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 The Sharenet Daily 
Wednesday, 03 October 2012 - 20:00
Top News
SA Business
Company News
Company Results
World Markets (Spot Prices)
JSE Today
JSE Trading Statistics
Major Moves
Index Summary
Latest Consensus Changes / Results Expected
Recent Dividends / Ex Div
Upcoming AGMs
Stock Exchange News Service (SENS)

Cashbuild - Building Value

Cashbuild, one of the leading building material retailers in South African, has recently released its annual results for the financial year ending 30 June 2012. Cashbuild employs more than 4,000 people in 191 stores across South Africa, Namibia, Lesotho, Botswana, Swaziland, and Malawi. The company was listed on the JSE in 1986 and has a current market capitalization of just below R 4bn.

Annual Results
The results were excellent compared to last year, but management highlighted the fact that the June 2011 results covered only 52 trading weeks and also included the effects of last year’s BEE transaction to incentivise management members.

Source: Cashbuild.co.za

Net Asset Value per share increased by 25%, revenue increased by 11%, and total dividends were up 92% year on year. Operating profit increased by 67% at first glance but, excluding the 53rd trading week and BEE transaction, came to a more comparable 26%. In the same way, headline earnings per share increased by 88% for the year, but come to 26% on a comparable basis.

Source: Cashbuild.co.za

Cashbuild has managed to increase its gross profit margin slightly by 0.8% to 23.3%, despite a competitive environment in which many of its competitors are struggling. Operational expenses were well controlled by management, increasing by 9% largely due to the people cost component for new stores. Stock levels were in line with management’s expectations with an overall stockholding of 63 days, compared to 72 days reported in 2011.

Competitive Advantage

Cashbuild aims to offer quality products at the most competitive prices, and use their substantial buying power to control prices from their suppliers. The company enjoys a very strong customer base in the rural areas, amongst previously disadvantaged home improvers, and small scale building contractors. Cashbuild has managed to position their stores optimally to meet the ever growing demand in the mining provinces, a significant competitive advantage that might extend even more as the resource sector picks up. Cashbuild stores carry a focused range of products and services, which is tailored to the specific needs of each community in which that store operates.

Expansion Prospects

The number of Cashbuild stores has remained at 191 since last year’s results, with thirteen stores being refurbished and three relocated. Four new stores were opened, and four stores that were in close proximity to other Cashbuild stores had to be closed down. The company will be continuing its store expansion, relocation and refurbishment strategy, with management hoping to open up to five new stores in the first six months of the new financial year.

Demand for building materials is expected to rise in the next twelve months, as housing delivery normally increases in the run-up to elections. With wage increases and social grants ever increasing, Cashbuild expects their target customer base to be able to spend more on refurbishment and expansion of their homes going forward.

Current Valuation

Cashbuild shares have performed exceptionally well over the past five years, with the share price increasing by 139% from R 66 to R 158. Over the last twelve months the share is up 53%, after a slight drop from its recent high of R 168.

Source: Sharenet

Cashbuild shares currently trade at a PE of 12.6 times and a dividend yield of 3.6%, which compares favourably with the JSE’s respective metrics of 13.9 and 3.0%, and are by no means expensive.

Given the recent run it is up to investors to decide if the growth in share price can be continued, and whether Cashbuild’s competitive advantages will be eroded or built up over time.

Kind regards,

Cor van Deventer

021 914 4966

Additional sources:
www.cashbuild.co.za, www.moneyweb.co.za

Wed, 03 Oct 2012
Top News
Gold edged up on Wednesday, defying a crude oil tumble as encouraging U.S. employment and service-sector data bolstered bullion's investment appeal as an inflation hedge. The metal held onto slim gains even though crude oil plunged 3 percent as disappointing economic reports from Europe and Chin  Full story

