Research
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Forestry & Paper: Textiles Fibre Insights
Key message: Cotton & polyester in the red. VSF inventory days tighten to 20 & average op. edges up to 82%. VSF theoretical profit weakens further to -USD 31/t (VSF/DWP spread +16% YTD). Spot DWP is now USD 915/t.
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Forestry & Paper: Industry Insights
Key message: Chinese pulp prices up 7%, Graphic Paper prices all in the green, and containerboard prices stable.
Afrimat – Pre-Close Update
Key message: Iron ore prices have recovered, and Nkomati mine is profitable. Acquisitions continue with the Glenover surface dump purchase.
Forestry & Paper: Textile Fibre Insights
Key message: Textiles in the green. VSF inventory days at 24.5 & average op. at 81%. VSF theoretical profit just in the red at -USD 20/t (VSF/DWP spread +17% YTD). Spot DWP is now USD 910/t.
SA Banks
BA900 – Dec 21. Absa dominates 2021 with the best advances and deposit growth. FirstRand has a strong 2H21. Nedbank lagging in most categories. Annual growth rates in the SARB’s gross loans and advances category declined from 5.2% in Nov 21 to 4.4% in Dec 21. On our...
Cement Import Monitor
Key message: November and December imports continued the relatively low levels from October at 81kt and 43kt respectively, well off September levels of 151kt. This is a more expected outcome following supply chain disruptions.
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Forestry & Paper: Sappi Q1 22A Insights
Key message: Q1 was much stronger than expected, marking the 6th consecutive quarter of improving EBITDA to USD 240mn and
EPS of USD 0.20/share, with gearing reduced further (net debt/EBITDA 2.8x). SAP set to potentially print its record quarterly EBITDA in Q2 22E.