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Recent research work and reports

  • Truworths Research Report
    30 March, 2020
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    SA Retail - Liquidity critical to survive the lockdown
    The nation-wide lockdown in South Africa forced clothing and other non-food retailers to close their stores for three weeks to 16 April 2020. During this period, the retailers’ sales and cash inflow could dry up almost completely, while their cash expense outflow is likely to continue. We assess the non-food retailers’ ability to cope with this devastating disruption to their trade. We calculated their monthly cash flow and compared the likely cash outflow during the lockdown to the retailers’ available cash, disclosed facilities and debt capacity. This analysis indicates how long the retailers can continue to operate under these abnormal circumstances.
  • 24 March, 2020
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    Rhodes Food Group (RFG) - Pre-close call notes
    We report on a recent call with RFG's CEO and CFO following the release of their trading statement for the 5-months ended February 2020.
  • Consumer Research Africa
    23 March, 2020
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    ADvTECH (ADH) - FY19 Results Snapshot
    A snapshot of ADvTECH (ADH) - FY19 results.
  • Consumer Research Africa
    20 March, 2020
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    Grand Parade (GPL) 1H20 - Results Snapshot
    A snapshot of Grand Parade (GPL) 1H20 results.
  • 19 March, 2020
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    AVI - Keep calm and export
    Our long-term analysis of Entyce’s and Snackworks’ market shares shows a degree of resilience against cheaper name-brand alternatives. We explore how COVID-19 will affect I&J in the short-term given their dual European and Chinese exposure. Judging by recent performance and trading density declines, we believe that the Spitz business may have hit a wall with regards to its growth prospects.
  • Consumer Research Africa
    18 March, 2020
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    Libstar (LBR) - FY19 Results Snapshot
    A snapshot of Libstar (LBR) - FY19 results.
  • 11 March, 2020
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    Pepkor (PPH) - Notes from the AGM
    We provide more colour on the trading commentary provided by PPH management at the AGM.
  • Consumer Research Africa
    11 March, 2020
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    MTN - FY19 Results Snapshot
    A snapshot of MTN - FY19 results.
  • 10 March, 2020
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    Spur (SUR) - Marketing Fund Mayhem
    The requirements to disclose marketing fund fees on the income statement results in non-comparable operational metrics as well as distorted earnings. We estimate the impact the increased distribution income may have on SUR should the volume on Vector orders increase.