Grindrod – 1H FY22 Results
Key message: Strong volumes through ports and terminals should continue as customers switch away from Transnet-linked terminals.
Bidcorp – FY22 Results
Key message: Bidcorp has weathered Covid restrictions and food inflation well – we forecast growth through organic market share, own brands and small strategic acquisitions.
KAP Industrial Holdings – FY22 Results
Key message: Safripol margins are now at the upper end of the historic range – these will decline but importantly management’s guided range of 7-9% appears realistic.
Nampak – Repackaged
Key message: Relaxations from lenders on debt reduction targets signal Nampak is emerging from its balance sheet challenges.
Mpact – 1H FY22 Results
Key message: Strong local demand for paper continues, but cost pressures will force a large price increase in October 2022. Management aim to maintain profitability but margins may decline.
Cement Import Monitor: Apr-Jun 2022
Key message: Cement imports for April-June 2022 are 39% down on 2021 levels, indicating a possible decline in imports as port conditions normalise.
Auto Anemometer: New Vehicle Sales – July 2022
Key message: July 2021 was impacted by a number of factors rendering YoY comparisons meaningless. Local manufacturers do continue to recover market share as factories reopen.
Mpact – 1H FY22 Trading Update
Key message: Increased local demand for containerboard boosted revenue, and margins increased despite cost pressures. Some once-off items impacted results (floods, fruit export delays).
Feedback from Industry Expert Call, Eric Diack, CEO AfriSam
Key message: AfriSam faces the same inflationary pressures as all producers. It is generating enough cash to maintain operations.
Super Group – FY22 Trading Update
Key message: Slightly better than expectations, Super Group will deliver a strong performance despite a number of challenges through the period.