onegentleguy:


One of the worrying issue with LARFAGE WAPCO was the disservice the parent coy (LARFAGE holcim) did to the Nigerian entity. ...because ever since some coperate actions (specifically mergers), the company's financial performance on the back of very poor management efficiency has been to say the least abysmal !!
The merger with Ashaka cement and Unicem was also not properly accounted for. I recall I stated it then that larfage would've been better off expanding on their own than embarking on those mergers. In retrospect, the company paid/gave in more for those margers as could be seen from comparing all involved entities ENTERPRISE VALUE, PBT MARGIN and EBITDA MARGIN as at the time. (comparing that of larfage to ashaka cement and unicem)
That said, the greatest problem with this coy is that of COST MANAGEMENT AND OPTIMIZATION !! Opex margin has been on an upward trajectory since these mergers.
To put things in perspective, operating cost has grown at a CAGR of near 26%, which is at an over 158% faster rate than the 10% CAGR in revenue in the last 3-4 years.
The company's ROAA, ROAE, NET MARGIN, FCF, RoIC and EM also tells of a very 'bad story'.

The SIGNS to most of these issues were always there for any descerning investor to see. ...particularly in the last 6 quaters.
I recall we highlighted some of these RED FLAGS when I advised folks to SELL OFF their holding in the coy at the beginning of Q1 2018 after doing an analysis on the company.
Then, LAFARGE was selling for near N50. ...current price is now N20.7, which is a near 60% loss. ...and which would now require a whooping 142% uprise before an investor can breakeven and sell at the same N50 again !!
With LAFARGE, I always knew the last rights fund raise wouldn't put them in any good stead. Worse still, the company went ahead to pay over N90B as dividend from the money. ...when they were clearly in huge debt and there was need to optimize cost. Money that should've been utilized on delaveraging.
Again, the result print is also showing a few areas of funding mismatch. ...a clear case of gross incompetence on the part of management. Just take a good look at their recent spat of results.
Its clear that the company currently lacks foresight on the need for INNOVATION, coupled with the big issue of COST OPTIMIZATION.
Aside DC, CCNN is also not making things any easy for them. In my view, CCNN has done far much better in the short to mid term.

My advise:
It's best to stay off LARFAGE. ...unless of course, ur investment horizon is of the very long term. But even then, I'd prefer to remain on the side line until there are signs of a positive change in trend with their financials.
Like I always tell folks;
"When u see a company running a business where COST is growing faster than REVENUE on the back of decelerating EARNINGS and at the same time, they keep coming for ur money, RUN and ask questions later !!
If in doubt, u can indulge the past shareholders of Oando.

DISCLAIMER: NOT to be reckoned as any sought of recommendation. ...when in doubt, pls do well to engage the services of an investment manager/adviser for guidance.

Let's hope that things will get better for them !!

Many people have raised a red flag on wapco
I equally posted a comment on red flag signals.
WAPCO n Oando fit into those companies that expand aggressively without having the means.
Every year, dz good for nothing company will be racing preferential shares, bonds commercial papers. All in the name of expansion.
Dangote actually played a smart one on this company by taken makanju and some of their technocrats. Since makanju left, dz company has never be d same.
A company that dangote met in business could no longer rival ccnn. What a pity? Wapco is sinking in debts.
Too late to catch up.... Wapco heading southwards @ km N10 to 15

Godlylifeoneart:

Many people have raised a red flag on wapco
I equally posted a comment on red flag signals.
WAPCO n Oando fit into those companies that expand aggressively without having the means.
Every year, dz good for nothing company will be racing preferential shares, bonds commercial papers. All in the name of expansion.
Dangote actually played a smart one on this company by taken makanju and some of their technocrats. Since makanju left, dz company has never be d same.
A company that dangote met in business could no longer rival ccnn. What a pity? Wapco is sinking in debts.
Too late to catch up.... Wapco heading southwards @ km N10 to 15

fear of dangote is what is driving them crazy

Godlylifeoneart:

Many people have raised a red flag on wapco
I equally posted a comment on red flag signals.
WAPCO n Oando fit into those companies that expand aggressively without having the means.
Every year, dz good for nothing company will be racing preferential shares, bonds commercial papers. All in the name of expansion.
Dangote actually played a smart one on this company by taken makanju and some of their technocrats. Since makanju left, dz company has never be d same.
A company that dangote met in business could no longer rival ccnn. What a pity? Wapco is sinking in debts.
Too late to catch up.... Wapco heading southwards @ km N10 to 15

Internal politics and Mismanagement is WAPCO major problem.

rahjan:
Please OOG, current price and other FA gurus. What is the implication of this line: ''other comprehensive income item that will be reclassified to income statement'' in UBAs report?

