August 30, 2016/InvestmentOne Research Maintaining sell rating on Nigerian Breweries Plc NB’s Q2 2016 results showed moderation in sales and a spike in net finance cost which weighed on bottom-line performance. Relative to our estimate, sales was down by over -4% y/y while PBT declined by -29% y/y, due largely […]
Results & Dividends
UBA Records N58bn Other Comprehensive Income Line; Shares Outperform Market by 36%
August 26, 2016/UBA Plc Event: United Bank for Africa (UBA) reports Q2 2016 results Implications: Market reaction likely to be positive Positives: Strong non-interest income growth; significant (N58bn) positive result on the other comprehensive income line Negatives: Net interest income down -12% y/y Late yesterday, United Bank for Africa (UBA) […]
ACCESS HY’16 Update: Ready for the Challenge; TP Revised Upwards
August 26, 2016/Cordros Research Access Bank Plc (ACCESS) released its half year 2016 earnings report earlier on the 19th of August 19, 2016. The Bank reported an EPS of N1.61, up from N1.36 in the previous year. The result outperformed our estimate, with PBT growth of 27.9% and RoAE of […]