South African stocks ended slightly lower on Wednesday, falling for a second day, with Kumba Iron Ore tumbling nearly 5 percent as wildcat strikes plaguing the mining industry spread to one of its mines.  Full story
U.S. stocks advanced on Wednesday after stronger-than-expected employment and service-sector data in the United States, but a gloomier outlook in China and Europe weighed. . .  Full story
European shares edged lower on Wednesday on concerns about Spain, the focal point of the regional debt crisis, and slowing global growth, with. . .  Full story
Britain's benchmark share index rose on Wednesday, driven by gains in "defensive" stocks seen as the most resilient to an economic downturn, although. . .  Full story
U.S. stocks edged higher in volatile trade on Wednesday, helped by better-than-expected news on the U.S. economy, while oil prices slumped roughly 3. . .  Full story

European shares edged lower on Wednesday as the twin concerns of Spain, focal point of the regional debt crisis, and global growth capped. . .  Full story
. . .  Full story
U.S. stocks rose slightly at the open on Wednesday after data showed more jobs were created in the U.S. private sector last month. . .  Full story
U.S. stock index futures rose on Wednesday after a report showed the private sector added more jobs than expected last month, boosting confidence. . .  Full story
SA Business
Gold traded nearly flat on Tuesday as the market consolidated gains a day after hitting a 2012 high and ahead of the all-important September U.S. nonfarm payrolls data due later this week. Palladium rose 1.5 percent while platinum was little changed as the largest U.S. automaker General Motors Co posted a small gain in September U.S. sales and total U.S. auto sales increased 12 percent. The bullion market took a breather after the metal rose to its highest level this year on Monday afte. . .  Full story

Ailing Danish wind turbine manufacturer Vestas said on Wednesday it is stopping all non-profitable projects as it battles worsening prospects by slashing costs and. . .  Full story
South Africa's Pick n Pay named the former head of Tesco's UK business as its new chief executive on Wednesday, as. . .  Full story
A spate of wildcat miners' strikes spread to Africa's top iron ore producer on Wednesday, escalating the labour unrest that has. . .  Full story
Business confidence in South Africa fell again in September after a rebound the previous month, weighed down by a wave of. . .  Full story

Vanguard Group's switch to tracking the FTSE Group's benchmarks for six of its international index funds could benefit Brazil, Russia, India, and South Africa, but would be negative for the Chinese markets, JP Morgan estimated.. . .  Full story
South Africa's rand fell one percent in early trade on Wednesday, dragged down by renewed global growth concerns that hit other commodity-linked currencies such as the Canadian and Australian dollars.. . .  Full story
Company News
PPC announced that it has been granted environmental authorisation by the Western Cape Department of Environmental Affairs and Development Planning for. . .  Full story
Kumba has confirmed that about 300 employees at the company's Sishen Mine in the Northern Cape have embarked on unprotected industrial. . .  Full story
Delta would like to advise its shareholders of the following appointment to the Board and to the Audit and Risk Committee. . .  Full story
Pick n Pay announced that after an extensive international search, it has appointed Richard Brasher, the former Tesco board member, to. . .  Full story

