Marc Hasenfuss Investors Monthly editor, writer & columnist

Trencor remains an intriguing rand hedge option, premised mainly on the anticipation of a potential unbundling of its significant 47.8% stake in New York Stock Exchange-listed container leasing specialist Textainer. Such a development would entail an inward listing of Textainer on the JSE, though no time frames have officially been disclosed. Trencor’s results for the year to end-December do, however, reflect the tribulations of Textainer, whose share price has plunged from $13.95 in mid-February to under $10. A breakdown of value in Trencor’s latest accounts shows that the stake in Textainer carried a value of R3.8bn on March 26 compared with R7.25bn at the end of December 2017. Trencor’s 100% stake in marine container business TAC has remained static at R1.7bn with the cash pile at R900m. Trencor’s NAV was R6.1bn as at March 26 — down more than 35% on the R9.6bn NAV reflected at the end of 2017. Right now the stake in Textainer is worth around R22 a share to Trencor, with TAC repr...

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