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 The Sharenet Daily 
Tuesday, 06 October 2015 - 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)

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Seed Weekly - Resilient Property Fund

Resilient Property Income Fund, along with Growthpoint, Redefine and Hyprop, is one of the heavyweights in our local property index, with a market capitalisation of R44bn and an index weight of 9.1%.


Resilient was established and registered in June 2002, and listed on the JSE later that same year as a property holding company able to hold properties directly or via listed or unlisted securities. Its focus has always been on regional malls situated in non-metropolitan areas, where shoppers’ potential disposable income can grow quickly from a low base and competition from other developers is less. Past interests in listed funds include Shops for Africa, Acucap and Ambit. The Group was also involved with the establishment and listing of New Europe Properties, with exposure to Romania, Slovakia and Serbia, on the LSE and the JSE. Resilient listed a portfolio of their B-grade properties in 2009 under the Fortress Income Fund.

Property Portfolio

The group’s direct portfolio includes 26 properties with 1 million square meters of gross lettable area, as well as developments in Nigeria and 6 vacant plots for development in SA. The Group’s portfolio of local regional malls include interests in Jubilee Mall, Irene Village Mall, Boardwalk Inkwazi Shopping Centre and Brits Mall. When evaluating target investments, criteria includes the presence of at least three national anchor tenants and 70% of the lettable area occupied by major national retail groups.

The table below illustrates the geographical spread of assets and the comparable sales growth for the 2015 Financial Year:

In terms of listed assets, the Group currently holds four different counters at a total fair value of R 13.5bn, with Rockcastle and Nepi providing some global exposure. The group remains committed to global diversification into markets with high growth expectations, and the board has committed R4bn to the development of malls in Nigeria through Resilient Africa, a joint venture with Shoprite. As at June 2015, 28.5% of the Group’s total assets were offshore, and management aims to increase this further to 35%. The average annualised property yield on the entire portfolio is 7.6%, while the weighted average rental escalation is 7.1% for 2016, around 1% above medium-term inflation.

Tenant and Lease Expiry Profile

The graph below illustrates the percentage of gross rentals attributable to each of the national tenant groups. It is clear that Resilient is highly dependent on the success of retail groups Edgars, Foschini and Pep for its rental income.

The tenant profile determines the reliability of the Group’s future rental income stream, and the aim is to have as many A-grade tenants, which include large retail groups, large listed companies and the government, as possible. B-grade tenants include smaller retailers, franchisees and professional firms. C-grade tenants, of which Resilient has around 580, are the remaining smaller businesses.

From the table below, it is clear that Resilient’s exposure to A-grade tenants are high in terms of both rentable area and gross rental income.

Any property management company has to manage its lease expiry profile in order to ensure that leases do not all expiry in a single year but are staggered into the near future. Resilient receives 18% of its gross rentals from longer term leases expiring after June 2020, which will be favourable should annual rental escalations come under pressure.


Resilient’s performance will depend on the stability of its rental income and the ability to keep vacancies at the current low levels, which in turn depends on the success of its tenants, especially Edgars, Foschini and Pep. Load shedding, resulting in reduced trading hours, continues to hamper profits for these retailers, as does the weaker rand for those importing goods from overseas.

Resilient is currently the largest property holding in the Seed Equity Fund at 3.1%, with its strong share price performance over the past year earning it a place in the Momentum portfolio.

Kind regards,

Cor van Deventer

Sources: resilient.co.za, moneyweb.co.za

Tel +27 21 914 4966
Fax +27 21 914 4912
Email info@seedinvestments.co.za

Seed is hiring: Visit the Seed Analytics LinkedIn profile to view vacancies.


Tue, 06 Oct 2015
Top News
South African Reserve Bank Governor Lesetja Kganyago said on Tuesday the economy, while weak, will not go into recession this year and that expectations inflation will rise above its target range in 2016 are unlikely to draw a monetary policy response.  Full story

