Bidvest – 1H FY21 Results
Key message: The non-trading losses should now be significantly smaller with Mumbai Airport and Ontime being sold. The underlying operational performance was very good given the circumstances.
Super Group – 1H FY21 Results
Key message: Margins recover well mainly due to pre-Covid cost cutting. SG Fleet has weathered Covid-19 well but remains undervalued in the Super Group share price.
Auto Anemometer
Key message: We add dealer and rental sales numbers to our report. While dealer sales are down 12.6% YoY, rental sales are down 31.5%.
Bidcorp – 1H FY21 Results
Key message: The foodservice market is resilient – and will bounce back quickly after lockdowns.
Mpact – 1H FY21 Trading Update
Key message: A very strong 2H FY20 is evident in the indicated earnings guidance. A switch from low margin exports to local market paper sales appears to be the main driver.
Calgro M3 – Initiation
Key message: A shift back to a simple development model and debt maturity restructuring has left Calgro well positioned to cash in on the development pipeline. The discount to realisable NAV is substantial.
Imperial Logistics – 1H FY21 Trading Update
Key message: High non-operating costs impact the result, with evidence of margin pressure expected.
WBHO – 1H FY21 Trading Update
Key message: Large loss-making projects have a habit of lingering. Another A$28m provision for WRU in Australia clouds a decent performance in the rest of the business.
Super Group – Trading Update
Key message: Strong performance indicating margins normalising faster than our expectations.
Auto Anemometer
Key message: We add dealer and rental sales numbers to our report. While dealer sales are down 14.7% YoY, rental sales are down 34.7%.