Does it mean that at FY the negative N14B will impact on the banks bottom line?

Please someone should help me explain

Godlylifeoneart:

Many people have raised a red flag on wapco
I equally posted a comment on red flag signals.
WAPCO n Oando fit into those companies that expand aggressively without having the means.
Every year, dz good for nothing company will be racing preferential shares, bonds commercial papers. All in the name of expansion.
Dangote actually played a smart one on this company by taken makanju and some of their technocrats. Since makanju left, dz company has never be d same.
A company that dangote met in business could no longer rival ccnn. What a pity? Wapco is sinking in debts.
Too late to catch up.... Wapco heading southwards @ km N10 to 15

Are there armed robbers @ Km N10 to 15?
I will send you with FSARS to clear the way.
This company is only worth N3.5 - N5.0
You don't need all those complex valuation formulae.
Just ask yourself, after I buy the shares, will they stop asking me to pay interest (rights issues) on the purchased units?

http://www.nse.com.ng/Financial_NewsDocs/23940_NIGERIAN_BREWERIES_PLC._CORPORATE_ACTIONS_OCTOBER_2018.pdf



Interim dividend in pipeline

SOURCE: trwstockbrokers.
(COMMENT - As always, due diligence is advised, before taking investment decisions).

UBA PLC HALF-YEAR STOCK ANALYSIS

TRW FUNDAMENTAL AND TECHNICAL ANALYSIS OF THE NIGERIAN STOCK MARKET
Posted by TRW STOCKBROKERS LTD on October 15, 2018

Company: United Bank For Africa Plc
Rating: Buy
Current Market Price:N8.25
Year High: N13.50
Year Low: N7.00
Fair Value: N19.70
Conservative Expected Q3-EPS: N1.90

INTRODUCTION:
This report reviews the half-year financial performance of United Bank for Africa (UBA). But valuation was achieved through full year performance, from where projections were made and appropriate techniques adopted.

We maintain that analyst influence might be reflected in the valuation and projections accordingly. The next financial statistics currently awaited by investors from the financial institution is the nine-month performance. History reveals that the bank usually releases its third quarter earnings in the second week of October. For example, release dates for the past three financial years are: October 16, 11, and 15 in 2017, 2016 and 2015 respectively. Based upon this, we expect same between October 8 and 19, 2018. Please note that interim cash dividend trends have remained same (N0.20 per share) for the past three years, although slight variations were noticed in the payout ratio. We are of the opinion that such variations are negligible.

UBA PLC DATA:
Bourse :Nigerian Stock Exchange
Code Name: UBA
Sector: FINANCIAL SERVICES
Market Classification: Premium Board
Nature of Business: Commercial Banking
Date of Incorporation: February 23rd 1961
Date Listed: March 31st 1970
End of Accounting Year: 31st December
Website: www.ubagroup.com
Registrar: AFRICA PRUDENTIAL REGISTRARS
Auditor: PricewaterhouseCoopers
Share Price@Relsd (N): 8.05
Earnings per Share: 1.28
Intrinsic Value(N): 19.70
Shares Outstanding: 34,199,421,368
Market Capitalisation: 275,305,342,012

COMPANY FIGURES:
Gross Earnings for the half year improved over the corresponding year by 15.80%, from N222.71 billion to N257.91 billion.
Interest Income stood above that of similar period of 2017 by 20.87%; at N187.29 billion vs previous N154.95 billion. Interest Expense increased at a higher momentum, compared to the rate of income/ gross earnings growth, rising from N53.57 billion to N76.21 billion, representing a difference of 42.26%

Having considered all expenses and incomes, N58.14 billion was reported as Profit before Tax for the period, which is only 1.06% above the N57.53 billion reported in the same period of 2017. After deducting income tax expense, the financial institution reported N43.79 billion as profit for the period vs N42.33 billion earned in 2017 half-year. In other words, profit only improved by 3.43%. Total Comprehensive Income for the period stood 42.72% below 2017 half year. A total of N30.48 billion was reported, compared to N53.21 billion. Retained Earnings grew to N165.71 billion from N149.46 billion, a 10.87% improvement within the two periods under comparison. Total Assets was valued at N4.26 trillion, a 15.65% improvement over the period.

