Key message: The cement market is very weak. Short term relief depends on government intervention (tariffs, infrastructure program). PPC’s balance sheet is under pressure but not in trouble, but debt restructuring negotiations continue.
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The Novated Lease market in Australia now seems to be a mature market – competition is fierce, and margins are falling. Consolidation is due – and SG Fleet seem on the prowl.
Key message: Climate change concerns are driving REAL change in the allocation of capital – displacing the traditional ESG framework
Key message: Super Group needs to pay a dividend to regain some investor confidence. The Australian exposure may well be becoming an albatross for management – an exit may need to be considered.
Key message: Motus should stay local – car dealerships are a hands-on business making remote management difficult
Key message: Imperial faces short-term earnings challenges and may try to acquire growth (but with a weak acquisitive track record)
Key message: Foodservice remains a growth sector with little sign of significant new competition. However, the coronavirus impact on global travel should have a short-term negative impact.
Mongolia has experienced a mining boom over the past 20 years and exploration prospects are good. Mining legislation, however, remains a risk.