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Recent research work and reports

  • 8 July, 2020
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    SA Foodservices vs. Insurers
    The Western Cape High Court ruled in favour of Café Chameleon (a restaurant in Cape Town) against Guardrisk Insurance (Momentum). The restaurant was seeking insurance payments for losses suffered due to the Covid-19 pandemic. We estimate the foodservice sector's lost food and beverage revenues owing to the national lockdown. Furthermore, we assess the impact that struggling franchisees may have on FBR and SUR's short-term strategy.
  • Consumer Research Africa
    7 July, 2020
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    Massmart (MSM) - Game staff reduction
    We provide commentary on Massmart's (MSM) S.189 retrenchment process in its Game stores in SA, following an assessment of opportunities to improve Game store efficiencies.
  • 7 July, 2020
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    Mr Price (MRP) - Fortune favours the bold
    MRP plans to raise new capital which management may use for small acquisitions. While management expressly ruled out any interest in Edcon, we think the potential opportunity could have merit. We highlight opportunities for some easy wins for MRP, which could extract value from such a transaction in the short term.
  • 29 June, 2020
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    TFG - Liquidity OK, but higher Impairment risk
    We forecast the monthly cashflows for each of its three divisions and think that the company should be able to trade through the difficult period without raising capital. However, the elevated gearing and the risk of a protracted pandemic may have compelled management to secure additional shareholder funding. We believe that there is some risk of impairment of TFG London, as the division is exposed to department stores.
  • Consumer Research Africa
    25 June, 2020
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    Mr Price (MRP) FY20 - Results Snapshot
    A snapshot of Mr Price (MRP) FY20 results.
  • 22 June, 2020
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    Covid-19 Statistics Weekly Update
    In our weekly updates, we summarise key statistics in the spread of Covid-19 in South Africa.
  • 22 June, 2020
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    Dis-Chem (DCP) - Big on Baby
    With DCP’s announced acquisition of Baby City, we conduct a detailed review of the baby sector in South Africa. We find that LSM 5 – 7 make up more than half of the baby population, while LSMs 6, 9 and 10 could make up 56% of the total baby product market. Dis-Chem and Baby City have a similar customer profile and we estimate that the deal could increase DCP’s share of the baby goods market. There is significant brand overlap between DCP and Baby City and combining the supply chains could provide some efficiencies and improved bargaining power with suppliers. However, we do not believe the introduction of DCP-branded clinics into Baby City stores will reduce the clinic volumes at existing DCP stores.
  • Consumer Research Africa
    22 June, 2020
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    Telkom (TKG) FY20 - Results Snapshot
    A snapshot of Telkom (TKG) FY20 results.
  • Consumer Research Africa
    18 June, 2020
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    TFG FY20 - Results Snapshot
    A snapshot of TFG FY20 results.