Local markets Strong gains in gold miners of 6.15% helped to offset losses in financial and industrial shares today, which saw the JSE All Share end flat by close of trade.  Full story
Islamic State in Yemen on Tuesday claimed coordinated suicide bombings targeting the Yemeni government and the Arab military coalition in the southern city of Aden that killed 15 Arab and Yemeni troops.  Full story
Crude oil jumped more than 4 percent on Tuesday after the United States cut output forecasts, while global equity markets mostly rose on expectations the Fed will not raise interest rates this year, although Wall Street fell on slumping biotech stocks. Helping crude was news that non-OPEC producer Russia and key OPEC member Saudi Arabia discussed the oil market last week and plan to continue exchanging views on demand, production and shale oil, Russian Energy Minister Alexander Novak told re  Full story
NATO on Tuesday rejected Moscow's explanation that its warplanes violated the air space of alliance member Turkey at the weekend by mistake and said Russia was sending more ground troops to Syria and building up its naval presence.  Full story
Gold gained more on Tuesday as the dollar eased in the wake of disappointing U.S. economic data that raised doubts over a Federal. . .  Full story
Hong Kong shares closed mixed on Tuesday, with the main index down slightly but the Chinese Enterprise index lifted by gains in energy. . .  Full story
Japanese stocks rose on Tuesday as risk appetites increased on news of a basic agreement on the Trans-Pacific Partnership trade pact and on. . .  Full story
Hong Kong shares held steady on Tuesday, supported by expectations the U.S. Federal Reserve will wait longer to raise interest rates and lifted. . .  Full story

Oil prices jumped after Russia said it was ready to meet with other producers to discuss the market, while world stock indexes rose. . .  Full story
Gold was little changed on Monday, as profit-taking set in after rallying on U.S. economic data that pushed back expectations of a Federal. . .  Full story
Hong Kong shares rose 1.6 percent on Monday, with technology and financial stocks leading the way, as expectations of a United States interest. . .  Full story
Japanese stocks rose to more than a two-week high on Monday as chances of an imminent U.S. rate hike appeared to fade. . .  Full story
SA Business
South Africa's business confidence index fell to its lowest in 22 years in September, a survey showed on Tuesday, reflecting companies'. . .  Full story
South Africa's rand weakened against the dollar on Tuesday as uncertainty of when the United States Federal Reserve will raise interest. . .  Full story
South African private hospital group Mediclinic International is talks with Abu Dhabi-based rival Al Noor Hospital Group about a potential merger. . .  Full story
The Johannesburg stock market, the capitalist heart of South Africa's 'City of Gold', is close to relegating the last bullion producer. . .  Full story
Company News
Further to the announcement on 3 September 2015 and the results of the general meeting on 6 October 2015, Implats announces. . .  Full story
FirstRand Bank Ltd. is a wholly-owned subsidiary of FirstRand. FirstRand Bank Ltd. advised noteholder that FirstRandĂs annual report is now available. . .  Full story
Shareholders are advised that the annual integrated report incorporating the report of the directors, the audited financial statements for the year. . .  Full story
Implats shareholders are referred to the announcement released on the Stock Exchange News Service on 3 September 2015 and to the. . .  Full story

Altius Investment Holdings (Pty) Ltd. has declined Resource GenerationĂs request to withdraw its requisition for a general meeting to remove and appoint directors.. . .  Full story
The boards of directors of Aquarius and Sibanye Gold Ltd. (Sibanye and Sibanye Board) have announced that they have entered into an implementation agreement (the Implementation Agreement), under which a wholly. . .  Full story
Mediclinic shareholders are referred to the cautionary announcement released on the Stock Exchange News Service on 5 October 2015 (˘the Cautionary Announcement÷). The board of directors of Mediclinic (˘Board÷) notes the. . .  Full story
Company Results
These results are the maiden final results following the change in year-end. Income came in at GBP22.3 million whilst operating profit was GBP18.7 million. Profit attributable to equity holders of GBP18.4. . .  Full story
Operating loss for the interim period narrowed to USD7.0 million (loss of USD8.5 million). Loss attributable to equity holders widened to USD4.4 million (loss of USD3.9 million). In addition, loss per. . .  Full story
Revenue for the interim period increased to R4.799 billion (2014: R4.263 billion). Gross profit rose to R634 million (2014: R608 million), while profit attributable to owners of the parent lowered to. . .  Full story
World Markets (Spot Prices)
NameTimeRPMove% Move
JSE Overall17:0052070.15-1.16-0.00%
JSE Top 4017:0046624.38-68.88-0.15%
JSE Gold17:001072.8162.126.15%
JSE Financial17:0044245.19-121.45-0.27%
JSE Industrial17:0077415.79-117.56-0.15%
JSE Indust 2517:0069563.67-167.77-0.24%
JSE Resource17:0033737.19434.601.31%
DJ Futures19:4216717.0058.000.35%
DJ Ind19:5816791.0214.590.09%
SP 50019:581976.89-10.16-0.51%
FTSE 10016:416321.0022.080.35%
All Ords07:545199.0014.900.29%
NZSE 5006:485668.1174.601.33%
NameTimeRPMove% Move
Gold $19:591146.4010.860.96%
Gold R19:5815546.69120.670.78%
Gold R/kg19:5850005218950.38%
Silver $19:5915.8750.25401.63%
Platinum $19:59933.9721.722.38%
Palladium $19:59702.2012.701.84%
Brent Crude17:0250.282.154.47%
USD / ZAR19:5913.5622-0.0211-0.16%
GBP / ZAR19:5520.62800.04500.22%
EUR/ ZAR19:5515.28260.06870.45%
NZD/ ZAR19:588.86550.05120.58%
AUD / ZAR19:559.70130.05490.57%
USD / JPY19:59120.2820-0.1790-0.15%
EUR / USD19:591.12620.00740.66%
GBP / USD19:591.52250.00790.52%

