Italtile – Initiation
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Hudaco – Initiation
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Cashbuild – Earnings Update
Key message: We update our earnings to remove the impact of the TBC deal (turned down by Competition Commission) and recent trading conditions, including the impact of the recent unrest on Cashbuild and the 4Q Operational Update.
Bidvest – Earnings Update
Key message: We update our Bidvest forecast post the unrest in South Africa which is likely to impact the Freight division in 1H FY22.
Cement Import Monitor
Key message: We initiate a Cement Import Monitor to track imports by port and country of origin.
Bidcorp – Adjusting for Covid
Key message: Post a recent Trading Update and updated restaurant booking in the light of continued Covid lockdowns, we update our numbers.
Imperial Logistics – Hunter becomes Hunted
Key message: A very good offer, in our opinion, as it monetises current cash proceeds from sales and future blue-sky growth.
Invicta Holdings – FY21 Results
Key message: A strong balance sheet turnaround has boosted our valuation – and the divisional outlook is underpinned by a recovery in the industrial and mining sectors in South Africa. Current disposals should reduce net debt to approx. zero at the end of FY22.
KAP Industrial Holdings
Key message: Continued strong demand for most products and margin uplift should support FY21 earnings. Chemical margins continue to improve.
Auto Anemometer
Key message: On 1 July 2021, the Competition Commission’s Guidelines for Competition in the South African Automotive Aftermarket become effective. The final guidelines were issued on 29 January 2021 and are available on the Commission’s website, at http://www.compcom.co.za/guidelines/