Hulamin (231c) - if not already held, it might be worth a further look. Small position due to liquidity/size.
Share price -93% off all-time highs. Trading at discount to book value. Turnaround efforts started in 2019 largely concluded. Order books healthy. Mkt Cap R758m vs Revenue of R8.6bn (down 20% in 2020). Cost reductions implemented however cost reductions obscured by firmer ZAR. Shares outstanding lower vs 5 years ago (~328m vs ~300m) Revenue earned from SA roughly the same as that from Europe - ZAR hedge characteristics. Con: For FY 2020, no dividend declared due to uncertain outlook. Technical Structure: Emerging from bullish flag, rebounding off back-test of 200-day for commencement of upward trend.