Auto Anemometer: New Vehicle Sales – October 2022
Key message: The Motus Import Basket market share takes a big fall, outlook from industry turning pessimistic.
Calgro M3 – 1H FY23 Results
Key message: 2H should see revenue of approx. R100m as units under construction are transferred. A strong pipeline (with Frankenwald doubling opportunities) with infrastructure costs mostly expensed should ensure sustainable earnings in the medium term.
Afrimat – 1H FY23 Results
Key message: Consistent volume growth remains the key value driver, and diversification reduces iron ore exposure.
Grindrod – Trading Update
Key message: Mineral volumes remain strong. The completion of the bank sale substantially increases the chances of a trade buyer looking at Grindrod.
Motus Holdings – Motor Parts Direct Acquisition
Key message: Full price paid, but sustainability of earnings unclear due to rapid growth in the last two years.
Diversified Industrials, Construction & Materials – Post Results Wrap and Chart Book
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Reunert – Re-Energised
Key message: Investment in energy projects is likely to increase substantially, mainly in the private sector. This will stimulate cable and switchgear demand and provide impetus to the fast-growing energy development and storage businesses.
Auto Anemometer: New Vehicle Sales – September 2022
Key message: The premium sector is starting a slow recovery as availability improves.
Nampak – Trading Update
Key message: No clarity on requirement for a capital raise – but operational performance improving.
Barloworld – Trading Update
Key message: Russia will contribute well to FY22 before the impact of sanctions in FY23, but Mongolia should offset some of the decline.