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Welcome to the Sharenet Daily Equity Report
 Issue: 14 January 2011 20:00 		[Alt-Text]
Deep Value for the patient investor

With heady gains on the JSE since March 2009, one wonders if there is any deep-value issues left out there for the cheapskates among us. Things are invariably cheap for a reason, so the next question is whether there is any deep value out there (neglected stocks) that have sound financials (margin of safety). The answer is "yes" but these shares are invariably not highlyliquid and due to their neglected status, patience is required for the market to realise their value. Below is a printout from our JSW program that finds classic Piotroski Value stocks - shares that are priced at signficant discount (PVM column)on a P/E,Price/Book and Price/Cashflow basis, but that have high Piotroski scores (8 and 9) for financial health.

The list is further filtered to show only shares that trade at least 10 times per day, and is sorted by market capitalisation. If you look at the "HI" column under "% Price Change" you can see how much lower the share is trading than its 3 month high. Deep value is one thing - timing your purchase is another. BEL is showing strong signs of recovery, having made new 5,10 and 20 day highs recently. TPC is interesting as it has shown consistant EPS growth over the last 4 years (8 reporting periods) and has consistantly increased dividend payouts by 22% CAGR for the last 7 years running. Its current yield of over 5% coupled with its valuation makes it an attractive punt for the long term. You can read about Piotroski Value Investing and our real-world tests (with real money) of this style of investing on the JSE over at this link on our website

Fri, 14 Jan 2011
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South Africa's rand was steady against the dollar in early Friday trade, with healthy flows to the stock market balancing out central bank dollar-buying, dealers said.  Full story
Telkom, Africa's biggest fixed-line phone operator, said on Friday its acting chief executive officer will not renew his contract when it expires at the end of March, sending its shares lower.  Full story
Senior U.S. government officials told foreign diplomats on Thursday they were trying to help resolve a banking impasse after several major U.S. banks said they would end services for diplomatic missions.  Full story
Coal mining and transport in South Africa, one of the world's top five exporters, has been minimally affected by heavy rain since December but if the downpours continue and spread to the coal heartland there could be serious problems, industry sources said on Thursday.  Full story
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Anglo Platinum, the world's top producer of platinum, said on Thursday full-year profit likely rose as much as seven-fold, helped by. . .  Full story
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AngloGold Ashanti will resume operations at its Great Noligwa mine in South Africa late on Thursday, which were halted after a. . .  Full story
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South African blue-chip stocks booked another 2-1/2-year closing high on Thursday, rising 0.6 percent as shares of Anglo Platinum and other. . .  Full story
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The stockbroking arm of South Africa's Standard Bank is looking to boost its headcount, including equity analysts, following the end of. . .  Full story
Trading Statistics
DateAdv.Decl.Unch.ActivesVolumeValueTradesOrders
14/01/201116218473419234,311,829R13,309,022,416933462204258
13/01/201118615380419271,910,461R11,644,695,8061057662227690
12/01/201122212782431259,089,146R11,531,545,870975661974240
11/01/201120613274412329,874,720R18,027,283,4271208832044810
10/01/201111018692388228,787,082R10,998,111,154903512103815
  
Major Moves Up
SharenameSaleMove% MoveVolume
1 TELEMASTR  1602518.52.%47871
2 AFEAGLE  1502318.11.%4000
3 URONE  37602707.74.%90709
4 ONELOGIX  13575.47.%90743
5 NICTUS  10555.00.%9700
6 CBH  323154.87.%22416
7 ADCORP  28941244.48.%67502
8 METROFILE  21583.86.%100053
9 BWI  13553.85.%66620
10 DATATEC  36201343.84.%333613
11 SOVFOOD  670203.08.%7450
12 NASPERSN  3994910792.78.%6427297
13 TRUWTHS  71111812.61.%2725213
14 MONDIPLCP  58201452.56.%403954
15 CARGO  1025252.50.%2338
16 MTN  133263052.34.%7100150
17 BELL  1100252.33.%611
18 PHUMELELA  1150252.22.%5900
19 LONMIN  206404402.18.%227236
20 A-V-I  3086652.15.%380241

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Major Moves Down
SharenameSaleMove% MoveVolume
1 AFROC-P  361-36-9.07.%50
2 COMAIR  231-17-6.85.%500
3 MVELASERV  1230-70-5.38.%527673
4 RANGOLD  322-18-5.29.%1663
5 ROLFES  183-9-4.69.%74725
6 AMECOR  148-7-4.52.%5000
7 SABVEST  600-27-4.31.%500
8 MERAFE  165-7-4.07.%3665447
9 JASCO  144-6-4.00.%32700
10 SACOIL  164-6-3.53.%692401
11 CMH  1305-45-3.33.%1291
12 SILVERB  170-5-2.86.%55240
13 OANDO  321-9-2.73.%41085
14 SANTAM  13135-355-2.63.%36079
15 PETMIN  307-8-2.54.%189888
16 TRNSHEX  234-6-2.50.%749023
17 CASHBIL  9710-240-2.41.%424
18 AMA  205-5-2.38.%20620
19 LITHA  270-6-2.17.%175340
20 VALUE  377-8-2.08.%17833

