Barloworld – 1H FY23 Results
Key message: The spike in WC should unwind in 2H – it indicates increased sales of new fleets and secures the LT aftermarket business.
Afrimat – FY23 Results
Key message: Consistent volume growth remains the key value driver, and diversification reduces iron ore exposure.
Calgro M3 – FY23 Results
Key message: Relatively steady state earnings are expected for future years off a well-developed pipeline.
Omnia – Initiation
Key message: International expansion from a competitive local base does indicate the potential for above average growth.
Cashbuild – 1H FY23 Results
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Cement Import Monitor – February 23
Key message: Cement imports were down 31% in CY22, although port disruptions and a weak currency likely are having an impact. Import protection from government now appears unlikely.
Auto Anemometer: New Vehicle Sales – April 2023
Key message: High interest rates start to bite, with NAAMSA expectations of over 5% growth for CY23 being moderated to flat as the year progresses.
Nampak –Trading and Debt Update
Key message: The debt restructuring plan has been concluded, shifting maturity dates to 30 June 2024. We believe the rights issue required will be no more than R1bn.
Auto Anemometer New Vehicle Sales – March 2023
Key message: Durable consumer goods are starting to be impacted by the weak economic environment just as new vehicle supply recovers strongly.
Diversified Industrials, Construction & Materials: Post Results Wrap and Chart Book – March 23
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