BUY: MazorShare price: 151cJSE code: MZR This cape town-based firm specialises in aluminium and steel cladding for buildings and runs a glass operation. Since listing, Mazor has endured ups and downs, paying generous dividends in good years and knuckling down to ensure a swift profit recovery in bad years. It looks very much as if financial 2018 will be a bad year, with interim profits taking a serious hit in the economic slowdown. Interim earnings to end-August plummeted to 1.9c/share, from 21c in the corresponding interim period in 2016, meaning it will take a serious effort to produce even a 10th of the 2017 full-year earnings of 43c/share. But if the local economy is reinforced, Mazor will be a strong beneficiary of increased building activity. There isn’t huge downside risk in Mazor, which is underpinned by a tangible NAV of more than 225c/share. The firm has also been smart in its share-buyback endeavours, and there must be an opportunity to repurchase scrip again at sensible ...

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