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New Highs
SharenameSaleHighMove% MoveVolume
1 AFEAGLE  1501502318.11.%4000
2 ONELOGIX  13513575.47.%90743
3 CARGO  10251100252.50.%2338
4 SASOL  35700357993000.85.%1852094
5 ASTRAL  1330013450400.30.%46930
6 PNR-FOODS  60636193-87-1.41.%106481

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New Lows
SharenameSaleLowMove% MoveVolume

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Spot Prices
NameTimeRPMove% Move
JSE Overall17:0032661.0628.910.09%
JSE Top 4017:0029226.9627.940.10%
JSE Gold17:002557.55-11.16-0.43%
JSE Financial17:0022070.43-126.33-0.57%
JSE Industrial17:0032549.33288.550.89%
JSE Indust 2517:0027009.61285.501.07%
JSE Resource17:0057798.14-238.42-0.41%
DJ Futures20:0011720.0037.000.32%
DJ Ind19:4111763.0131.110.27%
SP 50019:501288.835.070.39%
Nasdaq19:502744.208.910.33%
FTSE 10018:356002.07-21.81-0.36%
DAX19:007075.70.590.01%
CAC4018:463983.288.450.21%
Nikkei08:3210499.04-90.72-0.86%
Shanghai09:262790.68-36.95-1.31%
Hang-Seng10:4624283.2344.250.18%
All Ords07:364908.607.100.14%
NZSE 5006:263369.89-3.82-0.11%
NameTimeRPMove% Move
Gold19:591358.60-14.90-1.08%
Gold/Rand20:009430.9989.150.95%
Gold/R kg20:00303206-714-0.23%
Silver19:5928.2350-.4650-1.62%
Platinum19:591807.007.000.39%
Palladium19:59787.50-16.50-2.05%
R15717:067.53.050.67%
R20417:068.29.050.61%
Brent Crude19:5697.90.830.86%
Rand / Dollar19:596.94170.14172.08%
Rand / Pound19:5510.98180.20761.93%
Rand / Euro19:559.25850.14131.55%
Rand / NZD19:585.34060.09331.78%
Rand / AUD19:556.86950.04220.62%
Yen / Dollar19:5982.94000.17000.21%
Euro / Dollar19:550.74920.00020.03%
Dollar / Euro19:591.3346-0.0004-0.03%
Pound / Dollar19:550.6296-0.0019-0.30%

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Index Summary
Index NameRPMove% Move
Top 4029,226.9627.940.10%
Industrial32,549.33288.550.89%
Mid Cap43,423.5862.960.15%
Small Cap33,961.99-177.01-0.52%
Resource 2057,798.14-238.42-0.41%
Industrial 2527,009.61285.501.07%
Financial 158,338.72-53.81-0.64%
Financial & Ind. 3030,408.10161.820.54%
All Share32,661.0628.910.09%
Oil & Gas 27,062.80224.660.84%
Mining 38,160.77-225.28-0.59%
Gold Mining2,557.55-11.16-0.43%
Platinum Mining87.69-.14-0.16%
Oil & Gas Producers 14,551.17120.800.84%
Basic Materials 32,029.32-160.68-0.50%
Chemicals 13,690.72-70.65-0.51%
Forestry & Paper 13,429.01199.591.51%
Industrial Metals 29,170.7931.060.11%
Industrials 30,168.01159.210.53%
General Industrials 78,458.02709.810.91%
Consumer Goods 26,384.2290.410.34%
Automobiles & Parts 2,807.93-22.64-0.80%
Household Goods157.93-1-0.40%
Health Care 32,826.9221.980.07%
Beverages 81,476.06659.520.82%
Food Producers 49,681.47180.000.36%
Index NameRPMove% Move
Personal Goods 402.80-.70-0.17%
Consumer Services 54,272.06703.051.31%
General Retailers 41,114.74276.080.68%
Travel & Leisure 4,230.055.290.13%
Media 87,844.292275.692.66%
Support Services 2,639.621.260.05%
Telecommunications 64,902.121397.102.20%
Financials 22,070.43-126.33-0.57%
Banks 41,825.14-398.04-0.94%
Non-life Insurance 31,851.18-860.85-2.63%
Life Insurance 15,838.26-11.41-0.07%
General Financial 2,439.84-.53-0.02%
Technology 21,398.06426.652.03%
SHARIAH TOP40 3,286.72-0-0.01%
FTSE/JSE SHARIAH ALL3,352.53-1-0.03%
COAL MINING20,907.41-208-0.98%
FTSE JSE Fledgling 4,789.19-1-0.02%
FTSE/JSE Alt X 1,135.79-5-0.48%
SA LISTED PROPERTY 386.77-0.69%
CAPPED PROPERTY 318.16-0.61%
RESOURCE 31,799.11-131-0.41%
DIVIDEND PLUS177.5500.12%
FTSE/JSE RAFI 406,800.1310.01%
Capped Top 4015,195.91270.17%
Capped All Share16,428.71190.12%

