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In: News|company results
31 Aug 2010Here are the corporate results released on the NSE between August 16th and 27th 2010:
Flour Mills, Union Bank, Benue Cement Company (BCC), Nigerian Breweries, Glaxo Smithkline, Zenith Bank, Nestle, Ashaka Cement, and Cadbury recently released results for their most recent quarters. Here are the analysis of their results by Afrinvest, FSDH, and Vetiva Capital. Afrinvest – Flour Mills Q1 2011Afrinvest – Union Bank 6M 2010 Earnings UpdateFSDH – BCC [...]
In the past 2 weeks, FCMB, GT Bank, Zenith Bank, Fidelity Bank and Skye Bank released their Q2 and Half-Year results. Here are their financial statements, press releases, and presentations: FCMB H1 2010 Results PresentationFCMB H1 2010 Results Press ReleaseFidelity Bank H1 2010 ResultsFidelity Bank Q2 2010 PresentationFidelity Bank Q2 2010 Press ReleaseFSDH – Company [...]
Courtesy of Lead Capital and FSDH Securities, here is the NSE Report for the week ended July 30th, 2010:
<blockquote>Transactions for the week were higher with total volume and value traded both appreciating by 22.87% and 54.45% respectively. A turnover of 2.31billion units of shares valued at N18.58billion, in contrast to a turnover of 1.88billion shares worth N12.03billion that was recorded two weeks ago.
The Banking subsector was the most active during the week (measured by turnover volume). Volumes traded in this subsector were largely driven by activity in the shares of Skyebank, Aiico, Transcorp, Tourist, Diamondbank, Uba, Firstbank, Guaranty, Zenithbank and Access. On the segmented index, NSE-30 increased by 3.50% to close at 1,075.99, Food and Beverages index increased by 3.30% to close at 844.15, NSE-Banking increased by 4.72% to close at 392.06, NSE-Insurance Index 4.31% to close at 187.52 and NSE-Oil & Gas decreased by 2.35% to close at 377.34.
During the period under review, fifty (50) stocks recorded price appreciation compared with fortyone (41) gainers two weeks ago. FTNCocoa led the top gainers’ chart to close with 16.92%, followed by Unhomes with 16.39%, followed by Aiico with 15.79%, followed by Fcmb with 13.70%. Other gainers in the top ten category were Nigerins with 11.11%, Fidelitybk with 10.48%, Springbnk with 10.00%, Intercont with 9.76%, FirstInlnd with 8.93% and Dangsugar with 8.88%.
On flip side, thirty-six (36) stocks depreciated in price last week compared with thirty-seven (37) decliners two weeks ago. AP led on the price losers’ table with 13.37%, followed by Redstarex by 12.37%, Cileasing by 12.22%, Tourist by 9.56%, Airservice by 9.23%, Rtbriscoe by 9.05%, Bigtreat by 8.57%, Bagco by 6.99%, Japauloil by 6.37% and Mobil by 5.00%.</blockquote>
And here are the stats for the week:
<a href=”http://www.naijalowa.com/wp-content/uploads/2010/08/results.bmp”><img src=”http://www.naijalowa.com/wp-content/uploads/2010/08/results.bmp” alt=”" title=”results” /></a>.
<a href=”http://www.naijalowa.com/wp-content/uploads/2010/08/dividends.bmp”><img src=”http://www.naijalowa.com/wp-content/uploads/2010/08/dividends.bmp” alt=”" title=”dividends” /></a>.
<a href=”http://www.naijalowa.com/wp-content/uploads/2010/08/gainers_and_losers.bmp”><img src=”http://www.naijalowa.com/wp-content/uploads/2010/08/gainers_and_losers.bmp” alt=”" title=”gainers_and_losers” /></a>.
