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HOLD An­chor Cap­i­tal says it re­mains a fan of the JSE-listed re­tailer de­spite the fact that it trades on a for­ward earn­ings mul­ti­ple of 23. The f irm told clients: “Mar­gins are strong and as long as the South African en­gine keeps run­ning and ex­pan­sion into Africa main­tains mo­men­tum, trad­ing mar­gins could move to lev­els above 6% go­ing for­ward. We an­tic­i­pate that the short-term price moves will re­main volatile as the fu­ture of the re­tail sec­tor re­mains un­cer­tain.” hold with a like­li­hood of out­per­form­ing the mar­ket. Aspen is one of the com­pa­nies most likely to ben­e­fit as some of the best-sell­ing name-brand drugs worth more than $100bn lose patent pro­tec­tion over the next three years.”

SELL hav­ing with the South African Rev­enue Ser­vice (SARS). He has cau­tioned: “This will likely get messier as more and more lawyers get in­volved, but what really wor­ries me is that SARS has a “guilty un­til proven in­no­cent” right. In other words, Hu­daco might have to pay the amount claimed by SARS be­fore it gets a chance to prove its in­no­cence and gets re­funded. That would dent free f lows in the group with a mar­ket cap of R3.6bn.”


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