Culled—Proshare November 8, 2017/FBNQuest Research  2017/18E EPS estimates and price target up modestly As expected, finished year-to-date sugar price reductions have been marginal, down (-3%) to around N15,000/50kg in Q3. In Q4, we continue to believe price changes would remain modest given unit volume sales declines in each of the […]

Culled—Proshare November 7, 2017/ARM Research Our deductions from Seplat Petroleum Development Company Plc. (Seplat’s) latest financial report as well as recent discussions with management underpins our view on the stock’s capacity to close the valuation gap vis-à-vis peers. Although in the near term, aside from pricing in higher crude oil […]

Culled—Proshare November 7, 2017/FBNQuest Research  2% cuts to our 2018E EPS forecast and price target Diamond Bank’s Q3 2017 results diverged markedly from our forecasts, mainly because of a negative surprise in pre-provision profits. To a lesser extent, slightly elevated opex and loan loss provisions relative to our forecasts also […]