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Nigerian Stock Exchange Market Pick Alerts - Investment (7274) - Nairaland

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Re: Nigerian Stock Exchange Market Pick Alerts by austinkenneth: 6:32pm On Sep 22, 2023
mikeapollo:


There will still be the EGM for all minority shareholders to vote and decide. Otherwise, the whole process could be frustrated and truncated if another set of some minority shareholders should go to court and start another case.

I agree that only another fresh court case can stop this delisting but that is not what anybody would want to be doing right now against a company owned and controlled by the President's nephew (Wale Tinubu)

1 Like

Re: Nigerian Stock Exchange Market Pick Alerts by Frangel: 6:32pm On Sep 22, 2023
austinkenneth:



This document is confusing in my opinion.

First it states in section (IV) that:
An order directing that, if at the Court Ordered Meeting of the First Respondent, the Scheme
is approved by a majority representing not less than three-quarters (3/4) in value of the
shares held by the members being present and voting either in person or by proxy
, the
reports of the Court-Ordered meetings be presented to the Court within 30 days, for an Order
of this Honourable Court to sanction the Scheme.


This can be interpreted to mean that:
(a) OODP holding 57.4% of the votes will vote yes or no at the EGM meaning delisting is a done deal because they'll vote yes or
(b) OODP holding 57.4% of the votes will not vote yes or no for delisting at the EGM. In this case, the three 'minority' shareholders who hold 74%-57% = 17% will have at least a 40% (17%/42.6% = 40%) of the vote given that all other minority shareholders will not be present. This still represents a high odds for delisting at N7.07.


Secondly, in the last paragraph we have the statement:
Today, OODP has a shareholding of 57.37% in Oando PLC and the above-mentioned minority
shareholders 42.63% shareholding. This action precipitated by the petition from certain Oando
minority shareholders, if approved by all the minority shareholders at the court-ordered meeting
will result in a voluntary delisting of the Company’s shareholding on the NGX in accordance with
its guidelines for delisting of securities


This means ALL! the minority shareholders present must approve the delisting for it to happen. I think someone would come back to tell us that this is not the intention or the spirit of the writers of this doc or the court ( this is now looking like the 25% of Abuja brouhaha grin grin grin grin)

I saw that last paragraph. It's a text by the author of the notice.

Notice that the order of the court stopped at (v) which determines how the voting approval is got.

1 Like

Re: Nigerian Stock Exchange Market Pick Alerts by Jonwest: 6:37pm On Sep 22, 2023
SetrakusRa:
Has Fidelity dividends dropped?

Yes

2 Likes

Re: Nigerian Stock Exchange Market Pick Alerts by dapix: 7:27pm On Sep 22, 2023
SetrakusRa:
Has Fidelity dividends dropped?

Yes o
Re: Nigerian Stock Exchange Market Pick Alerts by Iamblessed85: 8:01pm On Sep 22, 2023
yMcy56:

Thanks boss for the clarification.

Sent a pm pls. Need to pick your brain on something
Re: Nigerian Stock Exchange Market Pick Alerts by SetrakusRa(m): 8:12pm On Sep 22, 2023
dapix:


Yes o

Strange. I didn’t receive any
Re: Nigerian Stock Exchange Market Pick Alerts by BAMOFIN1: 8:44pm On Sep 22, 2023
@Emmansoft, @Customstreet, @Mcy2 Please I already have stock account with Morgan Capital which I have found to be very okay.To diversify I want to open a second stock account with another low fees broker that also allows its clients direct live access to the trading floor, comparable to that of Morgan. My research on this thread pinpointed Stanbic brokers because of its relative low fees but going by the discussion here at page 6967 between BabsO2 and Omoeko to the effect that they monitor their orders to Stanbic through the portal of other stockbrokers, I now hesitate to go with Stanbic. Please which is the stockbroker whose fees is low and at the same gives investors direct access to the market like the Morgan's platform? My need is a broker with low fees (I do jijo) a platform with direct view of current market bids, offers and volume on real time basis. Suggestions are welcomed and I will do my due diligence before choosing. Thanks.
Re: Nigerian Stock Exchange Market Pick Alerts by customstreet: 8:58pm On Sep 22, 2023
How to select stocks

Select stocks using a simple 5-step framework:

1️⃣ Universe of ideas

Define your investable universe

2️⃣ Circle of competence

Only invest in what you understand

3️⃣ Financial stability filter

Filter for companies with a healthy balance sheet, high profitability and attractive growth rate

4️⃣ Wide moat

Only keep the companies with a sustainable competitive advantage

5️⃣ Price filter

Select the companies which trade at a cheap or fair price

You want even more?

