Archive for November, 2009

Here are some equity reports and analysis of Chevron and Dangote Sugar by <a href=”http://www.fsdhsecurities.com/”>FSDH Securities</a> and <a href=”http://www.vetiva.com/”>Vetiva Securities</a> respectively:

Here are the NSE Reports from IBTC Asset Management and FSDH Securities:

IBTC Weekly NSE Report - Nov 20th (300)<br>
FSDH Weekly NSE Report - Nov 20th 2009 (323)

NSE Report For The Week Ended Nov 2oth 2009

These are the weekly reports from FSDH and IBTC Asset Management for the week of Nov 9th – 13th, 2009:
FSDH-Weekly Report - Nov 13th 2009 (356)<br>
IBTC -Weekly Report - Nov 13th 2009 (331)

NSE Report For The Week Ended November 6th 2009

Courtesy of Proshare NG, here are the corporate earnings announcements for this week:

Corporate Earnings Releases For Week Ended Nov 13th 2009 (356)

Cordros Capital has prepared a summary of the profit and loss information for the Nigerian banks. And it is not pretty. All but one (Guaranty Trust Bank) announced steep drops in profit. Guaranty Trust Bank’s profit increased 2.5%.

Profits decreased by as much as 200% for some of these banks. Examples include Access Bank, Ecobank and FCMB.

Check the document below:

Profit And Loss Summary For Banks (588)

Below are some very enlightening presentations by BJ Rewane at the Lagos Business School. They were quite thorough and included information on the real estate, oil and gas, and financial sectors. He also provided some analysis of the economic decisions taken by the CBN. Happy Reading!

<a href=”http://www.proshareng.com/admin/upload/reports/FDC-NigeriaReviewandOutlookatLBS,Nov09.pdf”>Monthly Economic News and Views – Nov 09 – by BJ Rewane</a>

Monthly Economic News and Views - October 09 - by BJ Rewane (389) B J Rewane At LBS - Nigeria Economy Outlook for 2010 (1979)

FSDH’s 4th Quarter Analysis of the Nigerian Economy is available for download below. The summary is:

Here are the analysis of Afrinvest of GTB, Unilever, First Bank, and Zenith Bank:

<strong>Guaranty Trust Bank</strong>, which highlights the company’s performance for Q3 ’09 and our outlook for FY ‘09.
Highlights:
Q3’09 Results:
· GTBank recorded a strong growth of 43.5% in gross earnings during the period under review
· Impressive YOY growth of 50.0%in its interest and discount income (which constitutes 70% of its gross earnings) while cost grew by 33%
· Balance sheet crossed the N1.0tn (US$7.1bn) landmark
Key Strategic Drivers for the performance
· Sound Risk Management  Framework coupled with prudent and conservative business model seems paying off in the current economic terrain
· Customers’ loyalty contributed to impressive growth in Deposits
· Low Non-performing loan ration at 3.07% when compared to industry average of 5.3%
FY 09 Outlook:
· We have a positive out look of the company based on the past performance, YTD gain stands at 49%
· On the basis of these, our recommendation is to ACCUMULATE with a 12 month price target estimate of N18.48 indicating 16.2% upside potential.

<strong>First Bank</strong>, which highlights the company’s performance for 6M ’09 and our outlook for FY ’09 (9 Months to December 31, 2009).
Highlights:
6 Month ’09 Results:
· First Bank recorded a modest growth of 32.2% in gross earnings during the period under review
· N29.5bn Provision for risk assets greatly impaired profits
Key Strategic Drivers for the performance
· Efficiency ratio impaired across board while cost to income ratio also increased
· High Non-performing loan ratio at 8.2% when compared to industry average of 5.3% and previous year’s 1.8%
FY 09 Outlook:
· The bank has embarked on aggressive cost containment strategy across board
· The bank hopes to capture more market share on the heel of its proposed acquisition/merger deal which has reached advanced stage
· We don’t expect the above strategies to significantly impact its bottom line over the next 12 months
· As a result of these, we recommend REDUCE for 6 month outlook and NEUTRAL for 12 month outlook

<strong>Unilever Nigeria PLC</strong>, which highlights the September 30th Q3 results and our FY’09 outlook for the company.
Highlights:
· Unilever generated impressive Q3’09 results with improved earnings
· Turnover (N32.6bn) went up 16.6% from Q3’08 levels, while PAT (N5.5bn) grew by 125.9% over same period.
· Improved operating efficiencies and focus on portfolio management
· Our recommendation is NEUTRAL, with a FY’09 price target estimate of N19.30

<strong>Zenith Bank Plc</strong>, which highlights the company’s performance for the un-audited 12 Months to September 30, 2009 and our outlook for FY’09 (15 Months to December 31, 2009)
Highlights:
12M’09 Results:
· Zenith Bank recorded growth of 19.4% in gross earnings during the period under review
· Impressive growth of its loan to deposit to ratio to 60.4% up from 38.1% in the corresponding period
· 8.1% drop in deposits to N1.1tn (US$7.2bn)
Key Strategic Drivers for the performance
· Strategic focus on aggressive cheap deposit generation, leveraging on its strong brand name
· Conservative lending policies and low-cost, technology driven operations
· Zenith’s loan portfolio of N658.1bn (US$4.3bn) is the second largest in the industry
FY 09 Outlook:
· Based on Zenith’s past performance, our outlook is positive as Zenith is one of only 2 banks that have a positive YTD return in 2009
· Our forecast for the bank’s full year pre-tax profit for year ending 31 December 2009 to be N29.7bn(US$196.0m)
· On the basis of these, our recommendation is to ACCUMULATE with a 12 month price target estimate of N16.57 indicating 15.4% upside potential.

FBN 6M 2009 Earnings Update (366)<br>
GTBank Q3 2009 Earnings Update (537)<br>
Unilever Q3 2009 Earnings Update (447)<br>
Zenith Bank 12M 2009 Earnings Update (456)

Here is the weekly report from FSDH:

FSDH - Weekly Report - Nov 6th 2009 (351)

NSE Report For Week Ended November 5th 2009


About this blog

This blog is dedicated to informing users on the latest business and economic news news from the CBN and Nigerian Stock Exchange. Happy reading!

Photostream