The data analytics on our site have suggested that there has been a spike in interest in the Special Purpose Acquisition Company (SPAC) vehicles that have been listed on the JSE and how they have performed in 2018.
Please find below an update on their respective performances:
|Company||Sector||Market Capitalisation||30-day average volume||Price to earnings multiple||Dividend Yield|
|Capital Appreciation||Information Technology||R1.3bn||611 289||8.6||2.6%|
|GAIA Infrastructure||Energy / Infrastructure||R319m||24 796||9.6||11.5%|
|Renergen||Alternative energy||R701m||12 869||N/A||N/A|
|RH Bophelo||Healthcare||R511m||2 866||20||N/A|
What is apparent if we compare the above table with our June review is that, Capital Appreciation aside, these shares remain highly illiquid. Capital Appreciation remains the team who have been able to transfer capital raised into some form of earnings and dividends for shareholders.
Despite providing some interesting access points to sectors such as infrastructure and healthcare, the remainder of the SPACs have been underwhelming in 2018 in a market which is short of confidence.