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Solid H1 Sets up FY25 Delivery
Metro Bank (UK) 's H1 results provided strong evidence of its strategy’s effectiveness. With momentum building, it has a firm base for further progress in FY25 and beyond. Profitability increased substantially in H125, and management confidently reaffirmed all previous guidance. This includes a mid- to upper-teens percentage return on tangible equity from 2027 as the transition to higher-return corporate, commercial and SME lending and specialist mortgage lending continues. F

Adam Strydom
Oct 14, 20251 min read


€450m Land Disposal to ION Group
LAMDA Development S.A. Development’s agreed disposal of land to ION Group for €450m is a landmark in the long-term development of the Ellinikon project and, if it successfully completes the relevant due diligence process, will underpin the long-term value of the company’s post-Phase 1 (PP1) development plans. Edison Group value LAMDA’s existing mall and marina operations plus Phase 1 at around €12.30/share. In addition, investors can take further comfort in the potential v

Adam Strydom
Oct 13, 20251 min read


Gearing Up For The Next Growth Phase
Basilea Pharmaceutica ’s H125 results reflected strong sales traction, with revenues up 36.3% y-o-y to CHF104m, underpinned by 21.7% growth in royalties. A key strategic milestone was the US launch of Zevtera, diversifying Basilea’s revenue base and de-risking future sales. Post-period developments (initiation of the second Phase III trial for fosmanogepix and acquisition of a novel oral antibacterial) indicate growing pipeline momentum, with R&D support from BARDA. Full-year

Adam Strydom
Oct 13, 20251 min read


Strong year-on-year Earnings Growth in Q225
Halyk Bank delivered a strong 26.1% y-o-y increase in net profit to KZT253.6bn in Q225, leading to a healthy annualised return on equity (ROE) of 32.2% (up from 31.7% in Q224). Loan book growth moderated in H125, with gross loans to individuals and legal entities increasing by 4.3% and 1.4% versus end-2024, respectively. Management still guides to a solid FY25 net loan portfolio growth of 15–20%, slightly down from 17–22% guided previously, as retail loan growth expectations

Adam Strydom
Oct 13, 20251 min read


High Chrome Price Support Outlook
Sylvania Platinum Limited ’s strong FY25 production and a higher platinum group metals (PGM) basket price resulted in 2.9x higher EPS of 7.7 US cents versus Edison Group 's forecast of 5.1 US cents. Edison's outlook for the Sylvania Dump Operations (SDO) is largely unchanged, except for a slight (3.3%) increase in cost forecasts due to a weaker dollar. The outlook for the Thaba joint venture (JV) has improved, thanks to attractive chrome prices, despite a slower ramp-up to s

Adam Strydom
Sep 17, 20251 min read


Strong Results for SA Insurers
ALG Newsletter - Strong results for SA insurers. The SA insurer results season kicked off on Monday with excellent results from Santam Insurance . We expect the rest of the cycle to be very strong with trading updates and consensus forecasts pointing to earnings growth of 15% to 40% plus, although new business volumes are expected to disappoint. Our newsletter below details the expected drivers of this strong performance. Sign up for our monthly product to gain access to our

Adam Strydom
Sep 17, 20251 min read


Growing Retail Presence
BANCO BAI ( BAI) is the largest Angolan bank by assets. It is a money centre, institutional-focused bank, with high investment and trading revenue, funded by a diversified deposit base. Its strong capital base and solvency position it for growth in an Angolan economic upswing. BAI’s low loan-to-deposit ratio provides optionality in the long term to drive higher returns on assets and equity. It started to roll out credit more strongly during FY24, a trend that has continued i

Adam Strydom
Aug 13, 20251 min read


Uplift in Production and PGM Prices Outlook
Sylvania Platinum Limited 's Q425 results included a fourth straight quarterly production improvement, a 13.5% increase in the platinum...

Adam Strydom
Aug 13, 20251 min read


Leading Central Asian player with a 30%+ ROE
Halyk Bank is a leading financial services group in Kazakhstan and Central Asia, as well as the largest local bank by assets, and has...

Adam Strydom
Jul 10, 20251 min read


Meeting social needs with inflation-safe returns
Target Healthcare REIT Ltd (THRL) operates in a structurally supported market with a growing elderly population and the need to improve...

Adam Strydom
Jul 10, 20251 min read
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