Avior Capital Markets - Construction | RSA Cement Market Update - Nov 18

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Avior Capital Markets

Gari Chigwedere

Construction | RSA Cement Market Update - Nov '18

Given declining building plans passed, receiving most imports and lower prices y/y, we believe KwaZulu-Natal (KZN) will be the most challenging major cement market for producers (Sephaku and NPC) in CY â€˜18/19. The beginning of the rainy season has led to price declines m/m inland (Gauteng most notably). However, prices remain c.3% higher y/y. In our opinion, Lafarge aims to regain market share in South Africa (given price declines for its cement in select markets) as the Group's production has started to normalise. We believe PPC, Sephaku and AfriSam could lose inland market share as a result.

08/11/2018 10 EN

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Avior Capital Markets

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Gari Chigwedere

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Construction | RSA Cement Market Update - Nov '18

Tiger Brands | ESG | Pressed to execute

SA Investment Strategy | Review of January 2020 for SA investors: Coronavirus weighs on the ZAR

SA Banks | Low credit risk in commercial property | Time to buy SA banks

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