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. […]
Results & Dividends
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 […]
Dangote Cement: Strong Q3-17 Result. Slight Downward Revision of Estimates
November 2, 2017/Cordros Research Following Q3-17 results, we revise both DANGCEM’s 2017 and 2018-2019 EPS slightly downward by 1% and 0.5% respectively relative to previous estimates. While we look for continued strong margins on stable Nigerian prices and energy efficiency (including the eventual resolution of power challenges in Tanzania), we […]
