Diversified Industrials, Construction & Materials
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Auto Anemometer
Key message: March 2022 passenger car sales grew by 27.0% YoY. LCV sales declined by 2.8%.
Barloworld – Trading Update (5 mnths)
Key message: A strong trading period but Russia will cloud the short-term outlook. We value the Russian business is worth R30/share at normalised levels. While sanctions and supply chain issues will impact the region, we expect the aftermarket business to remain active.
PPC – Operational Update
Key message: Overall cement volumes and pricing are up, led by the international cement operations. Zimbabwean cash extraction is improving, and a dividend is likely in FY23.
Invicta Holdings – FY22 Pre-Close Update
Key message: Key sectors showing demand growth, with some lag in passing through price increases. Growth into FY23 expected through international business (organic) and South Africa (low base).
Cashbuild – 1H FY22 Results
Key message: The impacts of looting and a high base (post Covid lockdown DIY boom) impacted earnings. Operating margins remain at elevated levels and should decline over the next 2-3 years, despite forecast revenue growth.
KAP Industrial Holdings – 1H FY22 Results
Key message: Strong performance from the industrial and chemical manufacturing divisions, reflecting strong local demand and the benefit of competitive local capacity. Chemical margins are at the higher end of the cyclical range (after a number of years at cyclical lows).
Bidcorp – 1H FY22 Results
Key message: Covid issues are fading fast, but cost pressures are rising. Margin pressure may be felt in the short-te
Mpact –FY21 Results
Key message: Strong local demand drives growth, with margins likely to grow into FY22 due to price increases implemented. Some cost inflation (energy) may impact in the short-term.
Bidvest – 1H FY22 Results
Key message: Bidvest continues to see market share gains and the availability of inventory was a competitive advantage.