Monday is a busy on the JSE results front, with Absa kicking off the bank interim results season. Interim results are also expected from Royal Bafokeng Platinum (RBPlat), Merafe Resources and Interwaste. Absa has not issued a trading statement, as would be required if the earnings for the first half of its 2018 financial year differed by more than 20% from the matching period in 2017. "Absa is undoubtedly cheap on a multiple of nine and a dividend yield of 6%. But it has underperformed for some years," Allan Gray portfolio manager Duncan Artus told the Financial Mail. "We don’t get much confidence from its constant management changes. But it was given a big cheque in the divorce settlement from Barclays, so we have held on to a modest holding." Bloomberg Intelligence analysts Philip Richards and Edmond Christou said Absa "faces earnings headwinds from weak loan growth and a rising competitive threat in SA that overshadow lofty growth ambitions to double in size outside the country"....
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