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 TELEMASTR  13084182.61.%4021
2 AQUARIUS  2326236.47.%12469631
3 LONMIN  5456613.78.%9240740
4 RBA  1421713.60.%60105
5 SIBANYE  197418110.09.%5079678
6 NORTHAM  30802599.18.%2489499
7 RBPLAT  26002159.01.%843955
8 AVENG  395328.82.%1233930
9 PAN-AF  168138.39.%335465
10 INTEWASTE  10588.25.%2318139
11 HULAMIN  675457.14.%361680
12 ANGGOLD  124818317.13.%1655360
13 PALLINGHT  500306.38.%848891
14 TRNSHEX  250156.38.%12780
15 HOLDSPORT  59453446.14.%13489
16 YORK  238135.78.%206144
17 DCENTRIX  475255.56.%161576
18 TREMATON  380205.56.%8467
19 ANGLOPLAT  2723514085.45.%414005
20 DELTAINT  1580805.33.%4601

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Major Moves Down
SharenameSaleMove% MoveVolume
1 MASONITE  2400-470-16.38.%665
2 KIBO  105-18-14.63.%6000
3 MARSHALL  1500-115-7.12.%12000
4 CROOKES  6005-393-6.14.%10705
5 SOVFOOD  825-45-5.17.%98130
6 TASTE  360-18-4.76.%91893
7 FAMBRANDS  13097-653-4.75.%168286
8 HOSP-A  1200-50-4.00.%98874
9 HUDACO  10902-449-3.96.%8355
10 DIAMONDCP  195-8-3.94.%17299
11 TFG  14550-559-3.70.%802988
12 TELKOM  6708-251-3.61.%1184002
13 SABMILLER  75198-2601-3.34.%4019400
14 MRHLD  1165-38-3.16.%1419258
15 PPC  1752-49-2.72.%1880193
16 CML  6600-179-2.64.%2164161
17 GRANPRADE  520-14-2.62.%324666
18 ALTRON-P  710-19-2.61.%1040
19 TRENCOR  5350-140-2.55.%220334
20 STANBANK  14185-354-2.43.%6753278

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New Highs
SharenameSaleHighMove% MoveVolume
1 PALLINGHT  500500306.38.%848891
2 HOLDSPORT  594560803446.14.%13489
3 RICHEMONT  11314113553052.77.%5934158
4 PINNACLE  13901400352.58.%338754
5 BLUETEL  10431098262.56.%826290
6 RESILIENT  12077121571831.54.%823357
7 BIDVEST  33905341373751.12.%1185402
8 CAPPROP  16591700120.73.%1536863
9 BATS  76382771002820.37.%581721
10 INTUPROP  69887062-2-0.03.%802395
11 STEINHOFF  85618738-59-0.68.%7392681

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New Lows
SharenameSaleLowMove% MoveVolume
1 MASONITE  24002351-470-16.38.%665
2 METAIR  28202809-65-2.25.%198450
3 DAWN  5204690.61328
4 AECI  911486551731.93.%145240
5 ALARIS  17015953.03.%318919

