The document provides a daily market and sector report for the Nigerian stock market. It summarizes the day's trading activity, with the main index losing 0.11%. It also provides stock recommendations for the coming week, focusing on UBA, Wapic, Dangote Cement, Flourmill and Nascon. The rest of the document gives further details on sector performance, stock prices and recommendations, and news headlines.

1. Retail views
UBA Q4 results
Nigeria Monday, 26 January 2015
Daily Retail Report
.
Market Review
At today’s session, the Nigerian Equity Market struggled for
direction but slumped into negative zone before the closing bell.
Most sectoral indices under the NSE radar traded marginally in
the green but NSEBNK and NSEINS moved southward to keep
the ASI in negative terrain. NSEOILG added the most points on
the backdrop of FO(+1.34), Oando(+1.85) and Seplat(+0.12).
NSEASI lost 0.11% to close at 29,779.17, returning -12.76%
year-to-date. In the broad market, decliners thumped advancers
28 to 22 leaving 42 issues unchanged. Market activity level
declined significantly from the last session; 263million units
valued at N3.84bn represents 64% and 29% depreciation in
volume and value traded. Top worst performers were
Redstarex(N3.62), Dangflour(N3.04) and Ashaka(N20.29) while
Presco(N31.11), Okomu(N25.68) and Access(N5.23) led the
gainers’ list.
Stocks to look out for this week are UBA, Wapic, Dangote
Cement, Flourmill and Nascon. Cautious trading with long term
perspective still advised.
Sector Report Today(%) Month-To-Date(%) Year-To-Date(%)
NSE30 -0.06 -15.37 -15.37
NSE BNK10 -0.19 -15.79 -15.79
NSE CNSM10 0.02 -14.23 -14.23
NSE OILG5 0.88 -4.31 -4.31
NSE INS10 -0.09 -4.14 -4.14
Market Wrap
ASI -0.11 29,779.17
Index year-to-datee -12.76
Market Cap. N9.918Tril
Traded value 3.568Bn
Key gainers (%)
ACCESS 4.81
OANDO 1.85
DANGSUGAR 1.45
FBNH 0.13
SEPLAT 0.12
Key losers (%)
ASHAKACEM -4.65
ZENITH -2.29
UACN -1.11
DANGCEM -0.64
NB -0.01
NITTY
1M 11.5933
2M 12.5807
3M 13.2475
6M 14.1994
9M 15.0561
12M 16.1055
Crude oil spot price
Brent crude US$48.54
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 5.23 11.00 110% 1.60 1.90 0.35 0.80 7.10% 11.5% 22883.00 Dec.
DIAMOND BANK Buy 4.01 8.10 102% 2.00 1.70 0.30 0.60 5.40% 5.4% 14475.00 Dec.
FIDELITY BANK PLC Buy 1.33 3.00 126% 0.30 0.50 0.14 0.30 7.40% 11.6% 28974.00 Dec.
FBN HOLDINGS Hold 7.50 14.70 96% 2.20 2.30 1.10 0.80 10.00% 10.0% 32632.00 Dec.
GUARANTY TRUST BANK Buy 21.00 39.80 90% 3.20 3.30 1.45 2.20 6.90% 7.3% 29431.00 Dec.
STANBIC HOLDINGS Hold 26.00 15.50 -40% 1.90 2.60 1.20 3.10 2.70% 3.5% 10000.00 Dec.
STERLING BANK Hold 2.47 2.70 9% 0.40 0.40 0.25 0.80 10.90% 8.7% 21592.00 Dec.
SKYE BANK Under review 2.15 5.00 133% 1.20 1.10 0.30 0.30 11.10% 20.7% 13219.00 Dec.
U B A Hold 3.54 7.40 109% 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 5.61 Under review N/A 0.89 1.20 0.60 4.70 7.40% 7.4% 12000.00 Dec.
CADBURY NIG. Under review 39.90 Under review N/A 2.90 3.20 1.30 7.60 0.00% 4.7% 1878.00 Dec.
FLOUR MILLS Hold 38.72 54.80 42% 2.90 3.50 1.60 8.90 3.30% 4.0% 2385.00 Mar.
