Economic Insights
May 2025 Budget review
Following two earlier iterations of the 2025 Budget that were set aside, Finance Minister Enoch Godongwana has tabled this 2025 Budget Review (Budget 3.0) under a more challenging global environment than in previous versions.
21 May 2025
Economic Insights
2024 Budget: Balancing Fiscal Prudence with Economic Growth Support
21 February 2024
Economic Insights
Stock Picks 2024
FNB's research team's top long-term stock picks for 2024.
30 January 2024
Economic Insights
Equity Insights - Arm Holdings: Blockbuster IPO: Opportunistic or Opportunity?
14 September 2023
Economic Insights
Equity Insights - Lesaka - Fair value considering trading illiquidity
22 August 2023
Economic Insights
Equity Insights - Thungela - Model Update
Thungela was unbundled from Anglo American in 2021. It is the leading SA producer of high-quality, low-cost export thermal coal. The company recently announced the acquisition of a stake in Esham coal mine in Australia. Attributable production from Australia will then add ~10% to production.
02 August 2023
Economic Insights
Equity Insights - Mediclinic's Delisting - Exploring exposure to other hospital groups on the JSE
06 June 2023
Economic Insights
Equity Insights - L'Occitane International (973 HK) - Cream of the crop
01 June 2023
Economic Insights
Equity Insights - Luxfer (LXFR US) - Small and not too steep
Luxfer is a global materials technology company specialising in the design and manufacturing of gas cylinders and high-performance materials. The firm employs 1 400 people, of which half are based in the US. The company has two reportable segments, Gas Cylinders and Elektron.
23 May 2023
Disclaimer
This Publication note is issued by FNB for the information of clients only and should not be produced in whole or part without prior permission. Although FNB is an Authorised Financial Services Provider, any opinions and/or analysis contained in this Publication are for informational purposes only and should not be considered advice, including but not limited to financial, legal or tax advice, or a recommendation to invest in any security or to adopt any investment strategy. The information contained herein has been obtained from sources/persons which we believe to be reliable. Still, it is not guaranteed for correctness, completeness or otherwise. We do not assume liability for loss arising from errors in the information or that may be suffered from using or relying on the information contained herein, irrespective of whether there has been any negligence by us, our affiliates or any other employees of ours, and whether such losses are direct or consequential. As market and economic conditions are subject to rapid change, any comments, opinions and analyses are rendered as of the date of publishing and may change without notice. Such changes may have a material impact on the outcome of any investment. Securities involve a degree of risk and are volatile instruments. Past performance is not indicative of future performance. Securities or financial instruments mentioned in the Publication note may not be suitable for all investors, and FNB bears no responsibility whatsoever arising from or as a consequence thereof. The material is not intended as a complete analysis of every material fact regarding any share, instrument, sector, region, market, country, investment or strategy. The recipient of this Publication must make their own investment decision and is advised to contact their relationship manager for a personal financial analysis before making any investment decisions. Copyright 2023.
