MARKET WATCH
MARC HASENFUSS: Small-caps alert
There are a few small-cap counters offering smouldering value that may catch fire when fanned by corporate action
It was well worth grinding through the morning gridlock in Cape Town last week to attend (most of) the sessions in the small-cap company conference organised by Vunani Securities’ industrious analyst, Anthony Clark. Though there may be despondency around small-cap valuations, there were enough top asset managers in attendance to make me believe that hanging onto those undervalued positions will pay off in the longer term. There was also a considerable buzz between presentations when groups gossiped about possible deal-making permutations — and I heard some intriguing theories on possible corporate action at more than a few wide-ranging counters. I’d rather keep these to myself (for now) but let me say this: there are more than a few small-cap counters offering smouldering value that may catch fire when fanned by corporate action. A company that did itself a huge favour by presenting at the conference was soon-to-be-listed retailer Kaap Agri. A reassuringly confident MD Sean Walsh wa...
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