Daily retail report complied at the CSL Stockbrokers headquarters yesterday.

1. Retail views
Nigeria
Monday, 01 June 2015
Daily Retail Report
.
Market Review
The bears continue to rage amid oversold conditions in the Nigerian
Equity Market. Except for NSEIND that gained points on the back of
Portpaint (+4.40%) and Ashakacem (+0.33%), most sectorial indices
closed in the red and were unable to lift the ASI into positive
territory.
ASI currently stands at 34,044.65, returning -1.76% year-to-date.
At the closing bell, 20 stocks advanced relative to 43 decliners while
42 remained unchanged. Market activity level depreciated relative to
the previous session as 340million units valued at 5.502bn
represents 52% and 54% flow in volume and value traded
respectively. Top in the positive territory are HONYFLOUR (n3.89),
PORTPAINT (N3.80) and ETERNA (N2.87) while NPFMCRFBK
(N1.20), TOTAL (N161.00) and JBERGER (N50.00) led the gainers.
Japaul Oil and Maritime Services Plc has released its FY results for
the year ended 31st December, 2014. Revenue of N 10.572Bn
appreciated by 19% while PAT (2,362,832bn) depreciated by 6188%
respectively from prior period
In the trader’s opinion, investors are advised to tread cautiously.
Sector Report Today(%) Month-To-Date(%) Year-To-Date(%)
NSE30 -0.89 -0.89 114.24
NSE BNK10 -1.39 -1.39 190.43
NSE CNSM10 -0.89 -0.89 95.22
NSE OILG5 -1.48 -1.48 174.19
NSE INS10 -1.20 -1.20 18.32
NSE IND 0.01 0.01 21.16
Market Wrap
ASI -0.77% 34,044.65
Index year-to-datee -1.76%
Market Cap. N11.568Tril
Traded value 5.502Bn
Key gainers (%)
HONYFLOUR 4.57
PZ 2.81
SEPLAT 2.07
UACN 0.73
STANBIC 0.33
Key losers (%)
TOTAL -7.47
JBERGER -5.12
FLOURMIL -4.67
FO -4.55
TRANSCORP -3.87
NITTY
1M 12.7331
2M 13.3003
3M 13.6282
6M 13.6403
9M 14.4177
12M 14.5408
Crude oil spot price
Brent crude US$65.30
Contact information
Phone: 01-2713923; 01-2713920
Mobile: 08068015502
Email: cslservice@fcmb.com
Open Account: Click here to register

2. Daily Retail Report
Page 2
Retail views
Banking Comment
Current
Price
Target
Price
Potential
Upside %
EPS
FY
2014
1 Yr
forward
EPS
Last
Dividend
(N)
P/BV
2014
Yield FY
2014
Yield FY
2015e
Shares
Outstanding
(millions)
Year
End
ACCESS BANK Buy 6.20 7.33 18% 1.90 0.40 0.60 0.70 9.19% 0.8% 22883.00 Dec.
DIAMOND BANK Buy 4.45 5.27 18% 1.54* 0.30 0.10 0.43* 7.5*% 1.8% 14475.00 Dec.
FIDELITY BANK PLC Under review 1.90 1.86 -2% 0.45* 0.33 0.18 0.22* 10.8*% 6.9% 28974.00 Dec.
FBN HOLDINGS Buy 9.18 12.86 40% 2.54 0.04 0.10 0.58 1.10% 0.0% 32632.00 Dec.
GUARANTY TRUST BANK Buy 28.97 28.42 -2% 3.40 2.10 1.75 1.90 7.20% 7.3% 29431.00 Dec.
STANBIC HOLDINGS Hold 30.00 32.37 8% 2.98* 3.60 1.25 2.3* 3.7*% 4.3% 10000.00 Dec.
STERLING BANK Hold 2.03 1.57 -23% 0.34* 0.26 0.06 0.8* 6.5*% 5.2% 21592.00 Dec.
SKYE BANK Under review 2.65 Under review Under review 0.30 Under review 20.7% 13219.00 Dec.
U B A Buy 5.35 7.87 47% 1.29* 0.44 0.10 0.44* 11.3*% 4.0% 32981.00 Dec.
ZENITH BANK Buy 20.91 24.60 18% 3.17 2.16 1.75 1.20 8.20% 4.3% 31396.00 Dec.
Food & Beverage
EV/EBITDA (x)
2014
Yield FY 2014
DANGOTE SUGAR REFINERY Under review 6.50 Under review 0.60 7.4% 12000.00 Dec.
CADBURY NIG. Under review 39.00 Under review 0.65 4.7% 1878.00 Dec.
FLOUR MILLS Hold 34.51 54.80 59% 1.93 3.50 1.60 7.10 3.60% 1.8% 2385.00 Mar.
HONEYWELL FLOURMILLS Buy 3.89 5.20 34% 0.30 0.17 4.7% 7930.00 Mar.
NESTLE FOODS NIG. Under review 850.01 Under review 38.00 17.50 34.5* 2.10% 4.6% 792.00 Dec.
P Z INDUSTRIES Hold 30.00 34.60 15% 0.81 3.0% 3970.00 May
U A C N Buy 41.50 72.60 75% 1.75 4.7% 1920.00 Dec.
UNILEVER NIGERIA PLC Sell 45.10 24.30 -46% 0.64 2.11 0.10 0.30% 5.0% 3783.00 Dec.
Building Materials EPS 2014e
EV/EBITDA(x)
2014e
Yield FY
2014e
LAFARGE WAPCO PLC Under review 98.00 Under review 3.50 3.30% 3.3% 3001.00 Mar.
DANGOTE CEMENT Buy 180.00 198.40 9.07 9.87 6.00 13.00 3.60% 3.5% 17040.00 Dec.
Breweries EPS 2014
EV/EBITDA(x)
2014
Yield FY 2014
GUINNESS NIG. Sell 164.00 111.00 -32% 6.30 2.70 7.00 9.30 5.40% 2.5% 1506.00 June
INTERNATIONAL BREWERIES Hold 20.01 24.50 22% 0.30 1.5% 3263.00 Mar.
NIGERIAN BREWERIES Sell 147.00 121.20 -18% 5.62 6.40 3.50 10.80 4.50% 3.5% 7562.00 June
Agriculture EPS 2013e
EV/EBITDA(x)
2014e
Yield FY
2014e
OKOMU OIL Buy 28.81 41.50 44% 2.20 3.00 0.25 9.00 3.20% 6.7% 953.00 Dec.
PRESCO PLC Buy 34.00 42.70 26% 1.29 1.60 0.10 9.20 0.40% 1.7% 1000.00 Dec.
Pharmaceuticals
EV/EBITDA (x)
2013
Yield FY 2013
GLAXOSMITHKLINE BEECHAM NIG. Buy 44.11 78.60 78% 3.10 4.30 0.75 8.90 2.50% 3.8% 957.00 Dec.
Oil & Gas
EV/DACF(x)
2014
Yield FY 2014
SEPLAT Buy 345.00 598.00 73% 0.58 0.87 3.10 4.70% 4.9% Dec.
Note – for full report on the recommended stocks kindly send an email to cslcsu@firstcitygroup.com

