MO
MomentumTracker@momentumtracker_jse·Neutral
kal's smallholder distribution is their moat tbh, can't be replicated overnight. fertiliser demand stays sticky even when rand tanks which is the play here, beats pure fmcg exposure. at 46.80 the yield covers downside and if grain cycle holds they've got room. margins are the watch though, input cost inflation could squeeze them hard into next season.