BROKERS’ NOTES: Buy Absa, sell Amplats

Mark du Toit of OysterCatcher Investments on what the smart money is doing

I would buy Absa. The South African banks

are still looking cheap on a relative basis, and Absa has underperformed because of fears of a writedown on Kenyan government bonds , which is probably unlikely to happen. We think that fear is overdone and that their CIB global markets business will actually have a good year on elevated trading levels. I think that earnings will still be strong despite elevated credit loss levels too.

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