PICK of the MONTH: Oceana Group
The tide of investor sentiment has been going out for Oceana Group — by far the biggest trawler among the JSE’s fishing counters
The tide of investor sentiment has been going out for Oceana Group — by far the biggest trawler among the JSE’s fishing counters. Fast recovering chicken counters, notably Astral Foods, have recently got the market in a flap, so it might be time to consider whether Oceana can make a convincing comeback. The share is not far off its 12-month low, and the market appears to be only nibbling at the bait dangled in the form of a solid interim trading update assessing the group’s latest trading statement for the six months to end-March. Oceana finished the second half of the year to end-September in slightly better form — but earnings plummeted from the previous year as the US fish meal and fish oil subsidiary struggled with lower prices. Most disappointing, arguably, was the decision to skip the final dividend payout.
At the time CEO Francois Kuttel — who has since stepped down to head US associate Westbank Fishing — explained that the weaker profit performance relative to the leve...
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