Hudaco – 1H FY22 Results
Key message: Gross margins are being maintained despite inflationary pressure, although inventories are high to mitigate supply chain delays. This should unwind somewhat in 2H.
KAP Industrial Holdings – Analyst Day and Trading Update
Key message: Management highlighted KAP’s strengths – competitive local manufacturing – and provided more detail on KAP’s weakness – volatility in Safripol. 5-year growth targets are ambitious but achievable.
Invicta Holdings – FY22 Results
Key message: Key sectors showing demand growth, with some lag in passing through price increases. Growth into FY23 expected through international business (organic), lower finance costs and reduced shares in issue.
Bidvest – BIC Australia Acquisition
Key message: Bidvest is building an international Services division that could ultimately be spun out like BidCorp.
Auto Anemometer New Vehicle Sales – June 2022
Key message: Passenger sales saw strong growth, but commercial sales are being impacted by local production disruptions.
Murray & Roberts – Investor Day Feedback
Key message: Covid delays and cost inflation will likely mute margins in FY22 and FY23. Execution on a large order book remains key.
PPC – FY22 Results
Key message: Cost inflation will be difficult to recover through pricing, although key cost variables are likely to be volatile this year.
Afrimat – Investor Day Feedback
Key message: The depth of the management team is apparent, with strong growth prospects in internally funded new
Cement Import Monitor
Key message: Cement imports for Jan-April 2022 are 26% down on 2021 levels, with port issues due to flooding being a limiting factor.
Auto Anemometer
Key message: Local brands continue to suffer due to flooding impacts but imported brands see good growth.