Investors NewsBeat

GUINNESS starts FY-14E on a weak note; Chapel Hill recommends HOLD

Guinness Nigeria Plc (Guinness) released its Q1-14 (July 2013 to September 2013) results today 19 November, 2013.
UBA slides further as investors stay cautious toward banking stocks

Today, UBA recorded another loss to put its 3-week performance at -7.52% loss as investors maintained lackluster posture amid low-key profit-taking tendency toward the stock in the recent weeks.
Cadbury Nigeria Plc: Valuations remain unattractive despite strong profit growth

9M2013 sales increase by c.10.2% y/y. In its nine months to September 2013, Cadbury Nigeria recorded an increase of 10.2% in sales revenue to N26.55billion from N24.08billion in 2012. In our view, the increase in the sales revenue was a result of increase
Skye Bank Plc: Caution! -Chapel Hill downgrades BUY Rating to a HOLD

(Skye) recently published its 9M-13 results which showed an EPS decline of 12% yoy, behind our FY-13E run-rate of +15% yoy. We revise our 12-month target price for Skye down to N4.64 from N6.73 and downgrade our BUY rating to a HOLD.
TRANSCORP takes over ownership and physical possession of Ughelli Power Plant

Transcorp Plc has notified The Exchange of a letter written by its Chairman Tony O. Elumelu, CON, to its shareholders
Insight into Transcorp Plc’s share price surge

Based on available data to date, cursory analysis reveals a significant positive shift in market optimism towards Transcorp shares on the Nigerian bourse, recording +245.71% YTD appreciation as at November 15th 2013 - an impressive performance that may no
Functionality of NSE’s Market Makers and the Proverbial Cross Trade

I experienced what I believed was antiquated or no longer a dominant modus operandi with respect to the Nigerian Stock Exchange (NSE) last week. That is the proverbial “cross trade”. On November 7, 2013, as I watched Transnational Corporation of Ni
Competition drives DANGSUGAR revenue lower; DLM recommends HOLD

Competition drives sales revenue lower. In the nine months to September 2013, Dangote Sugar Plc recoded a 5.0% decline in sales revenue to N77.23billion compared with N81.31billion posted in the corresponding period of 2012. In our view, the marginal decr
UBA Maintains 60% Liquidity Ratio, surpasses benchmark for SIBs

As the Central bank of Nigeria (CBN) moves to tighten the supervisory noose on Systemically Important Banks (SIBs), United Bank for Africa Plc (UBA) is one of the SIBs riding easy. The Bank’s third quarter results, released recently, shows that all its ke
Guinness Plc on month-to-month consistent fall, sets to hit new low

Today, Guinness Nigeria Plc extended its losing streak with another moderate loss of -2.3% amid prolonged lacklustre trading pattern as investors maintained long-standing pessimistic posture towards the stock in recent weeks.
UAC records slight EPS growth; Chapel Hill maintains BUY Rating

UAC of Nigeria Plc (UACN) published additional information on its 9M-13 results. The information highlights the performance of the business segments in 9M-13. We upgrade our 12-month target price (TP) to N78.52 from N74.25 and maintain our BUY recommendat
STANBIC records 354% YoY EPS growth; Chapel Hill Upgrades to a BUY Rating

Stanbic IBTC Holdings Plc (Stanbic) recently published its 9M-13 results which showed an EPS growth of 354% yoy, ahead of our FY-13E run-rate of 109%. Following the analyst briefing session, we revise our 12-month target price for Stanbic up to N24.59 fro
FCMB halts 15wks sell-down on low-key bargain, amid mixed sentiments

First City Monument Bank Plc recorded renewed and fresh low-key bargain tendency to halt its 15-weeks continued downtrend, retracing from a 45-weeks low at N3.47kobo due to a sustained lacklustre trading pattern; and sell-down activities witnessed in rece
CBO Capital Partners announced as Core Investor in Union Dicon Salt

