Declared Dividend • May 25
Final dividend increased to R0.28 Dividend of R0.28 is 7.4% higher than last year. Ex-date: 10th June 2026 Payment date: 15th June 2026 Dividend yield will be 7.5%, which is lower than the industry average of 8.1%. Buy Or Sell Opportunity • May 22
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 1.6% to R7.11. The fair value is estimated to be R5.88, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.0% over the last 3 years. Earnings per share has declined by 6.4%. Recent Insider Transactions • May 17
CEO & Executive Director recently bought R213k worth of stock On the 14th of May, Izak Petersen bought around 30k shares on-market at roughly R7.10 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Izak has been a buyer over the last 12 months, purchasing a net total of R381k worth in shares. Price Target Changed • May 14
Price target increased by 7.8% to R8.25 Up from R7.65, the current price target is provided by 1 analyst. New target price is 17% above last closing price of R7.03. Stock is up 31% over the past year. The company posted earnings per share of R1.02 last year. Buy Or Sell Opportunity • May 06
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 5.6% to R7.15. The fair value is estimated to be R5.92, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.0% over the last 3 years. Earnings per share has declined by 6.4%. Buy Or Sell Opportunity • Apr 07
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 6.2% to R6.99. The fair value is estimated to be R5.82, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.0% over the last 3 years. Earnings per share has declined by 6.4%. Announcement • Mar 31
Public Investment Corporation Limited acquired an additional minority stake in Dipula Properties Limited (JSE:DIB). Public Investment Corporation Limited acquired an additional minority stake in Dipula Properties Limited (JSE:DIB) on March 31, 2026. Public Investment Corporation now holds a 8.536% stake in Dipula Properties.
Public Investment Corporation Limited completed the acquisition of an additional minority stake in Dipula Properties Limited (JSE:DIB) on March 31, 2026. Buy Or Sell Opportunity • Mar 20
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 13% to R7.10. The fair value is estimated to be R5.83, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.0% over the last 3 years. Earnings per share has declined by 6.4%. Announcement • Mar 03
Sesfikile Capital Proprietary Limited acquired an additional unknown minority stake in Dipula Properties Limited (JSE:DIB). Sesfikile Capital Proprietary Limited acquired an additional unknown minority stake in Dipula Properties Limited (JSE:DIB) on March 3, 2026. After the completion, Sesfikile Capital Proprietary Limited now holds 6.9% stake in Dipula Properties Limited
Sesfikile Capital Proprietary Limited completed the acquisition of an additional unknown minority stake in Dipula Properties Limited (JSE:DIB) on March 3, 2026. Board Change • Mar 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 3 highly experienced directors. Financial Director & Director Sudesh Moodley was the last director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Buy Or Sell Opportunity • Feb 20
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 2.9% to R7.00. The fair value is estimated to be R5.74, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.0% over the last 3 years. Earnings per share has declined by 6.4%. Announcement • Feb 18
Dipula Properties Limited Announces Appointments in Social, Ethics and Sustainability Committee Dipula Properties Limited at the annual general meeting of shareholders held on, 17 February 2026, passed Appointment of K Teeroovengadum as a member and chairperson. Z Adams and IS Petersen as a members of the Social, Ethics and Sustainability Committee. Buy Or Sell Opportunity • Jan 22
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 12% to R6.58. The fair value is estimated to be R5.35, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.0% over the last 3 years. Earnings per share has declined by 6.4%. Recent Insider Transactions • Jan 19
CEO & Executive Director recently bought R168k worth of stock On the 16th of January, Izak Petersen bought around 27k shares on-market at roughly R6.25 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Izak's only on-market trade for the last 12 months. Buy Or Sell Opportunity • Dec 18
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 23% to R6.47. The fair value is estimated to be R5.36, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.0% over the last 3 years. Earnings per share has declined by 6.6%. Announcement • Dec 05
