South African Potentially Undervalued Small Caps

Sephaku Holdings

Market Cap: R492.9m

Operates as a construction materials company in South Africa.

African Media Entertainment

Market Cap: R277.3m

Engages in radio broadcasting, media integration, and publications activities in South Africa.

Delta Property Fund

Market Cap: R235.7m

Delta Property Fund Limited (“Delta” or “the Group”) is a South African domiciled Level 1 B-BBEE Real Estate Investment Trust (“REIT”).

York Timber Holdings

Market Cap: R900.9m

An investment holding company, engages in the forestry, sawmilling, plywood, wholesale, and farming businesses in South Africa and internationally.

Labat Africa

Market Cap: R50.0m

An investment holding company, engages in the technology, logistics, and healthcare activities in South Africa.

Santova

Market Cap: R959.3m

Provides logistics services in Africa, the Asia Pacific, Europe, North America, and the United Kingdom.

Aveng

Market Cap: R564.7m

Engages in construction, engineering, building, and contract mining activities in South Africa, Australia, New Zealand and Pacific Islands, Southeast Asia, and internationally.

Metair Investments

Market Cap: R1.1b

Manufactures, distributes, and retails automotive components, batteries, and related products in South Africa and Romania.

Afine Investments

Market Cap: R362.7m

Operates as an investment property holding company.

Adcorp Holdings

Market Cap: R614.5m

Provides workforce solutions in South Africa and Australia.