Here's how I screen for quality stocks:

• Revenue growth > 5%
• Earnings growth > 7%
• FCF / earnings > 80%
• ROIC > 15%
• Net debt / FCFF < 5
• Debt/equity < 80%

• Revenue growth > 5%

Organic growth is the most preferred source of growth.
In the long term, revenue growth is the main driver for stock market returns.

• Earnings growth > 7%

In the end, you want most sales to be translated into earnings.
Why? Because in the long term stock prices always follow the underlying performance of the company.

• FCF/Earnings > 80%

Earnings are an opinion, free cash flow is a fact.

Companies that translate most earnings into free cash flow perform significantly better than companies which don’t.

• ROIC > 15%

For quality investors, Return On Invested Capital (ROIC) is one of the most important financial metrics.

It shows you how efficiently management is allocating capital.

Furthermore, a high and stable ROIC is a great way to look at a company’s competitive advantage.

• Net debt / FCFF < 5

You want to invest in companies which are in good financial shape.

A healthy balance sheet gives a company flexibility and protects them against unforeseen circumstances.

•Debt / Equity < 80%

Too much debt and leverage is never good.

If you’re smart you don’t need it and if you’re dumb you shouldn’t use it.

This beautiful visual was created by Vishal Khandelwal.

Which criteria would you add?

Reference: CHRIS QUINN

25 Likes 9 Shares

Re: Nigerian Stock Exchange Market Pick Alerts by lexy2lexy: 9:54pm On Sep 22, 2023
Has anyone received Presco dividends?
Re: Nigerian Stock Exchange Market Pick Alerts by emmasoft(m): 10:43pm On Sep 22, 2023
lexy2lexy:
Has anyone received Presco dividends?

The payment date for Presco dividend is 3rd of October 2023

3 Likes

Re: Nigerian Stock Exchange Market Pick Alerts by emmasoft(m): 11:08pm On Sep 22, 2023
BAMOFIN1:
@Emmansoft, @Customstreet, @Mcy2 Please I already have stock account with Morgan Capital which I have found to be very okay.To diversify I want to open a second stock account with another low fees broker that also allows its clients direct live access to the trading floor, comparable to that of Morgan. My research on this thread pinpointed Stanbic brokers because of its relative low fees but going by the discussion here at page 6967 between BabsO2 and Omoeko to the effect that they monitor their orders to Stanbic through the portal of other stockbrokers, I now hesitate to go with Stanbic. Please which is the stockbroker whose fees is low and at the same gives investors direct access to the market like the Morgan's platform? My need is a broker with low fees (I do jijo) a platform with direct view of current market bids, offers and volume on real time basis. Suggestions are welcomed and I will do my due diligence before choosing. Thanks.

@BAMOFIN1 By default I will always refer anyone who cares to the firm I represent ie Investment One stockbrokers at least to help my ministry. Apart from that, at IONE you have direct access to the market via the web or through the Investment One app.

As for fees, what is charged is not above the regulator's stipulated rate, low is relative I wouldn't know your yardstick of measurement or comparison. You can open an account online using the third link on my signature.

2 Likes

Re: Nigerian Stock Exchange Market Pick Alerts by emmasoft(m): 11:17pm On Sep 22, 2023

1 Like

Re: Nigerian Stock Exchange Market Pick Alerts by Mpeace(m): 11:36pm On Sep 22, 2023
emmasoft:
https://doclib.ngxgroup.com/Financial_NewsDocs/39446_ACCESS_HOLDINGS_PLC-_QUARTER_2_-_FINANCIAL_STATEMENT_FOR_2023_FINANCIAL_STATEMENTS_SEPTEMBER_2023.pdf
Unbelievably disappointing result from Access bank if that is trulyvtheir eps. But the result is hard to interpret. It appears they excluded their fx gains in calculating their eps.