And here are the reports from <a href=”http://www.leadcapital-ng.com/”>Lead Capital</a>, http://www.fsdhsecurities.com/, and <a href=”http://www.ibtcassetmanagement.com/research.html”>IBTC</a>:
<a href=”http://drop.io/hidden/ahltwvu68gm7ccy/asset/aWJ0Yy1tYXJrZXQtd2F0Y2gtMi1hdWd1c3QtMjAxMC1wZGY%253D”>IBTC – Weekly NSE Report – July 30th 2010</a>
<a href=”http://drop.io/hidden/ahltwvu68gm7ccy/asset/ZnNkaC13ZWVrbHktbnNlLXJlcG9ydC1qdWx5LTMwdGgtMjAxMC1wZGY%253D”>FSDH – Weekly NSE Report – July 30th 2010</a>
<a href=”http://drop.io/hidden/ahltwvu68gm7ccy/asset/bGVhZC1jYXBpdGFsLXdlZWtseS1uc2UtcmVwb3J0LWp1bHktMzB0aC0yMDEw%250ALXBkZg%253D%253D”>Lead Capital – Weekly NSE Report – July 30th 2010</a>
In: Banks|company results
28 Jul 2010In past week, the banks have been releasing their company results. Below are the results presentations along with the accompanying press releases: Diamond Bank 6M 2010 Results Diamond Bank Q2 2010 Results Diamond Bank Press Release FCMB 6M 2010 Results FCMB 6M 2010 Press Release Zenith Bank 6M 2010 Results First Bank 6M 2010 Results [...]
The Monetary Policy Committee of the Central Bank of Nigeria met on July 5th to review domestic economic conditions during the first half of 2010 and the challenges facing the Nigerian economy against the backdrop of developments in the international economic and financial environments in order to reassess the options for monetary policy for the [...]
Here is Afrinvest’s take on First Bank’s recently released half year earnings report. Earnings Update Report on First Bank Plc which highlights the latest interim results and an update on our Full Year ’10 earnings outlook on the company. Q2’10 Results: First Bank reported a 6.7% decline in gross earnings to N122.3bn (US$812.6m) from N131.1bn [...]
Here are research reports for the recently released results for GlaxoSmithkline, Cadbury, NAHCO, Nigerian Breweries, Nestle, Guinness, and First Bank from Afrinvest, Vetiva and FSDH respectively. Happy reading!
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Below are the research reports by Afrinvest on the recently released reports for Unilever, Fidson Healthcare, Berger and Oando who all recently released their results:
[download id="614"]In the past 2 weeks, Lafarge WAPCO, Total PLC, First Bank, and Nestle and Mobil have released their results. Here are the analyses of their results by ARM, Afrinvest, and FSDH:
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<blockquote>
First Bank of Nigeria Plc - Full Year ’10 earnings outlook on the company.
Highlights:
Q1’10 Results:
* First Bank reported a PBT of N15.4bn, from a loss position of N9.8bn for the group as at end of March 2009 .
* Total loans and advances went up by 67.7% to N1.3tn (US$8.6bn) from N752.0bn (US$5.0bn) reported in March 2009 and 15.8%increase from N1.1tn reported for the period ended December 2009.
* Deposits grew by 18.0% to N1.4tn (US$9.3bn), while the deposit ratio was up to 94.0% from 64.0% and 85.0% reported for March and December 2009 respectively.
FY’10 Outlook:
* We remain concerned about the banks efficiency ratios especially its cost-to-income ratio.
* We however see scope for valuation appreciation, with a Price to Book Value of 1.5x as against peer average of 1.7x.
* We therefore maintain a positive outlook on First Bank as we expect the Bank to leverage its huge risk portfolio to book some healthy earnings.
* On this basis, we hereby upgrade our recommendation on the bank to ACCUMULATE at current valuation as we expect the ex-div price to settle around N18.25 (ex-div) over the next 12 months.</blockquote>
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<blockquote>
Mobil Plc – Full Year ’10 earnings outlook on the company.
Highlights:
FY’09 Results:
* Mobil’s turnover was down by 7.1% to N62.0bn from N66.7bn reported in the previous year.
* PBT and pre-tax margins however went up by 27.8% and 6.6% respectively.
* The pre-tax margin of 6.6% is the company’s best in the last four years; this suggests that the recent strategic restructuring embarked on by management is paying off.
