Research
The content listed is not for investment, financial, accounting or tax advice and is provided for informational purposes only.
Forestry & Paper: Textile Fibre Insights
Key message: Cotton and polyester in the green, and VSF stable. VSF inventory days up to 21.5 & the average op. drops to 74%. VSF theoretical profit further in the red at
-USD 139/t (VSF/DWP spread +12% YTD). Spot DWP is
now USD 985/t.
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PPC – Operational Update
Key message: Overall cement volumes and pricing are up, led by the international cement operations. Zimbabwean cash extraction is improving, and a dividend is likely in FY23.
Forestry & Paper: Industry Insights
Key message: ALL grades in the green, led by China pulp prices, UWF & testliner in Europe. Most containerboard producers have announced an EUR 150/t price increase.
Forestry & Paper: Textile Fibre Insights
Key message: Cotton and VSF in the green, while polyester moderates. VSF inventory days down to 19.5 & the average op. lowers to 80%. VSF theoretical profit still in the red at
-USD 113/t (VSF/DWP spread +12% YTD). Spot DWP is stable at USD 975/t, with upside from current levels.
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AfroCentric: H1 22A Insights
Key message: H1 22A results benefitted from Pharma diversification. Excluding once offs, normalised HEPS would have increased by 19% y/y (H1 22A: flat). Interim DPS was stable at ZAr 17/share.
Cashbuild – 1H FY22 Results
Key message: The impacts of looting and a high base (post Covid lockdown DIY boom) impacted earnings. Operating margins remain at elevated levels and should decline over the next 2-3 years, despite forecast revenue growth.
SA Banks
BA900 – Jan 21. FirstRand maintains positive momentum. Deposit growth slips. On our methodology, industry advances growth is 4.3% YoY, with 0.3% MoM. All categories had positive MoM growth apart from commercial mortgages (-0.7%) and foreign currency loans (-4.1%)....
Forestry & Paper: Textile Fibre Insights
Key message: Cotton and VSF in the green, while polyester moderates. VSF inventory days now 20 & the average op. is stable at 82%. VSF theoretical profit further in the red at -USD 115/t (VSF/DWP spread +12% YTD). Spot DWP is now USD 975/t, with upside from current levels.