Total Liabilities were N3.77 trillion vs N3.20 trill in 2017. Total Deposits received for the period stood at N3.03 trillion, compared to N2.58 trillion in the corresponding half-year of 2017, a difference of 17.42%. Meanwhile, Loan and Advances to customers dropped marginally against the previous half-year (currently N1.55 trillion vs N1.57 trillion last year). Net Assets, on the other hand improved by a marginal 2.72% in the period under consideration.

UBA PLC STATEMENT:
Financial Positions 2018(Mill) 2017(Mill) % CGN
Cash & Cash Equiv. with CBN 1,031,779 763,224 35.19
Gross Earnings 257,918 222,718 15.80
Interest Income 187,294 154,954 20.87
Interest Expenses 76,218 53,575 42.26
PBT 58,140 57,531 1.06
PAT 43,792 42,339 3.43
Total comp Income 30,481 53,216 -42.72
Retained Earnings 165,712 149,469 10.87
Total Assets 4,267,653 3,690,289 15.65
Total Liabilities 3,771,401 3,207,158 17.59
Total Deposits 3,039,230 2,588,247 17.42
Loans & Advances 1,553,976 1,571,842 -1.14
Net Assets 496,252 483,131 2.72

VOLATILITY RATIOS:
Estimated Beta Value of UBA Plc stood above both the market and industry Average. This confirmed the volatility/patronage of its shares on the floor of the exchange. Although, this is almost irrelevant, since we analyze a financial institution whose major business is to collect deposits (mostly reported under liability). We estimate Debt to Equity ratio as 104.21%, well above the 58.79% industry average.

Volatility UBA PLC INDUSTRY
Beta-β 1.68 1.51
Debt to Equity 104.21 58.79

PROFITABILITY RATIOS:
Interest Expense to Gross Earnings is presently estimated at 29.55%, which is 22.85% above the 24.06% estimated in the 2017 half-year result. PBT Margin stood at 22.54%, as against 25.83% last year, representing a 12.73% drop. Similarly, Profit margin dropped against prior year’s. We have estimated 16.98% margin from Gross Earnings, compared to the 19.01% previous estimate. Return on Average Equity is now 8.82%, compared to 8.76% returns achieved in the first six months of 2017. Return on Average Assets differs by 10.56%, moving from 1.15% to 1.03%.

Profitability Ratios 2018 2017 %CHG
Interest Expense to Gross Earnings 29.55% 24.06% 22.85%
PBT Margin 22.54% 25.83% -12.73%
Profit Margin 16.98% 19.01% -10.68%
RoAE 8.82% 8.76% 0.70%
RoAA 1.03% 1.15% -10.56%

EFFICIENCY RATIOS:
Gross Earnings to Total Assets was flat within the two periods compared. Gross Earnings to Equity is now 51.97%, vs 46.10% estimated in the 2017 half-year. Financial Leverage is 8.60x as against 7.64x. This is an estimate of the number of times the total assets replicates the equity, meaning that the ratio got better over the review period. It was also established that 51.13% of Total Deposit was given out as Loan and Advances during the period, 15.81% lower than the 60.73% during the first six months of 2017. Meanwhile, Loan and Advances is 36.41% of Total Assets, 14.51% lower than the 42.59% of last half year. This shows a controlled/reduced risk compared to 2017.

Efficiency Ratio 2018 2017 %CHG
Gross Earnings to Total Assets 6.04% 6.04% 0.14%
Gross Earnings to Equity 51.97% 46.10% 12.74%
Financial Leverage 8.60 7.64 12.59%
Loan to Deposit 51.13% 60.73% -15.81%
Loan&Adv to Total Assets 36.41% 42.59% -14.51%

INVESTMENT RATIOS:
Snce shares outstanding remained constant during the two periods under consideration, the estimated amount earned per units of UBA shares is N1.28, which is 3.43% above the N1.24 earned last year. P/E Ratio for the period is 1.57x, vs 1.96x in 2017. Book Value is N14.51 per share, fairly same as N14.13 last year. This confirms that the company is currently undervalued. Also confirming this fact is the Price to Book Value that is estimated below unity, proving low price against Book Value. Operating Expenses for the period is currently 29.55%, this is 22.85% above the 24.06% of 2017 half year.