Dipula Properties Limited, Annual General Meeting, Feb 17, 2026 Dipula Properties Limited, Annual General Meeting, Feb 17, 2026. Location: dipula`s offices, 12th floor, firestation rosebank, 16 baker street, rosebank South Africa Upcoming Dividend • Nov 28
Upcoming dividend of R0.26 per share Eligible shareholders must have bought the stock before 03 December 2025. Payment date: 08 December 2025. Trailing yield: 7.5%. Lower than top quartile of South African dividend payers (7.6%). Higher than average of industry peers (6.1%). Declared Dividend • Nov 14
Final dividend increased to R0.26 Dividend of R0.26 is 6.4% higher than last year. Ex-date: 3rd December 2025 Payment date: 8th December 2025 Dividend yield will be 7.7%, which is about the same as the industry average. Buy Or Sell Opportunity • Nov 13
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 16% to R6.71. The fair value is estimated to be R5.43, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.3% over the last 3 years. Earnings per share has declined by 6.6%. Buy Or Sell Opportunity • Oct 29
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 7.9% to R6.15. The fair value is estimated to be R5.06, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.6% over the last 3 years. Earnings per share has declined by 9.4%. Declared Dividend • May 16
First half dividend of R0.26 announced Shareholders will receive a dividend of R0.26. Ex-date: 4th June 2025 Payment date: 9th June 2025 Dividend yield will be 9.3%, which is higher than the industry average of 8.1%. Reported Earnings • Dec 15
Full year 2024 earnings released: FFO per share: R0.5 (vs R0.56 in FY 2023) Full year 2024 results: FFO per share: R0.5 (down from R0.56 in FY 2023). Revenue: R1.49b (up 6.6% from FY 2023). Funds from operations (FFO): R489.5m (down 3.5% from FY 2023). FFO margin: 33% (down from 36% in FY 2023). Revenue is expected to fall by 22% p.a. on average during the next 2 years compared to a 2.1% decline forecast for the Retail REITs industry in Africa. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Announcement • Dec 11
Dipula Income Fund Limited, Annual General Meeting, Feb 18, 2025 Dipula Income Fund Limited, Annual General Meeting, Feb 18, 2025. Location: dipula`s offices, 12th floor, firestation rosebank, 16 baker street, rosebank South Africa Upcoming Dividend • Nov 29
Upcoming dividend of R0.24 per share Eligible shareholders must have bought the stock before 04 December 2024. Payment date: 09 December 2024. Trailing yield: 9.3%. Within top quartile of South African dividend payers (8.0%). Higher than average of industry peers (7.3%). Reported Earnings • Nov 15
Full year 2024 earnings released: EPS: R0.85 (vs R0.65 in FY 2023) Full year 2024 results: EPS: R0.85 (up from R0.65 in FY 2023). Revenue: R1.49b (up 6.6% from FY 2023). Net income: R774.3m (up 32% from FY 2023). Profit margin: 52% (up from 42% in FY 2023). Revenue is expected to fall by 22% p.a. on average during the next 2 years compared to a 1.8% decline forecast for the Retail REITs industry in Africa. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Aug 05
Now 22% undervalued Over the last 90 days, the stock has risen 9.4% to R4.17. The fair value is estimated to be R5.32, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.7% over the last 3 years. Earnings per share has grown by 4.7%. Upcoming Dividend • May 31
Upcoming dividend of R0.25 per share Eligible shareholders must have bought the stock before 05 June 2024. Payment date: 10 June 2024. Trailing yield: 13%. Within top quartile of South African dividend payers (8.9%). Higher than average of industry peers (9.6%). Declared Dividend • May 16
First half dividend reduced to R0.25 Dividend of R0.25 is 4.9% lower than last year. Ex-date: 5th June 2024 Payment date: 10th June 2024 Dividend yield will be 13%, which is higher than the industry average of 8.1%. Buy Or Sell Opportunity • May 02
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 15% to R3.74. The fair value is estimated to be R4.70, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 2.7% over the last 3 years. Earnings per share has grown by 31%. Announcement • Dec 15
Dipula Income Fund Limited, Annual General Meeting, Feb 21, 2024 Dipula Income Fund Limited, Annual General Meeting, Feb 21, 2024, at 09:00 South Africa Standard Time. Location: 12th Floor, Firestation Rosebank, 16 Baker Street, Rosebank Rosebank South Africa Upcoming Dividend • Nov 29
Upcoming dividend of R0.25 per share at 13% yield Eligible shareholders must have bought the stock before 06 December 2023. Payment date: 11 December 2023. Trailing yield: 13%. Within top quartile of South African dividend payers (9.0%). Higher than average of industry peers (8.9%). New Risk • Nov 20