Business Day reported that Amplats is teaming up with state-owned mineral research company Mintek for a two-year, R2000 million research and. . .  Full story
Business Day highlighted that Sanlam, by the stroke of a pen and an investment of R2 billion has laid claim to. . .  Full story
Anglo American Platinum Ltd. ("Anglo American Platinum") is providing an update in respect to its Rustenburg operations, following the resumption of. . .  Full story
Amplats provided an update in respect to its Rustenburg operations, following the resumption of those operations on Tuesday 18 September 2012.. . .  Full story
Company Results
Revenue for the interim period ended 31 August 2012 improved to R976.7 million (2011: R912.7 million). Operating profit was lower at. . .  Full story
The results for Beige are the first to be released since the company changed its year end to June each year,. . .  Full story
Revenue for the interim period came in at R871 000. Net loss before interest and taxation widened to R7.9 million (2011:. . .  Full story
Revenue from continuing operations increased to R758.2 million (August 2011: R553.2 million). Operating profit from continuing operations was recorded at R15.1. . .  Full story
World Markets (Spot Prices)
NameTimeRPMove% Move
JSE Overall17:0036120.45-126.00-0.35%
JSE Top 4017:0031868.43-151.00-0.47%
JSE Gold17:002345.52-31.00-1.32%
JSE Financial17:0027326.1165.000.24%
JSE Industrial17:0042561.4940.000.10%
JSE Indust 2517:0036427.5441.000.11%
JSE Resource17:0048194.49-715.00-1.46%
DJ Futures19:0213450.0014.000.10%
DJ Ind20:0013490.83-24.28-0.18%
SP 50020:001449.585.090.35%
FTSE 10017:355825.8116.360.28%
All Ords08:434458.806.900.15%
NZSE 5006:483889.6018.350.47%
NameTimeRPMove% Move
Gold $19:581776.703.620.20%
Gold R20:0014944.71127.310.86%
Gold R/kg20:004804722250.05%
Silver $19:5834.5500-.0140-0.04%
Platinum $19:561680.404.900.29%
Palladium $19:57653.905.500.85%
Brent Crude19:48108.39-3.41-3.05%
Rand / Dollar19:588.41150.05670.68%
Rand / Pound19:5513.50590.05510.41%
Rand / Euro19:5510.86690.07160.66%
Rand / NZD19:586.8913-0.0152-0.22%
Rand / AUD19:558.60250.02100.24%
Yen / Dollar19:5878.50800.35000.45%
Euro / Dollar19:580.77510.00090.12%
Dollar / Euro19:581.2902-0.0013-0.10%
Pound / Dollar19:550.62170.00200.32%

Click here for the Sharenet Spot Price page
The JSE Today

Trading Statistics
* Includes all listed instruments on the JSE
Major Moves Up
SharenameSaleMove% MoveVolume
1 RINC  462462.55439
2 NICTUS  1982313.14.%2000
3 BAUBA  1401512.00.%8690
4 SOVFOOD  464399.18.%3000
5 PALLINGHT  214147.00.%288393
6 TRENCOR  57002755.07.%44106
7 PICKNPAY  46472144.83.%1697857
8 TRNSHEX  324144.52.%12757
9 PNR-FOODS  56002314.30.%45105
10 VILLAGE  12454.20.%1708953
11 PIKWIK  2118753.67.%467268
12 ONELOGIX  17463.57.%500
13 BRIMSTON  960333.56.%14700
14 TIMES  1400483.55.%1940201
15 ADAPTIT  15553.33.%3500
16 AMECOR  17053.03.%6800
17 NETCARE  1860512.82.%1233072
18 WOOLIES  63651642.64.%3059484
19 OCTODEC  2000502.56.%195984
20 WBHO  143103502.51.%103701

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Major Moves Down
SharenameSaleMove% MoveVolume
1 FAIRVEST  111-17-13.28.%5
2 ILIAD  500-34-6.37.%65439
3 JASCO  151-10-6.21.%28396
4 CADIZ  155-10-6.06.%84358
5 AFRIMAT  713-36-4.81.%6847
6 KUMBAIO  47791-2384-4.75.%499675
7 ARM   15687-692-4.22.%394986
8 JUBILEE  117-5-4.10.%150233
9 HUGE  125-5-3.85.%12600
10 ALTECH  4250-150-3.41.%80918
11 ARCMITTAL  3970-140-3.41.%351413
12 ANGLOPLAT  39500-1300-3.19.%310623
13 SASOL  36805-1185-3.12.%2238188
14 CAT  1651-49-2.88.%950
15 RAUBEX  1541-45-2.84.%35502
16 HARMONY  6710-191-2.77.%1700534
17 BARWORLD  7005-198-2.75.%2027171
18 SENTULA  180-5-2.70.%31770
19 ANGLO  24684-685-2.70.%4311702
20 AMA  290-8-2.68.%111524

