The emblem is correct, but the colour usage is not.
All SAAF Roundels currently applied to operational Aircraft are low viz (One colour, Greyish-Black).
I think the only exclusion from this rule are those Aircraft used for VIP transport.
Regards,
Stratobat
Edit: Little bit of useless trivia, but the nine points of the star represent each Province in South Africa (Eastern Cape, Northern Cape, Western Cape,Free State, Gauteng, Kwa-Zulu Natal, Mpumalanga, Limpopo and North West Provice) and when applying the Roundel, the Eagle (The head of the Eagle) must always face towards the front of the Aircraft if placed on the Fuselage and towards the Fuselage if placed on the Wings.