Day 153 of lockdown and Covid-19.
- 03 September ~ JSE Power Hour: Under the hood of a passive robo advisor
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- Master Drilling (JSE code: MDI), strong and monster cash generation which shows the cash output when they’re not spending on new rigs.
- Absa (JSE code: ABG) profits disappeared and bad debts hit 2.77%, but they say they expect bad debt levels to improve in the second half.
- Itatile (JSE code: ITE) everything down around 20% and they’re still spending on capex at R600million a year.
- Adcock Ingram (JSE code: AIP), very solid. But does the lack of a flu season hurt thier over the counter drugs?
- Bidcorp (JSE code: BID) negative operational leverage (Revenue R121,1 billion, down 6,3%; Trading Profit R4,2 billion, down 37,6%; HEPS 741,3 cents, down 48,6%)
- Nedbank (JSE code: NED) HEPS down 69.2% and bad debts at 1.9%. Forecasting in the current environment is complex and estimates are subject to a much higher level of forecast risk than usual.
- Lewis (JSE code: LEW) bad debts and closures mean HEPS off 30.8% but they’re buying back up to 10% of their shares.
- Imperial (JSE code: IPL) shocker but logistics is a GDP play and there is no GDP.
- ARB Holdings (JSE code: ARH) great little business with R151.9million in cash but comment “the board believes that it will take at least two to three years to revert to the level of activity prior to the lockdown”.
- Stadio (JSE code: SDO) good numbers and good cash, which they need for the new campuses. So likely a rights issue not on the cards.
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