₦airaland Forum

Why not? Investors make read-throughs from one stock to another all the time. Now CBN delay in results release is interpreted as negative for the company.

All this is short-term thinking sha. To the patient go the spoils.

Krisuba:
Access result must be worst than UBA .this is not just happening for nothing

You want CBN to go into the loan recovery business? It's not their job to tell banks who to lend to, or to help them chase down who doesn't pay back.

What they're doing is the most effective way: Force insiders to pay for unpaid loans by suffering losses in their stock performance. And give other shareholders visibility into what insiders are doing. If you still be mugu and buy the stocks of banks with such key-person risk, na you know.

Over time -- and we're beginning to see it happen -- the banks with the better governance will earn higher valuation.

OsunOriginal:
I still don't understand why CBN would suggest or approve writing off insider debts with shareholders' money. Why should ordinary people be the ones paying off the debts of elites who live in Ikoyi mansions with properties and investments all over the World? This is another case of the elites/rich stealing from the poor. What efforts has the CBN made to get/force them to repay the loans? If this is not checked and stopped, it will become the norm across all banks. The directors will collect huge loans and not pay back... and then get written off with the money that should go to the ordinary shareholders.

May be there is something I don't understand ...

Na wa o. Did anyone come to work at UBA in 2025 at all? Across the board, virtually every business line - from lending to fees - barely grew or just maintained.

Or are we seeing Zenith and GTCO forever pull ahead of the rest?

KarlTom:
UBA FY '25 AFS

https://doclib.ngxgroup.com/Financial_NewsDocs/46757_UNITED_BANK_FOR_AFRICA_PLC-_QUARTER_5_-_FINANCIAL_STATEMENT_FOR_2025_FINANCIAL_STATEMENTS_APRIL_2026.pdf

Stop insulting our intelligence abeg. There was no tender for the largest construction project in Nigerian history, and no justification for the sole-source contracting.

What are we doing? Up is down, down is up, the sky is brown, the ground is blue.

Anyway, let's stay away from the politics here. The wave of public construction is positive for the listed cement makers.

GeeKudi:
The companies getting new jobs now will also add the new contracts to their own lists of projects done in Nigeria. How that one come be bad thing?
be like say bro Mike don load JB full bag

This is a bit unfair na. Understanding broader industry dynamics makes one a better investor -- even if you don't own a particular stock in the sector. Allows you benchmark performance, understand the story behind the numbers, and make better read-through from one stock to another. I don't own BUACEM, but see me wow-ing at their performance.

ositadima1:
So because they did not disclose volumes, you assumed volume was stagnant? Higher prices (inflation or pricing power) and higher volume are both legitimate sources of growth. Why do I feel you’re looking for justification to promote Lafarge above these two giants?

BUA’s bulk cement revenue increased from less than a billion to ₦14 billion, while revenue from bagged cement also increased, though not by as much.

I'm just as amazed o. Where did you see volume growth info? I know their bulk cement rose sharply, likely pointing to increased infrastructure/large customer sales.

They also "cheated" a little on depreciation, but not enough to tar the results.

Sunrisepebble:
I don’t understand how they’ve contained the costs. Is this just price increases they’re enjoying ? No volume growth.
I didn’t see their volumes for last year, but Dangote was similar, costs were flat and they didn’t grow volumes. Only Wapco did

Revenue: +22%
Cost of sales: +1%
Opex growth: +11%
Even energy costs declined.

Stunning operating leverage amid the economic pain all around. Simply stunning.

Dis life no equal.

https://doclib.ngxgroup.com/Financial_NewsDocs/46724_BUA_CEMENT_PLC-_QUARTER_1_-_FINANCIAL_STATEMENT_FOR_2026_FINANCIAL_STATEMENTS_APRIL_2026.pdf

KarlTom:
More revenue, near flat CoS, x10 finance income, reduced finance cost, massive exchange gain 🔥🔥

Many of these stocks have had a good run, so the question now is whether the market hasn't fully valued them.

