-
Our flash review of GPL's 1H19 results. -
Our flash review of Ascendis Health's (ASC) 1H19 results.
-
Our flash review of Sea Harvest's (SHG) FY18 results.
-
Our flash review of AVI's (AVI) 1H19 results.
-
We update our forecasts and target price for Truworths. While the SA business showed improvement in turnover growth, the UK business’ turnover contraction is concerning. We think a continuation of the slow topline growth and declining margins may increase the risk of impairment. -
Our flash review of Aspen Pharma's (APN) 1H19 results.
-
Our Flash review of MTN's 1H19 results.
-
AVI has commendably grown margins through the current bout of weak consumption. In the current low capex environment, we believe volume declines may hurt profitability. We find AVI’s portfolio tiering across its various products to be crucial to its market defensiveness, however, highlight chinks in some product tiers. We argue that AVI’s fishing business'(I&J) transformation credentials may be insufficient to avoid a reduction in their Hake Deepsea Trawl fishing rights come the 2020 Fishing Rights Allocation Process. We provide a perspective of Green Cross' prospects under new management and point to the need for GC to identify a core target market to which it can cater to effectively. -
We engaged industry experts on the SHP SAP implementation, what issues could have contributed to SHP’s poor performance and their previous learnings from large SAP retail transformation programmes. We note mistakes made at other retail companies implementing SAP, and the expected timeframe to fix these issues. While SHP management asserts that their problems are fixed, we believe there is a risk that the issues relating to the SAP implementation could continue to impact product availability and sales growth in 2H19 and possibly into FY20.
