1. Retail views
UBA Q4 results
Nigeria Wednesday, 18 February 2015
Daily Retail Report
.
Market Review
Moving from strength to strength, the market sustained the positive
momentum that has trailed the market all week. The NSE All-
Share-Index appreciated by 2.55% to return 29,177.58bpts with
4,731 deals. All sectorial indices monitored by the NSE added
points. NSEBNK and NSEIND garnered the most points on the
backdrop of Guaranty (+10.23%), Access (+6.13%), UBA (+5.32%),
Dangote Cement (+3.89%) and Wapco (+2.61%)
ASI year-to-date return currently stands at -14.43% as market
capitalization hits N9.735Tril. At the close of today’s session, 30
stocks advanced relative to 22 decliners while 50 remained
unchanged. Top in the gainers territory are GUARANTY (+20.80),
TRANSCORP (N2.78) and Access (N5.54) while RTBRISCOE (N0.76),
INTBREW (N18.44) and JBERGER (N40.11) led the decliners.
Among the broad indices, 424m units valued at N3.487bn
represents 0.31% and 15% depreciation in volume and value traded
respectively.
We see a bullish trend for the remainder of the week and advise
short term investors to keep their fingers on the exit button.
Sector Report Today(%) Month-To-Date(%) Year-To-Date(%)
NSE30 2.56 -16.46 -12.87
NSE BNK10 4.82 -13.95 -10.54
NSE CNSM10 0.72 -18.22 -15.67
NSE OILG5 0.18 0.45 3.44
NSE INS10 0.32 -6.37 -3.76
Market Wrap
ASI +2.55% 29,177.58
Index year-to-date -14.43%
Market Cap. N9.735Tril
Traded value 3.487Bn
Key gainers (%)
GUARANTY 10.23
GUINNESS 4.73
FBNH 4.41
DANGCEM 3.89
ZENITH 3.41
Key losers (%)
INTBREW -5.00
JBERGER -4.91
FLOURMILL -3.59
UNILEVER -2.97
FO -2.25
NITTY
1M 13.2612
2M 13.8447
3M 14.5272
6M 14.6903
9M 14.8182
12M 18.3087
Crude oil spot price
Brent crude US$61.34
Contact information
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Mobile: 08068015502
Email: cslservice@fcmb.com
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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 Buy 5.54 7.73 40% 1.60 1.90 0.35 0.80 7.10% 11.5% 22883.00 Dec.
DIAMOND BANK Buy 3.56 5.27 48% 2.00 1.70 0.30 0.60 5.40% 5.4% 14475.00 Dec.
FIDELITY BANK PLC Buy 1.20 1.86 55% 0.30 0.50 0.14 0.30 7.40% 11.6% 28974.00 Dec.
FBN HOLDINGS Buy 7.10 12.86 81% 2.20 2.30 1.10 0.80 10.00% 10.0% 32632.00 Dec.
GUARANTY TRUST BANK Buy 20.80 28.42 37% 3.20 3.30 1.45 2.20 6.90% 7.3% 29431.00 Dec.
STANBIC HOLDINGS Hold 24.32 32.37 33% 1.90 2.60 1.20 3.10 2.70% 3.5% 10000.00 Dec.
STERLING BANK Hold 2.25 1.57 -30% 0.40 0.40 0.25 0.80 10.90% 8.7% 21592.00 Dec.
SKYE BANK Under review 1.98 -100% 1.20 1.10 0.30 0.30 11.10% 20.7% 13219.00 Dec.
U B A Buy 3.17 5.70 80% 1.40 1.50 0.50 0.70 10.10% 10.1% 32981.00 Dec.
ZENITH BANK Buy 17.60 24.60 40% 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 6.20 Under review N/A 0.89 1.20 0.60 4.70 7.40% 7.4% 12000.00 Dec.
CADBURY NIG. Under review 42.98 Under review N/A 2.90 3.20 1.30 7.60 0.00% 4.7% 1878.00 Dec.
FLOUR MILLS Hold 29.30 54.80 87% 2.90 3.50 1.60 8.90 3.30% 4.0% 2385.00 Mar.
