Grindrod – FY22 Results
Key message: Current high coal volumes should be replaced by other volumes in time – port and terminal growth opportunities are attractive.
Barloworld – Trading Update
Key message: Russia surprised in the profit contribution despite the expected fall in revenue. SA saw a long-awaited mining fleet replenishment cycle start.
Cement Import Monitor
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.
PPC – Capital Markets Day
Key message: Despite a weak SA cement market, dividends from Zimbabwe and Rwanda allow PPC to look at resuming distributions to shareholders.
Mpact – FY22 Results
Key message: Pricing momentum flows into FY23, and the capex program caters for growing demand in the agricultural sector.
Murray & Roberts – 1H FY23 Results
Key message: The debt repayment schedule requires more than just operating cash flows and dividends.
Bidvest – 1H FY23 Results
Key message: We introduce a “Privatisation Dividend” into our forecast as Bidvest capitalises from ongoing state failure.
Auto Anemometer New Vehicle Sales – February 2023
Key message: Passenger sales are low even though new car availability is largely back to normal. Used car prices corrected sharply in January.
WBHO – 1H FY23 Results
Key message: The Australian exit is complete, and activity levels in South Africa are picking up. Back to business as usual for WBHO.
Bidcorp – 1H FY23 Results
Key message: Results well ahead of expectations as Bidcorp emerges from the Covid era in stronger shape and with more market share.