Tiger Brands (TBS) – Revamp in progress

We find worrying discrepancies between TBS’ market share and retail shelf space share which, we believe, do not bode well for its heritage brands’ prospects. In the report, we estimate TBS’ VAMP business’ ability to bounce back based on two other recent food scandals. We also provide a perspective of TBS’ planned unbundling of Oceana and whether other TBS associates should be next in line for disposal.