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 […]

Culled—Proshare November 7, 2017/Vetiva Research  Revenue prints in line with estimates, up 43% y/y PAT 9% below estimate on higher FX losses Strong cash position supports deleveraging strategy FY’17 EPS revised lower to reflect FX losses 9M’17 revenue in line, PAT marginally below estimate Still strongly supported by higher pricing […]