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The Best, and Worst, on the JSE in 2025

WorldWide Markets with Simon Brown

Release Date: 12/09/2025

Boxer's Blinder & The Pick & Pay Valuation That Makes No Sense show art Boxer's Blinder & The Pick & Pay Valuation That Makes No Sense

WorldWide Markets with Simon Brown

Boxer just posted ShopRite-level operating margins — so why is Pick & Pay, which owns 65% of it, trading at an implied negative enterprise value? Simon Brown unpacks the R10bn valuation paradox and whether it's a genuine opportunity. He also walks through his new AI-powered research workflow, using Claude and ChatGPT to produce and fact-check full initiating coverage reports on Balwin Properties and Raubex. Plus: gold miners Goldfields and AngloGold Ashanti on costs, Meta at its cheapest forward PE since 2022, and Open Router token data that shows xAI running a distant fourth behind...

info_outline Hyperscaler Results, Berkshire's Cash Pile and Fuel Pain show art Hyperscaler Results, Berkshire's Cash Pile and Fuel Pain

WorldWide Markets with Simon Brown

Hyperscaler results from Microsoft, Amazon and Alphabet produced numbers that almost don't seem real — combined remaining performance obligations of $1.46 trillion and Q1 capex of $112 billion. Simon unpacks where that money is going, why copper is the quiet beneficiary, and which JSE stocks give exposure. Berkshire Hathaway is sitting on $380 billion in cash, roughly 38% of its market cap — a meaningful drag while US markets sit at highs. The memory makers — Samsung, SK Hynix and Micron — are choosing pricing power over capacity, with SK Hynix on a forward PE of 4.5. Closer to home,...

info_outline Tim Cook Out, Tariff Refunds In, Markets Back At Highs show art Tim Cook Out, Tariff Refunds In, Markets Back At Highs

WorldWide Markets with Simon Brown

US markets hit all-time highs this week even as $166 billion in Trump tariff refunds start processing — a windfall for retailers, but consumers who paid inflated prices at the till won't see a cent back. Tim Cook is stepping down at Apple with John Ternus taking over, Amazon is spending $11.57 billion to buy Globalstar and build a Starlink rival, and Netflix delivered Q1 results with a $2.8 billion Warner break fee buried in the numbers. Simon also breaks down the Fed Chair nomination battle, why market recoveries are getting faster, and the sixth anniversary of the day WTI oil went...

info_outline The Hormuz The Hormuz "Blockade" Has Fine Print | So Does the SA Fuel Crisis

WorldWide Markets with Simon Brown

US results season opens with Goldman Sachs and Johnson & Johnson both beating expectations — but the more interesting story is what those results don't show yet: the full impact of Middle East conflict and Trump's drug pricing pressure. Simon also unpacks South Africa's looming fuel crisis and makes the economic case for working from home, a new 100% offshore ETF listing on the JSE from ETFSA, and an ASP Isotopes update for those holding a speculative position. FNB's FCA-mandated R11.9bn provision for undisclosed UK vehicle finance commissions gets a full breakdown, as does the nuanced...

info_outline SA Retail Stocks: Where the Value Is Right Now show art SA Retail Stocks: Where the Value Is Right Now

WorldWide Markets with Simon Brown

South African consumer stocks have been hammered. In Episode 673 of WorldWideMarkets, Simon Brown works through the JSE's food and clothing retailers — Shoprite, Boxer, Pick n Pay, SPAR, Pepkor, Foschini Group, Mr. Price, Lewis, and Woolworths — asking where genuine value has emerged and where cheap simply means broken. He also sets the macro scene with Trump's Wednesday deadline on Iran peace talks and what a Straits of Hormuz transit fee would mean for oil prices and inflation. Stock by stock: valuations, analyst targets, dividend yields, and Simon's honest take on what he holds and why....

info_outline Six Space Stocks Reviewed, Which Ones Are Worth It? show art Six Space Stocks Reviewed, Which Ones Are Worth It?