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Latest Consensus Changes**
CodeCompany NameStatusUpdated
NEDNEDBANK GROUP LTDHOLD12 Jan
FSRFIRSTRAND LIMITEDBUY12 Jan
SBKSTANDARD BANK GROUP LIMIT...SELL12 Jan
AIPADCOCK INGRAM HLGS LDHOLD12 Jan
LHCLIFE HEALTHCARE GRP HLDG ...BUY12 Jan
Results Expected**
ExpectedCompany NameFin. Date
18 Jan 2011NET1UEPSDecember 2010 (Interim)
18 Jan 2011NET1UEPSPDecember 2010 (Interim)
18 Jan 2011NET1UEPSPPDecember 2010 (Interim)
19 Jan 2011SPESCOMSeptember 2010 (Final)
20 Jan 2011FOORDDecember 2010 (Final)
Recent Dividends**
Share NameDec-DateLDTPay-DateAmount
DIALOGUE11-01-1311-02-1811-02-28R 0.1238
REUNERT5.511-01-0511-01-2111-01-31R 0.0550
SBRJSEP1110-12-1511-03-0411-03-15R 1.4100
NAMPAK 6%P10-12-0911-01-2111-01-31R 0.0600
NAMPAK 6.510-12-0911-01-2111-01-31R 0.0650
Ex Div**
Share NameDec-DateLDTPay-DateAmount
ASTRAL10-11-1511-01-1411-01-24R 4.7000
TIGBRANDS10-11-2411-01-0711-01-17R 2.4100
TIGBRANDS10-11-2411-01-0711-01-17R 2.3500
REUNERT10-11-1711-01-1411-01-24R 2.2000
OCEANA10-11-1111-01-0711-01-17R 1.7500
Upcoming AGMs**
CodeCompany NameDateStatus
DAWDistribution and Warehousing Network Ltd14/01/2011Confirmed
DNPPDistribution and Warehousing Network Ltd14/01/2011Confirmed
MMHMiranda Mineral Holdings Ltd14/01/2011Unconfirmed
SFHSA French Ltd15/01/2011Unconfirmed
CLSClicks Group Ltd18/01/2011Confirmed
Stock Exchange News Service
DateTimeHeadline
14/01/201117:25OML - Old Mutual Plc - Form 8.3
14/01/201117:20 African Eagle Resources Plc - Exercise of Share Options
14/01/201117:11 Kaydav Group Limited - Withdrawal of Cautionary
14/01/201116:55 Reunert Limited - Repurchase Announcement
14/01/201115:57 Capitec Bank Holdings Limited - Transactions in securities by a director
14/01/201115:51PTXSPY - PROPTRAX SAPY - Distribution finalisation announcement
14/01/201115:48 Kumba Iron Ore Limited - Proceedings in relation to the Residual Sishen
14/01/201115:42 DRDGold Limited - DRDGold Restructures, Re-Names to separate surface
14/01/201115:29 Distribution and Warehousing Network Limited - Results of The Annual
14/01/201115:24 Excellerate Holdings Limited - Results of annual general meeting
14/01/201115:15 IFCA Technologies Limited - Changes to the board of directors
14/01/201115:11 Exxaro Resources Limited - Trading of Exxaro ordinary shares on behalf of
14/01/201115:06 Capital Shopping Centres Group Plc - Posting of notice of adjourned
14/01/201115:03 Eastern Platinum Limited - Eastplats Reports Production Results for the
14/01/201114:50 Capitec Bank Holdings Limited - Dealing in securities by a director
14/01/201114:14SBR003 - The Standard Bank Of South Africa Limited - Interest Rate announcement
14/01/201113:45 Telkom SA Limited - Departure of Acting Group CEO
14/01/201112:52 South African Coal Mining Holdings Limited - Change to the board of
14/01/201112:30 Evraz Highveld Steel and Vanadium Limited - Fourth Quarter Ending 31
14/01/201111:26 Trustco Group Holdings Limited - Notification of Share Dealing by
14/01/201111:17MVL - Mvelaphanda Resources Limited - Announcement regarding the proposed
14/01/201111:14 Consolidated Infrastructure Group Limited - Dealing In Securities
14/01/201111:00 Truworths International Limited - Trading statement
14/01/201110:36 African Dawn Capital Limited - Results of General Meeting
14/01/201109:56 Hyprop Investments Limited - Change to the Board of Directors of the
14/01/201109:46 Premium Properties Limited - Rights Offer declaration announcement
14/01/201109:45 GlenRand MIB Limited - Dealing in Securities by a Director
14/01/201109:02 Aspen - Further announcement regarding the acquisition of the
14/01/201109:00 African Eagle Resources Plc - MWB Limited Increases shareholding
14/01/201109:00 Digicore Holdings Limited - Digicore rights offer finalisation
14/01/201108:52 Metrofile Holdings Limited - Trading Statement
14/01/201108:00ZGOVI - The Zshares ETF Scheme - Listing of additional ZGOVI participatory
14/01/201107:05 BHP Billiton Plc - Transaction in shares

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