Nearly a year into the most severe and sustained market crash since 1929, one thing stands out: diversified companies with strong brands stand a better chance of weathering such storms.

SA firms Distell, Tiger Brands, AVI and SAB are cases in point. Illovo, though a pure commodity play, has diversified downstream as well as geographically and benefited as a result.

The smallest of these, by market capitalisation, is Distell (R10,4bn). Like Tiger Brands and AVI, 80% or more of its revenue is exposed to SA's financially troubled consumers.

Yet all three managed to increase earnings in the past six months - AVI by 18%, Distell by 21% and Tiger by 24%. "This indicates that the products are of high quality, have a defensive nature and that the brands are well managed across the price spectrum," says BoE analyst Peter Wille.

For SAB and Illovo, the majority of their revenue is generated offshore, which exposes them to the vagaries of currency markets and consumer troubles in a global context. In its annual results to March, SAB reported earnings up 9% - acceptable results in a difficult environment.

Though all the firms have different growth drivers, they are mature and not easily distracted by the difficult market conditions. For Distell, growth lies in its Hunter's and Savanna cider brands. "Success [with the ciders] comes from a consistent investment in brands, a great achievement for a management team otherwise seen as possibly too conservative," says Coronation Fund Managers analyst Dirk Kotzé. SAB, he says, though not as defensive as expected, has been through the worst. "Poor consumers took a hit when beer prices were raised."

Tiger Brands' advantage, says Coronation Fund Managers analyst Sarah-Jane Alexander, lies in its strong portfolio of brands. "The investment in its brands means that now, when the pressure is on, consumers are responding by retreating to familiar brands that are seen to offer value."

Tiger has had its challenges. But Morely is confident that the company, under CEO Peter Matlare, is back on track. "Matlare's bid for AVI was a bold move that did not come off, but it was consistent with company strategy," she says. Most recently the company acquired Nestlé's Crosse & Blackwell mayonnaise business.

Tiger's depth of executive management is a concern for some. "Peter [Matlare] needs good people," says Investec Asset Management analyst John Thompson. "But the management team has been whittled down significantly."

AVI has been quiet on its strategy since it thwarted Tiger Brands' hostile bid for the firm. It is not a pure food business. It owns brands such as Jimmy Choo, Lacoste, DKNY and Prada in SA and has invested in expanding its Spitz retail stores across the country. "AVI fashion business will be among the first to benefit from a consumer recovery," says Alexander.

Illovo has spent R2,9bn investing in Malawi, Mozambique and Zambia in the past two years. It will spend another R2,3bn in the next two years, mostly to develop its cane farm and factory in Mali.

Though it is not an easy walk from here - Tiger and Illovo are shouldering heavy debt burdens - these are mature firms, with shares that don't attract a premium rating for nothing.