KAP – 1H FY24 Results
Key message: Weak chemical margins impacted the result. The added contribution from the R2.5bn project expansions, a restructured Unitrans, and lower debt should boost results from FY25.
Motus Holdings – 1H FY24 Results
Key message: Competitive pressure and higher finance costs impact profitability, but some post-Covid tailwinds have also dissipated. FY25 should be a relatively normalised year.
Super Group – 1H FY24 Results
Key message: Super Group continues to be substantially undervalued – despite strong SG Fleet results and a robust performance in SA.
Bidcorp – 1H FY24 Results
Key message: The business model continues to allow for steady constant currency growth.
Italtile – 1H FY24 Results
Key message: Tile manufacturing overcapacity in the SADC region will impact volumes (and margins). This structural change in the market will create challenging times for some years.
Calgro M3 – Trading Statement
Key message: Relatively steady state earnings are expected for future years off a well-developed pipeline.
Cashbuild – 1H FY24 Trading Update
Key message: Volumes and prices remain weak with consequent margin pressure. The DIY market remains very competitive with cheaper products undercutting Cashbuild.
KAP – Impact of Unitrans Sale
Key message: Unitrans may be sold for up to R6bn. The division has been identified as non-core and a sales process is not surprising. The ability to reduce debt would be a positive.
Eskom Loadshedding Monitor – February 2024
Key message: Slight improvement from low base – some election year fiddling also suspected with very high planned maintenance.
Hudaco – FY23 Results
Key message: Resilient performance in tough market – with strong performance from Engineering Consumables.