun $JSETSG Capital Appreciation $JSECTA ABSA $JSEABG

There are 7 shares listed on the JSE (ex Property) that are trading <7x forward P/E ratio and >7% forward implied dividend yield: Merafe $JSEMRF (DY: 28.4% & PE: 4.12) Gemfields $JSEGML Exxaro $JSEEXX Combined Motors $JSECMH Tsogo Sun $JSETSG Lewis $JSELEW ABSA $JSEABG

There are 9 shares in the JSE ALSI (ex Property) that are trading <7x forward P/E ratio and >7% forward implied dividend yield: Astral Foods $JSEARL ABSA $JSEABG Investec $JSEINP ARM $JSEARI Super Group $JSESPG Tsogo Sun $JSETSG Kumba Iron $JSEKIO Exxaro $JSEEXX Thungela $JSETGA

There are 5 shares in the JSE ALSI (ex Property) that are trading below a 7x P/E ratio and a 7% dividend yield: Tsogo Sun $JSETSG African Rainbow Mineral $JSEARI Coronation $JSECML Kumba Iron Ore $JSEKIO Exxaro $JSEEXX

There’s been some interesting write ups recently on the growth of “ Online sports / Casino betting in SA”. This is a theme that has a decent runway. Smart phones are making it easier to place bets at the click of a finger. You have to follow these names for more upside IMO: - $JSSSSU - $JSESUI - $JSETSG - $JSEBLU

Shares on the JSE trading below a 7 P/E and above a 7% dividend yield: Thungela $JSETGA Tharisa $JSETHA Sasol $JSESOL Impala $JSEIMP Exxaro $JSEEXX African Rainbow Minerals $JSEARI Sibanye $JSESSW Motus $JSEMTH Tsogo Sun $JSETSG Glencore $JSEGLN Absa $JSEABG Source - Bloomberg

1/ $jsetsg A wtf thread on TsogoSun for the smart money....2

$JSETSG $JSESUN I WONT pair trade these two with a long short HOWEVER I much prefer TSG to SUN at these levels. Market has been in absolute ♥️ with SUN while giving almost no love to TSG which is also doing really well in my opinion Good results about to drop TSG 👍 from me