Investment Ratios 2018 2017 %CHG
EPS 1.28 1.24 3.43%
TCI/SHARE 0.89 1.56 -42.72%
Earnings Yield 15.91% 12.75% 24.76%
P/E-RATIO 1.57 1.96 -19.85%
P/BV 0.55 0.69 -19.29%
BVPS 14.51 14.13 2.72%
Opex Margin 29.55% 24.06% 22.85%

DIVIDEND
Dividend/Share (N) 0.20 0.20 0.00%
Payout Ratio 15.62% 16.16% -3.32%
Sustainable Growth Rate 7.45% 7.35% 1.34%

VALUATION:
As noted above, our valuation explored few full years’ financials prior, projected appropriately based on our growth expectations. Thus, we have placed the price of each UBA share at N19.70. Please note that our conservative earnings expectation for the expected nine months ended September 30th, 2018 is N1.90. This is about 6.74% growth above the previous third quarter earnings (N1.78) and 48.43% improvement from the half year earnings.

So much wrong info here I feel sorry for ppl listening to dem....

If not for work I go catch u b4 ehh


The loans are reducing and Lafarge is restructuring they are the best cement company in the world...na politics dem dey use attack dem for hia.....who no who dem dem

Godlylifeoneart:

Many people have raised a red flag on wapco
I equally posted a comment on red flag signals.
WAPCO n Oando fit into those companies that expand aggressively without having the means.
Every year, dz good for nothing company will be racing preferential shares, bonds commercial papers. All in the name of expansion.
Dangote actually played a smart one on this company by taken makanju and some of their technocrats. Since makanju left, dz company has never be d same.
A company that dangote met in business could no longer rival ccnn. What a pity? Wapco is sinking in debts.
Too late to catch up.... Wapco heading southwards @ km N10 to 15

prof2007:
UBA PLC HALF-YEAR STOCK ANALYSIS

TRW FUNDAMENTAL AND TECHNICAL ANALYSIS OF THE NIGERIAN STOCK MARKET
Posted by TRW STOCKBROKERS LTD on October 15, 2018

Company: United Bank For Africa Plc
Rating: Buy
Current Market Price:N8.25
Year High: N13.50
Year Low: N7.00
Fair Value: N19.70
Conservative Expected Q3-EPS: N1.90
.

UBA appears cheap at currentprice cheaper than gtb but gtb would always be stock to watch based on their superb efficient

on my bedsheet, GTB shows 40% discount while UBA shows 100% discount. although investors dont care about gtb discount/premium

Chai dis tin dey look so funny...the hustle is real

shina88:
Join Industry Experts at the 2018 Traders, Investors & Analysts (TIA) MEETUP at the Nigerian Stock Exchange, Marina, Lagos on 30th & 31st October, 2018. Register Now http:///2RrTJgo

U 2 dey bash lafarge...do u know wetin restricting dey mean?

The ashaka you are talking was already owned by lafarge ...


Maybe u were not among the us who don chop that bull


Lafarge enn is politically handicap but their


cement is d best ask any builder ...


D correct way to chop Lafarge bull is through commercial paper...no b d stock


attacking writhing knowing pshewww

onegentleguy:


One of the worrying issue with LARFAGE WAPCO was the disservice the parent coy (LARFAGE holcim) did to the Nigerian entity. ...because ever since some coperate actions (specifically mergers), the company's financial performance on the back of very poor management efficiency has been to say the least abysmal !!
The merger with Ashaka cement and Unicem was also not properly accounted for. I recall I stated it then that larfage would've been better off expanding on their own than embarking on those mergers. In retrospect, the company paid/gave in more for those margers as could be seen from comparing all involved entities ENTERPRISE VALUE, PBT MARGIN and EBITDA MARGIN as at the time. (comparing that of larfage to ashaka cement and unicem)
That said, the greatest problem with this coy is that of COST MANAGEMENT AND OPTIMIZATION !! Opex margin has been on an upward trajectory since these mergers.
To put things in perspective, operating cost has grown at a CAGR of near 26%, which is at an over 158% faster rate than the 10% CAGR in revenue in the last 3-4 years.
The company's ROAA, ROAE, NET MARGIN, FCF, RoIC and EM also tells of a very 'bad story'.

The SIGNS to most of these issues were always there for any descerning investor to see. ...particularly in the last 6 quaters.
I recall we highlighted some of these RED FLAGS when I advised folks to SELL OFF their holding in the coy at the beginning of Q1 2018 after doing an analysis on the company.
Then, LAFARGE was selling for near N50. ...current price is now N20.7, which is a near 60% loss. ...and which would now require a whooping 142% uprise before an investor can breakeven and sell at the same N50 again !!
With LAFARGE, I always knew the last rights fund raise wouldn't put them in any good stead. Worse still, the company went ahead to pay over N90B as dividend from the money. ...when they were clearly in huge debt and there was need to optimize cost. Money that should've been utilized on delaveraging.
Again, the result print is also showing a few areas of funding mismatch. ...a clear case of gross incompetence on the part of management. Just take a good look at their recent spat of results.
Its clear that the company currently lacks foresight on the need for INNOVATION, coupled with the big issue of COST OPTIMIZATION.
Aside DC, CCNN is also not making things any easy for them. In my view, CCNN has done far much better in the short to mid term.

