Waiting for market stabilisation fund - Proshare

your edge in stock market success 

September 30, 2008 

ISSN 075-0780 

Vol. 4 No. 18 


N750 

Waiting for market 

stabilisation fund 

Diaspora fund coming


Market News 2 

Agriculture 4 

Okomu Oil 4 

Presco 4 

Airline services 5 

Airline Services& Logistics 5 

NAHCO 5 

Automobile & tyre 6 

Dunlop 6 

R T Briscoe 6 

Banking 7 

Access Bank 7 

Afribank 7 

Diamond Bank 8 

Ecobank 8 

Ecobank Transnational 9 

Fidelity Bank 9 

First Bank 10 

FCMB 10 

First Inland Bank 11 

Guaranty Trust Bank 11 

Stanbic IBTC Bank 12 

Intercontinental Bank 12 

Oceanic Bank Int. 14 

Bank PHB 14 

Skye Bank 15 

UBA 15 

Union Bank 16 

Unity Bank 16 

Wema Bank 17 

Content 

Guide 

Zenith Bank 17 

Breweries 18 

Guinness 18 

Nigerian Breweries 18 

Building materials 19 

Ashakacem 19 

Benue Cement Company 19 

Cement Co. of N. Nigeria 20 

Lafarge Wapco Plc. 20 

Chemical & paints 21 

Berger Paints 21 

Chemical & Allied Products 21 

DN Meyer 22 

Nig.German Chemicals 22 

Conglomerates 23 

PZ Industries 23 

Transcorp 23 

UACN 24 

Unilever 24 

Construction 25 

Julius Berger 25 

Food & beverages 25 

7-Up Bottling Company 25 

Cadbury 26 

Dangote Sugar Refinery 26 

Flour Mills 27 

Nestle 27 

Nigerian Bottling Company 28 

Healthcare 28 

Evans Medical 28 

Glaxo Smithkline 29 

May & Baker 29 

Neimeth 30 


Hotel & tourism 30 

Ikeja Hotels 30 

Industrial & domestics 31 

Vitafoam 31 

Insurance 31 

AIICO 31 

Cornerstone Insurance 32 

Crusader Insurance 32 

Intercont. Wapic Insurance 33 

Lasaco Assurance 33 

Law Union & Rock Insurance 34 

Mutual Benefits Assurance 34 

Niger Insurance 35 

Prestige 35 

Royal Exch. Assurance 36 

Standard Alliance 36 

Maritime 37 

Japaul Oil & Maritime Services 37 

Leasing 37 

C & I Leasing 37 

Mortgages 38 

Union Home Savings & Loans 38 

Petroleum marketing 38 

African Petroleum 38 

Chevron 39 

Conoil 39 

Mobil Oil 40 

Oando 40 

Total 42 

Real estate 42 

UACN Property 42 

Datatrust Consulting Limited is a firm of financial analysts and investment advisers incorporated in Nigeria 

Our mission is to help savvy individual and institutional investors achieve consistent profits in both bull and bear markets based on the 

strongest fundamental and technical analyses around. 

Enquiries should be directed to: 

Abuja Sales Office 

Datatrust Consulting Limited 

Millifrends Investment Limited 

Basement A1 Art and Culture Complex 

No. 1, Fadeyi Aladura Street, off Awolowo Way 

Area 10 Garki Abuja 

By Balogun Bus Stop, Ikeja 

Please call David—07025419337 

Tel. 01-7367956, 7431204, 0803 - 5810522, 0805-7535491 

E-mail: info@datatrustltd.com 

Port Harcourt Sales office 

michaeldata@datatrustltd.com 

Bookworld Concepts 

Web site: www.datatrustltd.com 

No. 3A Trans Amadi Road 

Port Harcourt 

Please call Chidi—08068222808 

1



Market makers 

Waiting for 

stabilisation 

fund 

Top Rising Stocks 

2008 

Company Price/Jan % 

Chevron Oil 

Mobil 

DN Meyer 

Oando 

Total 

AP 

C & I Leasing 

AIICO 

Berger Paints 

156.3 

90.3 

38.2 

36.2 

35.6 

35.3 

30.6 

23.6 

18.9 

The stock market is waiting for new money support expected to come from the market 

stabilisation fund promised in the government’s rescue package. The flicker of confidence 

seen from the announcement of the market rescue agenda now needs actual 

funding support to take stronger roots. There is no clue yet about how much is to be expected 

but the market needs not less than N500 billion naira immediate injection to find 

its feet again. 

The equities market is seen to have lost so much money for any rescue effort not supported 

by a strong capital inflow to drive a sustainable recovery. A market that was 

headed for N13 trillion in capitalisation fell back to below N9 trillion before the rescue 

plan-induced mild recovery. Actual losses are estimated to be in the region of N2.0 trillion—enough 

to wipe off the equity resources that banks have raised in the process of 

consolidation. 

It is considered quite imperative for the stock market to receive the funding support now 

as a move to save the banking industry. Much of the recapitalisation funds raised by 

banks were moved into the capital market by way of direct trading on their own account 

and massive margin financing. Hardly any bank can claim to have come out unscathed. 

A number of banks sustained heavy losses while rushing out of the market and not 

many of them were able to sell clients’ investments early enough to recover margin facilities 

fully. In the worst cases, values realized from clients’ investments that initially 

covered bank facilities by one and half times, were insufficient to cover the principal 

loans. Some banks are even now calling on investors who have lost everything in the 

margin deals to bring in more money to fill in the hollows of losses in their books. 

The huge losses in the market have spread cash flow crisis to various corners of the economic 

society. Banks and other lenders that are being called upon to restructure their 

facilities for traders are themselves facing serious liquidity pressures. Rather than restructure 

existing facilities or create new credit, they have seized the opportunity of the 

mild recovery in share prices to liquidate existing assets. This is sustaining selling pressures 

in the stock market and undermining the rescue plan of government. 

How soon and how far the stock market recovers depends on how soon the promised 

stabilization fund reaches the trading floor and how big it will be. With the dry up of 

bank credit and other sources of margin facilities, private capital isn’t likely to be sufficient 

to patch up the broken market. 

Stock Market’s 

Technical Outlook 

Many high net worth investors have lost their investments in margin trading deals and 

presently lack the capacity to re-enter the market. With serious cash flow problems facing 

many stock broking firms, there is the danger too that even the trickles of new investments 

being made by individual investors presently aren’t likely to reach the trading 

floor immediately. 

Short-term 

Medium-term 

Long-term 

oversold 

bullish 

bearish 

It is not expected that the market intervention money will be structured to permit government 

direct investment in equities. The idea is to empower investors and traders to 

return to active trading and gradually pull out of significant dependence on the fund. 

For the fund to be able to accomplish this in a market gasping for liquidity, it is expected 

to be big. It seems to be the only hope for many institutional traders and big time 

investors who have lost fortunes in the market to find a new opportunity to begin all 

over again. 

2


Market makers 


Diaspora fund coming 

Diaspora Investment fund, a dollar-denominated mutual fund, is presently in the process of floatation in Nigeria. 

PHB Asset Management Ltd, the managers of the fund, envisage that the fund will be operated as a foreign 

collective investment scheme, designed for those who wish to invest on behalf of their wards as a means of 

securing their future. The $200 million fund is to be issued in units of $1.0 each at par. The minimum subscription 

will be 1,000 units and multiples of 100 units thereafter. 

