BRAIT

Finweek English Edition - - INVESTMENT -

SELL

HOLD Cit­i­group has main­tained its tar­get price on the JSE-listed in­vest­ment group at R33/share but has said that it is a seller of the counter. An­a­lyst Cor­nette van Zyl warned clients: “With Pep­kor con­tribut­ing the ma­jor­ity of Brait’s NAV [net as­set value], Brait’s share price nor­mally tracks the gen­eral re­tail in­dex closely. But, Brait has out­per­formed the gen­eral re­tail in­dex by 35% and Mr Price by 26% since Jan­uary 2013. We cau­tion down­side risk at th­ese lev­els.” across the board this week in line with the re­treat in the over­all mar­ket. While this re­sulted in the long African Bank po­si­tion mov­ing against us, push­ing it into neg­a­tive ter­ri­tory, this was more than off­set by the drop in the hedg­ing short po­si­tion in Sa­trix Fini, which pushed the over­all trade into pos­i­tive ter­ri­tory.”

BUY

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