Research
The content listed is not for investment, financial, accounting or tax advice and is provided for informational purposes only.
Forestry & Paper: SCA Q1 21A Insights
Key message: Kraftliner stocks on a “very, very low level”, with further price increases to be realised in Q2/Q3. Spread between Europe & China pulp prices likely to drive European prices higher.
Forestry & Paper Textiles Fibre Weekly Update
Key message: Cotton jumps 6%, polyester down 1%, while VSF & DWP remains stable. Viscose industry forum next week likely to determine direction of DWP prices.
Calgro M3 – FY21 Results
Key message: A significant recovery in 2H as the business stabilises and development activities resume. A strong pipeline of units under construction supports revenue growth into FY22.
Afrimat – Moving into Manganese
Key message: Manganese has been on the cards for some time – Afrimat has made it move. High iron ore prices will help fund the development of this greenfield deposit.
Sasol: Spotlight on earnings – latest profit drivers
We show Sasol’s earnings for FY22 and FY23 assuming spot prices remained until the end of FY23
Forestry & Paper Weekly Price Update
Key message: Pulp prices stable in China. CWF in the green and further SBS price increases in North America.
Forestry & Paper: Textiles Fibre Weekly Update
Key message: VSF, cotton & polyester all in the red, while DWP remains stable. VSF inventory days mark first decline in over 9 weeks, now at 22.5 days.
Forestry & Paper Weekly Industry Insights
Key message: Suzano announces 2.3mt BEK pulp project; Paper Excellence set to acquire Domtar and Klabin confirms phase 2 of PUMA II, favouring boxboard over kraftliner.
Sasol: Spotlight on earnings – latest profit drivers
We show Sasol’s earnings for FY22 and FY23 assuming spot prices remained until the end of FY23
Sasol: The new equation does not change the answer
We review the Sasol investment case in the light of higher commodity prices as well as the stronger exchange rate. We present our estimates using Sasol’s new divisional disclosure.