third parties, and houses completed in the period grew while bank-approved sales were slightly down and their statement around the pipeline of sales going forward was vague. With that all said, housing remains in massive demand in South Africa and things are definitely improving for RBA. It’s a stock that deserves attention but considering the way small-cap stocks work, it looks like it’ll only be the next set of results in six months that will fire the price, and weakness is likely until then. ment not valuation. When they started this buyback, the stock was around R300 but now over 60% higher, the valuation theory doesn’t carry that much weight.