United Bank for Africa Plc (UBA) recently published its H1-14 results. It's annualised H1-14 EPS represents a 3.0% yoy decline from FY-13, which lagged our last published FY-14E expectation. We revise our 12-month target price down to N9.06 from N10.28 and maintain our BUY recommendation on the stock.
FCMB recorded low-key bargain tendency with a modest again of +1.90% to hold its key support line at N4.25kobo, recording an engulfing pattern, which suggests a significant positive change in market optimism towards the stock.
EVANSMED recorded another huge loss of -4.20% to extend the downtrend as investors continued to display strong negative sentiment towards the stock to close among the set of bearish stocks on the Nigerian bourse.
Zenith Bank Plc (Zenith) recently published its H1-14 results that showed an EPS growth of 4.9% yoy, behind our FY-14E expectation of a 9.8% yoy growth. We revise our 12-month target price up to N29.51 from N25.17 and upgrade our recommendation on the stock to a BUY from a HOLD on a more positive outlook for ROAE.
1H14 revenues remain flat at 0.8% y/y change In the six months period to June 2014, Okomu Oil Palm reported revenue of N4.87billion, i.e. an increase of 0.8% compared with N4.43billion in 2013. The reported revenue is lower than our estimate of N5.03billion by 3.2%. On a quarterly basis, the company posted revenue of N3.04billion, up by 66.1% and 1.6% against N1.83billion and N2.99billion accordingly in 1Q2014 and 2Q2013. Also, the latest quarter�s revenue is higher than 8-quarters average of N2.22billion by 44.0%, but lower than our estimate of N3.20billion by 5.0%.
Nestle Nigeria Plc (Nestle) held a Q&A session with analysts last week on its H1-14 results and outlook for the business. We review our earnings forecasts, cut our 12-month target price (TP) to N1,034.61 from N1,091.19 and maintain our HOLD recommendation on the stock.
Fidelity Bank Plc (Fidelity) recently published its H1-14 results which showed an EPS decline of 11.6% yoy. It however represents a 107.7% yoy growth in annualised EPS from FY-13, behind our expectation of a 114.8% yoy growth. We revise our 12-month target price (TP) for Fidelity down to N2.45 from N2.55, but maintain our BUY recommendation on the stock.