Culled—Proshare April 3, 2017/FBNQuest Research Our manufacturing Purchasing Managers’ Index (PMI), the first of its kind in Nigeria, shows a modest increase from 50.0 in February to 52.8. Our partner, NOI Polls, has gathered and compiled the data. The index report is a familiar data release at the start of […]
Updates
FCMB Group Q4 2016 Results Review – Upgrading from Underperform to Neutral on Asset Quality Surprise
Culled—Proshare April 3, 2017/FBNQuest Research Although FCMB’s Q4 2016 results showed that PBT declined by double-digit y/y, the PBT beat our forecast soundly. The variance was due to a significant positive surprise in loan loss provisions which came in -88% lower than our forecast. Following the results, we have reduced […]
Dangote Sugar Refinery Plc – Strong Finishing From a Troubled 2016
Culled—Proshare April 3, 2017/Cordros Capital Dangote Sugar Refinery Plc (DANGSUGAR) released its Q4 and full year 2016 results this afternoon. 94.5% y/y revenue and PAT growth apiece, in the final quarter, summed up an impressive year for the company, wherein top-line grew by 67.9% while post-tax profit increased by 29.2%. […]
