The positives of Jet and the continued momentum in athleisure are counterbalanced by the struggles in the Group's other business units. At current price levels, the risk/return profile is balanced in our view. The highlights: The positives: The negatives: Truworths: Business update for the first 18 weeks of FY21 Truworths provided an 18-week sales update on Thursday (5 November). Group sales decreased by 10% YoY and Bloomberg consensus forecasts are looking for FY21 sales to be flat. Truworths Africa experienced a 9% YoY sales decline, with cash sales (-0.1% YoY) outperforming account sales (-13% YoY) over the period. Account holders able to purchase, improved from 77% at the end of FY20, to 83%, indicating an improvement in the book quality. Office sales declined by 26%. We note that the sales decline has been moderating in both Truworths Africa and Truworths Office since the company's nine-week update provided at its last results presentation.