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New Highs
SharenameSaleHighMove% MoveVolume
1 RINC  462462462.55439
2 TRENCOR  570057002755.07.%44106
3 PIKWIK  21182170753.67.%467268
4 WOOLIES  636563801642.64.%3059484
5 BRAIT  30413070702.36.%371189
6 RMIH  22452263452.05.%2114912
7 OLDMUTUAL  23852396361.53.%5043741
8 SHOPRIT  17335173802391.40.%604672
9 CAPCO  29732999170.58.%185103
10 SANLAM  3800384210.03.%3636949
11 PAN-AF  248254-1-0.40.%3701598
12 AFRIMAT  713770-36-4.81.%6847

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New Lows
SharenameSaleLowMove% MoveVolume
1 CADIZ  155155-10-6.06.%84358
2 ANGLOPLAT  3950039332-1300-3.19.%310623
3 KEATON   207200-1-0.48.%89362

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Index Summary
Index NameRPMove% Move
Top 4031,868.00-151.00-0.47%
Mid Cap51,829.00142.000.28%
Small Cap38,478.0041.000.11%
Resource 2048,194.00-715.00-1.46%
Industrial 2536,427.0041.000.11%
Financial 1510,162.0015.000.16%
Financial & Ind. 3039,742.0039.000.10%
All Share36,120.00-126.00-0.35%
Oil & Gas 27,852.00-895.00-3.12%
Mining 30,777.00-363.00-1.17%
Gold Mining2,345.00-31.00-1.32%
Platinum Mining47.00.00-0.13%
GENERAL MINING8,024.00-81.00-1.00%
Oil & Gas Producers 14,975.00-481.00-3.11%
Basic Materials 26,341.00-338.00-1.27%
Chemicals 15,742.00-87.00-0.55%
Forestry & Paper 15,327.00-107.00-0.70%
Industrial Metals 25,302.00-1161.00-4.39%
Industrials 34,750.00113.000.33%
General Industrials
Consumer Goods 36,921.00203.000.55%
Automobiles & Parts 6,804.0013.000.20%
Household Goods174.0000.29%
Health Care 49,589.00339.000.69%
Index NameRPMove% Move
Food Producers 65,732.00175.000.27%
Personal Goods 521.00-1.00-0.20%
Consumer Services 78,147.00808.001.05%
General Retailers 64,008.00957.001.52%
Travel & Leisure 4,347.00-31.00-0.72%
Support Services 2,
Telecommunications 74,264.00-1717.00-2.26%
Financials 27,326.0065.000.24%
Banks 48,276.00-93.00-0.19%
Non-life Insurance 46,450.00-509.00-1.09%
Life Insurance 23,445.00165.000.71%
General Financial 2,518.006.000.25%
Technology 33,367.0053.000.16%
SHARIAH TOP40 3,097.00-41-1.32%
FTSE/JSE SHARIAH ALL3,214.00-38-1.19%
COAL MINING20,283.00-504-2.43%
FTSE JSE Fledgling 5,588.00-16-0.29%
FTSE/JSE Alt X 1,143.0080.75%
RESOURCE 26,529.00-395-1.47%
DIVIDEND PLUS198.000-0.16%
FTSE/JSE RAFI 407,347.00-41-0.57%
Capped Top 4016,806.00-85-0.51%
Capped All Share18,271.00-65-0.36%
JSE TABACO 5,684.00771.38%

Click here for the Sharenet Index Summary page
Latest Consensus Changes**
CodeCompany NameStatusUpdated
Results Expected**
ExpectedCompany NameFin. Date
04/10/2012SALLIES-CDecember 2011 (Interim)
05/10/2012DONJune 2012 (Final)
05/10/2012INSIMBIAugust 2012 (Interim)
05/10/2012SACMHJune 2012 (Interim)
08/10/2012PSGAugust 2012 (Interim)