FY’10 Outlook:
* Management’s feedback suggests that Mobil will be able to sustain its renewed cost efficient operations while diversifying into other high margin opportunities.
* We expect a modest improvement in performance for FY2010 with an estimated turnover of N68.2bn.
* On this basis, we upgrade our recommendation on Mobil to an ACCUMULATE at current valuation, as we expect the price to settle around the N198.75 mark over the next 12 months.</blockquote>
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<blockquote>
Nestle (Nigeria) Plc – Full Year 2010 earnings outlook on the company.
Highlights:
Q1 ’10 Results:
* Nestle reported impressive earnings growth with remarkable profit margins.
* Turnover went up by 24.2% to N17.6bn (US$117.1m); PBT also grew by 52.1% to N4.2bn (US$27.7m).
* The results show a match in turnover and recent investment capacity.
FY ’10 Outlook:
* The company remains committed to place their brand ahead of competitors through innovation and renovation.
* We therefore forecast FY 2010 PBT and PAT of N16.8bn (US$111.6m) and N11.4bn (US$75.7m) respectively.
* Our recommendation is to REDUCE rather than sell at current valuation, as we expect the illiquidity of the stock to support the current valuations, with the intrinsic value indicating a range of N240.19 – N292.02.
</blockquote>
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<blockquote>Total Plc – Full Year ’10 earnings outlook on the company.
Highlights:
Q1’10 Results:
* Total reported a relatively flat turnover of N42.1bn when compared with N43.0bn reported in the previous year.
* PBT and pre-tax margins was up by 168.8% and 7.4% respectively.
* The pre-tax margin of 7.4% is the company’s best since Q1‘02; this suggests improved efficiency amidst an increasingly challenging operating environment.
FY’10 Outlook:
* We have reviewed our initial forecast for Total’s top-line numbers for FY 2010 downward by 7.5% with revised estimate sales of N182.0bn.
* We still remain positive on the company’s ability to maintain a healthy profit margin and forecast a N7.3bn pre-tax profit for FY2010.
* On this basis, we reiterate our ACCUMULATE recommendation on Total with a revised 12 month price target of N217.75 indicating an 11.7% upside potential.</blockquote>
In the past 2 weeks, the following companies have released either their full year or quarterly results.And the some of the stockbrokers (FSDH, Afrinvest, ARM) have prepared some analysis of their results. The highlights and results are below:
FSDH – Nigerian Aviation Handling Company Plc: Interim Results – Q3, Sept. 2009
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FSDH – PZ Cussons Plc: Interim Results – Q3 2010
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ARM – Nestlé Nigeria Plc FY 09
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Afrinvest – GTB – Full Year ended 31 December 2009
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<blockquote>FY’09 Results:
* GTBank reported a 61.6% growth in gross earnings to N162.6bn (US$1.1bn) from N100.6bn (US$669.4m).
* Total loan and advances grew by 35.4% to N563.5bn (US$4.6bn).
* The bank’s operating income increased by 22.0% to N188.2bn (US$1.3bn).
* Non-Performing Loans (NPL), as a proportion of gross loans, grew from 2.0% in FY ‘08 to 12.0%.
* Pre-tax profits went down 20.9% to N27.9bn as further provisioning for risk assets eroded profits.
FY’10 Outlook:
* We believe that GTBank will continue to demonstrate a healthy potential for earnings growth and improved operational efficiency.
* We expect the bank to leverage on its strong brand and its perceived conservative business model to capture more market share in order to increase current profitability levels.
* While we are positive on the bank’s outlook, as we expect it to maintain its history of strong asset growth, we are however concerned with the velocity of liability generation which needs to be at par with asset growth.
* On this basis, we establish a 12-month price target of N25.70 (ex-div), indicating a 12.5% upside based on its market price as at April 08, 2010 (N22.80) and hereby reiterate our ACCUMULATE recommendation on GTBank, as we believe that a greater part of its upside potential has been priced in at current valuation.</blockquote>
Afrinvest – Oando Nigeria Plc – FY09
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<blockquote>FY’09 Results:
* Oando reported a relatively flat turnover of N336.9bn when compared with N339.4bn reported in the previous year.
