Equities

We resume coverage of RMC with a Buy rating following a change of analyst.

We have transferred analyst coverage of MAD, with our investment thesis unchanged.

We have reviewed commodity drivers, milk flows and farmgate pricing (FMP) for Bega Cheese, and have downgraded our rating from Buy to Hold.

On 23 June 2022 MCR announced that it had received its first payment from nickel concentrate sales for FY22 of 1,003t (vs 962 BPe).

Our analysis of YTD wholesale, retail and export pricing for CGC suggests reasonable pricing outcomes across most categories, with our Buy rating remaining unchanged.

Eagers Automotive released a trading update and provided 1H2022 guidance of underlying operating PBT b/w $183-189m which is 12-15% below the pcp on a like-forlike basis (i.e. excluding the Daimler Trucks contribution in 1H2021).