Telkom has been a very good investment in the last year. It may not stay that way forever, so no wonder Thintana is lightening its stake.

Telkom`s results for its first full year as a listed company are startlingly good. Less brilliant though are the chances of it maintaining this kind of performance in the future.

There are some excellent looking numbers. To whit: a gross profit margin of 22 percent; a margin on earnings before interest, tax, depreciation and amortisation of 40 percent; operating free cash flow of R9 billion (123 percent up on 2003), and a debt to equity ratio of 60 percent, down from the previous year`s almost 110 percent.