Invicta Holdings – Pre-Close Update
Key message: Good defensive qualities and offshore exposure should help Invicta maintain earnings in a tough environment.
ArcelorMittal South Africa “AMSA” – Initiation
Key message: Well positioned in raw material supply, AMSA has been let down by the state (lack of demand and services – energy and rail in particular).
Cement Import Monitor – Imports to January 2024
Key message: Imported cement volumes increased 18% in CY2023 with port issues apparently not impacting volumes.
Mpact – FY23 Results
Key message: Price and volume pressure remains, but MT growth through recent capital investments remains positive.
Murray & Roberts – 1H FY24 Results
Key message: The business should be able to earn HEPS of approx. 50c in FY25 with the current assets and reduced costs.
AECI – FY23 Results
Key message: A major restructuring over the next 18 months will see a return to core Mining and Chemical sectors. A doubling of core EBITDA by FY26 is a focus.
Cashbuild – 1H FY24 Results
Key message: We did some on the ground market research – until meaningful demand recovery occurs, margins are likely to stay low.
WBHO – 1H FY24 Results
Key message: Back to the low risk contracting model, the order book outlook looks promising for a margin uplift.
Bidvest – 1H FY24 Results
Key message: After a cautious Trading Update in December, the result was better than expected with strong cost control across the group.
Auto Anemometer: New Vehicle Sales – February 2024
Key message: Passenger sales remain weak with 2024 set to be a tough year for the car market. Commercial sales continue to be resilient and exports ramp up from slow year end.