Union Dicon Salt Plc has announced that a new core investor, CBO Capital Partners, has become a significant minority shareholder in the company, and has been given a management contract to turnaround the company. The news was announced to the Nigerian Sto
AVONCROWN: Board Approves 5 kobo Dividend per share Recommendation

The Board of Directors of Avon Crowncaps & Containers Nig Plc at its Annual general Metting hold on 8th October, 2013
CWG to list 2,524,825,359 Ord Shares at N5.48 per Share on November 15, 2013

On November 15, 2013, Computer Warehouse Group Plc (CWG) shall be the first company to be listed on the Nigerian Stock Exchange following the launch of the new trading engine, X-Gen, which incidentally is the same engine that is used on the NASDAQ. The li
Livestock Plc hits 24wks low on prolonged price correction

Today, Livestock Feeds Plc recorded another moderate loss of -3.90% to extend its downtrend while investors activities sustain the negative sentiment towards the stock; to close in the bearish zone.
UBA EPS declines by 5% YoY; Chapel Hill Recommends BUY

United Bank for Africa Plc (UBA) recently published its 9M-13 results which showed an EPS decline of 5% yoy, worse than our FY-13E expectation of 2% yoy decline. We revise our 12-month target price for UBA down to N10.47 from N11.31 and maintain our BUY r
Access Bank Plc set for another rally after hitting 29-weeks low

Today, Access Bank Plc recorded a modest gain of 0.5% to hold its support line at N9.00 kobo (a 29-weeks low) while investors continued to display a lukewarm and low-key bargain posture towards the stock.
Forte Oil Plc: Price hits 2009 range on diversification into power sector

There is no doubt about two things in the market today - the is an insatiable desire to see more sectors in the economy listed on the bourse and the heightened anticipation of the power sectors being listed on the bourse after the successful privatization
JP Morgan recommends UBA shares over 45% upside potential

Investors that take position on UBA shares now have the chance of making as much as 45% return over the next 12 months writes US based Investment banking giant, JP Morgan, in its latest analysis of Nigerian banks.
UACN Plc.: New acquisitions bolster revenue growth

In the nine months September 2013, UACN recorded 27.2% y/y growth in sales revenue to N60.47billion from N47.53billion posted in 2012. The company’s sales revenue performance in the review period is higher than our estimate (N58.94billion) by 2.6%.
ACCESS EPS declines by 19% YoY; Chapel Hill Recommends HOLD

Access Bank Plc (Access) recently published its 9M-13 results, which showed an EPS decline of 19% yoy, better than our FY-13E run-rate of -33%. We revise our 12-month target price for Access up to N10.33 from N10.01 and maintain our HOLD recommendation on
Transcorp keeps recovery mission alive, price hits 2008 range

Today, Transcorp Plc extended its 6-days uninterrupted active bargain trend with another moderate gain of +4.6% as investors maintained a steady and moderate bargain hunting posture while the stock continues on its recovery mission as its price settled wi
UPDATE: FBN Holdings Announces 9-Month 2013 Audited Results Release Date

Following the press release issued on 31 October 2013 regarding the release of the audited 9-month 2013 results, FBN Holdings clarifies that the Group along with its subsidiaries has chosen to audit the financial statements to ensure that the Holding comp
CUSTODYINS records healthy patronage; hits 26-weeks high

Today, the shares of Custodian and Allied Insurance Plc gapped up, extending a 2-days gaining streak with an impressive gain of 4.70% as investors displayed a strong bargain appetite towards the stock.
Stock Update:Access Bank Plc - Price declines trigger rating reassessment

Access Bank (Access) has come under significant price pressures recently with its respective 3-month and 1-week returns of -16% and -7% the worst among Tier I peers and its 10.8% YTD return underperforming all within this space but First Bank. We reassess
NB records 5.3% Sales Increase on Volume Growth; DLM recommends HOLD

