Super Group – 1H FY22 Results
Key message: Super Group has emerged well out of the Covid era, and is well positioned to benefit from growth in some sectors and a recovery in others off a low base.
Auto Anemometer
Key message: February 2022 passenger car sales grew by 22.4% YoY (-0.3% on February 2020). Some recovery in Locally Produced OEM cars sales is starting to become evident.
Motus Holdings – 1H FY22 Results
Key message: Another strong result, although market conditions remain unusual and cost pressures are likely to grow into 2H. FY23 should be a relatively normal year as supply pressures ease.
Motus Holdings – Industrial Insights
Key message: In this Industrial Insights note we have drawn a selection of articles on the used car and rental industry locally and globally. These are unusual times – and Motus has caught a few tailwinds as a result.
Bidcorp – Industrial Insights
Key message: In this Industrial Insights note we have drawn a selection of articles on inflation in the restaurant industry and some of the measures already being implemented.
Italtile – 1H FY22 Results
Key message: High price inflation matched falling demand as the post-Covid lockdown DIY boom subsides. Local manufacturing helped gain market share.
Hudaco – FY21 Results
Key message: Mining and manufacturing maintenance spending – long neglected – is picking up and this is positive for Hudaco. Market share gains have helped. FY22 could be another strong year.
Auto Anemometer
Key message: January 2022 passenger car sales grew by 26.6% YoY (+3.3% on January 2020). Suzuki has overtaken Hyundai in market share for the first time (and Haval is consistently outselling Kia).
Diversified Industrials, Construction & Materials
Key message: Outperformance in CY21 was driven by a general rapid recovery from the Covid lockdowns, with margins in particular recovering strongly as costs were cut. Activity levels are mostly still short of pre-Covid levels. We believe that the Mid Cap industrials still offer value relative to some of the larger companies.
Motus Holdings – FY22 Update
Key message: We update our earnings as we move into CY22. Motus imported vehicle sales were very strong in 1H FY22 – inventory availability seems better than peers.