WorldWide Markets with Simon Brown

Simon reviews six listed space stocks ahead of the expected SpaceX IPO, which could debut above $2 trillion as early as June. Rocket Lab, AST SpaceMobile, Intuitive Machines, Firefly Aerospace, Planet Labs and Spire Global each get a SWOT breakdown, with the Procure Space ETF (UFO) as a diversified alternative. On the local front, the JSE Top 40 just posted its worst month since September 2008, falling roughly 10 percent from all-time highs. A massive petrol price increase takes effect at midnight. Simon discusses investing into a falling market, revisits the Algorithm Holdings AI hype...

info_outline Tariffs are Back with no Ceiling and Gold at $4,000 show art Tariffs are Back with no Ceiling and Gold at $4,000

WorldWide Markets with Simon Brown

WorldWideMarkets episode 671 covers the return of US tariffs through Section 301 investigations targeting South Africa and 60 other countries — with no rate ceiling and no court precedent to stop them. Simon unpacks the Iran war's tentative ceasefire talks, why Goldman Sachs revised its Brent forecast to $85, and what happens to oil and interest rates if the conflict drags on. Monday's sharp gold selloff gets a post-mortem: leveraged FOMO unwinds, Turkey tapping reserves, and profit-taking after a year of doubling. Two stock ideas round out the episode: Rocket Lab (RKLB) for pure-play space...

info_outline War, Fuel & Fertilizer: The Inflation Pipeline show art War, Fuel & Fertilizer: The Inflation Pipeline

WorldWide Markets with Simon Brown

Worldwide Markets — Episode 680 | 18 March 2026 Powered by Standard Bank, Global Markets, Retail and ⛽ Fuel Price Pain Coming Petrol 95 up ~R4.50/litre and diesel up ~R7.50/litre from the first Wednesday in April. On a 50-litre tank that's R200+ for petrol and close to R400 for diesel. Fill up before April if you can. 🛢️ Oil & The Iran War Brent holding above $100/barrel (currently ~$103.50) — briefly dipping to $99.80 on Monday before recovering. Markets are pricing in a short war. Some vessels — largely Iranian-linked ships — are still moving through the Strait of...

info_outline As Uncertainty Rules, Rate Cuts are Gone show art As Uncertainty Rules, Rate Cuts are Gone

WorldWide Markets with Simon Brown

🌍 World Wide Markets – Episode 669 📅 11 March 2026 | Hosted by Simon Brown Powered by Standard Bank Global Markets, Retail & 🧭 Market Mood: Chaos Means Doing Nothing With geopolitical tensions and wild commodity moves, markets are extremely uncertain. Simon’s strategy right now? 🧘 Do nothing. Panic trading rarely helps. In times of chaos, sometimes the best move is to step back, ignore the noise, and let events unfold. 🛢️ Oil Shock: From $60 to $120 Oil has been incredibly volatile. 📊 Recent moves Early January: ~$60 Monday spike: ~$120 Tuesday: briefly below...

info_outline Budget Boost, Oil Shock | SA's Two-Speed Week that Changed the Narrative show art Budget Boost, Oil Shock | SA's Two-Speed Week that Changed the Narrative

WorldWide Markets with Simon Brown

⚖️ Budget Boost: A Rare Win for Taxpayers 🇿🇦💰 This week kicked off with a surprisingly investor-friendly South African budget — and markets initially loved it. Key Changes: 📈 CGT annual exclusion: R40,000 → R50,000 🏠 Primary residence CGT exclusion: R2m → R3m 💼 Retirement contribution limit: R350k → R430k (or 27.5%) 🌍 Offshore SDA allowance: Doubled to R2m 🎁 Donations tax exemption: R100k → R150k 🧾 Tax-free savings annual limit: R36,000 → R46,000 🏢 VAT registration threshold: R1m → R2.3m After years of “tax by stealth,” this budget offered...

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🌍 Worldwide Markets — Episode 660

🎙️ The Best and Worst of the JSE in 2025

📅 10 December 2025
🎧 Final episode of the year — back 14 January 2026
💼 Powered by Standard Bank Global Markets & Shyft

🏁 Opening Thoughts

  • Last podcast of 2025! 🎉

  • A huge thank-you to listeners, watchers and everyone who engaged across the year 🙏

  • A wild year for markets, but a great year for returns 📈

  • Wishing everyone a restful and safe festive break ✈️🌞

🎥 Power Hour Recap — Position Your Portfolio for 2026

📌 Highlights included:

  • 🔙 Looking back at 2025’s predictions (keeping it honest!)

  • 🤖 The state of AI: spotting bubbles, when to worry, triggers to watch

  • 💰 Gold & commodities outlook

  • 🛍️ Local retail — opportunities & risks

  • 🚀 IPO environment

  • 🧭 Positioning for 2026

Watch here.

🥇 Best Performers of the JSE in 2025
🪙 1. Precious Metals: The Dominant Theme of 2025

Gold & PGM miners absolutely owned the market this year. If you weren’t in them… your portfolio lagged the benchmark.

Top returns (total return to 8 Dec):

  • 🥇 Sibanye-Stillwater* — +258% 🤯

  • 🥈 AngloGold Ashanti* — ~+240%

  • 🥉 Northam — +214%

  • 🏅 Gold Fields — +195%

  • Implats — +153%

  • Thungela / Valterra / others — 130–140% range

  • Harmony — +119%

📌 Why the boom?

