₦airaland Forum

StockGiver:
STOCK PICK FOR THE MONTH: CHAMS PLC


• Strong Q1 2026 Performance: Momentum in Revenue and Profitability
CHAMS delivered solid top- and bottom-line growth in the first quarter:


Gross Profit increased substantially to ₦1.33 billion, aided by a roughly 7% drop in cost of sales, reflecting better operational efficiency or favorable input costs.

Profit After Tax (PAT) surged 188% (or nearly 2.9x) to ₦429.4 million (from ₦148.9 million in Q1 2025).

This profit jump highlights operating leverage and possibly higher-margin contributions from areas like cybersecurity services, which have been noted as a growth driver amid rising cyber threats and regulatory demands in Nigeria.

The company also showed balance sheet discipline:
- Total Equity grew to ₦19.95 billion (from ₦19.52 billion at end-2025), driven almost entirely by retained earnings from the quarter's profit.

- Liabilities decreased meaningfully (to ₦11.88 billion from ₦14.86 billion), mainly from lower trade payables.

- Operating cash flow was positive at ₦455.7 million, supporting reinvestment despite some loan repayments and capex outflows.

These figures build on full-year 2025 results, where revenue grew ~18% to around ₦17.5 billion and PAT reached ~₦606 million. Q1 2026 suggests the growth trajectory is continuing, with improved margins in the early part of the year.

Strategic Expansion into High-Growth Areas (AI, Data Centers, Digital Infrastructure)
CHAMS is evolving beyond its traditional identity management, payments, card production, and transaction switching businesses (core to SIM cards, bank cards, and digital IDs):

- In February 2026, the company launched Chamscorp Plc, a new subsidiary focused on digital device manufacturing, data centre design/operations, AI infrastructure, and intelligent systems. This positions CHAMS in Nigeria's emerging AI and digital infrastructure boom.

- Leadership appointments (including experienced figures from finance and data analytics) signal serious intent.

- Nigeria's digital economy is expanding rapidly, with massive growth in instant payments (NIP transactions), fintech adoption, e-commerce, and government digital ID initiatives.

CHAMS' established role in identity and payments gives it a strong foundation to capture value in adjacent high-margin areas like cybersecurity and AI-enabling infrastructure.

The capital raise of ~₦7.5–7.65 billion in 2025 (via rights issue/private placement) has strengthened the balance sheet, providing dry powder for these expansions, cross-border payments, and fintech innovations across Africa.

A proposed dividend (e.g., 3 kobo per share) also signals returning capital to shareholders and confidence in cash generation.

Valuation and Upside Potential
- Improving Fundamentals: Double-digit revenue growth historically, sharp PAT expansion in Q1, positive cash flow, and a cleaner balance sheet (higher equity, lower liabilities).

- Multiple Expansion Opportunity: As CHAMS executes on Chamscorp and higher-margin digital/AI plays, the market could re-rate the stock from a legacy payments/ID play to a diversified digital infrastructure leader.

- Nigeria Fintech Tailwinds: Continued CBN support for digital payments, AfCFTA-driven cross-border opportunities, and structural demand for secure identity solutions.

- Catalyst Pipeline: Further details on Chamscorp progress, potential new contracts in government/biometrics, full-year 2026 guidance, and any M&A or partnerships.


This is not financial advice. Always conduct your own due diligence

CBTxFactor:
30-35k

naturalflow:
Our wapco dividend how far?

CBTxFactor:
Price: 40k
Speed: 100Mbps
Data cap: Not ascertained yet (they claim there's no FUP & it's uncapped but I know say na lamba)

CBTxFactor:
Be like say na now day don break for MTN side. No be everybody fit digest Fibre.

megawealth01:
Maybe no cash at hand 👌

lexy2lexy:
Has anyone received WAPCO dividends?

emmanuelewumi:
The dividend declared will be deducted then adjusted for the bonus.

Should open at between N217 and N218 on. Monday

emmanuelewumi:
Have you seen the full year result?

I am buying more at sub N200, it will open at N217 on Monday

Mpeace:
Seplat on full bid at 11,495. It has officially moved too. Wow Aradel will small official movement too to 2024, BUA cement doing us proud as always.
Mtn officially 890 Nascon too moved.

But why is WAPCO not moving naa

ositadima1:
Oh, I didn’t know that, lol.

Ginalex:
Agbalowomeri you dey see our NB?

ositadima1:
As for this, I explained it very well last year. The screenshot by Oga Ema said essentially the same thing, although there are slight differences. He didn’t mention the tax year or whether the waiver applies within the same tax year. Selling, reinvesting, and then selling again within the same tax year may void the reinvestment advantage.

KarlTom:
Dingg

pluto09:
If that is what your tax man said, no wahala since he is the one mostly likely to help you file your tax returns..
In filing my returns,I noticed there was not so much emphasis on what you own and what you sell, it is more of what you have in January versus what you now worth at the end of December of the tax year.

Sunrisepebble:
Thank you Wapco

Betnomore:
Thanks

Betnomore:
Please paste his details so I can run the unlocking today. Thanks

Betnomore:
Bro na me no see those posts well. Now I understand. Not worth unlocking for me if it can’t work as Wi-Fi extender

ogoo4real:
UBA announced no dividend, Access Bank dey suffer. Chaii

sterlingD:
For the notice put out it is 9:30

Panadee:
DING?

NSEstudent:
Finally, although there are modes to use the X25pro as 2.4GHz or 5Ghz Wifi (repeater?!) in the paragon unlock software, that feature refused to work. I have tried it many times but it keeps showing 'Disconnect'.

It now works well as IDU though, but I am still sticking with MC801A.

Betnomore:
Bro u said you haven’t done the paragon fix or am I getting something wrong. The Peter guy with the paragon fix has his UI different from yours. That is why I’m asking. Abi I don mix everything up nii

Betnomore:
No problem about that but I need to be 100% certain that using the paragon fix will make the x25 pro act as Wi-Fi extender. Please confirm this for me once you’ve done yours or anybody that has the paragon fix can confirm this for me before I proceed.

Betnomore:
Or do I need to connect the LAN cable from the ODU directly to the X25 pro? Because it’s the LAN cable that is normally connected to IDU that I connected to the X25 pro. It seems the IDU can’t even work as Wi-Fi extender. It’s connection is basically just LAN input

Betnomore:
I connected the X25 pro to the power bank that comes with the whole package using the same connection as the IDU for ZTE but it didn’t work automatically. Swapped both LAN ports but no internet connection. The WAN section only has mobile connection only just like the picture in your previous post. Am I getting anything wrong? Or is it because yours is slightly tweaked? It will make a whole difference for me if it works so I can use the follow come IDU as Wi-Fi extender in my room

Betnomore:
Does it involve any settings using it as IDU because it only has LAN out and not LAN in?

Betnomore:
Does unlocking the X25 pro give one access to use the router as a Wi-Fi extender? Only reason I’m considering to unlock mine

saint2ace:
Oh okay, sorry to hear that, hopefully the new umlock should work just fine. For those who have used paragon to unlock the x25pro, what's his price range? Seems his software has a lot more features.

Mankind2024:
The government maintains that no coup occurred, yet individuals are now being prosecuted for their alleged involvement in the very same event.