Thursday, June 24, 2021
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    FBNQuest Research

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    Guinness Nigeria Portfolio Resilience in Q3 2021 Results Spurred by Resurgent Demand

    Broad-based increase to our 21-23f EPS forecasts; dividend payments likely to resume We have raised our price target on Guinness Nigeria (Guinness) to NGN28.6 and...

    Lafarge Africa Q1 2021 Results Review: Negligible Changes to Our Earnings est. Over 2021-23f Period

    Downgrading to Neutral from Outperform Lafarge's Q1 '21 earnings grew 13% y/y to NGN71.5bn, supported by a 12% y/y rise in prices. Cement volumes were...

    Nigeria’s Manufacturing Purchasing Managers’ Index Reading No 97: A Welcome Uptick

    Our manufacturing Purchasing Managers' Index (PMI) recovered from 51.4 to 53.0 in April. It was the first of its kind in Nigeria. Readings for...

    International Breweries Q1 2021 Results Review: Strengthening Fundamentals But Challenges Persist

    Upgraded '21f outlook on Q1 '21 results and balance sheet deleveraging Following Intbrew's mixed Q1 '21 results, we have adjusted our loss per share (LPS)...

    Suboptimal Subnational Finances, Gross Monthly FAAC Distribution Amounted to N681bn in April 2021

    The gross monthly distribution by the Federation Account Allocation Committee (FAAC) to the three tiers of government and public agencies amounted to NGN681bn (USD1.67bn)...

    UBA Q4 2020 Results Review: Solid Q4 Results; Reiterating Outperform Rating

    17% increase to our '21-22f EPS forecasts UBA's Q4 '20 results surprised positively across most key headline items. Relative to our forecast, PBT beat by...

    PMI Reading No 95: Above Water Again

    Our manufacturing Purchasing Managers' Index (PMI), the first in Nigeria, made a good recovery from 44.5 to 53.0 in February. Our partner, NOI Polls,...

    Nigeria Economic Outlook 2021: FBNQuest Analysts See modest GDP Growth

    Forecasts another positive year for equities After slipping into its second recession in 5 years, Nigeria's economy is projected to expand by 2.0% in 2021...

    Nigerian Financial Institution Remains Resilient

    The Nigerian banking sector dynamics continued to change in 2020. By the National Bureau of Statistics (NBS) estimates, the financial services sector came through...

    International Breweries Maintains Underperform Rating in Q3 2020

    Slight changes to earning forecasts and price target International Breweries (IB) strengthened its balance sheet in Q3'20 with an 82% y/y increase in its cash...

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