NAM­PAK

Finweek English Edition - - INVESTMENT -

SBG Se­cu­ri­ties has a 12- month pr i ce t a r get of R33/share on this pack­ag­ing group fol l ow­ing t he re­lease of f ul l- year re­sults for the 2012 f is­cal. SBG told c l i ents: “We ca l cu­late a po­ten­tial to­tal re­turn of 12% (in­clud­ing a 4.7% FY13E div­i­dend yield) there­fore we down­grade our rec­om­men­da­tion to hold (pre­vi­ously buy).

Although we re­main at­tracted to the com­pany’s Africa strat­egy, which bodes pos­i­tively for long-term growth prospects, in the short term we think Mpact will l ikely out­per­form due to

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