The fund provides an opportunity to attract investment capital from Nigerians based overseas for investment in 

the domestic market. This is in recognition that Diaspora funding has become a veritable source of development 

capital with annual remittance estimated at $4 billion. 

The objective of the fund is to invest in the emerging Nigerian economy with the underlying intent of fostering 

accelerated macro-economic development of the country. The fund is targeting the participation of Nigerian 

citizens, foreign and non-resident investors, companies and other institutional investors. Its special attraction is 

the opportunity to subscribe in the name of minors, who are expected to keep such investments till they attain 

18 years of age. 

The fund is essentially equity market focused and intends to invest in a variety of blue chip companies with 

strong earnings fundamentals. Equities are expected to constitute 65% of the fund’s investment basket while 

money market investments will account for 15%. Another 15% is allocated to real estate investments and the 

remaining 5.0% is for fixed income instruments and cash. 

The fund is targeting equities of companies having the potential for accelerated growth driven by technology 

application, superior products and services and exceptional management quality. The choice of investments is 

informed by the objective of providing investors with regular income and capital appreciation. 

The fund, which is expected to be issued in a first tranch of $50 million, is projected to generate gross income 

of $24.4 million in the first year– 2009, $34 million in the second year and $49.4 million in the third. Profit 

after tax is projected at $13.8 million, $19.5 million and $28.8 million over the next three year-period respectively. 

These indicate return on investments of 30.2%, 32.8% and 40.2% over the years respectively. 

Earnings per share is forecast at 28 cents, 39 cents and 57 cents over the period. The fund is expected to commence 

dividend payment in the second year—2010 with a forecast dividend of 19 cents, rising to 29 cents in 

2011. Based on the assumed exchange rate of N116 to the dollar for the forecast, the dividend per share 

amounts to N22 and N33.64 per N116 unit of investment. 

Market outlook 

Strong gains in share prices that followed the announcement of government’s rescue package 

proved unsustainable last week. The market recorded an all-week decline that can be expected 

to extent to the current week and perhaps the next. 

The all-share index of the Nigerian Stock Exchange last week closed 877.4 points or 1.8% 

down from the preceding week’s close. The index stands at 17.6% below January opening and 

26.6% down from all time peak in May 2008. It is currently 15.1% below its 200-period moving 

average and is on the downward trend. Volatility is normal, our volume indicators are 

bearish and trend forecasting oscillators are currently bullish and have had this outlook for the 

O 

past 6 periods. 

Corporate Results at a Glance 

FCMB 

Bank PHB 

Guinness Nigeria 

Nig-German Chemicals 

Flour Mills 

Union Homes 

1st quarter - 

- - 

Full year - 

2nd quarter - 

1st quarter - 

1st quarter - 

All-share 

Index 

NSE ALL-SHARE INDEX (0, 0, 0, 48,738.15, -175.203) 

P 

O P O 

P 

P 

P O 

P 

O 

O 

P 

P OPO 

PP P O P P 

PO 

O O 

O 

O 

O PO 

O 

P O P P O 

O 

P 

P O 

P O O PO 

P O 

007 Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2008 Feb Mar Apr May Jun Jul Aug Sep T 

Earnings stable but growth may slow down — P. 10 

EPS set to decline with further build up in share volume — P. 14 

Defending profit from moderating revenue — P. 18 

Looking good to double profit — P. 22 

Profit may decline for the second year — P. 26 

Profit prospects dim on shrinking margin — P. 37 

PO 

PO 

P 

O P OP 

O 

P 

O POP 

P 

O 

O P 

P 

O P 

O 

P 

OPO 

69000 

68000 

67000 

66000 

65000 

64000 

63000 

62000 

61000 

60000 

59000 

58000 

57000 

56000 

55000 

54000 

53000 

52000 

51000 

50000 

49000 

48000 

47000 

46000 

45000 

44000 

43000 

42000 

41000 

40000 

39000 

38000 

37000 

36000 

35000 

34000 

33000 

3

43.0 

42.5 

42.0 

41.5 

41.0 

40.5 

40.0 

39.5 

39.0 

38.5 

38.0 

37.5 

37.0 

36.5 

36.0 

35.5 

35.0 

34.5 

34.0 

33.5 

33.0 

32.5 

32.0 

31.5 

31.0 

30.5 

30.0 

29.5 

29.0 

28.5 

28.0 

27.5 

27.0 

26.5 

26.0 

25.5 

25.0 

24.5 

24.0 

23.5 

23.0 

22.5 

22.0 

21.5 

21.0 

20.5 

20.0 

19.5 

19.0 

34 

33 

32 

31 

30 

29 

28 

27 

26 

25 

24 

23 

22 

21 

20 

19 

18 

17 

16 

15 

14 

13 

12 

11 

10 

9 

8 

OKOMUOIL (33.7800, 33.4500, 33.4500, 33.7800, +0.33000) 

PRESCO (12.4300, 12.3100, 12.3100, 12.4300, +0.12000) 

March April May June July August September T 

43.0 

42.5 

42.0 

41.5 

41.0 

40.5 

40.0 

39.5 

39.0 

38.5 

38.0 

37.5 

37.0 

36.5 

36.0 

35.5 

35.0 

34.5 

34.0 

33.5 

33.0 

32.5 

32.0 

31.5 

31.0 

30.5 

30.0 

29.5 

29.0 

28.5 

28.0 

27.5 

27.0 

26.5 

26.0 

25.5 

25.0 

24.5 

24.0 

23.5 

23.0 

22.5 

22.0 

21.5 

21.0 

20.5 

20.0 

19.5 

19.0 

34 

33 

32 

31 

30 

29 

28 

27 

26 

25 

24 

23 

22 

21 

20 

19 

18 

17 

16 

15 

14 

13 

12 

11 

10 

9 

8 



OKOMU OIL PALM PLC 

LATEST INTERIM RESULT 

- 1ST QUARTER 

Turnover [Nb] 

1.8 

200 moving average +3.4% 

Price trend 

upward 

10 period volatility normal 

MACD 

bullish 

Volume flow 

bullish 

Trend forecast bullish 

Current outlook period 27 

Full Year 

Forecast 

Full Year Growth 

Forecast % 

106.4 

1,257.1 

5.8 

After Tax Profit [Nb] 

Net Profit Margin [%] 

EPS [K] 

P/E Ratio [Times] 

Interim Dividend [K] 

0.89 

49.4 

186 

124.5 

- 

1.9 

32.8 

398 

8.8 

804.5 

Next Result Expected - 2nd quarter - June 2008 

Average Ind. P/E Ratio 13.3 Dividend Status – Ex Div 

Financial Year End - December 31 Final Result Expected - March 09 

Yr. to Dec 31 [Nm] 2007 2006 2005 2004 2003 

Turnover 2,810 2,740 2,500 2,311 2,136 

Net Profit 140 396 701 655 493 

Performance Indicators[%] 

- 5-year Average Revenue Growth 25.3 

- 5-year Average Profit Growth 52.5 

- Last Dividend Pay-out Ratio - 

TECHNICAL ANALYSIS 

PRESCO PLC 


- 1ST QUARTER 

Turnover [Nb] 

After Tax Profit [Nm] 


EPS [K] 



0.77 

207 

26.9 

20 

23.3 

- 

Full Year 

Forecast 

3.2 

860 

26.9 

86 

18.6 

EARNINGS FUNDAMENTALS 

From Jan 

Opening % 

-10.9 

Buy/Sell 

Tip 

Sell 

Quarterly Results Trend 

2008 Q1 - Mar Q2 - Jun Q3 Sept Q4 –Dec 

Turnover [Nb] 1.8 

PAT [Nm] 889.3 

EPS [K] 2007 2006 2005 2004 2003 

44 124 221 209 155 

Dividend [K] 2007 2006 2005 2004 2003 

25 - 100 100 100 

OKOMU OIL made a strong first quarter start for the current year that has set the company on a strong recovery 

process in 2008. Revenue growth virtually doubled over the corresponding quarter in 2007 and after tax profit 

stands at more than 12 times the full year figure for 2007. The last two quarters of the year aren’t critical in 

revenue and profit growth and that moderates our full year earnings outlook. We project that revenue will more 

that double and profit will jump more than 13 times over the 2007 full year number. Net profit margin is up from 

only 5% in 2007 full year to 49.4% in the first quarter. 

