Auto Anemometer
Key message: New vehicle sales through dealers back to 95% of prior year levels. However, sales to rental fleets are down 75.4%.
Bidcorp – The State of the Restaurant Trade
Key message: We highlight restaurant booking data from Open Table. Second wave impacts are evident, with looming lockdowns (UK and Europe) likely to cause a significant fall in restaurant bookings.
Afrimat – FY21 Interim Results
Key message: Two new acquisitions – and the cashflow from Demaneng will likely cover the acquisition costs within 2 years.
WBHO – Further Trading Statement
Key message: Losses increase in Australia by an extra R200m to R1.2bn, but at least through a settlement that caps project costs.
SA Economic and Restructuring Plan
Some specific comments bode well for the Construction sector, although the overall message is typical in grand plans with little detail or timelines.
PPC – FY20 Results
Key message: Competent management is back in the saddle, after years of weak strategic and financial oversight. While the balance sheet is still strained and the cement market only in the early stages of a recovery, PPC at least has a firm hand on the tiller.
Diversified Industrials – Post Results Wrap
Key message: An exercise in operational and financial gearing impacts, FY20 was severely impacted by Covid-19 lockdowns.
PPC – FY20 Trading Update
Key message: Evidence of PPC correcting management and corporate governance lapses are growing. Strong cement markets could significantly plug financial holes.
Auto Anemometer
https://chronux.co.za/wp-content/uploads/2020/10/Auto-Anemometer-Sep-20.pdf
Nampak – FY20 Trading Update
Key message: Debt covenants have been revised, removing the short-term liquidity risk. Nampak is in full defensive mode, aiming to strengthen the balance sheet in a competitive market.