Recent Dividends**
Share NameDec-DateLDTPay-DateAmount
TELEMASTR02/10/201202/11/201212/11/2012R 0.0100
DCENTRIX02/10/201219/10/201229/10/2012R 0.1125
FONEWORX28/09/201212/10/201222/10/2012R 0.0700
AMAPS27/09/201230/11/201210/12/2012R 0.1000
CAPITEC26/09/201212/10/201222/10/2012R 1.6900
Ex Div**
Share NameDec-DateLDTPay-DateAmount
ASTRAPAKP07/09/201228/09/201208/10/2012R 3.6545
SASFIN-P10/09/201228/09/201208/10/2012R 3.5155
MMI HLDGS11/09/201228/09/201208/10/2012R 0.6900
MMI HLDGS11/09/201228/09/201208/10/2012R 0.6500
SPURCORP06/09/201228/09/201208/10/2012R 0.4700

Upcoming AGMs**
CodeCompany NameDateStatus
ABKAfrican Brick Centre Ltd03/10/2012Unconfirmed
VMKVerimark Holdings Ltd.04/10/2012Confirmed
RBXRaubex Group Ltd.05/10/2012Confirmed
BFSBlue Financial Services Ltd.10/10/2012Confirmed
BEGPBeige Holdings Ltd.10/10/2012Confirmed

