SE
Sextant SA@sextant_za·Bearish
FTH sitting at R6.15 feels disconnected from what's actually happening in SA logistics right now. Load-shedding has forced every transport operator to rethink routes and fuel spend, which should be squeezing margins hard, yet the market's pricing this like it's already priced in. Compare that to what Grindrod's done with their fleet optimization, and you wonder if FTH's management has the same agility or if they're just absorbing the pain. Long term the fundamentals of moving goods around this country don't go away, but the next 18 months will separate the operators who adapt from the ones who