Gary Booysen, portfolio manager at Rand Swiss, on what the smart money is doing.
Poultry producer Astral Foods is a cyclical business buffeted relentlessly by factors outside its control. Everything from the weather in Brazil to the war in Ukraine influences its key input costs by affecting the price of maize and soya. Add load-shedding to the mix, which has led to bottlenecks in individual quick freezing production, and you might wonder why this is my buy recommendation. The answer is value.
Coal miner Exxaro has struggled to take advantage of record coal prices largely due to logistical constraints. Immediately after the outbreak of the Ukraine-Russia war global energy prices rocketed but Exxaro was hampered by its reduced ability to export. Prices have now more than halved from their peak after a relatively warm winter in Europe meant lower demand. International supply chains have adjusted, with European inventories now high and excess volume being redirected to China .
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