Make the accounting gurus interpret this one for us abeg.
I see eps of N3.74
Re: Nigerian Stock Exchange Market Pick Alerts by customstreet: 11:44pm On Sep 22, 2023
Mpeace:
Unbelievably disappointing result from Access bank if that is trulyvtheir eps. But the result is hard to interpret. It appears they excluded their fx gains in calculating their eps.

Make the accounting gurus interpret this one for us abeg.


1. Closure date was even backdated to 27th July ,2023

2. Shenanigans have started by excluding their unrealized FX gain

3. Access Bank need to be monitored and examined well

4. What is the IFRS treatment of FX realized and unrealized gain or loss?

5. Access likes doing their own different from others

6. No payment date

This is how Oando started few years ago with this type of shenenigans

It is well

5 Likes

Re: Nigerian Stock Exchange Market Pick Alerts by leparj(m): 12:15am On Sep 23, 2023
How much interim dividend from
Access Bank?
Re: Nigerian Stock Exchange Market Pick Alerts by MeezPat(f): 1:00am On Sep 23, 2023
30k....Ppl go begin runaway on monday
leparj:
How much interim dividend from
Access Bank?
Re: Nigerian Stock Exchange Market Pick Alerts by mikeapollo: 2:29am On Sep 23, 2023
Frangel:


I saw that last paragraph. It's a text by the author of the notice.

Notice that the order of the court stopped at (v) which determines how the voting approval is got.

The Court cannot give any definite order or judgement on the case without the minority shareholders voting to decide on the buyout. It can never happen. There are other minority shareholders who must be given the opportunity to decide, otherwise they will also go to court and scuttle the whole process once again. The 14 shareholders cannot represent all millions of minority shareholders and you expect the millions not to express their opinion on the matter through voting.
Re: Nigerian Stock Exchange Market Pick Alerts by mikeapollo: 2:33am On Sep 23, 2023
Frangel:


I saw that last paragraph. It's a text by the author of the notice.

Notice that the order of the court stopped at (v) which determines how the voting approval is got.

The Court cannot give any definite order or judgement on the delisting without the minority shareholders voting to decide on the buyout. It can never happen. There are other minority shareholders who must be given the opportunity to decide, otherwise they will also go to court and scuttle the whole process once again. The 14 shareholders cannot represent all millions of minority shareholders and you expect the millions not to express their opinion on the matter through voting.
Re: Nigerian Stock Exchange Market Pick Alerts by Mfunkynation(m): 4:51am On Sep 23, 2023
MeezPat:
30k....Ppl go begin runaway on monday
30 wetin !
chai oooo...
Thank God I didn't load..
my remaining funds will be dump in Uba on Monday..
Re: Nigerian Stock Exchange Market Pick Alerts by hayyawithme: 5:38am On Sep 23, 2023
mikeapollo:


The Court cannot give any definite order or judgement on the case without the minority shareholders voting to decide on the buyout. It can never happen. There are other minority shareholders who must be given the opportunity to decide, otherwise they will also go to court and scuttle the whole process once again. The 14 shareholders cannot represent all millions of minority shareholders and you expect the millions not to express their opinion on the matter through voting.


As if any good judgement will come out of Nigeria court.
Re: Nigerian Stock Exchange Market Pick Alerts by Frangel: 7:15am On Sep 23, 2023
mikeapollo:


The Court cannot give any definite order or judgement on the delisting without the minority shareholders voting to decide on the buyout. It can never happen. There are other minority shareholders who must be given the opportunity to decide, otherwise they will also go to court and scuttle the whole process once again. The 14 shareholders cannot represent all millions of minority shareholders and you expect the millions not to express their opinion on the matter through voting.

Oga abeg rest joor. You don mention me two times dis early mormor for sontin wen dem write for paper. See the word ORDER for dat doc wen I post. Read!

