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 […]

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 […]

FSDH Initial Reaction: Guaranty Trust Holding FY21 results Kindly click here to download the report. March 9, 2022/FSDH Research Key Performance Highlights: Guaranty Trust Holding reported its FY21 numbers with a 1.6% YoY drop in the gross earnings to N447.8 billion compared to N455.2 billion in FY20. A 39.4% YoY […]