My advise:
It's best to stay off LARFAGE. ...unless of course, ur investment horizon is of the very long term. But even then, I'd prefer to remain on the side line until there are signs of a positive change in trend with their financials.
Like I always tell folks;
"When u see a company running a business where COST is growing faster than REVENUE on the back of decelerating EARNINGS and at the same time, they keep coming for ur money, RUN and ask questions later !!
If in doubt, u can indulge the past shareholders of Oando.

DISCLAIMER: NOT to be reckoned as any sought of recommendation. ...when in doubt, pls do well to engage the services of an investment manager/adviser for guidance.

Let's hope that things will get better for them !!

dont know if GTB did share buy back of recent,, as against the eps of 5.03 reported i have 4.80

i also noticed retained earnings fell by 30 something % may be thatz due to the implementation of IFRS 9

Godlylifeoneart:
The beauty of gtb equity, strictly driven by market forces. GTB is not perfect but a true measure n reflection of Nigeria economy.
You do not need to be a forensic auditor to know dt the bank posted a good result that will surely delight investors.
A crime for any Nigerian of 20 yrs and above not to have at least 5000 units of this pace setting bank.
So far, this the only bank in Nigeria that can do what capitec bank is doing in South Africa in the rest of the world.
Let's hope they keep the flame burning and not rest on their accolades.
Good bank, good management, always protecting minority investors in the scheme of things.
BRAVO GTB.
If your entry price is down in dz bank, be rest assured that you are only experiencing paper loss, sooner or later the bank will cross the 52 week high.
Don't share the sentiment of gtb being overpriced. Buy it at any current price you can afford.

my prayer is that a bad management don't take over the bank

because in Nigeria, any thing is possible

deepsuk:
So much wrong info here I feel sorry for ppl listening to dem....
If not for work I go catch u b4 ehh
The loans are reducing and Lafarge is restructuring they are the best cement company in the world...na politics dem dey use attack dem for hia.....who no who dem dem

Madam pretty, na only one you catch since all these days na. I think say dem for don plenty now......including prof and oga Chibuking.
@godlylifeoneart dont mind me o. Her posts always amuses me.

Senate Tells CBN to Stop Monthly ATM Maintenance Fee, Summons Emefiele
https://www.businesspost.ng/2018/10/17/senate-tells-cbn-to-stop-monthly-atm-maintenance-fee-summons-emefiele/

FCMB to Release Q3 Earnings November 29
https://www.businesspost.ng/2018/10/17/fcmb-to-release-q3-earnings-november-29/

GTBank Announces N142b PAT, N5.03k EPS in Q3 2018
https://www.businesspost.ng/2018/10/17/gtbank-announces-n142b-pat-n5-03k-eps-in-q3-2018/

The normal behavior of the crowd is to mill around, make noise, and
go nowhere. Once in a while a crowd becomes excited and explodes
in a rally or a panic, but usually it just wastes time

https://www.pdfdrive.com/the-subtle-art-of-not-giving-a-Bleep-e60365110.html


Spice up your day with dz self motivating novel

phemmie06:
http://www.nse.com.ng/Financial_NewsDocs/23940_NIGERIAN_BREWERIES_PLC._CORPORATE_ACTIONS_OCTOBER_2018.pdf



Interim dividend in pipeline

Someone should help me look into this company. The ogas, pls help.

Agbalowomeri:
The normal behavior of the crowd is to mill around, make noise, and
go nowhere. Once in a while a crowd becomes excited and explodes
in a rally or a panic, but usually it just wastes time

Agba, pls give us clarity on the above.

oyel hav lost it, strong support broken. likely to go deep days ahead.

anyway NSE has disconnected with oyal long time ago.

no shaken

http://www.nse.com.ng/Financial_NewsDocs/23943_ZENITH_BANK_PLC_FINANCIAL_STATEMENTS_OCTOBER_2018.pdf

Nice one!

NIGERIA STOCK MARKET GENERAL COMMENT/MSCI NIGERIA PORTFOLIO MOVEMENT - AS AT 17 OCTOBER 2018 – DO YOU STILL WANT TO DO BUT AND HOLD?

