Our opinion on the current state of VISUAL(VIS)
Visual International Holdings (VIS) is a small, cash-strapped property development company operating in the Cape Town area. The company announced on 2nd July 2018 that publication of its financial results would be delayed. At that time, it was anticipated that the financials would be published before the end of July 2018. As a result of this delay, trading in the share was suspended by the JSE.
Visual's flagship asset is the Stellendale Development near Kuilsriver, consisting of 2000 residential units. It is in the process of negotiating the sale of Stellendale.
In its results for the six months to 31st August 2022, the company reported revenue unchanged and a headline loss per share of 0.72c compared with 0.95c in the previous period. The company has a negative net asset value (NAV) of -3.63c per share.
In its results for the year to 29th February 2024, the company reported revenue down 0.6% and headline earnings per share (HEPS) of 3.3c compared with a loss of 1.78c per share in the previous period.
In a trading statement for the six months to 31st August 2024, the company estimated that it would make a headline loss of 0.93c per share compared with a loss of 0.63c in the comparable period.
In our view, this share is of little or no interest to private investors, and there are far better property shares available on the JSE. However, it is interesting to see how the shares are faring now that they have resumed trade. At best, this is a very thinly traded penny stock whose 3c price can only be based on the value of its remaining assets and its listing.
Visual's flagship asset is the Stellendale Development near Kuilsriver, consisting of 2000 residential units. It is in the process of negotiating the sale of Stellendale.
In its results for the six months to 31st August 2022, the company reported revenue unchanged and a headline loss per share of 0.72c compared with 0.95c in the previous period. The company has a negative net asset value (NAV) of -3.63c per share.
In its results for the year to 29th February 2024, the company reported revenue down 0.6% and headline earnings per share (HEPS) of 3.3c compared with a loss of 1.78c per share in the previous period.
In a trading statement for the six months to 31st August 2024, the company estimated that it would make a headline loss of 0.93c per share compared with a loss of 0.63c in the comparable period.
In our view, this share is of little or no interest to private investors, and there are far better property shares available on the JSE. However, it is interesting to see how the shares are faring now that they have resumed trade. At best, this is a very thinly traded penny stock whose 3c price can only be based on the value of its remaining assets and its listing.
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