Market performance for 6th January 2015 complied by CSL Stockbrokers Limited Headquarters, Lagos Nigeria containing detailed market analysis from the Nigerian Stock Exchange.

1. Retail views
UBA Q4 results
Nigeria Tuesday, 6 January 2015
Daily Retail Report
.
Market Review
Nigerian equity markets continued their weak trade at today’s
session on account of selling in frontline blue chip counters taking
cues from sustained fall in crude oil prices and news about a
possible devaluation of the naira, yet again. This pessimistic mood
was witnessed across board as all sectoral indices closed in the red.
The most hit were CNSM and BNK on the back of losses recorded by
NB(-9.71%), Nestle(-5%), Guinness(-5%), Zenith(-5%), FBNH(-
4.60%) and GTB(-3.42%).
NSEASI shed 4.19% to close at 32,522.31, its year-to-date return
currently stand at -6.25%. Among the broad indices, while volume
of transactions improved by 38%, value traded retained the
previous level. Top worst performers were Nigerian Brew.(N147.17),
Nestle(N945.82), Dangote Cement(N180.50), UACN(N32.30) and
Zenith(N17.10) while Cadbury(N42), PZ(N25.18), Ashaka
Cement(N21.49) and Presco(N24.93) topped the key gainers’ list.
The Trader expects to see marginal gains in coming sessions as
today’s negative performance triggers buying interest amongst
investors
Sector Report Today(%) Month-To-Date(%) Year-To-Date(%)
NSE30 -4.53 -7.05 -24.28
NSE BNK10 -3.47 -8.78 -26.29
NSE CNSM10 -5.98 -6.69 -25.01
NSE OILG5 -2.02 -10.41 10.25
NSE INS10 -1.65 -0.95 -4.37
Market Wrap
ASI -4.19 32,522.31
Index year-to-datee -6.25
Market Cap. N10.766Tril
Traded value 5.308Bn
Key gainers (%)
CADBURY 5.00
PZ 4.96
ASHAKACEM 3.27
STERLNBANK 2.89
PRESCO 1.76
Key losers (%)
NB -9.71
UBA -7.87
WAPIC -7.81
DANGCEM -9.50
NESTLE -5.00
NITTY
1M 12.7578
2M 13.0301
3M 13.1881
6M 13.3007
9M 14.3908
12M 15.7980
Crude oil spot price
Brent crude US$51.85
Contact information
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2. Daily Retail Report
Page 2
Retail views
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 Hold 6.07 11.00 81% 1.60 1.90 0.35 0.80 7.10% 11.5% 22883.00 Dec.
DIAMOND BANK Buy 5.18 8.10 56% 2.00 1.70 0.30 0.60 5.40% 5.4% 14475.00 Dec.
FIDELITY BANK PLC Buy 1.60 3.00 88% 0.30 0.50 0.14 0.30 7.40% 11.6% 28974.00 Dec.
FBN HOLDINGS Hold 8.30 14.70 77% 2.20 2.30 1.10 0.80 10.00% 10.0% 32632.00 Dec.
GUARANTY TRUST BANK Buy 24.32 39.80 64% 3.20 3.30 1.45 2.20 6.90% 7.3% 29431.00 Dec.
STANBIC HOLDINGS Hold 28.00 15.50 -45% 1.90 2.60 1.20 3.10 2.70% 3.5% 10000.00 Dec.
STERLING BANK Hold 2.49 2.70 8% 0.40 0.40 0.25 0.80 10.90% 8.7% 21592.00 Dec.
SKYE BANK Hold 2.41 5.00 107% 1.20 1.10 0.30 0.30 11.10% 20.7% 13219.00 Dec.
U B A Hold 3.98 7.40 86% 1.40 1.50 0.50 0.70 10.10% 10.1% 32981.00 Dec.
ZENITH BANK Buy 17.10 31.50 84% 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 5.74 Under review N/A 0.89 1.20 0.60 4.70 7.40% 7.4% 12000.00 Dec.
CADBURY NIG. Under review 42.00 Under review N/A 2.90 3.20 1.30 7.60 0.00% 4.7% 1878.00 Dec.
FLOUR MILLS Hold 37.23 54.80 47% 2.90 3.50 1.60 8.90 3.30% 4.0% 2385.00 Mar.
HONEYWELL FLOURMILLS Buy 3.46 5.20 50% 0.40 0.30 0.17 12.00 5.70% 4.7% 7930.00 Mar.
NESTLE FOODS NIG. Hold 945.82 821.80 -13% 28.10 31.30 24.00 24.90 2.60% 3.0% 792.00 Dec.
