Noth­ing to get ex­cited about

Finweek English Edition - - MARKET PLACE - Ed­i­to­rial@fin­

The Bal­win up­date was not ex­cit­ing with head­line earn­ings per share ex­pected to be only be­tween 3.8% and 7.6% higher. This is af­ter it changed the ac­count­ing recog­ni­tion from the last pe­riod. The change es­sen­tially moves for­ward when the com­pany recog­nises the in­come from a sale and will boost re­turns as a one-off in this pe­riod, yet we’re not see­ing it in the num­bers. Fur­ther, the change in trans­fer duty in the Bud­get, which now ex­empts homes val­ued be­low R900 000 (up from R750 000), does not ap­ply to Bal­win as it is VAT reg­is­tered, which means no trans­fer duty is payable.

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