Culled—Proshare May 2, 2017/FBNQuest Research High teen increases to our earnings forecasts After a subdued Q4 2016 (once one-off gains are stripped out), Access Bank impressed with its Q1 2017 results, especially with both revenue lines contributing. Although loan growth remains subdued (flat in Q1 q/q) and some key fee […]

Culled—Proshare May 2, 2017/FBNQuest Research Event: Dangote Sugar Refinery reports Q1 2017 results Implications: Positive reaction by the market likely Positives: Q1 sales of N59.5bn grew 83% y/y and 9% q/q respectively Negatives: Gross margin contraction of -758bps q/q to 13.2% Late last week, Dangote Sugar Refinery (DSR) published its Q1 […]

Culled—Proshare 27/4/2017/FBNQuest Research Event: Access Bank reports Q1 2017 results Implications: Consensus earnings estimates likely to move up Positives: Strongly double-digit revenue growth Negatives: No obvious negatives Access Bank’s Q1 2017 results which have just been published came in strong. PBT of N31bn grew 38% y/y while PAT grew much faster (+66% […]