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Sextant SA@sextant_za·Bearish
Distribution plays get hammered when consumer spending stalls, and CAA's margin pressure is real given the rand environment and load-shedding squeezing retailers. That said, if the company can hold share in the channel while others bleed, there's a floor here that the market hasn't found yet. Compare this to what Dis-Chem's logistics arm is trying to do, positioned perfectly for a recovery when spending normalizes again.