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 42% Last year net profit margin: 80% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.7x net interest cover). Minor Risks Dividend is not well covered by earnings (106% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (42% net profit margin). Shareholders have been diluted in the past year (2.0% increase in shares outstanding). Reported Earnings • Nov 16
Full year 2023 earnings released Full year 2023 results: Revenue: R1.40b (up 3.2% from FY 2022). Net income: R588.0m (down 46% from FY 2022). Profit margin: 42% (down from 80% in FY 2022). Revenue is expected to decline by 19% p.a. on average during the next 2 years, while revenues in the Global Retail REITs industry are expected to grow by 2.6%. Announcement • Oct 18
Dipula Income Fund Limited to Report Fiscal Year 2023 Results on Nov 15, 2023 Dipula Income Fund Limited announced that they will report fiscal year 2023 results on Nov 15, 2023 Buying Opportunity • Jul 24
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 15%. The fair value is estimated to be R4.47, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 21%. Recent Insider Transactions • Jul 09
CEO & Executive Director recently bought R664k worth of stock On the 6th of July, Izak Petersen bought around 200k shares on-market at roughly R3.32 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Izak has been a buyer over the last 12 months, purchasing a net total of R2.2m worth in shares. Buying Opportunity • Jun 05
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 10%. The fair value is estimated to be R4.90, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 21%. Upcoming Dividend • May 31
Upcoming dividend of R0.26 per share at 14% yield Eligible shareholders must have bought the stock before 07 June 2023. Payment date: 12 June 2023. Trailing yield: 14%. Within top quartile of South African dividend payers (9.9%). Higher than average of industry peers (10%). Reported Earnings • May 21
First half 2023 earnings released First half 2023 results: Revenue: R691.5m (up 2.1% from 1H 2022). Net income: R254.9m (down 22% from 1H 2022). Profit margin: 37% (down from 48% in 1H 2022). Revenue is expected to fall by 13% p.a. on average during the next 3 years compared to a 1.4% decline forecast for the Retail REITs industry in South Africa. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has increased by 28% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 18
Dipula Income Fund Limited Declares Cash Dividend for the Six Months Ended 28 February 2023, Payable on June 12, 2023 Dipula Income Fund Limited announced on Wednesday, 17 May 2023, the board of directors of Dipula have declared a cash dividend of 25.84695 cents per Dipula share for the six months ended 28 February 2023. Shares trade ex-dividend date is Wednesday, 7 June, 2023. Record date is Friday, June 9, 2023. Dividend payment date is June 12, 2023. Announcement • May 17
Dipula Income Fund Limited Provides Dividend Guidance for the Six Months Ended 28 February 2023 Dipula Income Fund Limited advised that distributable earnings for the six months ended 28 February 2023 are expected to be ZAR 256.65 million, representing a 6.9% decrease in comparison to the distributable earnings of ZAR 275.73 million for the six months ended 28 February 2022. The Company expects to declare 90% of distributable earnings for HY 2023 as a dividend to shareholders. Buying Opportunity • May 08
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 6.0%. The fair value is estimated to be R4.96, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 7.5%. Buying Opportunity • Apr 21
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 4.2%. The fair value is estimated to be R4.94, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 7.5%. Buying Opportunity • Mar 28
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 2.4%. The fair value is estimated to be R5.02, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 7.5%. Recent Insider Transactions • Feb 25
Financial Director & Director recently bought R82k worth of stock On the 22nd of February, Ridwaan Asmal bought around 20k shares on-market at roughly R4.12 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth R1.4m. Ridwaan has been a buyer over the last 12 months, purchasing a net total of R684k worth in shares. Recent Insider Transactions • Jan 27
CEO & Executive Director recently bought R1.4m worth of stock On the 25th of January, Izak Petersen bought around 338k shares on-market at roughly R4.27 per share. This transaction amounted to 1.0% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Izak has been a buyer over the last 12 months, purchasing a net total of R1.7m worth in shares. Announcement • Jan 21
