Super Group

Super Group: UOB Kay Hian upgraded to BUY with $1.55 TP, citing that price retracement offers entry opportunities for long-term investors. 2014 is expected to remain challenging but house expects a better 2015 as its rebranding initiatives and new products/markets (China) drive earnings recovery. 2015 is expected to be a light-capex year and open up prospects of a special dividend. After a ytd decline of 32%, UOB Kay Hian thinks that most of a challenging 2014 has been priced in. The group is expected to release its 3Q14 results in the second week of Nov and house believes conditions will remain challenging.