3. Daily Retail Report
Page 3
Retail views
Top Highlight
Politics
Nigeria has a new President
On Friday, 29 May, President Muhammadu Buhari was sworn into office. During his inaugural speech, the President stated his commitment to
serve everyone and commended the out-going President Goodluck Jonathan for his display of statesmanship during the general elections.
Judging from his inaugural speech, we believe the President’s top priorities to be: 1) Security: The President plans to step-up his offensive against
the terrorist group Boko Haram by relocating the Command Control Centre which is presently located in Abuja to Maiduguri; 2) Challenges in the
Niger Delta: While noting that the amnesty programme in the Niger Delta is due to end in December, the President promised to invest in projects
and programmes currently in place; 3) Power and; 4) Unemployment.
The President is yet to make public the names of the members of his cabinet. However, on Sunday, he made his first appointments when he
named Mr. Femi Adesina who is the Managing Director of The Sun Newspaper in Nigeria, his Special Adviser, Media and Publicity, and Malam
Garba Shehu, who was the Director, Media and Publicity of the APC Presidential Campaign Council, as his Senior Special Assistant, Media and
Publicity. We expect more appointments to be made this week (see, CSL: Buhari’s New Administration, 26 May).
Today’s news headlines
President names media aides as key appointments are awaited: President Muhammadu Buhari on Sunday announced the first set of
appointments into his administration with Mr. Femi Adesina and Malam Garba Shehu as his spokesmen. While Adesina would serve as Special
Adviser, Media and Publicity, Shehu would be the new Senior Special Assistant, Media and Publicity. Source: thisdaylive.com
Boko Haram bombs Maiduguri market, burns Yobe court: An Improvised Explosive Device believed to have been planted by suspected members
of Boko Haram on Sunday exploded at the Gamboru Market in Maiduguri, Borno State. No death were recorded but four persons were critically
injured in the incident which occurred barely 24 hours after 26 persons were reportedly killed when the sect members bombed a Monday market
in the city. The sect had on Friday night attempted to invade the troubled state capital but was repelled by the military, however this resulted in
16 people losing their lives. Source: punchng.com
Pressure mounts on Buhari to revisit fuel subsidy probe, oil blocks allocations: President Muhammadu Buhari has been under intense
pressure from oil and gas industry stakeholders to reopen all cases relating to fuel subsidy fraud with a view to prosecuting all those indicted. The
stakeholders said this has become necessary as most top officials indicted by the probe panel set up by former President Goodluck Jonathan
administration were released by security officials because they were close allies of the then government in power. They posited that all those
indicted one way or the other must face the full weight of the law, if the present government is sincere about ending corruption in the oil and gas
industry and Nigeria as a whole. Source: thisdaylive.com
Declare your assets publicly, civil groups tell Buhari: Civil society groups and activists on Sunday faulted the failure by President Muhammadu
Buhari and Vice-President Yemi Osinbajo to publicly declare their assets as promised by them during their electioneering. They have therefore
demanded that the assets be made public in the best interest of transparency and accountability. A statement by the head of Buhari’s media
team, Garba Shehu, on Saturday had indicated that the President and the Vice-President had submitted their asset declaration forms separately
to the Code of Conduct Bureau on Thursday. The contents of the forms were however not disclosed. Source: punchng.com

4. Daily Retail Report
Page 4
Retail views
Important Risk Warnings and Disclaimers
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