Dipula Income Fund Limited Announces Finance Director Changes, Effective on March 1, 2023 Dipula Income Fund Limited announced that Ridwaan Asmal has resigned as financial director (FD) of company with effect from 1 March 2023. Sudesh Moodley has been appointed to replace Ridwaan as FD with effect from the same date. Ridwaan will continue in a consulting capacity until the handover and transition is complete. Sudesh is a qualified chartered accountant who previously held the position of Executive Head of Asset Management at Eris Property Group. He managed a R10 billion property portfolio after serving as chief financial officer of the company from 2012 to 2017. He has an extensive set of skills ranging from financial reporting, modelling and strategic asset management and was instrumental in the company's growth initiatives, enabling superior returns. Sudesh has two decades of work experience, of which 16 years have been in property, and has previously held positions at various auditing firms including PwC, EY and BDO, both within South Africa and the USA. Reported Earnings • Jan 05
Full year 2022 earnings released: FFO per share: R0.6 (vs R0.87 in FY 2021) Full year 2022 results: FFO per share: R0.6. Revenue: R1.35b (up 2.9% from FY 2021). Funds from operations (FFO): R544.3m (up 18% from FY 2021). FFO margin: 40% (up from 35% in FY 2021). Net asset value (NAV) per share: R6.63 (down 36% from FY 2021). The current share price is 40% lower than NAV per share. Revenue is forecast to decline by 11% p.a. on average during the next 3 years, while revenues in the REITs industry in South Africa are expected to remain flat. Recent Insider Transactions • Dec 26
Financial Director & Director recently bought R286k worth of stock On the 20th of December, Ridwaan Asmal bought around 73k shares on-market at roughly R3.92 per share. This transaction amounted to 13% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Ridwaan has been a buyer over the last 12 months, purchasing a net total of R394k worth in shares. Announcement • Dec 16
Dipula Income Fund Limited, Annual General Meeting, Feb 22, 2023 Dipula Income Fund Limited, Annual General Meeting, Feb 22, 2023, at 09:00 South Africa Standard Time. Location: 12th Floor, Firestation Rosebank, 16 Baker Street, Rosebank Rosebank South Africa Upcoming Dividend • Nov 30
Upcoming dividend of R0.31 per share Eligible shareholders must have bought the stock before 07 December 2022. Payment date: 12 December 2022. The company last paid an ordinary dividend in February 2012. The average dividend yield among industry peers is 11%. Reported Earnings • Nov 18
Full year 2022 earnings released: EPS: R1.21 (vs R0.81 in FY 2021) Full year 2022 results: EPS: R1.21 (up from R0.81 in FY 2021). Revenue: R1.35b (up 2.9% from FY 2021). Net income: R1.08b (up 152% from FY 2021). Profit margin: 80% (up from 33% in FY 2021). Revenue is forecast to decline by 18% p.a. on average during the next 2 years, while revenues in the REITs industry in South Africa are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Price Target Changed • Nov 16
Price target decreased to R5.65 Down from R7.90, the current price target is provided by 1 analyst. New target price is 36% above last closing price of R4.15. Stock is down 6.5% over the past year. The company posted earnings per share of R0.81 last year. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 6 highly experienced directors. Financial Director & Director Ridwaan Asmal was the last director to join the board, commencing their role in 2015. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Sep 07
Dipula Income Fund Limited, Annual General Meeting, Oct 05, 2022 Dipula Income Fund Limited, Annual General Meeting, Oct 05, 2022, at 10:00 South Africa Standard Time. Location: 12th Floor, Firestation Rosebank 16 Baker Street, Rosebank, 2196 Rosebank South Africa Recent Insider Transactions • Jul 14
Financial Director & Director recently bought R54k worth of stock On the 7th of July, Ridwaan Asmal bought around 15k shares on-market at roughly R3.57 per share. In the last 3 months, there was an even bigger purchase from another insider worth R158k. Ridwaan has been a buyer over the last 12 months, purchasing a net total of R108k worth in shares. Board Change • Jun 17
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 6 highly experienced directors. Financial Director & Director Ridwaan Asmal was the last director to join the board, commencing their role in 2015. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. 