MSCI Nigeria’s portfolio HAS FORGOTTEN Nigeria for now.

Average daily trading volume is still low, looking at the 10 day moving average figures. Want to say again, there is no big incentive to be bullish about the market. However, I am not averse to cashing out some of my gains as soon as I see 20%.

Market behaved as expected, the All share index closed lower, than our expected low for the day giving up the previous day’s gain (nothing to worry about for those of us following the market closely). For today expected High is 32,633.39 [/b]low at[b] 32330.11.

For the people lucky to be in[b] Cutix, congrats[/b]. However some of us are likely to bail out part of our holdings at around NGN2.50. I need money for CAVERTON, only is if can get below NGN2.00. It has been fairly long since I invested money in the market, by my own standard.

My mind is getting made up that I will not do buy and hold again. If I look at the so many bullets in terms of falling prices that I have witnessed and escaped. Stocks like John Holt, Unilever (stock valuation problem), and all those liquidated banks from the days of Afribank etc. The kind of traders/investors that the market is breeding now are going to be nearly at par with the foreign investors (pull out on markets falling and come to market only when there is up trend).

Just like somebody pointed out on Transcorp, the handwriting on the wall is telling us clearly who is in control of that organisation, the only PVC available to the small investors is to bail out when things are becoming cloudy and come in when there seems to be cash lying on the street. Simple but painful.

In view of the fact that some additional information on our postings will now be added, you can check our twitter handle “Target Technical Analysis”.

Caution: This is for information purpose only. Data used are assumed to be correct. However, you may want to verify the data from an appropriate source. Also, Institutions can afford to suffer big losses without going burst compared with an individual, you cannot follow them blindly (you need to at least have some knowledge/your own plan).
N:B



1. Due to the fact so many new people are coming to this forum and may not know this use of following the “big monies that move markets”, I will be indicating why/how to use the information. This will be a permanent future of my post to reduce some comments which may prevent the people that understand the system from confusion by people who have not followed how this started. My comment for today for anybody who doubts the efficacy of following the fund is to look at my recent recommendations for the past 2 months.

2. The fund will still hold some equity, the terms of service states this. Thus no matter the condition of the market, it will not liquidate to Zero. This is an equity fund investing in the Nigeria market.

3. You cannot bear losses like the fund. The pocket of the fund is too deep. Therefore, as an individual you are not suppose to be in the market during the stock market crash. Before or during the crash, reduce your holding.

4. If you are seeing this type of data on MSCI for the first time. You may need to verify the figures. Go to my previous posts (https://www.nairaland.com/yok/posts), you will see the various sources where the data can be verified.

http://www.nse.com.ng/Financial_NewsDocs/23943_ZENITH_BANK_PLC_FINANCIAL_STATEMENTS_OCTOBER_2018.pdf

Agbalowomeri:
The normal behavior of the crowd is to mill around, make noise, and
go nowhere. Once in a while a crowd becomes excited and explodes
in a rally or a panic, but usually it just wastes time

lolx local noise makers

EPS 4.58

currentprice:
http://www.nse.com.ng/Financial_NewsDocs/23943_ZENITH_BANK_PLC_FINANCIAL_STATEMENTS_OCTOBER_2018.pdf

currentprice:
oyel hav lost it, strong support broken. likely to go deep days ahead.

anyway NSE has disconnected with oyal long time ago.

no shaken

50% retracement shud take us to ard $74 level , meanwhile bros Emefiele is blowing the reserves from now till election by fire by force to defend naira ! Down over $1bln under 15 days . . umm

#nbst

currentprice:
http://www.nse.com.ng/Financial_NewsDocs/23943_ZENITH_BANK_PLC_FINANCIAL_STATEMENTS_OCTOBER_2018.pdf

d big boys on target for N200 bln FYE . .

#ChopUrMoney

Dangcem
- early vol on higher price umm
- d index support is leaning on dangcem finding support here !

zebi 12% reduction in gross earnings,12 % increase in PAT.where is our fedilis abeg.

fxuser:



d big boys on target for N200 bln FYE . .

#ChopUrMoney

Very much on point FYE 200 Billion in the pipeline...Guide your GTB & Zenith bank shares against bargain hunters

currentprice:
http://www.nse.com.ng/Financial_NewsDocs/23943_ZENITH_BANK_PLC_FINANCIAL_STATEMENTS_OCTOBER_2018.pdf

CP what’s the fair price of this oga now, judging by this latest..