Auto Anemometer
Key message: We add dealer and rental sales numbers to our report. While dealer sales are down 12.6% YoY, rental sales are down 31.5%.
Bidcorp – 1H FY21 Results
Key message: The foodservice market is resilient – and will bounce back quickly after lockdowns.
Mpact – 1H FY21 Trading Update
Key message: A very strong 2H FY20 is evident in the indicated earnings guidance. A switch from low margin exports to local market paper sales appears to be the main driver.
Imperial Logistics – 1H FY21 Trading Update
Key message: High non-operating costs impact the result, with evidence of margin pressure expected.
Super Group – Trading Update
Key message: Strong performance indicating margins normalising faster than our expectations.
Auto Anemometer
Key message: We add dealer and rental sales numbers to our report. While dealer sales are down 14.7% YoY, rental sales are down 34.7%.
Murray & Roberts – Initiation
Key message: A growing order book reflects the fruits of a switch to focus on resources and large infrastructure projects. This has resulted in some welcome diversity. Risk management is strong and will be a key factor for success.
Barloworld
Key message: No negative surprises, and cash management appears to be improving. Maiden contribution from Ingrain is positive.
Diversified Industrials
Key message: Strong outperformance over the last six months, but in general still down from a year ago. The big movers were where balance sheet concerns drove down valuations – but we would be switching to the less-speculative better managed companies now. Gains in the second leg of a cyclical recovery are the domain of higher quality companies.