Trading momentum overbought 

Divergence indication - 

Trend indicators 

Short-term overbought 

Medium-term bullish 

Long-term bullish 


Forecast % 

39.1 

2,224.3 


Average Ind. P/E Ratio 13.3 Dividend Status – Ex Div 30/6/08 


Yr. to Dec 31 [Nm] 2007 2006 2005 2004 2003 

Turnover 2,300 2,100 2,350 2,300 2,128 

Net Profit 37 217 341 606 375 



- 5-year Average Profit Growth -25.4 

- Last Dividend Pay-out Ratio 71.4 


1,128.6 

33.78 

One Week 

Change N 

+0.0 

From Year’s 

High % 

-15.8 

Bonus Issue 2007 

- 

2006 

1 for 2 

2005 

- 

2004 

- 

2003 

- 

Vol. of Shares [m] 477 318 318 318 318 

12.43 

O 

P 

O 

O 

P 

O 

P 

O 

O 



One Week 

Change N 

+0.0 

From Jan 

Opening % 

-14.3 

From Year’s 

High% 

Buy/Sell 

Tip 

Sell 




PAT [Nm] 207 

EPS [K] 2007 2006 2005 2004 2003 

7 43 68 121 75 

Dividend [K] 2007 2006 2005 2004 2003 

5 60 60 50 50 

PRESCO made a strong first quarter starting that has positioned it for a major advance in earnings in 

2008. We expect that revenue growth will accelerate after some years of stagnation and the declining 

trend in profit will give way for a new profit high. We project a 39.1% leap in revenue and a major recovery 

in after tax profit for the company at full year. Net profit margin has recovered from 1.6% in 2007 to 

26.9% in the first quarter. 

P 

O 

P 

P 

O O 

O 

O 

-59.9 

Bonus Issue 2008 2007 2006 2005 2004 

- 1 for 1 - - - 

Vol. of Shares [m] 1,000 500 500 500 500 

P 

O 

O 

P 

P 

O 

OO 

P 

O 

PP 

O 

P 

O 

P 

O 

PP 

P 

O 

P PP 

200 moving average - 22.5% 

Price trend 

neutral 


MACD 

bearish 

Volume flow 

mildly bearish 



Trading momentum - 

Divergence indication bearish 


Short-term neutral 


Long-term bearish 

P 

O 

P 

P 

P 

P P 

O 

O 

O O O O 

P 

O 

PP 

P 

P 

O 

P 

O 

O 

P 

OO O 

OO 

P P 

P 

O O OO 

P 

4 

Bullish Bearish 


Bullish

Bullish Bearish Bullish Bearish Bullish Bearish Bullish 

25 3 10 17 31 7 14 21 28 5 12 19 26 2 9 16 23 30 7 14 21 28 4 11 18 25 1 8 15 

March 

April 

May 

June 

July 

August 

September 

35 

34 

33 

32 

31 

30 

29 

28 

27 

26 

25 

24 

23 

22 

21 

20 

19 

18 

17 

16 

15 

14 

13 

12 

11 

AIRSERVICE NIGERIA (16.1600, 16.0000, 16.0000, 16.0000, +0.000) 

NAHCO (16.6300, 16.4700, 16.4700, 16.4700, -0.16000) 

35 

34 

P 

33 

P 

32 

31 

30 

29 

P 

28 

O 

P 

27 

26 

O 

25 

P 

24 

O 

P P 

23 

O 

22 

O O O 

O 

P 

21 

O 

20 

O 

P 

O 

19 

O 

18 

P 

O 

17 

16 

15 

O 

14 

O 

13 

O 

12 

11 


22 2 

29.5 

29.0 

28.5 

28.0 

27.5 

27.0 

26.5 

26.0 

25.5 

25.0 

24.5 

24.0 

23.5 

23.0 

22.5 

22.0 

21.5 

21.0 

20.5 

20.0 

19.5 

19.0 

18.5 

18.0 

17.5 

17.0 

16.5 

16.0 

15.5 

15.0 

14.5 

14.0 

13.5 

13.0 


AIRLINE SERVICES & LOGISTICS PLC 

FULL YEAR RESULT 

- 4TH QUARTER 

Turnover [Nb] 



EPS [K] 


Final Dividend [K] 

3.5 

322.8 

9.2 

50 

33.2 

5 

Full Year 

Forecast 

3.7 

448 

12.1 

70 

24.3 

Deviation from 

Forecast % 

-5.4 

-27.9 

-2.9 

-28.6 

+8.9 

Next Result Expected - 1st quarter - March 2008 



Yr. to Dec 31 [Nm] 2007 2006* 2006 2005 2004 

Turnover 3,500 1,847 1,646 910 572 

Net Profit 323 179 200 27 29 






16.16 


One Week 

Change N 

+0.0 

From Jan 

Opening % 

-8.1 

From Year’s 

High % 


Buy/Sell 

Tip 

Watch 



Turnover [Nb] 1.54 2.5 3.5 

PAT [Nm] 192.9 314.5 322.8 

EPS [K] 2007 2006* 2006 2005 2004 

50 34 771 104 111 

Dividend [K] 2007 2006* 2006 2005 2004 

10 3 - - - 

AIRLINE SERVICES raised turnover by 89.5% in 2007, the highest revenue growth in five years. Profit 

failed to keep equal pace with revenue in the third quarter, which depressed full year profit outlook. Net 

profit grew at a lower pace than projected in reflection of the decline in profit margin from 12.6% in the 

third quarter to 9.2% at full year. Profit growth was however strong enough to begin a recovery in earnings 

per share after a major drop in 2006. 

