Daily retail report 030315

1. Retail views
UBA Q4 results
Nigeria Tuesday, 03 March 2015
Daily Retail Report
.
Market Review
The bulls sustained dominance at the Nigerian Stock Exchange as
the benchmark index appreciated by 1.10% to return 30,601.13bpts
with 5,324 deals. All sub-sectors monitored by the NSE closed in
the green with NSECNSM leading the pack as Nascon (6.92%), NB
(4.89%), Dangflour (4.53%), Champion (4.00%) and Unilever (1.19%)
added gains.
ASI-year-to-date currently stands at -7.46%. Among the broad
indices, Volume and value of transactions appreciated significantly
relative to previous figures as 510million units of shares valued at
4.910bn were traded. At the closing bell, 34 stocks advanced
relative to 22 decliners while 41 remained unchanged. Top in the
gainers territory is NASCON (N6.80) while UACN (N 35.94),
AIRSERVICE (N 1.90) and PORTPAINT (N3.64) led the decliners.
In the trader’s opinion, cautious trading as advised in light of the
current bull run
Sector Report Today(%) Month-To-Date(%) Year-To-Date(%)
NSE30 1.49 2.24 -6.70
NSE BNK10 1.79 3.56 -0.02
NSE CNSM10 2.15 2.83 -9.83
NSE OILG5 0.01 -0.41 6.22
NSE INS10 0.23 -0.12 -3.91
Market Wrap
ASI +1.10% 30,601.13
Index year-to-date -8.56%
Market Cap. N10.219Tril
Traded value 4.910Bn
Key gainers (%)
ZENITHBANK 4.99
STANBIC 4.98
NB 4.89
DANGFLOUR 4.53
JBERGER 6.87
Key losers (%)
UACN -6.31
HONYFLOUR -3.70
GUARANTY 0.74
DANGCEM -0.65
TOTAL -0.01
NITTY
1M 13.9583
2M 14.0318
3M 14.7407
6M 14.7751
9M 14.9413
12M 17.3298
Crude oil spot price
Brent crude US$60.99
Contact information
Phone: 01-2713923; 01-2713920
Mobile: 08068015502
Email: cslservice@fcmb.com
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2. Daily Retail Report
Page 2
Retail views
0
Stock Recommendations
Banking Comment
Current
Price
Target
Price
Potential
Upside
%
EPS
FY
2013
1 Yr
forward
EPS
Last
Dividend
(N)
P/BV
2013
Yield FY
2013
Yield FY
2014e
Shares
Outstanding
(millions)
Year
End
ACCESS BANK Buy 6.49 7.73 19% 1.60 1.90 0.35 0.80 7.10% 11.5% 22883.00 Dec.
DIAMOND BANK Buy 4.27 5.27 23% 2.00 1.70 0.30 0.60 5.40% 5.4% 14475.00 Dec.
FIDELITY BANK PLC Buy 1.33 1.86 40% 0.30 0.50 0.14 0.30 7.40% 11.6% 28974.00 Dec.
FBN HOLDINGS Buy 8.05 12.86 60% 2.20 2.30 1.10 0.80 10.00% 10.0% 32632.00 Dec.
GUARANTY TRUST BANK Buy 24.01 28.42 18% 3.20 3.30 1.45 2.20 6.90% 7.3% 29431.00 Dec.
STANBIC HOLDINGS Hold 25.94 32.37 25% 1.90 2.60 1.20 3.10 2.70% 3.5% 10000.00 Dec.
STERLING BANK Hold 2.23 1.57 -30% 0.40 0.40 0.25 0.80 10.90% 8.7% 21592.00 Dec.
SKYE BANK Under review 2.18 -100% 1.20 1.10 0.30 0.30 11.10% 20.7% 13219.00 Dec.
U B A Buy 3.70 5.70 54% 1.40 1.50 0.50 0.70 10.10% 10.1% 32981.00 Dec.
ZENITH BANK Buy 18.74 24.60 31% 3.00 3.00 1.75 1.30 8.10% 8.3% 31396.00 Dec.
Food & Beverage
EV/EBITDA
(x)2013
Yield FY
2013e
DANGOTE SUGAR REFINERY Under review 6.50 Under review N/A 0.89 1.20 0.60 4.70 7.40% 7.4% 12000.00 Dec.
CADBURY NIG. Under review 37.90 Under review N/A 2.90 3.20 1.30 7.60 0.00% 4.7% 1878.00 Dec.
FLOUR MILLS Hold 33.80 54.80 62% 2.90 3.50 1.60 8.90 3.30% 4.0% 2385.00 Mar.
HONEYWELL FLOURMILLS Buy 2.86 5.20 82% 0.40 0.30 0.17 12.00 5.70% 4.7% 7930.00 Mar.
NESTLE FOODS NIG. Hold 815.00 821.80 1% 28.10 31.30 24.00 24.90 2.60% 3.0% 792.00 Dec.
