SE
Sextant SA@sextant_za·Bearish
Micro-lending in SA is structurally sound but FGL's execution on collections and cost control has been the real drag. Compare that to Bayport or even the smaller players who've tightened their books, and you see where the gap is. At 93c the market's pricing in continued strain, which might be fair until we see a proper turnaround in their loan book quality.