-40.7 


- 

2006 

- 

2005 

- 

2004 

- 

2003 

Vol. of Shares [m] 634 26 26 26 13.9 


Price trend 

downward 


MACD 

bearish 

Volume flow 

neutral 

Trend forecast bearish 






Medium-term bearish 


O 

P 

P 

O O P 

O 

P 

OO 

PO 

O 

P 

O 

OO 

P 

P 

O 

PP P 

OOO 

O OO 

P 

P 

O 

PP 

OO 

P 

P PP 

O O O O 

O 

P 

O 

NIGERIAN AVIATION HANDLING COMPANY PLC 


- 2ND QUARTER 

Turnover [Nb] 



EPS [K] 



2.35 

454 

19.3 

52 

27.0 

- 


Price trend 

downward 


MACD 

bearish 

Volume flow 

neutral 



* 9-month account 

Full Year 

Forecast 

5.2 

920 

17.7 

105 

22.9 


Forecast % 

40.5 

55.9 

Next Result Expected - 3rd quarter – September 2008 



Yr. to Dec 31 [Nm] 2007 2006 2005 2004 2003 

Turnover 3,700 3,250 3,050 2,344 2,173 

Net Profit 590 434 318 93 187 






56.7 







5 

16.47 


One Week 

Change N 

-0.02 

From Jan 

Opening % 

-43.0 

From Year’s 

High % 

-48.5 

Buy/Sell 

Tip 

Sell 



Turnover [Nb] 1.22 2.35 

PAT [Nm] 208.6 454 

EPS [K] 2007 2006 2005 2004 2003 

67 144 106 62 125 

Dividend [K] 2007 2006 2005 2004 2003 

30 30 30 48 98 


- 

2006 


2005 

- 

2004 

- 

2003 

- 

Vol. of Shares [m] 875 300 300 150 150 

NAHCO maintained the good revenue growth prospects seen in the first quarter and the full year growth 

projection is unchanged in the second quarter at 40.5%. Profit growth however accelerated and we revise 

full year net profit growth projection from 43.2% to 55.9%. This reflects a gain in net profit margin from 

17.1% in the first quarter to 19.3% in the second. Accelerating growth in revenue and profit is likely to be 

the key point in the company’s operating performance in 2008. Revenue is projected to grow by the highest 

margin in five years and profit is expected to maintain rapid growth for the fourth year running. 

O P 

OOP 

O O P 

O O P 

PP 

T

Bullish 

25 3 10 

March 

37.0 

36.5 

36.0 

35.5 

35.0 

34.5 

34.0 

33.5 

33.0 

32.5 

32.0 

31.5 

31.0 

30.5 

30.0 

29.5 

29.0 

28.5 

28.0 

27.5 

27.0 

26.5 

26.0 

25.5 

25.0 

24.5 

24.0 

23.5 

23.0 

22.5 

22.0 

21.5 

21.0 

20.5 

20.0 

19.5 

19.0 

18.5 

18.0 

17.5 

DUNLOP (2.10000, 2.20000, 2.20000, 2.20000, +0.10000) 

Bearish Bearish Bearish Bearish 

17 31 7 14 21 5 12 19 26 2 16 30 7 14 21 28 4 11 

April 

May 

June 

July 

August 

RTBRISCOE (19.7100, 19.5200, 19.5200, 19.5200, -0.19000) 

Bullish 

18 25 1 8 15 

September 

March April May June July August September U 

22 2 

7.5 

7.0 

6.5 

6.0 

5.5 

5.0 

4.5 

4.0 

3.5 

3.0 

2.5 

2.0 

1.5 

1.0 

37.0 

36.5 

36.0 

35.5 

35.0 

34.5 

34.0 

33.5 

33.0 

32.5 

32.0 

31.5 

31.0 

30.5 

30.0 

29.5 

29.0 

28.5 

28.0 

27.5 

27.0 

26.5 

26.0 

25.5 

25.0 

24.5 

24.0 

23.5 

23.0 

22.5 

22.0 

21.5 

21.0 

20.5 

20.0 

19.5 

19.0 

18.5 

18.0 

17.5 



DUNLOP NIGERIA PLC 


- 1ST QUARTER 

Turnover [Nb] 



EPS [K] 



1.8 

[333.7] 

- 

[44] 

- 


Price trend 

upward 


MACD 

bullish 

Volume flow 

bullish 



Full Year 

Forecast 


Forecast % 

- 

- 




Yr. to Dec 31 [Nm] 2006 2005 2004 2003 2002 

Turnover 209 183 103.1 63.4 47.2 

Net Profit [648] [246] [306] [685] 97 



- 5-year Average Profit Growth - 



R T BRISCOE PLC 


- 1ST QUARTER 

Turnover [Nb] 

4.35 

After Tax Profit [Nm] 181.9 

Net Profit Margin [%] 4.2 

EPS [K] 

32 

P/E Ratio [Times] 21.9 

Interim Dividend [K] - 

- 

- 

- 

- 

- 

- 


From Jan 

Opening % 

-33.3 

Buy/Sell 

Tip 

Sell 




PAT [Nm] [337.7] 

EPS [K] 2006 2005 2004 2003 2002 

[13] [33] [51] [113] 16 

Dividend [K] 2006 2005 2004 2003 2002 

- - - - - 

Dunlop Nigeria is refocusing operations under a major restructuring that involves shutting down tyre 

manufacturing early in 2009. The company’s business will be shifting to importation and sales of tyres, 

petroleum marketing and real estate. Its strategy is to run filling stations in different part of the country, 

which will give it sales outlets for the tyre products. The company’s ownership of several landed properties 

in prime locations across the country places it at a good advantage to tap into the booming real estate 

market. 







Full Year 

Forecast 

18.2 

750 

4.1 

132 

22.7 


Forecast % 

12.3 

24.0 

Next Result Expected - 2nd quarter — June 2008 



Yr. to Mar 31 [Nm] 2007 2006 2005 2004 2003 

Turnover 16,240 13,200 7,726 5,582 4,200 

Net Profit 605 532 200 155 419 






-0.8 

2.20 

One Week 

Change N 

+0.39 

From Year’s 

High % 

-68.6 

Bonus Issue 2007 2006 2005 2004 2003 

- - - 1 f0r 4 

Vol. of Shares [m] 4,772.5 4,772.5 756 756 605 

19.52 

P 

P 

P 

O O P O O P 

P 

O 


One Week 

Change N 

-0.19 

O O 

P O 

From Jan 

Opening % 

-34.9 

From Year’s 

High % 

Buy/Sell 

Tip 

Watch 


2008 Q1 - Mar Q2 - Jun Q3 - Sept Q4 –Dec 


PAT [Nm] 181.94 

EPS [K] 2007 2006 2005 2004 2003 

133 146 55 43 279 

Dividend [K] 2007 2006 2005 2004 2003 

50 50 35 25 35 

RT BRISCOE is maintaining stable growth in revenue in 2008 and profit growth is accelerating. 

Based on the first quarter growth rate, turnover is projected to grow by 12.3% and after tax 

profit is expected to grow twice as fast. Net profit margin has stretched out from 3.7% in the 

2007 full year to 4.2% in the first quarter. Earnings per share growth is likely to be flat in reflection 

of the scrip of 1 for 4. 

