November 3, 2017/Cordros Research We revise forecasts for LAFARGE following 9M-2017 results, and adjust our TP for the stock for the Rights Issue (RI). We cut net profit forecasts by 85% for 2017F and by 3% average for 2018-2019F, increase shares outstanding (NOSH) by 57% to 8.6 billion, […]
Results & Dividends
INTBREW Pre-tax and Post-tax Losses Widened to –N1.2bn and –N1.4bn Respectively in Q2 2018 Results
Culled—Proshare November 2, 2017/FBNQuest Event: International Breweries reports Q2 2018 (end-Sep) results Implications: Negative reaction expected by the market Positives: Gross margin expanded by 39bps y/y and 133bps q/q Negatives: Pre-tax and post-tax losses widened to –N1.2bn and –N1.4bn respectively The NSE published International Breweries’ Q2 2018 (end-Jun) results today. […]
Earnings to Outperform in FY-2017 Despite Asset Quality Pressure
November 2, 2017/Cordros Research First Bank of Nigeria Holdings Plc (”FBNH”) released unaudited Q3-17 results, wherein gross earnings grew marginally by 1.85% q/q and 0.40% y/y (1.77% above our estimate), while PBT and PAT rose 28.01% q/q (71.19% y/y) and 24.44% q/q (145.47% y/y), respectively. The growth in earnings was […]