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Index Summary
Index NameRPMove% Move
Top 4046,624.38-68.88-0.15%
Mid Cap67,524.45491.030.73%
Small Cap58,104.74647.531.13%
Resource 2033,737.19434.601.31%
Industrial 2569,563.67-167.77-0.24%
Financial 1516,484.38-69.80-0.42%
Financial & Ind. 3073,750.36-245.61-0.33%
All Share52,070.15-1.16-0.00%
Oil & Gas 8,253.88-8.46-0.10%
Mining 20,067.92284.601.44%
Gold Mining1,072.8162.126.15%
Platinum Mining19.751.236.64%
GENERAL MINING5,914.0517.680.30%
Oil & Gas Producers 44,379.56-45.52-0.10%
Basic Materials 20,288.25305.231.53%
Chemicals 21,272.38408.391.96%
Forestry & Paper 49,028.45578.241.19%
Industrial Metals 5,461.55215.744.11%
Industrials 45,161.74514.571.15%
General Industrials 164.742.281.40%
Consumer Goods 74,445.71-308.58-0.41%
Automobiles & Parts 6,385.77-147.19-2.25%
Household Goods587.52-4-0.68%
Health Care 9,402.87107.441.16%
Beverages 256.43-8.72-3.29%
Index NameRPMove% Move
Food Producers 9,296.50204.302.25%
Personal Goods 1,130.0030.462.77%
Consumer Services 16,643.75-86.09-0.51%
General Retailers 8,041.75-37.31-0.46%
Travel & Leisure 5,857.5317.710.30%
Media 414.05-3.86-0.92%
Support Services 3,023.5348.301.62%
Telecommunications 9,204.35-172.67-1.84%
Financials 44,245.19-121.45-0.27%
Banks 7,401.91-72.88-0.98%
Non-life Insurance 57,654.672.560.00%
Life Insurance 40,612.08-2.02-0.00%
General Financial 4,644.64-5.02-0.11%
Technology 61,869.81-533.45-0.85%
SHARIAH TOP40 3,230.5830.10%
FTSE/JSE SHARIAH ALL3,456.52150.42%
COAL MINING7,270.271151.61%
FTSE JSE Fledgling 6,662.78350.52%
FTSE/JSE Alt X 1,554.11120.77%
RESOURCE 18,224.072581.44%
DIVIDEND PLUS201.25-0-0.02%
FTSE/JSE RAFI 409,189.06310.34%
Capped Top 4024,807.62-18-0.07%
Capped All Share26,409.04-0-0.00%
JSE TABACO 9,760.28360.37%

Click here for the Sharenet Index Summary page
Latest Consensus Changes**
CodeCompany NameStatusUpdated
Results Expected**
ExpectedCompany NameFin. Date
07/10/2015ALTRONAugust 2015 (Interim)
07/10/2015ALTRON PPAugust 2015 (Interim)
07/10/2015PSG KSTAugust 2015 (Interim)
08/10/2015ATLATSAJune 2015 (Interim)
09/10/2015ACSIONAugust 2015 (Interim)

Recent Dividends**
Share NameDec-DateLDTPay-DateAmount
BARWORLD6%P05/10/1523/10/1502/11/15ZAR 0.0600
SVF02/10/1509/10/1519/10/15ZAR 25.5858
SVFB02/10/1509/10/1519/10/15ZAR 33.9058
CHOPPIES02/10/1516/10/1509/11/15BWP 0.0488
PHUMELELA02/10/1523/10/1502/11/15ZAR 0.6000
Ex Div**
Share NameDec-DateLDTPay-DateAmount
BEE-SASOL07/09/1502/10/1512/10/15ZAR 11.5000
SASOL07/09/1502/10/1512/10/15ZAR 11.5000
ASPEN09/09/1502/10/1512/10/15ZAR 2.1600
RMBH11/09/1502/10/1512/10/15ZAR 1.5400
SASFIN09/09/1502/10/1512/10/15ZAR 1.4747

Upcoming AGMs**
CodeCompany NameDateStatus
VISVisual International Holdings Ltd.06/10/2015Confirmed
ORLOakbay Resources and Energy Ltd.06/10/2015Confirmed
BK1PBK One Ltd.08/10/2015Confirmed
BK1OBK One Ltd.08/10/2015Confirmed
PGRPeregrine Holdings Ltd.09/10/2015Confirmed

