Market Wrap - Stock Pick — BidCorp
Kwame Antwi from KOA Capital chose Bid Corp as his stock pick of the day. "In the current environment I'm fairly bearish on the currency, I'm fairly bearish on SA economy. I think we have a lot of headwinds despite the optimism and some of the things that we and the government seems to be doing. I think it's going to take a while before we see the economy turn around and so I'm always in favour of businesses that have international consumer play. I like BidCorp, it's been one of the stocks that have been weak today but you know BidCorp is one of those business that is a full services food provider if you want to call it that, I call it a grocer on wheels, selling food products to restaurants and it was one of those businesses that are going to benefit from urbanisation and the trend of eating out, those lifestyles that we've seen in the developed market and I think it appears to be expensive, but it's one of those quality businesses that are pricey and you get a good rand hedge."