Posts Tagged ‘companyreports

Here are the company results and reports from the stockbrokers, Afrinvest, FSDH, BGI and Lead Capital.

Here are the analyses of the recently released quarterly results for Dangote Sugar, Mobil Oil, and Oando from FSDH:

Company Report - FSDH - Dangote Sugar Dec 2010 (1079).
Company Report - FSDH - Mobil Oil Plc -Q2, 2010 (476).
Company Report - FSDH - Oando - Q3 Sept 2010 Result (459)

Glaxo Smithkline FY 2009 - Vetiva (237)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:

First Bank Q1 2010 (334)
<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>

Lafarge Cement WAPCO (561)

Mobil PLC FY2009 (311)
<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>

Nestle Q1 2010 (413)
<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>

Total Q1 2010 (301)
<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>

Here are the analysis of the Q3 results for both Nestle Foods and UAC by FSDH. You can download the reports below. Here are the excerpts:

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 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 (382)<br>
GTBank Q3 2009 Earnings Update (552)<br>
Unilever Q3 2009 Earnings Update (458)<br>
Zenith Bank 12M 2009 Earnings Update (469)

Here are the reports prepared by FSDH Stock brokers for the recently released results of Dangote Sugar, UACN, Mobil and RT Briscoe:

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Courtesy of FSDH and Zenith Securities, here are the analysis of the recent results for Unilever and Lafarge WAPCO:

Here are research reports by Meristem, FSDH, and Lead Capital for Linkage Assurance, NASCON, Guiness, Ecobank, Nigerian Bottling.

Here are research reports and analysis of recent results of UNIC, Dangote Sugar Refinery, Oando, and Skye Bank by Meristem and FSDH.


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