AFRICAN BANK IN­VEST­MENTS LIM­ITED

Finweek English Edition - - INVESTMENT -

SELL

Fol­low­ing a re­cent t rad­ing up­date from the lender, SBG Se­cu­ri­ties re­cently is­sued a new re­search note on the counter with a 12-month price tar­get of R26/share. The firm told clients: “At this point, we leave our price tar­get of R26 and Buy rec­om­men­da­tion un­changed. How­ever, we high­light that we had pre­vi­ously mod­elled a right is­sue price of R12/share, as we ex­pected the share price to rally post the an­nounce­ment with the dis­count be­ing ap­plied to some higher share price. Given that the early gains in the share price have now been given up, we be­lieve that the rights is­sue price may be closer to R10/share when the de­tails are fi­nally an­nounced.”

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