P 

O P O O P 

-45.0 

Bonus Issue 2008 2007 2006 2005 2004 

1 for 4 1 for 4 - - 

Vol. of Shares [m] 567.5 454 363 363 363 

O 

O 

P 

O 

P 

O 

O O P P O 

O O O 

T 

200 moving average -25.4% 

Price trend 

downward 

10 period volatility extremely low 

MACD 

bearish 

Volume flow 

mildly bearish 




Divergence indication bullish 





PP 

P 

P O 

O 

O 

O 

O 

P 

P O P 

P 

O O O 

P 

O 

P O P 

P 

P 

OOO O O 

O P 

O 

P 

PO 

PO O 

O O 

O O 

P 

P 

P 

O 

O 

6

25 3 10 

March 

17 31 7 

April 

ACCESS (12.9200, 12.8000, 12.8000, 12.8000, -0.12000) 

14 21 28 

May 

12 26 9 

June 

16 23 30 7 

July 

14 21 28 4 11 

August 

AFRIBANK (29.3400, 30.8000, 29.0700, 30.8000, +1.46000) 

18 25 1 8 15 

September 

Bullish Bearish Bullish Bearish Bullish Bearish Bullish 

25 3 10 17 31 7 14 21 5 12 19 26 2 16 30 7 14 21 28 4 11 18 25 1 8 15 

March April 

May 

June 

July 

August 

September 

22 2 

22 2 

27.0 

26.5 

26.0 

25.5 

25.0 

24.5 

24.0 

23.5 

23.0 

22.5 

22.0 

21.5 

21.0 

20.5 

20.0 

19.5 

19.0 

18.5 

18.0 

17.5 

17.0 

16.5 

16.0 

15.5 

15.0 

14.5 

14.0 

13.5 

13.0 

12.5 

12.0 

11.5 

11.0 

10.5 

10.0 

31.5 

31.0 

30.5 

30.0 

29.5 

29.0 

28.5 

28.0 

27.5 

27.0 

26.5 

26.0 

25.5 

25.0 

24.5 

24.0 

23.5 

23.0 

22.5 

22.0 

21.5 

21.0 

20.5 



ACCESS BANK PLC 


- 1ST QUARTER 

Full Year 

Forecast 

Expected Full 

Year Forecast % 

45.5 

60.4 

Turnover [Nb] 



EPS [K] 



20.6 

6.11 

29.7 

37 

24.7 

- 

84.4 

25.5 

30.2 

156 

12.8 

60.8 

Next Result Expected - 2nd quarter - September 2008 


Financial Year End - March31 Final Result Expected - 

Yr. to March 31 [Nm] 2008 2007 2006 2005 2004 

Turnover 58,000 27,900 13,359 7,500 5,515 

Net Profit 15,900 6,100 737 501 637 






12.80 


One Week 

Change N 

-0.64 

From Jan 

Opening % 

-46.7 

From Year’s 

High % 

Buy/Sell 

Tip 

Watch 


2008 Q1 - Jun Q2 - Sept Q3 Dec Q4 –Mar 

Gross Income[Nb] 20.6 

PAT [Nb] 6.11 

EPS [K] 2008 2007 2006 2005 2004 

97 87 3 7 21 

Dividend [K] 2008 2007 2006 2005 2004 

65 40 - - 10 

ACCESS BANK is maintaining high growth track in revenue and profit in the current financial year. Based 

on first quarter report, we project a 45.5% growth in revenue. With further gain in profit margin, we project 

that after tax profit will grow by 60.4% in 2008. Net profit margin has improved from 27.4% at the end of 

the 2008 financial year to 29.7% in the first quarter. The bank is expected to grow earnings per share as 

rapidly as net profit in the current year. 

-49.8 

Bonus Issue 2008 2007 2006 2005 2004 

- - - 1 for 7 - 

Vol. of Shares [m] 16,365 6,978 14,520 8,156 3,000 


Price trend 

downward 


MACD 

bearish 

Volume flow 

neutral 






Short-term oversold 



P 

P 

P 

O 

O 

O P P 

OO O P 

O 

O 

O O 

P OO P O P 

P 

P 

O 

O 

P 

O O 

P 

O 

O O P 

O O 

O 

U 

AFRIBANK NIGERIA PLC 


- 4TH QUARTER 

Turnover [Nb] 



EPS [K] 



49.2 

10.0 

20.3 

98 

14.8 

50 


Price trend 

upward 

10 period volatility norrmal 

MACD 

bullish 

Volume flow 

bullish 



Full Year 

Forecast 

40.5 

10.7 

26.4 

105 

15.5 


Forecast % 

+21.5 

-6.3 

-6.1 

-6.6 

-0.7 

Next Result Expected - 1st quarter - June 2008 

Average Ind. P/E Ratio 25.7 Dividend Status – Cum Div—18/9/08 

Financial Year End - March 31 Final Result Expected - June 09 

Yr. to Mar 31 [Nm] 2008 2007 2006 2005 2004 

Gross Income 49,200 27,540 15,637 15,031 14,889 

Net Profit 10,030 5,100 2,625 427 1,156 






7 


From Jan 

Opening % 

+1.0 

Buy/Sell 

Tip 

Hold 


2007/08 Q1 - June Q2 - Sept Q3 - Dec Q4 –Mar 

Turnover [Nb] 8.75 19.48 29.31 49.2 

PAT [Nb] 2.73 5.5 7.51 10.03 

EPS [K] 2008 2007 2006 2005 2004 

98 99 51 9 52 

Dividend [K] 2008 2007 2006 2005 2004 

50 30 - - 20 

AFRIBANK NIGERIA recorded a strong growth in gross earnings by 78.6% in 2008 and after tax profit 

grew faster at 96.7% during the year. Revenue growth accelerated in the last quarter to lift full year position 

to 21.5% better than forecast. However the bank could not convert the additional earnings to profit in 

reflection of an appreciable decline in profit margin. After tax profit margin declined from 25.6% in the 

third quarter to 20.3% at full year. 







30.80 

One Week 

Change N 

+5.61 

From Year’s 

High % 

-0.0 

Bonus Issue 2009 2008 2007 2006 2005 

1 for 3 - 1 for 5 - 

Vol. of Shares [m] 13,507 10,130 5,108 5,108 4,708 

O 

P 

O 

P 

O 

P 

O 

P 

OO 

O 

P P 

O 

P 

P 

O 

O 

P 

P 

O 

O 

P 

O 

P 

O 

P 

O 

P 

O 

P 

O 

O 

P 

P 

O 

T

23.0 

22.5 

22.0 

21.5 

21.0 

20.5 

20.0 

19.5 

19.0 

18.5 

18.0 

17.5 

17.0 

16.5 

16.0 

15.5 

15.0 

14.5 

14.0 

13.5 

13.0 

12.5 

12.0 

11.5 

11.0 

10.5 

10.0 

9.5 

25 3 10 

March 

DIAMONDBNK (12.7900, 12.6700, 12.6700, 12.6700, -0.12000) 

23.0 

22.5 

22.0 

21.5 

21.0 

20.5 

20.0 

19.5 

19.0 

18.5 

18.0 

17.5 

17.0 

16.5 

16.0 

15.5 

15.0 

14.5 

14.0 

13.5 

13.0 

12.5 

12.0 

11.5 

11.0 

10.5 

10.0 

9.5 


Neutral 

17 31 7 

April 

ECOBANK (8.16000, 8.50000, 8.08000, 8.40000, +0.24000) 

Bullish Bearish Bearish 

14 21 5 12 19 26 2 16 30 7 14 21 28 4 11 18 25 1 8 15 

May 

June 

July 

August 

September 

22 2 

11.5 

11.0 

10.5 

10.0 

9.5 

9.0 

8.5 

8.0 

7.5 

7.0 

6.5 

6.0 

5.5 

5.0 

4.5 

4.0 



DIAMOND BANK PLC 


- 1ST QUARTER 

Turnover [Nb] 



EPS [K] 



21.8 

4.71 

21.6 

32 

19.1 

- 


Price trend 

downward 


MACD 

bearish 

Volume flow 

neutral 



Full Year 

Forecast 

88.9 

19.5 

21.9 

135 

14.8 

- 


Forecast % 

47.1 

52.1 

Next Result Expected - 2nd quarter - October 2008 

Average Ind. P/E Ratio 25.7 Dividend Status – Ex Div— 15/8/08 

Financial Year End - April 30 Final Result Expected - July 08 

Yr. to April 30 [Nm] 2007 2006 2005 2004 2003 

Gross Income 60,440 39,500 22,661 15,950 10,531 

Net Profit 12.820 7,100 3,960 2,510 902 






ECOBANK NIGERIA PLC 


- 2ND QUARTER 

Turnover [Nb] 

25.0 



EPS [K] 

19 



39.2 


From Jan 

Opening % 

-36.7 

Buy/Sell 

Tip 

Sell 


2008/09 Q1 - July Q2 - Oct Q3 - Jan Q4 –April 


PAT [Nb] 4.71 

EPS [K] 2008 2007 2006 2005 2004 

97 91 59 41 29 

Dividend [K] 2008 2007 2006 2005 2004 

56 55 - - 15 

DIAMOND BANK is expected to maintain normal growth in revenue and profit in the 2008/9 financial year. 