Volume growth drives sales revenue higher. In its 9M 2013 results to September 2013, Nigerian Breweries Plc recorded a 5.3% y/y growth in sales revenue to N190.30billion from N180.78billion in the same period of 2012. The modest increase in revenue was a
Zenith Bank Plc - Company Update (06 November, 2013)

Zenith Bank Plc (Zenith) recently published its 9M-13 results which showed an EPS growth of 9% yoy, ahead of our FY-13E expectation of an 11% yoy decline. We revise our 12-month target price for Zenith up to N26.07 from N23.48 and maintain our BUY recomm
UNILEVER records moderate revenue growth; DLM recommends SELL

Moderate increase in y/y 9M sales revenue. In the 9 months to September 2013, Unilever Nigeria Plc posted sales revenue of N45.61billion, 9.5% higher than the N41.66billion recorded in the same period of FY2012. In our view, the main driver of sales growt
Hotel Stocks: IKEJAHOTEL, CAPHOTEL & TOURIST records negative returns in 1 Year

What does the changes occurring in the approach to hotels and hospitality business mean for investors – especially with the blurring of the traditional business model with the new model? The Traditional business model for Hotels was predicated on a strong
GUARANTY Operating efficiency comes under pressure; Chapel Hill Recommends HOLD

Guaranty Trust Bank Plc (GTB) recently published its 9M-13 results which showed an EPS growth of 8% yoy, behind our FY-13E run-rate of 14%. We revise our 12-month target price for GTB down to N29.21 from N31.63 and downgrade our recommendation to a HOLD.
NEIMETH records failed retracement, as investors maintain sell posture

Today, NEIMETH experienced a -5.00% drop as investors engaged in active sell-down activities after a prolonged flat posture. This posits a strong bearish sentiment towards the stock, with a high tendency to break its short term support level at N1.14kobo
How Risky are Media Stocks?

Media houses have always been known to place a premium from revenues generated from advertising, sponsorships and classified/notices than they do from circulation (most especially for the print) media. The broadcasting stations equally drive the top line
Dangote Cement Plc Q3'13 Company Update: Margins dipped slightly on higher SD&A costs

DangCems revenue for Q313 came in at N289 billion, a 28% growth YoY and closely aligns with our estimate of N294 billion, falling short by only 2%. On a QoQ basis however, we saw a 12% dip in revenue, in contrast to the 8% growth recorded in Q213.
GUINNESS records moderate growth in top line; DLM recommends HOLD

Net Sales revenue increases moderately by 5.2% y/y. Guinness Nigeria Plc recorded an increase of 5.2% in net sales revenue to N122.46billion in FY2013 from N116.46billion recorded in the same period of the previous year. On a q/q basis the company posted
NESTLE declares N1.50k Interim Dividend

We hereby notify you that the Board of Directors of the Company has passed a resolution approving the declaration and payment of an Interim Dividend of One Naira and Fifty Kobo (N1.50k) (2012 N1.50K) per ordinary share of 50 kobo, amounting to a total of
PRESCO Earnings deteriorate at a slower pace than expected , Chapel Hill recommends HOLD

Presco's 9M-13 results show a decline of 6% yoy in revenue to N6.5bn from N6.9bn in 9M-12, a slower decline rate vs. our FY-13E estimate of 12% yoy. We attribute the fall in revenue to the 25% yoy decline in the prices of crude palm oil (CPO) to an averag
CSPR: Mobil Oil Nigeria Plc Q3'13 results - Earnings contract QoQ despite surge in rental income

Mobil Oil Nigeria Plc (MOBIL) released its Q3'13 result to the Nigerian Stock Exchange (NSE) yesterday, reporting a 53% rise in EPS to N7.07, which translates to N9.43 on an annualised basis. Kindly see our initial thoughts on the numbers and result
CSPR: ETI Q3'13 results - Earnings decline QoQ despite strong YoY runrate

Ecobank Transnational Incorporation (ETI), released its Q3'13 result to the Nigerian Stock Exchange (NSE) yesterday. Kindly see our initial thoughts on the numbers and result