Cement Import Monitor
Key message: September imports were high at over 150kt – supply chain issues do not seem to be impacting cement shipments.
Raubex- 1H FY22 Results
Key message: With the roads order book relatively full, renewable energy offers Raubex further growth opportunities. The announcement of external funding for Eskom from COP26 should unlock public and private renewable energy spend. This is significant for Raubex as the current valuation requires growth in the order book to approx. R20bn.
Afrimat – 1H FY22 Results
Key message: Iron ore prices have retreated significantly, but we still forecast revenue in FY24 to be 2.4 times that in FY21 due to volume growth in existing and new mines.
Cement Import Monitor
Key message: July and August imports have been relatively high given the looting and port issues over the period. Government localisation policies will have minimal impact on imports.
Calgro M3 – 1H FY22 Results
Key message: With the restructuring complete margins and profitability are improving, with a strong 2H expected.
The South African Cement Industry
A Deep Dive In this presentation we have an in-depth look at the South African Cement industry (including aggregates and ready-mix). Download presentation here
Afrimat – 1H FY22 Trading Update
Key message: 1H FY22 will get a boost from high iron ore prices, but the recent iron price pullback is not unexpected and built into our forecast. Growth is driven by production increases, not higher than normal commodity prices.
PPC – Operational Update
Key message: a positive trading update with the removal of an undertaking for a capital raise the highlight.
Diversified Industrials
Key message: The FY21 reporting season was significantly more optimistic than recent years. The post-Covid bounce has been followed by signs of a cyclical recovery in the mining and industrial sector.
Cashbuild – FY21 Results
Key message: Strong Covid-induced DIY demand has boosted volumes and margins – this will moderate into FY22. We do anticipate a sustained growth in demand for construction materials.