Daily Retail Market Report complied at the Headquarters of the CSL Stockbrokers Limited, Lagos, Nigeria.

1. Retail views
UBA Q4 results
Nigeria Tuesday, 17 March 2015
Daily Retail Report
.
Market Review
The bears sustained dominance as the Nigerian Equity market
moved southward for the third session in a row except for NSEIND
which traded flat. All sectorial indices monitored by the Exchange
closed in negative terrain leading to -1.26% depreciation in the All
Share Index. The banking counters shed the most point as it lost a
whooping 388bps on the back of UBN (-5.00%), DIAMONDBNK (-
5.00%), SKYEBANK (-4.87), UBA (-4.83) AND FIDELITYBK (-4.67)
ASI–year-to-date currently stands at -12.76% as market
capitalization lost N126Bn. At the close of today’s session. For every
1 advancer, 4 stocks shed prices, while 72 remained unchanged.
Top in the gainers territory are ACCESS (N6.58), COSTAIN (N0.67)
and INTENEGINS (N0.54), while GUARANTY (N22.19), UBCAP
(N1.55), DIAMONDBNK (N3.99).
Transcorp Hotels announced their corporate action for the year
ended, 31st December, 2014. They propose a dividend of 37k per
share, which closes on the 30th of March 2015. At the current price
this propose a dividend yield of 3.5%.
Sector Report Today(%) Month-To-Date(%) Year-To-Date(%)
NSE30 -1.53 -1.90 -7.63
NSE BNK10 -3.88 1.51 -5.65
NSE CNSM10 -0.10 -2.93 -8.78
NSE OILG5 -2.08 -9.06 -4.51
NSE INS10 -0.27 1.74 -14.54
Market Wrap
ASI -1.26% 29,553.69
Index year-to-date -12.76%
Market Cap. N9.861Tril
Traded value 3.283Bn
Key gainers (%)
ACCESS 10.03
GUINNESS 0.25
FIDSON 1.35
COSTAIN 4.69
INTENEGINS 3.85
Key losers (%)
GUARANTY -7.54
UBCAP -6.06
DIAMONBNK -5.00
UBN -5.00
SEPLAT -5.00
NITTY
1M 14.7773
2M 15.0496
3M 15.2217
6M 15.8072
9M 15.8458
12M 17.0384
Crude oil spot price
Brent crude US$53.44
Contact information
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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 6.58 7.73 17% 1.60 1.90 0.35 0.80 7.10% 11.5% 22883.00 Dec.
DIAMOND BANK Buy 3.99 5.27 32% 2.00 1.70 0.30 0.60 5.40% 5.4% 14475.00 Dec.
FIDELITY BANK PLC Buy 1.43 1.86 30% 0.30 0.50 0.14 0.30 7.40% 11.6% 28974.00 Dec.
FBN HOLDINGS Buy 8.04 12.86 60% 2.20 2.30 1.10 0.80 10.00% 10.0% 32632.00 Dec.
GUARANTY TRUST BANK Buy 22.19 28.42 28% 3.20 3.30 1.45 2.20 6.90% 7.3% 29431.00 Dec.
STANBIC HOLDINGS Hold 26.00 32.37 25% 1.90 2.60 1.20 3.10 2.70% 3.5% 10000.00 Dec.
STERLING BANK Hold 2.28 1.57 -31% 0.40 0.40 0.25 0.80 10.90% 8.7% 21592.00 Dec.
SKYE BANK Under review 2.15 -100% 1.20 1.10 0.30 0.30 11.10% 20.7% 13219.00 Dec.
U B A Buy 3.74 5.70 52% 1.40 1.50 0.50 0.70 10.10% 10.1% 32981.00 Dec.
ZENITH BANK Buy 17.96 24.60 37% 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 6.00 Under review N/A 0.89 1.20 0.60 4.70 7.40% 7.4% 12000.00 Dec.
CADBURY NIG. Under review 41.28 Under review N/A 2.90 3.20 1.30 7.60 0.00% 4.7% 1878.00 Dec.
FLOUR MILLS Hold 33.95 54.80 61% 2.90 3.50 1.60 8.90 3.30% 4.0% 2385.00 Mar.
HONEYWELL FLOURMILLS Buy 2.78 5.20 87% 0.40 0.30 0.17 12.00 5.70% 4.7% 7930.00 Mar.
