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   Market Date: 22-08-2014   
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Investors NewsBeat

  1. Scaling down for balance sheet optimisation - United Bank for Africa Plc


    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.
  2. Guaranty Trust Bank Plc: Gross earnings rose by 7.3% yoy to N133.2bn in H1-14


    Guaranty Trust Bank Plc (Rating: HOLD, TP: N28.63, Price: N28.88, Downside: 0.87%)
  3. FCMB holds support line, records bullish engulfing pattern


    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.
  4. Sell-off hits EVANSMED, closes battered on strong negative sentiments


    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.
  5. Zenith Bank Plc: Efficiency compensates for higher funding costs


    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.
  6. CADBURY hits 7months low on sustained bearish sentiments


    CADBURY recorded a modest loss of -0.5% to hit 27weeks low as both investors and shareholders continued to display unenthusiastic trading pattern towards the stocks in the recent weeks.
  7. Okomu Oil Palm Company Plc: 1H14 Revenues Remain Flat at 0.8% y/y Change


    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%.
  8. H1-14 confirms a slow growth outlook for FY-14E - Nestle Nigeria Plc


    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.
  9. South African bank to exercise right to convert ETI’s debt to shares


    Pan-African lender, Ecobank, is expecting South Africa’s Nedbank to convert a $285m loan to shares in Ecobank before the end of the year.
  10. Fidelity Bank Plc - H1-14 Results Still Reflect a Positive Track


    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.
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