Market Wrap - Stock Pick - Growthpoint
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Steven Schultz from Momentum chose Growthpoint Prop Ltd as his stock pick of the day
"Growthpoint is an absolute blue chip in that space with a market cap of R76 billion. It is going through a bit of a transformation exercise, as they are diversifying offshore at the moment - although still largely about 70% of assets being South African based it is a positive statement on the state of the South African economy. It trades at a massive discount and even if you do take a very conservative forecast on distribution earnings and growth I think that this one is one that definitely has room to rally"
"Growthpoint is an absolute blue chip in that space with a market cap of R76 billion. It is going through a bit of a transformation exercise, as they are diversifying offshore at the moment - although still largely about 70% of assets being South African based it is a positive statement on the state of the South African economy. It trades at a massive discount and even if you do take a very conservative forecast on distribution earnings and growth I think that this one is one that definitely has room to rally"
