Auto Anemometer New Vehicle Sales – March 2023
Key message: Durable consumer goods are starting to be impacted by the weak economic environment just as new vehicle supply recovers strongly.
Diversified Industrials, Construction & Materials: Post Results Wrap and Chart Book – March 23
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Grindrod – FY22 Results
Key message: Current high coal volumes should be replaced by other volumes in time – port and terminal growth opportunities are attractive.
Barloworld – Trading Update
Key message: Russia surprised in the profit contribution despite the expected fall in revenue. SA saw a long-awaited mining fleet replenishment cycle start.
Mpact – FY22 Results
Key message: Pricing momentum flows into FY23, and the capex program caters for growing demand in the agricultural sector.
Murray & Roberts – 1H FY23 Results
Key message: The debt repayment schedule requires more than just operating cash flows and dividends.
Bidvest – 1H FY23 Results
Key message: We introduce a “Privatisation Dividend” into our forecast as Bidvest capitalises from ongoing state failure.
Auto Anemometer New Vehicle Sales – February 2023
Key message: Passenger sales are low even though new car availability is largely back to normal. Used car prices corrected sharply in January.
Bidcorp – 1H FY23 Results
Key message: Results well ahead of expectations as Bidcorp emerges from the Covid era in stronger shape and with more market share.
KAP – 1H FY23 Results
Key message: Loadshedding is impacting KAP relatively more than peers.