Ghost Wrap #31 (AECI | Argent Industrial | Hudaco | PBT Group | Invicta | Hyprop | Advanced Health | Naspers + Prosus)

Welcome to Ghost Wrap. It's fast. It's fun. It's informative.

In this week's episode of Ghost Wrap, we cover:

• AECI is all about good chemistry, but the German business truly is the wurst.
• Argent Industrial has officially reached gatvol status, with scathing commentary of government in the latest results and a strategy focused on offshore growth.
• Hudaco has taken a more mature response in its criticism of government, with ongoing investment in South Africa.
• PBT Group shows that margin pressure isn't just found in the industrial sector, with the "sale of time" proving to be more difficult in this environment.
• Invicta has a significant disparity between HEPS growth and dividend growth, warranting a closer look at the income statement.
• Hyprop owns some of the best malls in the country and is doing a great job of recouping load shedding costs, with exposure to Central and Eastern Europe as a strong bonus.
• Advanced Health is headed for the exit, with the controlling family looking to take the company private via a scheme of arrangement that has delivered a lovely return for those who recently invested.
• Naspers and Prosus are masters at the art of distraction, papering over poor results by giving shareholders good news about the cross-holding structure.

The Ghost Wrap podcast is proudly brought to you by Mazars, a leading international audit, tax and advisory firm with a national footprint within South Africa. Visit the Mazars website for more information.