Culled—Proshare February 6, 2017/FBNQuest Research Maintaining OP rating despite modest increase to PT Flour Mills of Nigeria’s (FMN) Q3 2017 (end-Dec) PBT came in well ahead (+104%) of our forecast. The key drivers behind the strong results were positive surprises in sales and gross margin, which beat our forecasts by […]

Culled—Proshare February 3, 2017/FBNQuest Research Possibly moving into oversold territory Guinness Nigeria’s (Guinness) Q2 2017 (end-Dec) results were weaker than expected. The weak results were driven by negative surprises on the gross margin and net finance cost lines. The company is exposed to fx risks arising from the importation of […]