Packaging group Transpaco might need a vigorous boxing around the ears for releasing its interim results to end-December on budget day. The day when the national fiscal policy takes centre stage in the financial media would have been a great one for releasing bad news or shoddy financials. Very little attention is given to financial results on such a day, either by the frenetic media or the anxious investment community. But Transpaco’s interims were hardly disastrous. One of the JSE’s most underappreciated small-cap counters, it was clearly under some strain, but the business model still looks stout and poised for growth in less trying economic times. Maybe Transpaco, in accordance with its high standards, felt the interims should not be showcased. I disagree. If there were anything to make shareholders fret — and I note the dip in Transpaco’s share price — it would be that top line did not grow and that margins were pinched. The market is prone to overexaggerating on the downside, ...

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