  • Gold price exploded early in the year 🌕

  • Safe-haven flows amid tariff drama, budgets, DeepSeek shock

  • Strong production + not-yet-expensive valuations

💬 Simon: Still bullish on gold miners — not expecting another double, but valuations remain attractive if gold holds current levels.

🎓 2. Education Sector Winners

  • 🎓 Stadio — +89%

  • 🧑‍🏫 Killed it with distance learning demand and tertiary approvals

  • 📉 Curo delisted; ADvTech* solid with +20%

🟣 3. Purple Group* & EasyEquities

  • +87% 🚀

  • Bull markets = busy brokers

  • Results were slightly soft in H2 (bonuses cycle), but long-term story intact

📡 4. Telcos Roar Back (From a Very Low Base)

  • 📱 MTN — +76%

  • 🔵 Blue Label — +73% (Cell C momentum)

  • 🔌 IOCA — +65%

  • ☎️ Telkom — +60%

  • 🟥 Vodacom — +38%

📌 Simon sold MTN a decade ago during the Nigerian fine panic — and never re-entered. Lesson: When it's time to panic, panic fast.

💰 5. Standout Financials & Miscellaneous

  • 🟪 Sygnia — +72%

  • 💻 Datatec — +70% (surprise performer)

  • 🍗 Astral — +49% (thanks, cheaper maize!)

  • 🐓 Rainbow Chicken — +43%

  • 🏢 Growthpoint — +48% (big dividends)

  • 🧱 Property sector broadly strong again: Redefine, Octodec, etc.

  • 🏦 PSG Financial Services — +40%

  • 💼 Capitec — +29%

  • 🏦 Standard Bank — +31% — notably ahead of Capitec

  • 🟧 Naspers — +25% (Simon sees opportunity post-share split)

  • 🛢️ Sasol — +25% (still not a favourite)

🛒 6. Retail: The Year’s Big Disappointment

  • 🛋️ Lewis — +22% (but deep down the list)

  • 🥩 Spur — +15%

  • 🍗 Famous Brands — –16%

  • 🛒 Shoprite* — –4.6% (value emerging)

  • 🛍️ Pick n Pay — –17% (slow turnaround)

  • 👗 Mr Price* — –26% (Simon still sees value)

  • 👟 Pepkor — weak, but potential for recovery

🔻 Worst Performers of the JSE in 2025
💥 Biggest Losers

  • 🚨 Nutun / Transaction Capital legacy — –52%

  • 👗 Foschini* (TFG) — –50%

  • 📄 Sappi — –46% (ongoing structural challenges)

  • 🧱 Afrimat — –43% (Lafarge integration still tough; Simon sees opportunity)

  • 💉 Aspen — –43% (lost sterile facility contract; utilization still weak)

  • 🔧 Cashbuild — –37% (SA consumers tapped out)

  • 📺 eMedia — heavy selling post-unbundling

🛒 Retailers Under Pressure

  • 🥀 Spar — –28% (competition from Boxer + Shoprite* + Pick n Pay)

  • 👖 Mr Price* — –26%

  • 🍔 Famous Brands — –16%

  • 🍩 Life Healthcare, Renergen*, ArcelorMittal SA — all struggling

📉 Macro, Risks & 2026 Outlook
🌱 Green Shoots in South Africa

  • Early signs of improvement appearing

  • Fragile but real: improving volumes, some recovery in SA Inc, stabilising consumer pockets

  • REITs & banks starting from low valuations

⚠️ Risks

  • Moody's kept SA unchanged; risks tilt to the downside

  • A global AI bubble burst would hit emerging markets hard

  • External shocks more dangerous than local issues

📈 Global Watch: The Mag 7 & Market Signals

  • Bubble warning model: Two giants below the 200-day MA

  • Meta dipped back below — but still only one of the seven triggering

  • Nvidia chart still healthy

  • Gold still bullish

  • Oil looks very weak

🤝 Closing the Year

Simon wraps 2025 with gratitude and optimism:

  • ✨ “It’s been a year — a wild one — but at least we got returns.”

  • ❄️ Be safe this festive season

  • 🙌 Special thanks to those working through December (retail, hospitality, logistics)

  • 🎙️ Back 14 January 2026 with the annual predictions show featuring Keith McLachlan & Marc Ashton — and, as always, they’ll mark themselves before forecasting ahead.

🔗 Powered By

🏦 Standard Bank Global Markets
🌍 Shyft – the global money app
💸 Cheapest Forex rates, anywhere, anytime

Simon Brown

* I hold ungeared positions.

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