March 16, 2022/Proshare by FBNQuest Research 26% cut to earnings over ’22-23f period We believe DSR’s fundamentals will be under pressure this year despite the company publishing better-than-expected Q4’21 results. We expect (1) higher raw sugar (a key raw material) costs in FY ’22 brought on by supply shortages in […]
Results & Dividends
NASCON Allied Industries Plc 2021FY Update: Margin Compression to Undermine Earnings
March 14, 2022/Cordros Report NASCON’s 2021FY result aligned with our expectations that the company will see out the year with positive results, as both the top (+18.8% y/y) and bottom (+10.4% y/y) lines posted double-digit growth. However, we regard the revenue growth in 2021FY to be sub-optimal, given the exciting […]
Dangote Sugar Refinery Plc 2021FY: Cost Pressures to Inhibit Margins; We are NEUTRAL
March 11, 2022/Cordros Report In this update, we revise our previously positive view on DANGSUGAR. We are now neutral on the stock, as we expect margins to be pressured by (1) elevated costs, specifically from its key input raw sugar, with a lower supply expected from key producer Brazil, and […]