Nex tin you go say I dey lie or spread rumours or even ask weda I don hear corporate restructuring before.
You be lawyer?
😁

1 Like

Re: Nigerian Stock Exchange Market Pick Alerts by Iamblessed85: 7:22am On Sep 23, 2023
Frangel:


Oga abeg rest joor. You don mention me two times dis early mormor for sontin wen dem write for paper. See the word ORDER for dat doc wen I post. Read!

Nex tin you go say I dey lie or spread rumours or even ask weda I don hear corporate restructuring before.
You be lawyer?
😁
Re: Nigerian Stock Exchange Market Pick Alerts by Frangel: 8:03am On Sep 23, 2023
customstreet:



1. Closure date was even backdated to 27th July ,2023

2. Shenanigans have started by excluding their unrealized FX gain

3. Access Bank need to be monitored and examined well

4. What is the IFRS treatment of FX realized and unrealized gain or loss?

5. Access likes doing their own different from others

6. No payment date

This is how Oando started few years ago with this type of shenenigans

It is well
Access. Cowboys (remember?). Lol
The closure date must have been proposed when the report was signed. Let's wait for the corporate action announcement. (Last Sterling div was backdated sha).

Fx gains was included to arrive at PAT (Notes 11+12).

My fear is they are expanding too fast (mostly inorganic). Could be catastrophic if not well managed. Anyway, the higher the risk the higher the gains, all things going well. Reason why I have some for the great future potentials.

2 Likes

Re: Nigerian Stock Exchange Market Pick Alerts by unite4real: 9:32am On Sep 23, 2023
customstreet:



1. Closure date was even backdated to 27th July ,2023

2. Shenanigans have started by excluding their unrealized FX gain

3. Access Bank need to be monitored and examined well

4. What is the IFRS treatment of FX realized and unrealized gain or loss?

5. Access likes doing their own different from others

6. No payment date

This is how Oando started few years ago with this type of shenenigans

It is well

Payment Date has been announced. October 19, 2023.

But that 30k na wa o

https://doclib.ngxgroup.com/Financial_NewsDocs/39447_ACCESS_HOLDINGS_PLC-CORPORATE_ACTION_ANNOUNCEMENT_CORPORATE_ACTIONS_SEPTEMBER_2023.pdf

1 Like

Re: Nigerian Stock Exchange Market Pick Alerts by BabsO2(m): 10:01am On Sep 23, 2023
Frangel:

Fx gains was included to arrive at PAT (Notes 11+12).

My fear is they are expanding too fast (mostly inorganic). Could be catastrophic if not well managed. Anyway, the higher the risk the higher the gains, all things going well. Reason why I have some for the great future potentials.

Yes they have borrowed forex to use for expansion. I noted that earlier in this thread (several pages back). The load of the fx additional tier 1 capital will surely reduce fortunes of common Naira shareholders, especially if the growth they deployed the fx to is currently not yielding fx income. The tier 1 fx instrument holders will always get their returns first in fx before the common shareholders get the left over. And this will tend to reduce the earnings per share to shareholders till their fx assets start bearing fruit. However should their expansions bear good fruit in months and years ahead, common naira shareholders on NGX will reap bountifully. This reward may be round the corner or may be far off who knows? Since management have been acquiring shares perhaps it may not be far off.

6 Likes

Re: Nigerian Stock Exchange Market Pick Alerts by Frangel: 10:23am On Sep 23, 2023
BabsO2:


Yes they have borrowed forex to use for expansion. I noted that earlier in this thread (several pages back). The load of the fx additional tier 1 capital will surely reduce fortunes of common Naira shareholders, especially if the growth they deployed the fx to is currently not yielding fx income. The tier 1 fx instrument holders will always get their returns first in fx before the common shareholders get the left over. And this will tend to reduce the earnings per share to shareholders till their fx assets start bearing fruit. However should their expansions bear good fruit in months and years ahead, common naira shareholders on NGX will reap bountifully. This reward may be round the corner or may be far off who knows? Since management have been acquiring shares perhaps it may not be far off.
I totally agree with you. Herbert has significantly increased his indirect holdings in H1 through his offshore interest.

