Naspers masks the attractiveness of SA stocks, Citi says

Investors will realise how attractively valued SA stocks are once they look beyond the skewing effect of gains in Naspers, according to Citigroup.

The situation is poised to change however, as investors adjust their stock-selection styles this year, Citigroup analysts wrote as they upgraded the country’s equities to neutral from underweight. SA’s market, excluding Naspers, is weighted toward value, a style of investing which Citigroup strategists expect to recover as pessimism over global economic growth fades.

Citigroup’s preferred stocks are Absa Group, Sanlam, Impala Platinum Holdings, Sasol, African Rainbow Minerals, Tiger Brands, Tsogo Sun Holdings and Naspers.

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