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Lafarge Cut to Estimates After Loss in Q3-17

    November 3, 2017/Cordros Research We revise forecasts for LAFARGE following 9M-2017 results, and adjust our TP for the stock for the Rights Issue (RI). We cut net profit… Read more »

INTBREW Pre-tax and Post-tax Losses Widened to –N1.2bn and –N1.4bn Respectively in Q2 2018 Results

Culled—Proshare November 2, 2017/FBNQuest Event: International Breweries reports Q2 2018 (end-Sep) results Implications: Negative reaction expected by the market Positives:  Gross margin expanded by 39bps y/y and 133bps q/q Negatives:… Read more »

Earnings to Outperform in FY-2017 Despite Asset Quality Pressure

November 2, 2017/Cordros Research First Bank of Nigeria Holdings Plc (”FBNH”) released unaudited Q3-17 results, wherein gross earnings grew marginally by 1.85% q/q and 0.40% y/y (1.77% above our estimate),… Read more »

Dangote Cement: Strong Q3-17 Result. Slight Downward Revision of Estimates

November 2, 2017/Cordros Research Following Q3-17 results, we revise both DANGCEM’s 2017 and 2018-2019 EPS slightly downward by 1% and 0.5% respectively relative to previous estimates. While we look for… Read more »

NTB Auction Teaser October 31, 2017

October 31, 2017/Cordros Research Treasury bills worth N100.84 billion will mature on Thursday, 2nd October, 2017 – comprising N23.06 billion, N23.43 billion, and N54.35 billion of the 91-day, 182-day, and… Read more »

FLOURMILLS Q2-17/18 PAT; FX Gains Spur Earnings

October 31, 2017/Cordros Research FLOURMILL just published Q2-17/18 and H1-17/18 results showing high double-digit growth in post-tax profit. The primary driver of the profit growth (as was the case in… Read more »

Okomu Oil Records Weaker-Than-Expected Topline and Margins in Q3 2017

Culled—Proshare October 31, 2017/FBNQuest Research  Event: Okomu Oil reports Q3 2017 results Implications: Modest revisions to consensus estimates likely Positives: Limited to net finance cost improving from –N102m in Q3… Read more »

ZENITHBANK: Upward Revision to 2017F Estimates; PAT and PBT to Grow y/y by 28.39% and 30.36%

October 31, 2017/Cordros Research In its recently released Q3-17 results, ZENITHBANK reported 35.19% q/q and 8.89% y/y decline in gross earnings, following higher-than-expected contraction in interest income (-30.96% q/q and… Read more »

CONOIL Post -25.4% Decline Q3’17 in Pretax Profit

By InvestAdvocate Lagos (INVESTADVOCATE)-Oil marketing major, Conoil Plc said on Monday its pretax profit for the period ended September 30, 2017 depreciated 25.4 percent to N2.02 billion from N2.71 billion… Read more »

Union Bank Says Q3’17 Post-tax Profit Drops -4.63% on Closure of Rights Issue

By Abdulquddus OKELE InvestAdvocate Lagos (INVESTADVOCATE)-Union Bank of Nigeria Plc (UBN) on Monday said its post-tax profit for the period ended September 30, 2017 declined 4.63 percent to N12.4 billion… Read more »