Stock Exchange News Service
03/10/201217:40PROTECH KHUTHELE HOLDINGS LIMITED - Withdrawal of cautionary
03/10/201217:38AFRICAN AND OVERSEAS ENTERPRISES LD - No Change Statement and Notice of Annual G...
03/10/201217:30THE STANDARD BANK OF SA LTD - The Standard Bank of South Africa Limited New Fin...
03/10/201217:21BRANDCORP (PROPRIETARY) LIMITED - Interest Rate Resets - BCP1 / BCP2
03/10/201217:12REX TRUEFORM CLOTHING COMPANY LTD - No Change Statement and Notice of Annual Gen...
03/10/201217:00FOUNTAINHEAD PROPERTY TRUST - Resignation of director
03/10/201216:56ALERT STEEL HOLDINGS LIMITED - Specific issue of shares for cash, share consolid...
03/10/201216:53WOOLWORTHS HOLDINGS LIMITED - Dealing in Securities By A Director
03/10/201216:34R AND JACK MINES LIMITED - Dealing in Securities by a Director
03/10/201216:30ARROWHEAD PROPERTIES LIMITED - TRP121: Notification of an acquisition of benefi...
03/10/201216:15ASCENSION PROPERTIES LIMITED - Dealing in securities by directors of the company
03/10/201216:00ON INVESTMENT HOLDINGS LIMITED - Unaudited condensed group interim results for t...
03/10/201216:00THE STANDARD BANK OF SA LTD - The Standard Bank of South Africa Limited New Fin...
03/10/201216:00THE STANDARD BANK OF SA LTD - The Standard Bank of South Africa Limited New Fin...
03/10/201215:50INGUZA INVESTMENTS (PTY) LIMITED - Interest Rate Reset - ING167, ING114, ING89, ...
03/10/201215:17AMATED APPLIANCE HOLDINGS LD - Dealings in securities by a director of the compa...
03/10/201215:15Investec Property Fund Limited - Directors` Dealings In Securities Intention To...
03/10/201215:12ESORFRANKI LIMITED - Appointment date for financial director
03/10/201215:09AUSTRO GROUP LIMITED - TRP121 Notification of an acquisition beneficial interest...
03/10/201214:15DORBYL LIMITED - Changes to the board following the notification of a firm inten...
03/10/201214:05TOTAL CLIENT SERVICES LIMITED - Renewal of cautionary announcement
03/10/201213:46NY GOLD MINING COMPANY LIMITED - Unprotected strike at Harmonys Kusasalethu mine
03/10/201213:301TIME HOLDINGS LIMITED - Renewal of Cautionary Announcement
03/10/201213:30Foord Compass Limited - Net Attributable Asset Value Of 817.4 Cents Per Variable...
03/10/201213:30STANLIB COLLECTIVE INVESTMENTS LTD - Partial delsiting of securities
03/10/201213:25EXCELLERATE HOLDINGS LIMITED - Tax treatment of the offer
03/10/201213:15LIBERTY GROUP LIMITED - New Instrument Listing
03/10/201213:15METROFILE HOLDINGS LIMITED - Directors' dealing in securities
03/10/201213:14AMATED APPLIANCE HOLDINGS LD - Director's Dealings
03/10/201213:13AMATED APPLIANCE HOLDINGS LD - CANCELLATION OF S323482 Directors Dealings
03/10/201213:00THE DON GROUP LIMITED - Trading Statement
03/10/201212:51ALERT STEEL HOLDINGS LIMITED - Amendment to the announcement sent at 8h34 Specif...
03/10/201212:15SATRIX COLLECTIVE INVESTMENT SCHEME - Distribution and re-investment announcemen...
03/10/201212:15THE STANDARD BANK OF SA LTD - Interest Rate Announcement - SSN0002
03/10/201212:10DRDGOLD LIMITED - DRD03; DRD04 and DRD05 - Interest Rate Resets
03/10/201212:04BARLOWORLD LIMITED - BAW10 - Interest Rate Reset
03/10/201212:03NEW GOLD ISSUER LIMITED - Listing of additional NewGold debentures
03/10/201212:02BARLOWORLD LIMITED - BAW3 and BAW6 - Interest Rate Resets
03/10/201212:00SACOIL HOLDINGS LIMITED - Disclosure of acquisition of securities
03/10/201212:00PRETORIA PORTLAND CEMENT COMPANY LD - PPC Progresses with Western Cape Modernisa...
03/10/201211:45PALABORA MINING COMPANY LIMITED - Further Cautionary Announcement
03/10/201211:39LONDON FINANCE AND INVEST. GRP PLC - Notice in terms of the UK disclosure and tr...
03/10/201211:18Standard Bank Of South Africa Ld - Scib: The Standard Bank Of South Africa Limit...
03/10/201211:15THE DON GROUP LIMITED - Renewal of cautionary announcement
03/10/201211:12KUMBA IRON ORE LIMITED - Small Number Of Sishen Workers On Unprotected Strike
03/10/201210:11CONSOLIDATED INFRASTRUCTURE GRP LTD - TRP121: Notification of an acquisition of ...
03/10/201210:06K LIMITED - Expiry of Share Instalments
03/10/201210:05NEDBANK LIMITED - Expiry of Share Instalments
03/10/201209:00DELTA EMD LIMITED - Appointment of independent non-executive director to the Boa...
03/10/201209:00PICK N PAY STORES LIMITED - Appointment of new CEO
03/10/201208:40ANGLO AMERICAN PLC - Anglo American update re. Anglo American Platinum
03/10/201208:34Alert Steel Holdings Limited - Specific Issues Of Shares For Cash, Share Consoli...
03/10/201208:31ANGLO AMERICAN PLAT LTD - Anglo American Platinum Update
03/10/201208:30IMITED - Renewal of cautionary announcement
03/10/201208:23BHP BILLITON PLC - Notice of Change of Interests - J M Yeager
03/10/201208:08BHP BILLITON PLC - Notice of Change of Interests - K Wood
03/10/201208:06BHP BILLITON PLC - Notice of Change of Interests - M Randolph
03/10/201208:05BHP BILLITON PLC - Notice of Change of Interests - A Mackenzie
03/10/201208:04BHP BILLITON PLC - Notice of Change of Interests - G Kerr
03/10/201208:02BHP BILLITON PLC - Notice of Change of Interests - M Henry
03/10/201208:01BHP BILLITON PLC - Notice of Change of Interests - A Calderon
03/10/201208:00KU HOLDINGS LIMITED - Renewal Of Cautionary Announcement
03/10/201208:00SACOIL HOLDINGS LIMITED - Operational Update
03/10/201208:00BHP BILLITON PLC - Change of Director's Interests Notice - M Kloppers
03/10/201207:55GOLD ONE INTERNATIONAL LIMITED - Court Interdict Granted Against Illegal Industr...
03/10/201207:05O RESOURCES LIMITED - Exxaro Leeuwpan Mine operating lawfully
03/10/201207:05BRITISH AMERICAN TOBACCO PLC - Transaction in own shares

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