The main challenge with pharma companies in Nigeria is that, outside of a few areas (basic antibiotics, blood enhancers, etc.), the drug makers are heavily dependent on imported active ingredients, thus limiting their gross margins.

If you know any company that is fundamentally addressing this challenge, abeg tell us. That's where the real opportunity lies.

IyaTola:
Nigeria imports over 70% of its medicine.

Yet there are 6 pharma companies listed on the NGX most Nigerians have never heard of.

Here they are:

FIDSON — ₦100.00
MECURE — ₦60.60
MAYBAKER — ₦37.00 [MRF]
NEIMETH — ₦10.10
EKOCORP — ₦5.80
PHARMDEKO — ₦1.83

Fidson just crossed ₦100. That's not a coincidence.

May & Baker carries an MRF flag, tread carefully.

Pharma-Deko at ₦1.83 is either the most overlooked stock on the exchange or a lesson waiting to happen.

The sector is underfollowed. That's exactly where opportunities hide.

WAPCO even at 270ish -- still trading at half the P/E of BUACEMENT, with capacity expansion in near term, and massive capital investments for Naija as far as the eye can see that will rely on cement.

But take the long view sha. I'm not a day trader.

vacanci:
what is it about

Vitafoam/wapco pls. i no dey play with ur post while i do my own research

Access is arguably even better positioned for the shift in pan-African trade -- if it materializes as expected -- with tentacles across the continent, as well as in Hong Kong, Dubai, Mauritius, and Europe. People should stop looking at this stock only from trading day to trading day.

otomatic:
Ecobank

https://www.reuters.com/world/asia-pacific/ecobank-yuansettlement-talks-with-bank-china-amid-africa-trade-shift-2026-04-21/

Thanks. I'll do more research on this.

Prosper307:
Sourcing and exporting raw cashew nuts, sasame seeds, hisbiscus, etc. to india, vietnam, turkey and other destinations.
Leveraging their export processing center in Lagos and their strong logistics network.
This is a whole universe of growth for Nahco and they are taking it very serious. That's all I can say.

Interesting. First time I'm hearing about this. Can you please share more?

Prosper307:
You guys are forgetting agro-exports. Watch out for Q1 and see agro export contribution to revenue growth.

You try, but I'm still confused

Anyway, we'll know in a month or so. But Nahco is an excellently positioned company sha.

chimex38:
I think people are keying in to the 14% extra bonus (1 for 7) added to dividend yield from the proposed dividend. That's about 17%-20% in total dividend
( for average purchases between ₦100-₦180).

QD is also at hand=May 1.
So probably rotational investors want to acquire as much as possible to make the 14% extra bonus worthwhile, hence the high demand as the closing window approaches.

With this few points of mine hope I have been able to convince you why the 50% rally is holding for now aside the hotel lunching

Robotaxis: A $1 trillion growth opportunity in the US alone. Today it's at zero.

This is like asking why pay a ridiculous multiple for Microsoft before desktop and cloud computing.

pluto09:
Which growth should make a company to sell at earning multiple of 363?
It is just ridiculous.
We are at point where people pay less attention to earning capacity of a company.
What you hear is just buy it and you can double your money in 6 months.

Robotaxis: A $1 trillion growth opportunity in the US alone. Today it's at zero.

This is like asking why pay a ridiculous multiple for Microsoft before computing was a thing.

pluto09:
Which growth should make a company to sell at earning multiple of 363?
It is just ridiculous.
We are at point where people pay less attention to earning capacity of a company.
What you hear is just buy it and you can double your money in 6 months.

But at least with TSLA you can see a path to high revenue and earnings growth at scale through the launch of robotaxis. And with NGXGROUP you can make the case for fee income from mega IPOs on the horizon (Dangote Refinery, Flutterwave?), trading hours expansion, and new trading products (futures). No significant new investment required.