Stock Exchange News Service
06/10/201517:40STEINHOFF INTERNATIONAL HOLDINGS LTD - Dealing in securities by a director
06/10/201517:30TEXTON PROPERTY FUND LIMITED - Dealing in securities by directors
06/10/201517:13EQUITES PROPERTY FUND LIMITED - Specific authoriy to issue shares for cash and p...
06/10/201517:07HOSPITALITY PROPERTY FUND LIMITED - Further cautionary announcement
06/10/201517:05IMPALA PLATINUM HOLDINGS LIMITED - Implats announces a placing of new ordinary s...
06/10/201516:33RBA HOLDINGS LIMITED - Acquisition of properties for development purposes
06/10/201516:17WOOLWORTHS HOLDINGS LIMITED - Dealings in securities by a director and an associ...
06/10/201516:00AVI LIMITED - No change statement and notice of annual general meeting
06/10/201516:00MTN GROUP LIMITED - Dealing in securities by a director and an associate of a di...
06/10/201515:53FIRSTRAND BANK LIMITED - Release of annual report
06/10/201515:35THARISA PLC - Upliftment of Section 54 order suspending mining operations at the...
06/10/201515:10OLD MUTUAL PLC - Form 8.3 - Public Opening Position Disclosure
06/10/201515:08FIRSTRAND LIMITED - No change statement and notice of the annual general meeting
06/10/201515:04ANGLO AMERICAN PLC - Directors Interests
06/10/201515:00A E C I LIMITED - Change to the board: resignation of a non-executive director
06/10/201514:56OLD MUTUAL PLC - Form 8.3 - Public Opening Position Disclosure
06/10/201514:55MASTER DRILLING GROUP LTD - Unaudited condensed consolidated financial statement...
06/10/201514:50OLD MUTUAL PLC - Form 8.3 - Public Opening Position Disclosure
06/10/201514:45OLD MUTUAL PLC - Form 8.3 - Public Opening Position Disclosure
06/10/201514:42GLENCORE PLC - Glencore has today published a summary of its financing arrangeme...
06/10/201514:40AMBER HOUSE FUND 2 (RF) LTD - Notice of redemption by the issuer on 19 October 2...
06/10/201514:20KOMATI WATER BASIN AUTHORITY - Availability of the audited annual financial stat...
06/10/201513:49ANGLO AMERICAN PLC - Notification of major interest in shares
06/10/201513:49GROWTHPOINT PROPERTIES LIMITED - Dealings in securities by an Executive and a Di...
06/10/201513:47IMPALA PLATINUM HOLDINGS LIMITED - Results of general meeting
06/10/201513:33BLUE TITANIUM CONDUIT (RF) LIMITED - New Financial Instrument Listing Announceme...
06/10/201513:25MASSMART HOLDINGS LIMITED - Disclosure of beneficial interests in securities
06/10/201512:52ADVTECH LIMITED - Disposal of Securities
06/10/201512:00AVI LIMITED - Dealing in AVI Shares by a Director of a Major Subsidiary
06/10/201511:23RESOURCE GENERATION LIMITED - General Meeting requisition
06/10/201511:20THE WATERBERG COAL COMPANY LTD - Publishing of Annual Report 2015
06/10/201510:30AQUARIUS PLATINUM LIMITED - Aquarius board unanimously recommends cash offer mad...
06/10/201510:14IVUZI INVESTMENTS LIMITED - IVA542-Full Capital Redemption
06/10/201510:05SIBANYE GOLD LIMITED - Presentation Details Regarding Sibanye Offer for Aquarius
06/10/201509:30TISO BLACKSTAR GROUP SE - Transaction in own shares
06/10/201509:15SIBANYE GOLD LIMITED - Cash offer for the entire issued share capital of Aquari...
06/10/201508:15CHROMETCO LIMITED - Resignation of Financial Director
06/10/201508:13SPUR CORPORATION LIMITED - Dealing in securities
06/10/201508:07ANCHOR GROUP LIMITED - Disclosure of assets under under management and advice
06/10/201508:00SIRIUS REAL ESTATE LIMITED - Trading Statement
06/10/201508:00SABMILLER PLC - Trading update
06/10/201507:05MEDICLINIC INTERNATIONAL LIMITED - Announcement regarding a possible combination...

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