PPC – Pre-Close Update
Key message: The market weakened in 2H but a return to profit and possible dividend payment in FY24 are positives.
Omnia – Earnings Update
Key message: We expect flat HEPS growth as the impact of lower ammonia prices is balanced by volume growth, no hyperinflation losses in Zimbabwe and a lower tax rate.
Barloworld – Pre-Close Update
Key message: Improved returns and strong cash generation remain under-appreciated.
Grindrod – FY23 Results
Key message: Strong performance from Port of Maputo. Overall volumes should maintain into FY24 with expansion due from FY26.
Invicta Holdings – Pre-Close Update
Key message: Good defensive qualities and offshore exposure should help Invicta maintain earnings in a tough environment.
ArcelorMittal South Africa “AMSA” – Initiation
Key message: Well positioned in raw material supply, AMSA has been let down by the state (lack of demand and services – energy and rail in particular).
Mpact – FY23 Results
Key message: Price and volume pressure remains, but MT growth through recent capital investments remains positive.
AECI – FY23 Results
Key message: A major restructuring over the next 18 months will see a return to core Mining and Chemical sectors. A doubling of core EBITDA by FY26 is a focus.
Bidvest – 1H FY24 Results
Key message: After a cautious Trading Update in December, the result was better than expected with strong cost control across the group.
Auto Anemometer: New Vehicle Sales – February 2024
Key message: Passenger sales remain weak with 2024 set to be a tough year for the car market. Commercial sales continue to be resilient and exports ramp up from slow year end.