Nampak – The “New” Nampak
Key message: Moving to become a focussed bevcan producer, there is value uplift through improved performance (Divfood), better commercial terms with customers and the removal of liquidity concerns.
Invicta Holdings – 1H FY24 Results
Key message: Good defensive qualities and offshore exposure should help Invicta grow earnings in a tough environment.
Bidvest – Trading Update
https://chronux.co.za/wp-content/uploads/2023/11/BVT-1123-Trading-Update.pdf
Barloworld – FY23 Results
Key message: Improved returns and strong cash generation remain under-appreciated.
Omnia – 1H FY24 Results
Key message: Seasonal factors and a recovery in prices point to a stronger 2H. Shareholder distributions will be a feature going forward.
Bidcorp – Trading Update (to Oct 23)
Key message: Inflation remains high but organic growth still at levels of 4-5% with minimal bolt-on additions.
Auto Anemometer: New Vehicle Sales – October 2023
Key message: Light commercial sales and passenger vehicles impacted by the stressed consumer and business environment.
Auto Anemometer: New Vehicle Sales – September 2023
Key message: Another strong month for light commercial sales, but passenger sales continue to be impacted by stressed business and consumer environment.
Barloworld – Trading Update
Key message: Momentum from 1H in Equipment continues, with Russia having stock inventory for FY24 at least.
Invicta Holdings – Pre-Close Update
Key message: Earnings stability expected in a tough market. Cash generation remains strong.