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Access Bank Plc: Poised to Outperform, Despite Fair Performance in H1-18 Result

September 12, 2018/Cordros Update Update: We resume coverage of ACCESS with a BUY recommendation. In its latest result for H1-2018, EPS grew by a marginal by 0.42% vs. H1-17 to… Read more »

H2 2018 Breweries Outlook – Volume vs Margin

September 12, 2018/InvestmentOne Report Please click to download the Outlook for Breweries Sector ·         In recent times, the Nigerian brewery sector has witnessed increased competition, which has begun to change… Read more »

H2 2018 Consumer Goods Outlook – Topline To Remain Volume Driven

September 12, 2018/InvestmentOne Report Please click to download the Outlook for Consumer Goods Sector ·         With the exception of PZ Cussons Plc, whose released FY 2018 results (YE: May 2018)… Read more »

PZ Cussons Nigeria Plc: Trading Conditions Remain Tough Heading into 2019

September 12, 2018/Cordros Report Update: We update on PZ following a challenging 2018FY, with Q4 earnings particularly showing persisting difficult trading conditions. PZ Group (the parent company) did confirm that… Read more »

Ekocorp Repositions, Set to Pay Dividend 10 Years After

September 3, 2018/Vanguard By Nkiruka Nnorom Ekocorp Plc said it has completed the first phase of its transformation process aimed at improving its profitability and rewarding the shareholders through dividend… Read more »

UBA Plc H1” 18 Results – Resilient Performance; Company Declares N0.20 Dividend per Share

  Culled—Proshare August 31, 2018/CardinalStone Research  United Bank for Africa Plc (UBA) H1’18 results – Gross earnings rose by 13.7% YoY to N244.8 billion, slightly ahead of our estimate of… Read more »

FCMB: Credit Shrink Informs Revision to 2018 Estimate

Culled—Proshare August 31, 2018/ARM Research FCMB half-year result saw earnings jump 90% YoY to N0.29/share on the back of moderation in funding cost (-44 bps YoY to 6.0%), strong Non-Interest-Revenue… Read more »

UBA Q2 2018: Surprising Surge in Loan Impairments

August 31, 2018/InvestmentOne report  Net interest income of N57.5billion, up 7.4% q/q; up 15.5% y/y Non-interest income of N24.3billion, up 39.1% q/q, down 15.3% y/y Profit before tax of N31.6billion,… Read more »

PZ Cussons Nigeria to Pay 15 kobo Dividend on Unimpressive 2018FY Earnings

August 31, 2018/Cordros Report Update: Today, PZ released Q4-18 and 2018FY results, with the Board proposing NGN0.15/share dividend on 2018FY net profit of NGN1.93 billion (-48% vs. 2017FY; Cordros estimate:… Read more »

Access Bank Q2 2018 Initial Impression: Uninspiring Non-Interest Income Weighs Down PBT

August 30, 2018/InvestmentOne Report  Net interest income of N40.6billion, down 9.0% q/q; up 0.8% y/y Non-interest income of N24.3billion, down 41.8% q/q, 49.3% y/y Profit before tax of N18.4.0billion, down… Read more »