Hulamin - Continued Recovery Name? Disc to BV, Well off ATH's

Hulamin (231c) - if not already held, it might be worth a further look. Small position due to liquidity/size.

Share price -93% off all-time highs.
Trading at discount to book value.
Turnaround efforts started in 2019 largely concluded.
Order books healthy.
Mkt Cap R758m vs Revenue of R8.6bn (down 20% in 2020).
Cost reductions implemented however cost reductions obscured by firmer ZAR.
Shares outstanding lower vs 5 years ago (~328m vs ~300m)
Revenue earned from SA roughly the same as that from Europe - ZAR hedge characteristics.
Con: For FY 2020, no dividend declared due to uncertain outlook.
Technical Structure: Emerging from bullish flag, rebounding off back-test of 200-day for commencement of upward trend.

Stop-loss: 189c