Culled—Proshare August 30, 2018/NSE Event: Access Bank reports Q2 2018 results Implications: Access Bank’s Q2 2018 PBT of N18.4bn tracks behind ours and consensus 2018 PBT forecast N88.0bn and N89.0bn respectively. Historically, the final quarter of the year is usually its weakest. Consequently, we expect to see marked downward revisions […]

August 30, 2018/Cordros Report Update: We resume coverage of GUARANTY with a BUY recommendation, following impressive H1-2018 performance. The result showed gross earnings grew by 5.85% y/y to NGN226.63 billion, following a 31.95% growth in non-interest income (NIR), which made up for the 8.96% drop in interest income. PBT and […]

August 30, 2018/Cordros Report Guinness Nigeria Plc released Q4-18 and 2018FY results yesterday. The Board has proposed a dividend of NGN1.84/share (c.3x 2017FY DPS) on the NGN6.7 billion net profit achieved in 2018FY (+249% vs. 2017FY). Q4-18 performance (for the period ended June 2018) was not impressive, and will likely […]