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International Breweries Q2 2017 Results Review – Positive Revenue outlook blurred by FX Issues

Culled—Proshare November 11, 2016/FBNQuest Research Underperform rating maintained despite valuation rollover Broadly speaking, International Breweries’ underlying Q2 2017 (end Sep) results were stronger than we expected. Consequently, we have increased our EBIT forecasts for the 2017-18E period by 16% on average. Although we have attempted to reflect a negative surprise […]

Dangote Sugar Refinery Plc: Recommendation Upgraded to BUY

November 11, 2016/Cordros Research We upgrade recommendation on DANGSUGAR to BUY (previously HOLD), with 2017 TP of N8.31. The company’s dominance in the sugar industry — more so considering that unofficial imports have been significantly constrained by FX scarcity — has allowed management to boldly respond to cost pressures via […]