Nick Kunze, portfolio manager at Sanlam Private Wealth, on what the smart money is doing.
The business was severely affected by Covid but it has planned quite high capex over the next three years and debt doesn’t seem to be a problem. For those who wantndustrials, chemicals and logistics sectors and if you
look at chemicals especially, prices are really strong and it’s making high margins. The stock trades at a 6.5 forward p:e and we see tSELL: Telkom It’s a bit out of left field but we’ve never liked Telkom and given the possible deal with MTN, we think the money has been made there. MTN is obviously going to take the juicier bits of the business such as the fibre division, and the only thing that might be interesting as a spin-off is its property portfolio — it could be worth a bit. But Telkom has been disappointing for shareholders, so MTN is a bit of a get out of jail free card: take the profits now and
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