P Z INDUSTRIES Hold 28.99 34.60 19% 1.20 1.30 0.19 7.80 2.70% 3.0% 3970.00 May
U A C N Buy 35.94 72.60 102% 2.90 3.60 1.75 5.40 4.00% 4.7% 1920.00 Dec.
UNILEVER NIGERIA PLC Sell 34.86 31.80 -9% 1.30 1.60 1.25 13.70 3.80% 3.8% 3783.00 Dec.
Building Materials EPS 2013e
EV/EBITDA(x)
2013e
Yield FY
2013e
LAFARGE WAPCO PLC Under review 87.00 Under review N/A 9.40 9.40 3.30 8.20 3.30% 3.3% 3001.00 Mar.
DANGOTE CEMENT Buy 152.00 258.50 N/A 11.80 11.90 7.00 16.10 3.40% 3.5% 17040.00 Dec.
Breweries EPS 2013e
EV/EBITDA(x)
2013e
Yield FY
2013e
GUINNESS NIG. Sell 122.00 111.00 -9% 7.90 5.90 7.00 14.50 4.30% 3.0% 1506.00 June
INTERNATIONAL BREWERIES Hold 18.50 24.50 32% 0.90 1.30 0.30 16.20 1.00% 1.5% 3263.00 Mar.
NIGERIAN BREWERIES Sell 149.99 121.20 -19% 5.70 5.60 4.50 13.30 2.90% 2.1% 7562.00 June
Agriculture EPS 2013e
EV/EBITDA
(x)2013e
Yield FY
2013e
OKOMU OIL Buy 30.56 41.50 36% 2.20 3.00 1.00 9.00 3.20% 6.7% 953.00 Dec.
PRESCO PLC Buy 32.38 42.70 32% 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 40.05 78.60 0.96 3.10 4.30 1.30 8.90 2.50% 3.8% 957.00 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
FRSC - FRSC introduces new road regulatory measures
Last week, the Federal Road Safety Commission (FRSC) announced plans to enforce nation-wide speed limits, with a view to creating a safer
motoring environment across the country. In addition, it said it would commence the impoundment of rickety vehicles on highways.
Over the years, incidents of road traffic crashes have been on the rise. Available data from FRSC reveals that there were 12,722 reported incidents
of road traffic crashes in 2013, up from 6,269 in 2012. Many believe that majority of road accidents across the country are preventive, as the
human factor accounts for majority of the accidents. Excessive speeding, poor vehicle maintenance, and un-roadworthy vehicles have been cited as
leading causes of vehicle accidents in the country.
Although there are existing laws against excessive speeding, enforcement has been generally nonexistent. Consequently, the FRSC announced in
September 2014 that it would commence the enforcement of speed limits from June 2015. In enforcing this regulation, motorists would be
mandated to have maximum speed limiters in their vehicles.
We believe that the introduction of speed limiters as a step towards reducing crashes, would only be successful if the FRSC can ensure strict
enforcement and better regulatory oversight.
Today’s news headlines
Petrol scarcity worsens as marketers rely on NNPC: Following the refusal by banks to fund the importation of fuel products on account of
unpaid subsidy claims by the federal government, fuel scarcity in the country took a turn for the worse on Monday as virtually all private
marketers turned to the Nigerian National Petroleum Corporation (NNPC) for products. As fuel scarcity bit harder, long queues were evident at
retail outlets in Lagos, Abuja and other cities in the country, with some petrol stations in Abuja selling fuel at N120 per litre. However, the Major
Oil Marketers Association of Nigeria (MOMAN) has cautioned against panic buying, promising that supply would improve once the federal
government pays outstanding subsidy claims this week. Source: thisdaylive.com
Nigeria’s trade to rise by N2.43tn – NBS: The country’s total merchandise trade is expected to rise by N2.43tn from the estimated figure of
N25.17tn in December 2014 to N27.6tn by the end of this year, a document obtained from the National Bureau of Statistics has predicted. The
bureau, in its economic review and outlook for the next three years, said the N2.43trn represents an increase of 9.66 percent. The report stated
that the recent depreciation of the naira would result in cheaper prices of non-oil exports, adding that this would have a positive impact on trade.
Source: punchng.com
Dangote, Adenuga, Otedola, Alakija make Forbes 2015 richest list: Nigeria’s Aliko Dangote, Mike Adenuga, Femi Otedola and
Folorunsho Alakija have been named in the 2015 Forbes list of billionaires. Another Nigerian, Abdulsamad Rabiu, also made the list, while Orji
Uzor Kalu and Tony Elumelu who made the list last year dropped off the list this year. Source: businessdayonline.com
Troops liberate 30 communities in N’East, rout Boko Haram in Yobe villages: In its continued rampage through Boko Haram-infested
territories in the North-east, the Nigerian military has so far succeeded in liberating more than 30 communities in the region, even as troops on
Sunday night invaded Kukawa, Geri and Gujba in Yobe State determined to flush out the insurgents from their remaining hideouts. Source:
thisdaylive.com

4. Daily Retail Report
Page 4
Retail views
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