HONEYWELL FLOURMILLS Buy 3.00 5.20 73% 0.40 0.30 0.17 12.00 5.70% 4.7% 7930.00 Mar.
NESTLE FOODS NIG. Hold 830.15 821.80 -1% 28.10 31.30 24.00 24.90 2.60% 3.0% 792.00 Dec.
P Z INDUSTRIES Hold 25.00 34.60 38% 1.20 1.30 0.19 7.80 2.70% 3.0% 3970.00 May
U A C N Buy 36.59 72.60 98% 2.90 3.60 1.75 5.40 4.00% 4.7% 1920.00 Dec.
UNILEVER NIGERIA PLC Sell 34.00 31.80 -6% 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 81.69 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 129.99 111.00 -15% 7.90 5.90 7.00 14.50 4.30% 3.0% 1506.00 June
INTERNATIONAL BREWERIES Hold 20.80 24.50 18% 0.90 1.30 0.30 16.20 1.00% 1.5% 3263.00 Mar.
NIGERIAN BREWERIES Sell 143.99 121.20 -16% 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 25.68 41.50 62% 2.20 3.00 1.00 9.00 3.20% 6.7% 953.00 Dec.
PRESCO PLC Buy 31.11 42.70 37% 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 40.00 78.60 0.97 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- The defence of Maiduguri looks like good news
Reports are not conclusive, but it looks as if the Nigerian Army, with the help of residents, has beaten back a significant attack by the terrorist
organisation Boko Haram on the city of Maiduguri, capital of Borno State in Nigeria’s North East. If the defence of Maiduguri proves to be
sustained, it will be a major victory for the authorities in its struggle with the terrorist group. This could prove to be a key advance in security
ahead of general elections on 14 February.
Reports of the attack were given this morning in The Punch newspaper, and we summarise these on page two. One detail is that President
Goodluck Jonathan had been in the city on Saturday campaigning, and the attacks began very early on Sunday morning. By the time he had left,
some of his entourage were still in the vicinity.
Boko Haram’s attack on Maiduguri cannot have been a surprise: if anything, it is strange that it came so late. Back in September 2014, when the
terrorist group took the strategically important town of Bama 80kms away in Borno State, an attack on Maiduguri was widely anticipated. This
was due to the fact that Boko Haram had stolen heavy armaments form the Nigerian Army, as well as the late arrival of the dry season, with Boko
Haram preferring to attack on firm ground.
Recent attacks by Boko Haram appear to be concentrated in the northern part of Nigeria’s North East, and generally contained within Yobe, Borno
and Adamawa states. The next line of states towards central Nigeria (in a south-westerly direction) consists of Bauchi, Jigawa and Gombe. In early
November 2014 Boko Haram over-ran Ashaka Cement’s (Under Review, price N21.2/s ) plant in Gombe State, and the plant was attacked again
thereafter. But the pattern this year has been for very violent attacks (such as as the destruction of the town of Baga in Borno State) in the far
north rather than an expansion of the front line southwards.
News Headlines
May 29 handover date sacrosanct, Jonathan tells US: President Good luck Jonathan on Sunday assured all stakeholders including the United
States of America that the May 29 handover date was sacrosanct. According to a statement released by his Special Adviser on Media and Publicity,
Dr. Reuben Abati, the President gave the assurance during a closed-door meeting he had with the United States Secretary of State, Mr. John
Kerry, at the State House, Marina. Source: punchng.com
Dangote Cement appoints Ex-Holcim India head van der Weijde CEO: Dangote Cement Plc (DANGCEM), Africa’s biggest producer of the
building material, hired Onne van der Weijde as chief executive officer, it’s outgoing CEO said. Van der Weijde will take over the role from Feb. 1,
Devakumar Edwin said in an e-mailed response to questions from Bloomberg News. Edwin said the transition comes at a time when some of the
large capital expenditure projects of Dangote Industries Ltd., which he handles, have started to materialise. Source: bloomberg.com

4. Daily Retail Report
Page 4
Retail views
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