I will want to buy more if investors are generally dissatisfied with the low interim div and the price falls significantly lower.

1 Like

Re: Nigerian Stock Exchange Market Pick Alerts by BabsO2(m): 10:36am On Sep 23, 2023
Frangel:

I totally agree with you. Herbert has significantly increased his indirect holdings in H1 through his offshore interest.

I will want to buy more if investors are generally dissatisfied with the low interim div and the price falls significantly lower.

It's a HOLD for me. Till signs of jump in interest income or Jump in Trade/Other income are reported. There is a high likelihood of the price dropping next week if no market maker (& or insider who know more) mops the shares dumped next week. I guess subsequent TA will give a good guess of what's up.

1 Like

Re: Nigerian Stock Exchange Market Pick Alerts by onegentleguy: 11:09am On Sep 23, 2023
onegentleguy:
ON ACCESSCORP 2022 YE report...

Pls let's not get too excited.
No doubt, ACCESSCORP did well at declaring a mouthwatering dividend and any dividend growth investor will of course embrace it, but can that be said of a value investor? ...not entirely?

Based on their YE, 2022 Nos, I dare say that UBA is still ahead of ACCESSCORP.
The magt of ACCESS need to be more efficient. They do have a strong "war chest", but the focus to build via inorganic growth has been the bane to a commensurate measure in earnings quality in view of the banks asset size. (AsY/AsQ from key ED)

Until 2021, they were doing well at optimizing cost whilst building the necessary synergy, but it appears their foray into some African countries/romance with 1 or 2 lenders has taken more than it has given them.
I was not entirely impressed by their performance in 2021. ...they should've have done more!
H1, 2022 was particularly a deviation in growth trajectory for me given how the banks AsQ relates to some of her VPDs.

Before 2021, ACCESS was well ahead of UBA in view of how risk relates to VALUE... and rightly so seeing how the former outperformed the latter in CGY YoY. (I recall writing an article to compare both lenders at the time)
But in recent time, UBA has no doubt been the more efficient bank. ...it has done better at delivering more comparative value with less.(liquidity)

By my several estimate, ACCESSCORP earnings quality is relatively fair.
An EPA analysis shows that accruals contribute less than 47% of earnings delivery, so we can say that it's ok.
But Yes, they can and should do better.
Using the same approach pegs UBA @ less 31% on accrual basis... which currently makes her a more efficiently run banking entity than ACCESS (a few other P2P comparative analysis also lends credence to this fact)

With that N1.3 dividend proposal (which of course triggered the excitement and interest in the stock), I expect ACCESSCORP to rise and perhaps hover around N12-13+ in the short term.
However, unless the overall mkt/sector assigned sentiment remains positive, am not so sure about the sustainability in cap appreciation post ex-dividend.
But for that dividend, there could've been a near 1 probability that the price will drop even if it will later rise.

I like ACCESSCORP Q1, 2023, but I also do have some concerns. It's nice to see that they've started the yr in good light but hey! it's not the 1st time they'll have a good quarter performance and follow it up with a material deviation 90 days later.
I'd love to see them show some great measure of consistency.

Before 2021, I had advised for a 70-30% fund allocation in favor of ACCESS (ahead of UBA), but in view of recent guide from their financial print (particular in the last 3 quarters), that portfolio weighting is now 60-40% in favor of UBA.
...I still do.

Bottom line: ACCESSCORP is good, but UBA is better. ...well, for now!
If the share price of the former can push up because of its proposed div cash flow, the latter will because of its slightly better fundamental stance.

CAVEAT: NOT to be inferred as any sought of recommendation. ...the need for due diligence should still take higher precedence ahead of this post.

It is well.

https://www.nairaland.com/1131485/nigerian-stock-exchange-market-pick/6979#123108469

Post release of the YE, 2021 financial print of DBMs, I did highlight that ACCESSCORP and to lesser degree ZENITH BANK were clearly not efficient enough at driving up earnings from the seemingly increasing funds at their disposal.
This informed our decision to attach a higher portfolio weighting to its direct peer, UBA ahead of ACCESS (>>GTCO ahead of ZENITH) and the preference for GTB, UBA, STANBIC IBTC, FIDELITY, FCMB and STERLING BANK as our top pick among the banking names from a value accretive standpoint.

