Results & Dividends

China’s Digital Dividend

February 6, 2019/IMFBlog By Longmei Zhang and Sally Chen Digitalization has created millions of new jobs in China, accounting for between one-third and one-half of employment growth in the world’s second-largest economy. Our Chart of the Week shows employment in two sectors: information and communications technology (ICT) and retailing. ICT […]

Flour Mills of Nigeria Q3 2019: Stronger Volume Supports Turnover Growth

February 5, 2019/InvestmentOne Report   ·         Mixed top line:  down 4.25% q/q, up 1.42% y/y.   ·         Weak gross profit margin: up 19bps q/q; down 484bps y/y.   ·         Stable Opex to sales ratio: down 5bps q/q; up 44bps y/y. ·         Declining Profit Before Tax: down 3.63% q/q; 50.61% y/y. […]

Guinness Nigeria Q2 2019 Results Review: Earnings Choked By Thinning Gross Margin

Culled—Proshare February 5, 2019/FBNQuest Research 11% cut to our 2019-21E EPS forecasts  Guinness Nigeria’s (Guinness) Q2 2019 (end-Dec) earnings were behind our forecasts primarily due to a disappointing (-432bps) gross margin. As such, PBT surprised negatively by -34%. Guinness’s performance in our view was reflective of inflationary cost pressures – […]