Finweek English Edition - - COVER STORY -

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

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