Auto Anemometer: New Vehicle Sales – January 2024
Key message: Passenger sales remain weak with 2024 set to be a tough year for the car market. Commercial sales up as more goods are forced onto roads from rail.
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.
Motus Holdings – Trading Update
Key message: The high operational gearing of Motus is evident in this update – coming off elevated margins and low finance costs of the Covid-era.
Grindrod – Earnings Update
Key message: Good updates from the Port of Maputo indicate another strong year, balancing a weaker Logistics performance.
Auto Anemometer: New Vehicle Sales – December 2023
Key message: Inability to out-perform 2019 pre-pandemic levels in CY23 with fifth consecutive month of year-on-year decline of new vehicle sales.
Industrial Insights: AMSA and the failure of industrial policy
Key message: If the Steel Master Plan was followed as agreed by the parties involved, AMSA’s Newcastle plant would probably not have to close. This is a pattern for government – often sensible policy completely ignored.
AECI – Initiation
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.
KAP – Trading Update
Key message: While weaker than expected, cyclically weak global polymer margins are the main driver of earnings downgrades. The rest of the business performed top expectations (PG Bison, Unitrans) or better (Feltex, Restonic).
Auto Anemometer: New Vehicle Sales – November 2023
Key message: Light commercial sales and passenger vehicles impacted by the stressed consumer and business environment.
Reunert – FY23 Results
Key message: Reunert is benefiting from an increase in capacity utilisation of its manufacturing divisions, and this should be margin accretive.