NESTLE FOODS NIG. Hold 820.00 821.80 0% 28.10 31.30 24.00 24.90 2.60% 3.0% 792.00 Dec.
P Z INDUSTRIES Hold 26.93 34.60 28% 1.20 1.30 0.19 7.80 2.70% 3.0% 3970.00 May
U A C N Buy 36.00 72.60 102% 2.90 3.60 1.75 5.40 4.00% 4.7% 1920.00 Dec.
UNILEVER NIGERIA PLC Sell 35.00 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 80.40 Under review N/A 9.40 9.40 3.30 8.20 3.30% 3.3% 3001.00 Mar.
DANGOTE CEMENT Buy 150.00 258.50 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 126.00 111.00 -12% 7.90 5.90 7.00 14.50 4.30% 3.0% 1506.00 June
INTERNATIONAL BREWERIES Hold 17.25 24.50 42% 0.90 1.30 0.30 16.20 1.00% 1.5% 3263.00 Mar.
NIGERIAN BREWERIES Sell 132.00 121.20 -8% 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 28.50 41.50 46% 2.20 3.00 1.00 9.00 3.20% 6.7% 953.00 Dec.
PRESCO PLC Buy 29.24 42.70 46% 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 42.00 78.60 0.87 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
Online retailing - Nigeria becomes PayPal’s second-largest market in Africa
Last week, Malvina Goldfield, Head of Business Development, Sub-Saharan Africa, at PayPal, a leading global internet payment platform, stated in
an interview with Thisday newspaper that Nigeria has become PayPal’s second-largest market in Africa, after South Africa, less than a year after
PayPal was re-launched there.
Many years ago PayPal restricted transactions from Nigeria due to rising cases of internet fraud but made fresh inroads into Nigeria and nine other
countries in June 2014 as part of a global expansion move (see CSL Nigeria Daily, 23 June 2014). PayPal operates in 203 countries globally,
including 40 African countries.
E-commerce is still in its infancy in Nigeria, though it gained increased popularity in 2012 after leading domestic online retailers, Jumia and
Konga, launched online stores. The market for online retailing Nigeria is thought to be growing at 25% per annum, according to Euromonitor.
Today’s news headlines
Liquidity Position: S&P places Seven Energy on negative watch: Standard & Poor's Ratings Services said at the weekend that it has
placed its 'B-' long-term corporate credit rating on Nigeria-based oil and gas exploration, production, processing, and distribution company Seven
Energy International Limited, on CreditWatch with negative implications. The CreditWatch placement, S&P said, relates to the deterioration of
Seven Energy's liquidity position. Source: thisdaylive.com
Afren reaches preliminary agreement with creditors for funding: United Kingdom-listed Afren Plc said it had reached an agreement in
principle to address its short and longer-term funding needs and recapitalise its capital structure. The company said in a statement at the
weekend that an agreement had been entered into with certain creditors under its 2016 Notes, 2019 Notes and 2020 Notes, as well as a majority of
the lenders under its existing $300 million Ebok credit facility. According to the statement, the agreement was in respect of the key terms of a
proposed interim funding and recapitalisation of the group, which is intended to result in the provision of $300 million of net total funding before
the end of June 2015. Source: thisdaylive.com
Vehicle financing scheme to commence in April – NAC: The Director-General, National Automotive Council, Mr. Aminu Jalal, has said
that the vehicle finance scheme that will enable Nigerians to purchase brand new cars assembled in the country will commence at the end of April.
Jalal said this when he visited the Nigerian Shippers Council in Lagos. He said the implementation of the second phase of the 35 percent levy
collection on imported used vehicles was being postponed repeatedly because the financing scheme for purchasing locally assembled vehicles had
yet to commence. Source: punchng.com
Dangote’s $400m Zambian plant to produce first bag in two weeks: Africa’s richest person, Aliko Dangote has said the company’s $400
million cement plant in Zambia’s Masaiti district in Copperbelt region will start operating in two weeks’ time, the result of a delay in securing the
necessary approval. “There was a delay in getting a permit from Zambia Environmental Management Agency (ZEMA), which actually made us start
production late.” Source: businessdayonline.com

4. Daily Retail Report
Page 4
Retail views
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