Culled—Proshare September 8, 2020 By FBNQuest Research Marked cuts to earnings and price target Guinness Nigeria (Guinness) declared a record pretax loss of -N17.1bn for FY 2020 (end-Jun), largely driven by c.N14bn in write-offs of fixed assets and receivables. Still, stripping out these one-off provisions, earnings were in negative territory […]

Culled—Proshare September 8, 2020 By FBNQuest Research 2% increase to our price target GT Bank’s Q2 2020 PAT surprised positively relative to our forecast. However, the surprise was due to a significant result on the other comprehensive income (OCI) line. Above the tax line, pre-tax earnings missed by high-single-digits because […]

Culled—Proshare September 7, 2020 by FBNQuest Research   Rolling over to 2021E; price target up 16% We keep our Outperform rating on Stanbic IBTC (Stanbic) with a 12M target price of N53.7 (up +16%), implying a potential upside of c.41% from current levels. The bank’s results came in ahead of […]