Finweek English Edition - - INVESTMENT -

HOLD SBG Se­cu­ri­ties is neg­a­tive on the prospects of this JSE-listed re­tailer and has a 12-month price tar­get of R40/share. This fol­lows the re­lease of half-year re­sults, which came in be­low ex­pec­ta­tions. SBG told clients: “Higher than ex­pected op­er­at­ing costs were the main cul­prit for the dis­ap­point­ing re­sult: ‘ de­pre­ci­a­tion and amor­ti­sa­tion – ex­clud­ing SAP amor­ti­sa­tion’ (+22%), mar­ket­ing (+13.2%) and ad­min ex­penses (+12%).”

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