Italtile – 1H FY22 Results
Key message: High price inflation matched falling demand as the post-Covid lockdown DIY boom subsides. Local manufacturing helped gain market share.
Hudaco – FY21 Results
Key message: Mining and manufacturing maintenance spending – long neglected – is picking up and this is positive for Hudaco. Market share gains have helped. FY22 could be another strong year.
Auto Anemometer
Key message: January 2022 passenger car sales grew by 26.6% YoY (+3.3% on January 2020). Suzuki has overtaken Hyundai in market share for the first time (and Haval is consistently outselling Kia).
Diversified Industrials, Construction & Materials
Key message: Outperformance in CY21 was driven by a general rapid recovery from the Covid lockdowns, with margins in particular recovering strongly as costs were cut. Activity levels are mostly still short of pre-Covid levels. We believe that the Mid Cap industrials still offer value relative to some of the larger companies.
Cashbuild – 2022 Update
Key message: Sales have slowed down (adjusted for looting impact) after the DIY boom post-Covid. This was well flagged.
Motus Holdings – FY22 Update
Key message: We update our earnings as we move into CY22. Motus imported vehicle sales were very strong in 1H FY22 – inventory availability seems better than peers.
Auto Anemometer
Key message: CY21 passenger car sales grew by 22% but are still down 15% on the CY19 numbers.
Cement Import Monitor
Key message: October imports fell significantly to 35kt, well off September levels. This is a more expected outcome following supply chain disruptions.
Murray & Roberts – Trading Update
Key message: Management point to entering a multi-year period of strong earnings growth, which concurs with our forecasts. Delivery on the strong order book will be the key valuation factor going forward.
Auto Anemometer
Key message: YoY comparatives are more meaningful now as comparative months are out of lockdown. We still compare to 2019 numbers though to get a real sense of where the market is.