Super Group

Super Group: DBSV upgrades to Buy from Hold with TP $1.68. The house notes that the recent muted earnings growth outlook has been factored into consensus earnings and the current share price. Super is also trading below regional peers’ average valuation (at c.26x/24x FY14/15F). At <20x FY15F PE, valuation looks attractive and downside risk seems low from our perspective. TP is pegged to 22x FY15F PE, after rolling forward its valuation base to FY15F.