Well, history has again proved us right.

Notice how the parts in italics have been playing out.
In one of my past post, I also mentioned that unlike UBA, ACCESS isn't putting enough risk mitigating measures in place to maximize earnings delivery in view of how the combination of the banks NIS, CoF, CoR, ROIC/ROCE, and CBR relates to her AsS/AsQ and AsY.

Sadly, even FIDELITY and FCMB have been more efficient than ACCESSCORP in the last 6 months (ref: H1, 2023 in view), with STERLING BANK trying to "rob shoulders" with her.

The bank performed sub-optimally both from an investment and loan driven stance.
The problem with ACCESSCORP isn't that they're not making money... It is that they're clearly not making enough in view of the banks asset size!
You cannot be delivering N1 from an X pool of asset when your peers are delivering N1.2--1.7 from a (2/3--3/4)X pool of asset. ...it's either something isn't right about the quality of your asset or your performance is below par. (inefficient)
...Management needs to do better!

We also cautioned against the euphoria that followed her juicy final yr dividend declaration. I always felt it was unsustainable... unless of course they can or have immediately set out to do certain things differently in H2, 2023. (at least 2 key things)

Fortunately though, the stock is still undervalued.
At Fridays close of N17.25, MoS from intrinsic value shows an approx 51.6% deviation, assuming a conservative valuation model that pegs a 5% QoQ GM in H2, 2023 and attaches a fairly appreciable risk premium.
...FVE @ N26.1
So those already in can HOLD! ...especially those who keyed in at the time we highlighted it's potential @ N9--10+.

CAVEAT: NOT to be inferred as any sought of recommendation. Due diligence still applies as always.

10 Likes 2 Shares

Re: Nigerian Stock Exchange Market Pick Alerts by yMcy56(f): 11:18am On Sep 23, 2023
ololufemi:
darling Mercy, you have been a blessing and a pivot to many on this platform. Please note that we pry for you and will always be appreciative of the magnanimous gifts you bestow upon many people in this platform.

May the Lord, the Almighty continue to bless you with good health, long life, grace favour as you continue to sacrifice your time for many others to be blessed by your words, thoughts and deeds. grin
Thanks for the prayers sir.
I wish you the same.
More of God's blessings IJN. cool


BAMOFIN1:
@Mcy2......
that also allows its clients direct live access to the trading floor, comparable to that of Morgan...
You can check out Atlass Portfolio Ltd, Cititrader.
Re: Nigerian Stock Exchange Market Pick Alerts by PETERiCHY(m): 12:29pm On Sep 23, 2023
emmasoft:
https://doclib.ngxgroup.com/Financial_NewsDocs/39446_ACCESS_HOLDINGS_PLC-_QUARTER_2_-_FINANCIAL_STATEMENT_FOR_2023_FINANCIAL_STATEMENTS_SEPTEMBER_2023.pdf

This a WELCOME development at least their lacklustre results will help push UBA above #20 meanwhile ACCESS BANK management go EXPLAIN tire without EVIDENCE grin grin grin

BARGAIN HUNTERS TAKE NOTE!

2 Likes

Re: Nigerian Stock Exchange Market Pick Alerts by Bizibi(m): 12:39pm On Sep 23, 2023
Frangel:

Access. Cowboys (remember?). Lol
The closure date must have been proposed when the report was signed. Let's wait for the corporate action announcement. (Last Sterling div was backdated sha).

Fx gains was included to arrive at PAT (Notes 11+12).

My fear is they are expanding too fast (mostly inorganic). Could be catastrophic if not well managed. Anyway, the higher the risk the higher the gains, all things going well. Reason why I have some for the great future potentials.
exactly,I share the same view on the expansion......

4 Likes

Re: Nigerian Stock Exchange Market Pick Alerts by BullBearMkt(m): 2:09pm On Sep 23, 2023
MeezPat:
30k.... Ppl go begin runaway on monday
...that will create better opportunity to buy the stock cheaper wink
grin grin grin grin grin

6 Likes

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