Zeder Advances to Record as Vunani Sees Further Increases

Zeder Investments Ltd., a South African investor in agriculture, is poised to extend gains from a record high with the stock trading at a discount to the combined value of its interests, Vunani Private Clients said.

“They’ve got really good holdings,” Jonathan Bachrach, portfolio manager at Johannesburg-based Vunani Private Clients, which manages 600 million rand ($53 million) said by phone today. “There are good long-term prospects.”

The stock rose 2.6 percent to 6.25 rand by the close in Johannesburg, extending gains this quarter to 10 percent, compared with a 3.2 percent increase in the 62-member FTSE/JSE Africa Small Cap Index.

The company, which owns 30 percent of Pioneer Food Group Ltd. and 31 percent of Quantum Foods Ltd., on Nov. 6 said its sum-of-the-parts valuation increased to 7.49 rand. Pioneer, a cereal and fruit producer, has rallied 44 percent over the past six months.

Recurring earnings before one-time items in the six months through August increased 78 percent to 16.4 cents a share, Zeder said Oct. 7.

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