P Z INDUSTRIES Hold 25.18 34.60 37% 1.20 1.30 0.19 7.80 2.70% 3.0% 3970.00 May
U A C N Buy 32.30 72.60 125% 2.90 3.60 1.75 5.40 4.00% 4.7% 1920.00 Dec.
UNILEVER NIGERIA PLC Sell 35.03 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 80.05 Under review N/A 9.40 9.40 3.30 8.20 3.30% 3.3% 3001.00 Mar.
DANGOTE CEMENT Buy 180.50 258.50 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 157.04 111.00 -29% 7.90 5.90 7.00 14.50 4.30% 3.0% 1506.00 June
INTERNATIONAL BREWERIES Hold 20.50 24.50 20% 0.90 1.30 0.30 16.20 1.00% 1.5% 3263.00 Mar.
NIGERIAN BREWERIES Sell 147.17 121.20 -18% 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 25.46 41.50 63% 2.20 3.00 1.00 9.00 3.20% 6.7% 953.00 Dec.
PRESCO PLC Buy 24.93 42.70 71% 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 45.04 78.60 0.75 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
Guinness Nigeria – ‘Orijin’ of a recovery?
Over the holidays a notable feature during Christmas and New Year events in key urban areas particularly Lagos, Abuja and Port Harcourt was the
Orijin Ready-to-Drink (r-t-d) produced by Guinness Nigeria (Guinness), (Target Price: N111.1, Current price: N165.3, Sell). Orijin, which is one
of Guinness’s recently introduced innovation brands, is an alcoholic blend of fruits and herbs. Orijin is produced in two variants; the ready-to-
drink (r-t-d) and the bitters.
We believe the r-t-d variant has revived consumption within Guinness’s r-t-d beverage category and attracted a new set of consumers. Also of note
is the consumption of Orijin by female consumers, and this in our view, could help deliver topline growth which Guinness has struggled to achieve
in the last three years.
Since Orijin was launched in April 2014 in Lagos, Guinness’s management has repeatedly stated that the product is the most successful of its four
innovation brands (Snapp, Orijin, Dubic, and Malta Guinness Low sugar). Our recent observations in bars, clubs and other outlets for total r-t-d
consumption suggest to us that Sales of Orijin r-t-d could exceed our forecast of N1.7bn (US$8.5m) in FY2015e. Note: Guinness does not provide
sales numbers per product line.
While the company’s other notable brands such as Guinness Foreign Extra Stout and Harp lager continue to struggle against cheaper brands from
SABMiller’s (N/R) Nigerian operations, it appears Orijin could set the tone for Guinness’s recovery in FY2016e. While we estimate that Orijin’s
contribution to FY2014 sales is still quite insignificant at c.1.3% of Net Sales, its sales could grow by 15.0% in FY2016e with contribution rising to
c.1.7%.
Having completed and commissioned an additional c.2.0 million hectolitres capacity in 2014 to take its total installed capacity to c.8.5 million
hectolitres, we believe Guinness has the capacity to meet incremental demand for either its legacy brands or innovation brands.
News Headlines
Crude oil price slides to five-and-a-half-year low at US$53: The price of crude oil in the international market declined further on Monday
raising fears that the Organisation of Petroleum Exporting Countries, which has seen its influence on the world oil markets dwindled in recent
months, could face significant repercussions.Global benchmark Brent and United States’ benchmark West Texas Intermediate dropped to fresh
five-and-a-half-year lows on Monday. Brent fell US$3.33 to US$53.03 per barrel and the WTI dropped by US$2.27 to US$50.42.
Source:punchng.com
National Assembly pledges to pass oil PIB before June: The two chambers of the National Assembly on Monday dispelled fears that the National
Assembly would not pass the Petroleum Industry Bill (PIB) before the end of its tenure on June 5, 2015. The Senate and the House of
Representatives claimed that the bill would be passed before the expiration of their tenure on June 5. Source: punchng.com
CBN may further devalue naira after elections: Local media reported today that the Central Bank of Nigeria’s Monetary Policy Committee (MPC)
might be forced to devalue the naira again after the general elections scheduled to hold in February. The indication to this effect is coming less
than two months after the MPC devalued the currency on November 25 from N155 to N168 to the US dollar. Source: punchng.com
Power generation falls by 743MW in one week: Peak power generation fell by 742.9 megawatts (MW) in the last one week to 3,646.8MW on
January 4, 2015, down from 4,389.7MW recorded on December 29, 2014. The quantum of electricity available for distribution to various classes of
consumers as of December 29, 2014 was 4,112.29MW out of the 4,389.7MW generated, but this fell by 697.08MW to 3,415.21MW on January 4,
2015, according to figures from the Federal Ministry of Power. Source: punchng.com

4. Daily Retail Report
Page 4
Retail views
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