IM has recommended a long position in Combined Motor Holdings (CMH) and a short in Motus four times since 2021 — in March 2021, October 2021, February 2022 and May 2023. As 2023 draws to a close we review our call.

To date, it’s been a winning trade, with CMH trading at R27 and Motus at R100.80 at the time of writing. On a one-year basis before dividends, CMH has returned -3.6% and Motus is down -16.8%; this clearly highlights that the smaller, nimbler stock has been the place to be...

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