Finweek English Edition - - INVESTMENT -

BUY Stock­bro­ker­age Imara SP Reid has a “Hold” rec­om­men­da­tion on the group, say­ing that it is cur­rently fully-val­ued. Head of re­search at the bro­ker­age Steve Mein­t­jes pointed to re­cent bullish com­ments from man­age­ment at the in­surer and notes: “The mar­ket cer­tainly took this un­abashed op­ti­mism and, ad­mit­tedly, well founded con­fi­dence, at face value and awarded it with a 15% in­crease in share price since 22 Fe­bru­ary. As­sum­ing em­bed­ded value grows at the same rate in the sec­ond half, i.e. 9% to 6570cps, the cur­rent share price would be some 20% in ex­cess of this which we think is a tad too far too fast.”

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