HONEYWELL FLOURMILLS Buy 2.96 5.20 76% 0.40 0.30 0.17 12.00 5.70% 4.7% 7930.00 Mar.
NESTLE FOODS NIG. Hold 791.17 821.80 4% 28.10 31.30 24.00 24.90 2.60% 3.0% 792.00 Dec.
P Z INDUSTRIES Hold 27.30 34.60 27% 1.20 1.30 0.19 7.80 2.70% 3.0% 3970.00 May
U A C N Buy 34.00 72.60 114% 2.90 3.60 1.75 5.40 4.00% 4.7% 1920.00 Dec.
UNILEVER NIGERIA PLC Sell 33.00 31.80 -4% 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 80.10 Under review N/A 9.40 9.40 3.30 8.20 3.30% 3.3% 3001.00 Mar.
DANGOTE CEMENT Buy 155.00 258.50 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 124.70 111.00 -11% 7.90 5.90 7.00 14.50 4.30% 3.0% 1506.00 June
INTERNATIONAL BREWERIES Hold 18.44 24.50 33% 0.90 1.30 0.30 16.20 1.00% 1.5% 3263.00 Mar.
NIGERIAN BREWERIES Sell 132.37 121.20 -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 30.75 41.50 35% 2.20 3.00 1.00 9.00 3.20% 6.7% 953.00 Dec.
PRESCO PLC Buy 28.00 42.70 53% 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
Fight for the state- an apparent victory, then a setback in the North East
Newspaper reports yesterday stated that the Nigerian Army had taken the towns of Mongonu and Marte from the terrorist organisation Boko
Haram. Mongonu and Marte are in Borno State, well to the north east of the state capital Maiduguri, near the borders with Cameroon and Chad.
Following the successful defence of Maiduguri in late January, this conforms to a pattern of restricting Boko Haram’s area of military operations.
Perhaps it will be possible to hold elections in Borno State on 28 March and 11 April – both presidential candidates have campaigned in the state
recently.
However, if Boko Haram is merely giving up towns in order to withdraw to the cover of the Chad Basin (to the north east of Mongonu) then it is
following standard guerrilla tactics. It could return easily. So far this year it seems that Boko Haram has been driven back from its theatre of
operations throughout Yobe, Borno, Adamawa and Gombe states. The current challenge for the armies in the border zones – those of Nigeria,
Cameroon, Chad and Niger – is to maintain their pressure on it.
And not all the news is good. Today there are reports that 36 people died in a bomb attack in the town of Biu, well south of Maiduguri in Borno
State. If this was a Boko Haram attack – and the likelihood is that it was – it shows that the terrorist organisation still poses a significant threat.
Today’s news headlines
Gunmen attack Okrika, disrupt APC rally: At least one policeman was killed and scores of people injured on Tuesday when three explosions
and sporadic gunfire abruptly ended a rally of the All Progressives Congress (APC) in Okrika, Rivers State. The incident brings to three the number
of times APC has encountered violence in Okrika, home of First Lady Patience Jonathan. Source:thisdaylive.com
External reserves drop to $32.66 billion: The Central Bank of Nigeria (CBN) spent $380 million in two days to prop up the ailing naira, after
conducting special forex interventions to shore up the local currency, a Reuters report has revealed. Latest data on the central bank website
yesterday showed that the forex reserves fell to $32.66 billion as at February 16, down by 1.2 per cent from $33.04 billion by February 13. Foreign
reserves have fallen by 5.3 percent from a month ago as huge demand for the greenback continues to depress the naira. The central bank
intervened for the third straight session yesterday to defend the naira by selling dollars below its official band, but the currency traded weaker in
the interbank market. Source: thisdaylive.com
36 dead as explosions rock Biu again: There were multiple bomb explosions in Biu, the biggest town in south of the troubled Borno State on
Tuesday, a resident of the town, Ibrahim Isah, said on the telephone. Though details of the explosions remain sketchy as the extent of damages
and number of casualties could not be ascertained on Tuesday afternoon, Isah said the incident occurred at about noon. Source: punchng.com

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