Research
The content listed is not for investment, financial, accounting or tax advice and is provided for informational purposes only.
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Survivorship bias evidence growing: despite a weak economic environment, the listed industrial sector posted some surprisingly strong numbers in the recent results season. We see this as evidence of the larger, better capitalised companies able to survive weak periods...
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Forestry & Paper: Industry Insights
Key message: More relief for paper pulp buyers in Europe. Hardwood DP prices stable, while softwood DP comes under further pressure. Graphic paper stable, and testliner prices further in the red. Gas Futures stable at €43/MWH.
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Forestry & Paper: Industry Insights
Key message: Paper pulp and hardwood DP prices stable, while softwood DP comes under pressure. Graphic paper stable, and containerboard prices further in the red. Gas Futures stable at €43/MWH.
Cement Import Monitor
Key message: Cement imports were down 31% in CY22, although port disruptions and a weak currency likely are having an impact. Import protection from government now appears unlikely.
Forestry & Paper: Industry Insights
Key message: Paper pulp prices weaken, while DP gains further ground. Graphic Paper mostly stable, except for UWF. Containerboard prices further in the red, while OCC jumps 4%. Gas Futures stable at €44/MWH.
PPC – Capital Markets Day
Key message: Despite a weak SA cement market, dividends from Zimbabwe and Rwanda allow PPC to look at resuming distributions to shareholders.
AfroCentric Investment Corporation: H1 23A Insights
Key message: ACT experienced a challenging H1, with normalised diluted HEPS down 10% y/y, although we estimate a decline of only 3% (excluding NH legal costs). Significant increase in receivables explains the increase in gearing and results in dividends being suspended and to be reviewed in June. Sanlam transaction on track to close in CY Q2 23E.