Auto Anemometer
Key message: Local brands suffer due to flooding impacts but imported brands see good growth.
Diversified Industrials, Construction & Materials
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Auto Anemometer
Key message: March 2022 passenger car sales grew by 27.0% YoY. LCV sales declined by 2.8%.
Barloworld – Trading Update (5 mnths)
Key message: A strong trading period but Russia will cloud the short-term outlook. We value the Russian business is worth R30/share at normalised levels. While sanctions and supply chain issues will impact the region, we expect the aftermarket business to remain active.
Invicta Holdings – FY22 Pre-Close Update
Key message: Key sectors showing demand growth, with some lag in passing through price increases. Growth into FY23 expected through international business (organic) and South Africa (low base).
KAP Industrial Holdings – 1H FY22 Results
Key message: Strong performance from the industrial and chemical manufacturing divisions, reflecting strong local demand and the benefit of competitive local capacity. Chemical margins are at the higher end of the cyclical range (after a number of years at cyclical lows).
Bidcorp – 1H FY22 Results
Key message: Covid issues are fading fast, but cost pressures are rising. Margin pressure may be felt in the short-te
Mpact –FY21 Results
Key message: Strong local demand drives growth, with margins likely to grow into FY22 due to price increases implemented. Some cost inflation (energy) may impact in the short-term.
Bidvest – 1H FY22 Results
Key message: Bidvest continues to see market share gains and the availability of inventory was a competitive advantage.
Murray & Roberts – 1H FY22 Results
Key message: Covid delays on projects will impact FY22 results, but Murray & Roberts has good contractual cover. FY23 earnings are forecast to grow substantially.