IM has recommended logistics, ports and rail business Grindrod since November 2020, when it issued a buy at 370c. At that time the stock was trading at a 70% discount to NAV with moves under way to sell noncore assets.
The stock had a good run to 570c but by March disappointing results and delays in some asset disposals resulted in the market losing patience, and there was a pullback...A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.
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