We expect that gross earnings will grow by 47.1% and after tax profit will rise a little faster at 52.1%. We 

expect further marginal gain in net profit margin from 21.2% in 2008 to about 22% in 2009. Growth in 

profit will expectedly be strong enough to counter the effect of the scrip of 1 for 10 and therefore sustain 

the improving trend in earnings per share. Earnings growth is expected to step up in the coming quarters. 







Full Year 

Forecast 

52.5 

8.8 

16.8 

40 

17.5 


Forecast % 

60.6 

18.1 

Next Result Expected - 3rd quarter — September 2008 


Financial Year End - March 31 Final Result Expected—March 09 

Yr. to Dec 31 [Nm] 2007 2006 2005 2004 2003 

Gross Income 32,710 17,300 7,310 6,699 4,819 

Net Profit 7,450 3,600 1,700 894 817 






17.6 

12.67 

One Week 

Change N 

-0.63 

From Year’s 

High % 

-46.0 

Bonus Issue 2009 2008 2007 2006 2005 


Vol. of Shares [m] 14,374 13,158 7,604 7,604 6,915 

8.40 

P 

P P 

P 

O 

O O 

O 

O 

O 

P 



One Week 

Change N 

+1.48 

From Jan 

Opening % 

+5.7 

From Year’s 

High % 

Buy/Sell 

Tip 

Sell 


2008 Q1 - Mar Q2 - June Q3 - Sept Q4 –Dec 

Gross Income[Nb] 11.35 25.04 

PAT [Nb] 1.74 4.1 

EPS [K] 2007 2006 2005 2004 2003 

34 16 15 51 54 

Dividend [K] 2007 2006 2005 2004 2003 

24 9 9 - 16 

Ecobank improved its growth rate in earnings in the second quarter and growth in profit improved as well 

from the weak performance seen in the first quarter. We mark up our revenue growth projection from 

41.2% to 60.6% for the bank in 2008. Growth projection for after tax profit is also revised upwards from 

the initial flat growth to 18.1%. Net profit margin improved slightly from 15.3% in the first quarter to 16.4% 

in the second but remains below the 22.8% recorded in the 2007 full. Earnings per share prospects have 

also improved and we expect that profit growth will accelerate further in the subsequent interims. 

O 

O 

PO 

O O 

P 

O 

-21.9 

Bonus Issue 2007 2006 2005 2004 2003 

- - 1 for 1 - - 

Vol. of Shares [m] 21,654 21,654 10,827 1,741 1,523 

P 

O 

O 

P 

O 

O O 

P 

O P 

O 

O 

O 

P 

O O P 

O 

O 

O 

P P 


Price trend 

upward 


MACD 

bullish 

Volume flow 

bullish 









P 

P P 

P 

P 

O 

O 

O P 

OO 

P 

O 

O 

O O 

O P 

P 

O OO O 

O O OP 

O 

O 

T 

8

Bullish 

11 18 25 3 10 17 31 7 

ruary 

March 

April 

12.5 

12.0 

11.5 

11.0 

10.5 

10.0 

9.5 

9.0 

8.5 

8.0 

7.5 

7.0 

ETI (40.6000, 40.6000, 40.6000, 40.6000, +0.00) 

Bearish 

14 21 28 5 

May 

12 19 26 2 9 

June 

Bearish 

16 23 30 

July 

Bullish 

14 21 28 4 11 

August 

FIDELITY BANK (7.57000, 7.50000, 7.50000, 7.50000, -0.07000) 

18 25 1 8 

300 

290 

280 

270 

260 

250 

240 

230 

220 

210 

200 

190 

180 

170 

160 

150 

140 

130 

120 

110 

100 

90 

80 

70 

60 

50 

40 

30 

20 

12.5 

12.0 

11.5 

11.0 

10.5 

10.0 

9.5 

9.0 

8.5 

8.0 

7.5 

7.0 



ECOBANK TRANSNATIONAL INC 


- 2ND QUARTER 

Turnover [Nb] 



EPS [K] 



61.3 

9.0 

14.7 

133 

16.8 

- 


Price trend 

flat 


MACD 

bearish 

Volume flow 

neutral 



Full Year 

Forecast 

124 

18.6 

15.0 

276 

15.9 


Forecast % 

41.9 

6.7 




Yr. to Dec 31 [Nb] 2007 2006 2005 2004 

Gross Income 87.4 45.6 30.4 26.3 

Net Profit 17.4 8.8 5.2 4.1 






FIDELITY BANK PLC 


- 3RD QUARTER 

Turnover [Nb] 



EPS [K] 



27.3 

9.34 

34.2 

32 

21.5 

- 

-97.7 


From Jan 

Opening % 

-80.4 

Buy/Sell 

Tip 

Watch 


2008 Q1 - Mar Q2 - June Q3 - Sept Q4 –Dec 


PAT [Nb] 4.35 9.0 

EPS [N] 2007 2006 2005 2004 2003 

12 11 18 60 

Dividend [K] 2007 2006 2005 2004 2003 

375 506 387 968 - 

ECOBANK TRANSNATIONAL has issued its second quarter interim report, which shows a slight improvement 

in earnings growth over the first quarter position. Revenue growth is still likely to slow down 

at current rate but our full year growth projection has been revised from 33% to 41.9%. Net profit margin 

is further down from 19.9% in 2007 full year to 15.3% in the first quarter and to 14.7% in the second, the 

lowest since 2004. Full year profit growth forecast is a little improved from 2.9% to 6.7%. We expect that 

profit prospects will improve in the remaining quarters. 







