OneLogix: FY22 – Management Feedback
Key message: Management warn on tough conditions in the logistics sector with the inability to pass on rising costs.
Grindrod – 1H FY22 Results
Key message: Strong volumes through ports and terminals should continue as customers switch away from Transnet-linked terminals.
Bidcorp – FY22 Results
Key message: Bidcorp has weathered Covid restrictions and food inflation well – we forecast growth through organic market share, own brands and small strategic acquisitions.
KAP Industrial Holdings – FY22 Results
Key message: Safripol margins are now at the upper end of the historic range – these will decline but importantly management’s guided range of 7-9% appears realistic.
Nampak – Repackaged
Key message: Relaxations from lenders on debt reduction targets signal Nampak is emerging from its balance sheet challenges.
Mpact – 1H FY22 Results
Key message: Strong local demand for paper continues, but cost pressures will force a large price increase in October 2022. Management aim to maintain profitability but margins may decline.
Auto Anemometer: New Vehicle Sales – July 2022
Key message: July 2021 was impacted by a number of factors rendering YoY comparisons meaningless. Local manufacturers do continue to recover market share as factories reopen.
Mpact – 1H FY22 Trading Update
Key message: Increased local demand for containerboard boosted revenue, and margins increased despite cost pressures. Some once-off items impacted results (floods, fruit export delays).
Super Group – FY22 Trading Update
Key message: Slightly better than expectations, Super Group will deliver a strong performance despite a number of challenges through the period.
Hudaco – 1H FY22 Results
Key message: Gross margins are being maintained despite inflationary pressure, although inventories are high to mitigate supply chain delays. This should unwind somewhat in 2H.