BEGGING TO DIFFER
Peregrine results were absolutely top notch and here is a local sector that is doing well (Anchor Capital a nd Coronation i n particu l a r). Pereg r i ne s aw HEPS up 28% while t he dividend was up 50% and it is on a very good trajectory, with more upside very likely. I do however disagree with members of management who stated t hat normalised earnings are a better ref lection of how the business is doing as they exclude share-based payments. So are they saying that these free shares have no cost to shareholder or the company? I totally disagree, hence I use the real HEPS i ncrease of 28% rather t han it s normalised HEPS increase of 36% that management prefers to parade.