Full Year 

Forecast 

36.8 

12.8 

34.9 

44 

16.9 


Forecast % 

47.8 

188.5 

Next Result Expected - Full year June 2008 


Financial Year End - June 30 Final Result Expected - Sept 08 

Yr. to Jun30 [Nm] 2007 2006 2005 2004 2003 

Goss Income 24,859 11,931 6,159 5,471 4,386 

Net Profit 4,437 3,177 1,237 914 857 






63.0 

40.60 

One Week 

Change N 

+0.0 

From Year’s 

High % 

-85.7 

Bonus Issue 2008 2007 2006 2005 2004 

5 for 1 - - 1 for 1 - 

Vol. of Shares [m] 6,734 1,346.8 802 401 66.6 

P 

P 

P O O 

O 

7.50 

P 

O 

P 

P 

O 

O 

P 


One Week 

Change N 

-0.35 

From Jan 

Opening % 

-36.6 

From Year’s 

High % 

Buy/Sell 

Tip 

Watch 


2007/08 Q1 - Sept Q2 - Dec Q3 - March Q4 –June 

Gross Income[Nb] 7.68 16.03 27.3 

PAT [Nb] 2.6 5.75 9.34 

EPS [K] 2007 2006 2005 2004 2003 

27 19 14 30 36 

Dividend [K] 2007 2006 2005 2004 2003 

16 11 - - 20 

Fidelity Bank improved its strong growth in revenue and profit further in the third quarter and an outstanding 

performance in profit can be expected. We mark up our projected growth in revenue from 

37.8% to 47.8% and after tax profit from 175% to 188% for the bank at full year. Net profit margin remains 

very good at 34.2% against 17.8% in the 2007 full year. Growth in earnings per share will be significantly 

moderated by the bank’s public offer, which has increased volume of shares by 75.9%. 

PO 

O O O 

P 

P 

O 

-42.3 

Septembe T 

Bonus Issue 2008 2007 2006 2005 2004 

- - 1 for 10 1 for 4 

Vol. of Shares [m] 28,963 16,463.7 16,463.7 8,550 1,534 

O 

P 

O O 

P 

OO 

P 

O P O 

P 

P 

O 

P P 

O 


Price trend 

downward 

10 period volatility relatively normal 

MACD 

bearish 

Volume flow 

neutral 








Long-term 

bearish 

P 

O P 

O 

P 

P 

P P 

OO 

P 

P 

P 

P 

O 

O PP 

O O 

P P 

O 

P 

O 

P 

O 

O O 

O 

O 

O 

P P 

O 

O O 

O 

P 

O P 

9 

March April May June July August September U

52 

51 

50 

49 

48 

47 

46 

45 

44 

43 

42 

41 

40 

39 

38 

37 

36 

35 

34 

33 

32 

31 

30 

29 

28 

27 

26 

25 

24 

25 3 10 

March 

FIRSTBANK (30.9500, 30.6500, 30.6500, 30.6500, -0.30000) 

52 

51 

50 

49 

48 

47 

46 

45 

44 

43 

42 

41 

40 

39 

38 

37 

36 

35 

34 

33 

32 

31 

30 

29 

28 

27 

26 

25 

24 


17 31 7 

April 

FIRST MONUMENT BANK (12.8100, 12.6900, 12.6900, 12.6900, -0.12000) 

14 21 5 12 19 26 2 

May 

June 

16 30 7 

July 

14 21 28 4 11 

August 

18 25 1 8 15 

September 

22 2 

21.0 

20.5 

20.0 

19.5 

19.0 

18.5 

18.0 

17.5 

17.0 

16.5 

16.0 

15.5 

15.0 

14.5 

14.0 

13.5 

13.0 

12.5 

12.0 

11.5 

11.0 



FIRST BANK OF NIGERIA PLC 


- 1ST QUARTER 

Turnover [Nb] 



EPS [K] 



43.3 

10.7 

24.7 

43 

22.4 

- 


Price trend 

downward 


MACD 

bearish 

Volume flow 

neutral 



Full Year 

Forecast 

175.5 

44.0 

25.1 

177 

33.9 


Forecast % 


Average Ind. P/E Ratio 25.7 Dividend Status – Ex Div—8/8/08 


Yr. to Mar 31 [Nb] 2008 2007 2006 2005 2004 

Gross Income 155.3 90.32 67.44 57.23 51.32 

Net Profit 36.5 18.4 17.4 13.1 11.6 






13.0 

20.5 

-3.3 


From Jan 

Opening % 

-32.4 

Buy/Sell 

Tip 

Sell 



Gross Income [Nb] 43.3 

PAT [Nb] 10.7 

EPS [K] 2008 2007 2006 2005 2004 

183 177 335 335 399 

Dividend [K] 2008 2007 2006 2005 2004 

120 100 100 160 155 

FIRST BANK is looking forward to a year of consolidation with earnings outlook indicating a moderation 

from the preceding year’s high growth. We project a 13% improvement in gross earnings for the bank in 

the 2008/9 financial year and a 20.5% growth in net profit. There is a further gain in net profit margin from 

23.5% in the 2008 full year to 24.7% in the first quarter. Profit growth isn’t strong enough to prevent a 

decline in earnings per share at current rate but we expect earnings to accelerate in the coming quarters. 

Trading momentum oversold 






FIRST CITY MONUMENT BANK PLC 


- 1ST QUARTER 

Turnover [Nb] 



EPS [K] 



18.53 

4.83 

26.1 

29 

13.7 

- 

Full Year 

Forecast 

76.2 

20.4 

26.8 

124 

14.5 


Forecast % 

44.3 

35.0 

Next Result Expected - 2nd quarter - October 2008 


Financial Year End - April 30 Final Result Expected - July 09 

Yr. to April 30 [Nm] 2008 2007 2006 2005 2004 

Gross Income 52,800 24,679 11,185 6,121 3,127 

Net Profit 15,110 5,949 2,834 798 337 






34.8 

30.65 

One Week 

Change N 

-1.55 

From Year’s 

High % 

-44.1 

Bonus Issue 2009 2008 2007 2006 2005 

1 for 4 1 for 6 1 for 1 1 for 4 

Vol. of Shares [m] 24,862.5 19,890 10,360 5,180 3,947 

12.69 

O 

P P 

O 

P 

OP 

O 

O 

O 

P 

P 

O 


One Week 

Change N 

-0.63 

From Jan 

Opening % 

-34.9 

From Year’s 

High % 

Buy/Sell 

Tip 

Hold 




PAT [Nb] 4.83 

EPS [K] 2008 2007 2006 2005 2004 2003 

92 63 36 25 17 4 

Dividend [K] 2008 2007 2006 2005 2004 2003 

50 35 13 8 2 - 

FCMB is expected to maintain stable growth in earnings in the current financial year. Revenue and profit 

growth is likely to slow down from the triple digit record seen in the preceding two years. Based on the 

first quarter growth rate, we project a 44.3% increase in gross earnings and a 35% improvement in after 

tax profit for the bank in 2009. The slower growth in profit than revenue reflects a decline in net profit 

margin from 28.6% in the 2008 full year to 26.1% in the first quarter. We expect that earnings growth rate 

will step up in the coming quarters. 

O O P 

O 

-41.3 

Bonus Issue 2008 2007 2006 2005 2004 2003 

Vol. of Shares [m] 16,379.5 9,549 9,549 4,452 3,000 

P 

O O 

P 

O P O 

O 

P 

O 

O 

P 

O O P 

O 

P 

O 

O 

P 

O 

P P 

O 


Price trend 

downward 


MACD 

bearish 

Volume flow 

neutral 









P 

P 

O 

O 

O 

P 

P 

P 

O 

O P P 

P 

P 

P 

O O O 

O 

P 

O 

P 

P 

O 

P P 

O 

O 

O 

O 

P 

O O P 

O 

O 

O 

P 

O 

U 

10



KNOW WHAT TO TRADE 

KNOW WHEN TO TRADE 

ACCESS (23.9900, 23.9800, 22.9000, 23.0000, -0.99000) 

26.5 

26.0 

P 

25.5 

25.0 

DATATRUST ADVERT 

P 

P 

P 

P 

O 

P 

O 

O 

P 

24.5 

24.0 

23.5 

23.0 

22.5 

22.0 

21.5 

P 

O 

O 

21.0 

20.5 

O 

P P 

P 

20.0 

19.5 

19.0 

O 

O 

O 

O 

O 

18.5 

18.0 

17.5 

17.0 

Bearish 

Neutral 

Bearish 

Bullish Bullish Bullish Bullish 

3 15 17 31 

13 20 27 10 17 24 2 8 

22 29 5 12 19 26 3 10 24 31 7 14 21 11 1 

September 

October 

November 

December 

2008 

February 

For further information, please call or visit us at No. 22. 