Where's the growth for NAHCO?

pluto09:
We just have to wait and see....
Market direction has been difficult to predict in recent years.
I will not be surprised if people start comparing our market to more sophisticated ones.
I looked at TESLA this morning and I saw a PE of 363 and I was like wow, a stock could be this expensive...

So where's the growth in "growth stock" coming from? Are we building more airports? Are more people traveling?

Oasisblue:
People are buying expectation. NAHCO is now a growth stock. So far revenue growth matches investors anticipation, NAHCO will keep soaring.

I know na. I don't own NAHCO, but like post mortems on dead patients, sometimes understanding why you missed a major move in a stock is a valuable lesson.

Sunrisepebble:
The market can remain irrational longer than you can remain solvent.

I don’t understand the rally but congratulations to all the holders. I sold below N120 and haven’t looked back since

I like NAHCO, but a sharp rise in a widely followed stock usually means earnings acceleration ahead. Where will growth come from?

Oasisblue:
Why not? Shareholders are reacting to NAHCO's outstading performance, rewarding its shareholders.

NAHCO, not some invisible stock that isn't on anyone's radar, up 50% in one month. Because they plan to open a hotel?

This will not end well.

yMcy56:
ARADEL and NAHCO in early lead...
ARADEL: 1689.00
NAHCO: 240

ACCESS above 30...


Anyone in need of another value stock and has patient fund should align with DANGCEM

It's too much, jor. I'm no fan of Loco's, but at least his epistles were about stocks. This isn't a personal mental health app.

People: Calm down; it's not personal. Stick to stocks and finance.

jonnysessy:
This is what a mature man is. Just like they say in political parlance no permanent enemy or friend but, permanent interest. It only takes maturity to say the word i am sorry forgive me.. This is why we are men (not taking anything from our women folks). I hope with this let bygone be bygone. We are all here to make money, in the course of this journey there are ups and downs. Let us continue to forge ahead. Just like a saying in my place and i quote The sky is wide enough for every bird to fly without colliding.

I feel you. The issue with Loco was not that he promoted stocks; it was the high frequency, slavish repetitiveness, and lack of brevity with which he did it. We are still open to hear his picks.

Loco himself also tried to silence others who disagreed with him on the merits, not personally. I know that firsthand.

But yes: We should get back to stock-picking. And that includes an openness to factual debates about said stocks. No one knows it all. And it's not personal.

brotherly:
It’s becoming clearer that ego is the tool the enemy wants to use to ruin things here .

people used 'I Too Know' (ITK) to silence Loco, who was a net blessing to this forum. I repeat — a net blessing. Not all his picks hit the mark, but we have more wins from his recommendations than misses. Even the ones that seemed like misses were often good picks where he simply misjudged the timing.

Now the thread will stretch to four pages, and all of it will be arguments about who knows more than whom.

I have my primary sources for getting my picks, but this forum helps me in two ways: it provides secondary validation for some picks, and sometimes it offers options for me to research further.

I bought Ecobank at ₦29 but wasn’t patient enough to wait for the rally. If I had heeded Nosa’s call to re-enter, I know how much I would have made.

Please — we are here to make money. make una chill

Since everyone here na billionaire, I declare myself trillionaire!

Agbalowomeri:
You sef don join the 'audio' billionaire geng

Stop exaggerating; investors are not that bad at math.

If Access was trading at ₦400 per share, it would imply a valuation north of 26x trailing earnings. I dare you to find a serious brick-and-mortar bank in the world that trades at 26x earnings. Only best-in-class fintechs, like Latin America's Nubank, roll in that stratosphere.

You don't have to oversell Access. If you know, you know.

Mankind2024:
...If Access Bank or UBA were listed on the London, New York, or even Johannesburg stock exchange, given the profits they are currently making, neither would be trading below ₦400 per share.
With the current administration’s aggressive $1 trillion economy agenda, I strongly believe many of these undervalued and under-appreciated companies have the potential to skyrocket 10x or more in the coming years.
Stay patient and stay invested.

