THE BIGGEST AND BADDEST
In 2012, a major development occurred with SABMiller eclipsing BHP Billiton as the second-largest share on the JSE. While this is largely as a result of the collapse in resource shares, the re-rating of SABMiller is a significant achievement, with the company delivering 57% capital gains in the last year and 129% over the last three.
This achievement is particularly significant as SAB is currently undergoing a major change in leadership, with chief operating officer Alan Clarke taking the reins at the group. Chris Gilmour, an analyst at Absa Asset Management, believes this could result in a major change in the strategic growth of the group. Whereas former CEO Graham Mackay’s leadership was characterised by major acquisitions and bedding down new market exposure, Clark will adopt a very different approach to growth.
“Clark will likely concentrate more on growing the business organically and less on acquiring other businesses, if for no other reason than that there are very few meaningful acquisition possibilities left around the world these days,” notes Gilmour.
Absa Asset Management retains an overweight exposure to the brewer despite these changes.
Three stocks that are consistently being bandied about as next-generation heavyweights (from a market capitalisation perspective) are media group Naspers*, the Markus Jooste-led Steinhoff and financial services group Discovery.
Ranked number 9 on the list at the moment, many would argue that Naspers has already made it, especially after having delivered 159% in the last three years. However, analyst commentary suggests that Naspers still has plenty of opportunity to grow. Asset management firm Vestact is a big fan of the group and points out that for the moment almost all the focus