BUY: Combined Motor HoldingsShare price: R20JSE code: CMH Among its more illustrious peers, Durban-based investment holding company Combined Motor Holdings (CMH) flies under the radar. Founded by Jebb McIntosh and Maldwyn Zimmerman in 1976, the group, which started out as a Chevrolet and Datsun franchise motor dealership in KwaZulu-Natal, has in many respects defied its humble beginnings. There is a strong case why CMH is a worthy BUY, notwithstanding the headwinds retailers face due to depressed consumer confidence. In the past four years, CMH — a R10.6bn company — has steadily increased its NAV per share, headline earnings and dividends per share. Dividends per share have more than doubled from 78c a share in 2014 to 161c, while headline EPS (HEPS) have soared from 156.7c a share to 332.9c. In the year ended February 2018, CMH increased dividends by 15%. HEPS were up by 17.1%. So what makes CMH so resilient? Its sensible business model. CMH is vertically integrated, with a presenc...

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