Afrimat – 1H FY24 Results
Key message: Nkomati should contribute substantially in 2H with steady state achieved in Oct 2023.
Calgro M3 – 1H FY24 Results
Key message: Relatively steady state earnings are expected for future years off a well-developed pipeline.
Cement Import Monitor: Imports to August 23
Key message: Imports stable relative to 2022. The weak ZAR has resulted in imported cement prices increasing 4% YTD.
Auto Anemometer: New Vehicle Sales – September 2023
Key message: Another strong month for light commercial sales, but passenger sales continue to be impacted by stressed business and consumer environment.
Barloworld – Trading Update
Key message: Momentum from 1H in Equipment continues, with Russia having stock inventory for FY24 at least.
Invicta Holdings – Pre-Close Update
Key message: Earnings stability expected in a tough market. Cash generation remains strong.
PPC – Trading Update
Key message: Margins stabilising in SA Cement and signs of volumes bottoming. Price increases are sticking – any volume growth will boost earnings considerably.
Cement Import Monitor Imports to July 23
Key message: Imports stable relative to 2022. The weak ZAR has resulted in imported cement prices increasing 14% YTD.
Cashbuild – FY23 Results
Key message: Difficult trading environment affects revenue and lowers margins from post-Covid DIY/building market boom period. Some green shoots appearing though in construction materials market.
Grindrod – 1H FY23 Results
Key message: Grindrod has a number of growth opportunities in ports, shipping and rail. While coal contributed well to recent periods, other commodities offer MT volume growth.