Na wa o. Please stop the negative thinking. Asian capital markets are firing too, but they're not white. It's the institutions and the policies, not the race, that make the difference.

Anyway, this gap is the investment case for buying NGXGROUP on any major dip: Country demographic advantages, increased domestic savings, growing demand for investment products, NGX expansion into new products, and a free "call option" on Ethiopian capital market growth with their 5% stake on the ESX.

Valthegreat:
Oboy! The gap between JSE and NSE is like the distance between heaven and earth. NSE can't reach the distance in 20 years time even if they place an embargo on JSE growth. We must give it to the whites that they know how to run countries and economies. Zulus and Xhosas couldn't have achieved anything close to where South African economy is today on their own but they know how to make mouth because people who believe in development have built the system already.

You think Aradel and Oando's businesses are comparable? I own both; I'm not so sure.

BabsO2:
Be patient. The ride will start in due season. Just like Aradel rested sub 450 and some despaired, while others laughed. Now it’s shining.

Are you still in 100% fixed deposit?

Agbalowomeri:
I hope you guys have enough storage for all the money you are making. Make Una belle no burst o

Nor be only you. My portfolio is looking very weird now. I bought stocks like ARADEL and NGXGROUP on their lows thinking I'd rotate into better-positioned names in O&G and financials, or hold for the very long-term, but they've gone up so much so quickly.

deathwing:
I was honestly expecting Aradel to get to 1500 around December this year. While I love my stocks to explode, i like them staying down for many months while I accumulate (like i did for GTB between 88 - 100) since it's not like i want to do anything with the money if it shoots up 200%. Aradel is currently almost 40% of my portfolio though...so I think I will have to forget about buying more for now

Can you please explain why 250? What supports that valuation?

Raider76:
NAHCO's qualification date for dividend and bonus is coming in wks. The price should at least hit 250 by then.

Per Nairametrics tweet. The future of banking:

Segun Agbaje, CEO of Guaranty Trust Holding Company (GTCO), has disclosed the company’s three most profitable non-banking subsidiaries for 2025.

The disclosure was made during GTCO’s FY 2025 Investor Call on Monday... the three most profitable non-banking businesses... were fintech, asset management, and pensions. He highlighted that these sectors were key contributors to the company’s strong performance outside of traditional banking.

Calm down. The entire market is re-rating, especially medium- to large-cap stocks. Unless you bought Ellah or Chams

nosa2:
Its not somebody, IT WAS ME, MYSELF AND I.

GTCO at N38, Zenith at N60, FBNH at N31, Guinness at N100 and now ETI at N46

If you want to have more intelligent discussions that will help us reveal tomorrow's winner come over to ngxforum.com

But that's the point of discussions like these: Illuminating whether the choice to buy ETI over ACCESSCORP -- or, more technically, whether to overweight the former relative to the latter in a portfolio -- was a smart one with the info at hand.

Here, we actually have two almost perfectly comparable banks, with roughly similar deposit bases, pan-African strategies, and valuations -- but different asset mix under the hood.

But yes: It is not a crime to buy, and promote, the poorer choice. Never say never.

nosa2:
Why is it either or?

People can choose to buy both companies. I choose to buy ETI and not access. And since I only promote what I own I won't promote access. However you are free to promote access if you so choose.

PS will you be buying ETI today?

Even on your numbers, both are trading around 0.3x book value (Access enjoying a slight premium). But Access has the better business mix (qualitatively speaking), with a large, stable pensions business (post ARM acquisition) and a growing payments solution (Hydrogen Pay), both of which generate higher quality earnings than net interest margin.

If you want a pan-African bank, Access is probably the better bet.

nosa2:
Go through the Ecobank and Accessbank threads here and tell me which you think is poorer

https://ngxforum.com/board/3/banking-stocks