* PBT and pre-tax margins went up by 25.8% and 4.0% respectively.
* The pre-tax margin of 4.0% is the company’s best in the last five years; this suggests improved efficiency amidst an increasingly challenging operating environment.
FY’10 Outlook:
* We are however positive about the company’s outlook as we expect it to leverage on the high margin potential of producing upstream assets to deliver additional top-line growth.
* We also expect that proceeds from its recent capital raising exercise will be used to pay down on some existing debt.
* On this basis, we upgrade our recommendation on Oando to a BUY at current valuation, as we forecast the ex-div price to settle within a N97.50 – N102.50 range over the next 12 months.</blockquote>
Afrinvest – PZ Cussons (Nigeria) Plc – Q3 2010
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<blockquote>FY’09 Results:
* PZ Cussons reported improved profit margins despite reduced turnover.
* Turnover fell by 4.6% to N44.2bn (US$293.6m), while PBT grew by 23.0% to N5.3bn (US$35.0m).
* The company embarked on cost containment strategies as reflected by the growth in PBT margins from 9.3% in Q3 ’09 to 11.9% in Q3 ’10.
FY’10 Outlook:
* Although we recognize the potential impact of the company’s cost reduction strategies on its earnings, we however note that the increased strain on sales volumes poses a major downside risk.
* On this basis, we forecast FY 2010 PBT and PAT of N8.6bn (US$56.9m) and N6.0bn (US$39.8m) respectively.
* Our recommendation therefore is to REDUCE at current valuations as we forecast a FY’10 (12 month) price target of N26.61. </blockquote>
Afrinvest – Zenith Bank Plc – 3 Months Ended March 31, 2010:
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<blockquote>Q1’10 Results:
* Zenith Bank reported a 4.6% growth in gross earnings to N55.0bn (US$365.9m).
* PBT went up by 12.3% to N13.2bn (US$87.8m), with a 6.7% increase in profit margin to 24.0%.
* Deposits grew by 9.0% to N1.3tn (US$8.6bn), while the bank still maintains a loan to deposit ratio of 52.0%.
FY’10 Outlook:
* We expect Zenith Bank to continue to leverage on its market share in the corporate banking sector.
* We therefore review our full year gross earnings forecast to N255.1bn (US$1.7bn), and PBT to N54.1bn (US$359.7m).
* We also establish a 12-month price target of N19.00 and hereby re-iterate our ACCUMULATE recommendation on Zenith Bank at current valuation.</blockquote>
UBA released its FY09 result for the 15-month period ended December 2009. The highlights are:
• UBA reported gross earnings of N246.7bn (US$1.6bn) for the 15 months ended 31 December 2009, representing a 45.6% increase from the corresponding 12 month period to September 2008.
• Total assets decreased by 7.5% from N1.7tn (US$11.5bn) in 2008 to N1.5tn(US$10.3bn) as at FY2009
• Total loans and advances grew by 40.6% to N606.6bn ($4.0bn) while its loan to deposit ratio went up to 48.7% from 32.4% recorded in the prior year. • Operating income was up 46.0% from N128.2bn (US$852.6m) to N187.1bn (US$1.2bn)
• Deposits and other accounts decreased by 6.6% from N1.3tn (US$8.9bn) as at September 2008 to N1.2tn(US$8.3bn)
• Keeping loan quality at an acceptable limit seemed to be a challenge as Non-Performing Loans (NPL) (as a proportion of gross loans) went up from 4.0% in FY2008 to 8.0%
• The exceptional item reported included a net charge of N38.2bn (US$254.0m) for diminution in the value of assets which significantly hampered the bank’s bottom-line earnings potential; After-Tax Profits went down 94.9% from N41.2bn(US$274.4m) in 2008 to N2.1bn(US$14.1m) for FY2009.
Afrinvest, ARM and Meristem each prepared analyses of the company’s results:
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This blog is dedicated to informing users on the latest business and economic news news from the CBN and Nigerian Stock Exchange. Happy reading!