Culled—Proshare August 10, 2017/FBNQuest Research 2017/18E EPS ests. up by 85%; price target up by 120% to N15.6 Dangote Sugar Refinery’s (DSR) Q2 2017 earnings of N12.3bn surprised positively, coming in well ahead of our N5.5bn forecast and consensus’ full year projections. The primary driver was the variance on the […]

Culled—Proshare August 10, 2017/FBNQuest Research Event: Zenith Bank reports Q2 2017 results Implications: Upward revisions to consensus full year PBT forecasts likely Positives: PBT up 120% y/y, driven mainly by a 389% y/y growth in non-interest income Negatives: Funding income was flat y/y; loan loss impairments and opex spiked This afternoon […]

Culled—Proshare August 10, 2017/FBNQuest Research Input cost pressures weighed on earnings Cadbury Nigeria’s (Cadbury) 20.6% y/y sales growth in Q2 2017 was 9.1% ahead of our forecast. Both domestic and export sales were impressive, with 21.6% and 13.1% y/y increases. Despite the topline growth, the company recorded losses on both […]