IM­PALA PLAT­INUM

Finweek English Edition - - INVESTMENT -

Ass e t man­age­ment f irm RE:CM has be­gun buy­ing the plat­inum group again af­ter bank­ing some prof­its ear­lier in the year. Port­fo­lio man­ager Daniel Malan told clients: “At R175 per share it was of­fer­ing a far smaller mar­gin of safety than at the lat­est R120 and change. Let’s say, for ar­gu­ment’s sake, that we thought it was worth ap­prox­i­mately R200 per share. Clearly a 12% dis­count is not nearly as at­trac­tive as the pre­vail­ing 40%. Given the busi­ness qual­ity of Implats this of­fers a rare and gen­uine bargain for long term in­vestors.”

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