Fadeyi Aladura Street, Off Balogun Bus Stop, Ikeja, 

Lagos. Tel. 7431204, 08035810522, 08057535491 

T 

16.5 

Inside front cover (full colour)......................................................N200,000 

Bottomstrip front cover (full colour)............................................N100,000 

Outside back cover (full colour)....................................................N200,000 

Inside back cover (full colour).......................................................N150,000 

Centre page (full colour)................................................................N250,000 

11

13.5 

13.0 

12.5 

12.0 

11.5 

11.0 

10.5 

10.0 

9.5 

9.0 

8.5 

8.0 

7.5 

7.0 

6.5 

6.0 

5.5 

5.0 

4.5 

42 

41 

40 

39 

38 

37 

36 

35 

34 

33 

32 

31 

30 

29 

28 

27 

26 

25 

24 

23 

22 

21 

20 

19 

18 

17 

FIRSTINLND (7.30000, 7.23000, 7.23000, 7.23000, -0.07000) 

13.5 

13.0 

12.5 

12.0 

11.5 

11.0 

10.5 

10.0 

9.5 

9.0 

8.5 

8.0 

7.5 

7.0 

6.5 

6.0 

5.5 

5.0 

4.5 


GUARANTY (23.8000, 23.5700, 23.5700, 23.5700, -0.23000) 


42 

41 

40 

39 

38 

37 

36 

35 

34 

33 

32 

31 

30 

29 

28 

27 

26 

25 

24 

23 

22 

21 

20 

19 

18 

17 



FIRST INLAND BANK PLC 

RESULT ANALYSIS 

FULL YEAR 

Turnover [Nb] 



EPS [K] 



27.5 

2.65 

9.6 

27 

28.3 

- 


Price trend 

downward 


MACD 

bearish 

Volume flow 

neutral 



Full Year 

Forecast 


Forecast % 

Next Result Expected - 2nd quarter - November 2007 


Financial Year End - April 30 Final Result Expected - June 08 

Yr. to April 30 [Nb] 2007 2006 2005 2004 2003 

Gross Income 27,500 3,000 2,300 2,128 1,369 

Net Profit 2,650 (10,350) 606 375 154 






GUARANTY TRUST BANK PLC 


- 1ST QUARTER 

Turnover [Nb] 



EPS [K] 



28.0 

8.4 

30.0 

55 

23.9 

- 


From Jan 

Opening % 

-45.6 

Buy/Sell 

Tip 

Sell 



Turnover [Nb] 

PAT [Nb] 

EPS [K] 2006 2005 2004 2003 2002 

22 

Dividend [K] 2006 2005 2004 2003 2002 

FIRST INLAND BANK has announced its audited result for the 14-month period ended April 30, 2007. It 

posted gross earnings of N27.5 billion, a high leap of more than 816% from the N3.0 billion in the preceding 

11-month account last year. The bank is out of the red from the big loss of N10.4 billion in the preceding 

year to an after tax profit of N2.65 billion. After tax profit margin is quite low at 9.6% compared with 

average industry benchmark of 20.3%. 







Full Year 

Forecast 

86.2 

26.0 

30.2 

172 

20.3 


Forecast % 

9.3 

22.6 

Next Result Expected - 2nd quarter - August 2008 


Financial Year End - Feb 28 Final Result Expected - March 09 

Yr. to Feb28 [Nm] 2008 2007 2006 2005 2004 

Gross Income 78,830 49,051 33,614 25,459 18,053 

Net Profit 21,200 13,194 8,546 5,362 4,057 






12.4 

7.23 

One Week 

Change N 

-0.35 

From Year’s 

High % 

-45.6 


- 

2006 

- 

2005 

- 

2004 

- 

2003 

- 

Vol. of Shares [m] 9,688.6 9,688.6 

23.57 

Neutral 

P 

O 

P 

P 

O 

O 

PO O 

Bearish Bearish Bearish 


One Week 

Change N 

-1.19 

From Jan 

Opening % 

-34.5 

From Year’s 

High % 

Buy/Sell 

Tip 

Sell 


2008 Q1 - May Q2 - Aug Q3 - Nov Q4 –Feb 


PAT [Nb] 8.4 

EPS [K] 2008 2007 2006 2005 2004 

153 165 143 90 135 

Dividend [K] 2008 2007 2006 2005 2004 

70 75 95 70 70 

Guaranty Trust Bank is expected to run a three-quarter financial year ending December in compliance 

with uniform accounting date for banks. Revenue is growing strong enough to make a projected 9.3% 

improvement on the preceding 12-month financial year and profit is expected to rise 22.6% above the 

preceding year’s full year figure. Profit margin is up from 26.9% in the 2007/8 full year to 30% in the first 

quarter. Earnings per share is expected to make a new high in the year despite the scrip of 1 for 11. 

O 

O 

P 

OO O 

P 

O P O 

P 

-41.1 

Bonus Issue 2008 2008 2007 2006 2005 

- 1 for 11 1 for 4 1 for 3 - 

Vol. of Shares [m] 15,109 13,850 8,000 6,000 6,000 

O 

O 

P 

O 

O 

P 

O 

O 

P 

O 

P 

O 

O O 

O 

P 

P 


Price trend 

downward 


MACD 

bearish 

Volume flow 

neutral 









P 

P 

O 

O 

P 

P 

O O P O 

O 

O 

P P 

P O 

O 

OO 

O 

P 

P 

O 

O 

OP 

P 

P 

O 

O 

P P 

P 

O 

O 

O 

O 

O O 

OO 

O 

P P 

P 

*Change of accounting date 

12

24.5 

24.0 

23.5 

23.0 

22.5 

22.0 

21.5 

21.0 

20.5 

20.0 

19.5 

19.0 

18.5 

18.0 

17.5 

17.0 

16.5 

16.0 

15.5 

15.0 

14.5 

14.0 

13.5 

13.0 

12.5 

12.0 

11.5 

11.0 

10.5 

10.0 

9.5 

9.0 

8.5 

IBTC (13.2100, 13.0800, 13.0800, 13.0800, -0.13000) 


INT ERCONT (27.5600, 27.2900, 27.2900, 27.2900, -0.27000) 


Bullish Bearish Bullish 

25 3 10 17 31 7 14 21 5 12 19 26 2 16 30 7 14 21 28 4 11 18 25 1 8 15 

March April 

May 

June 

July 

August 

September 

22 2 

24.5 

24.0 

23.5 

23.0 

22.5 

22.0 

21.5 

21.0 

20.5 

20.0 

19.5 

19.0 

18.5 

18.0 

17.5 

17.0 

16.5 

16.0 

15.5 

15.0 

14.5 

14.0 

13.5 

13.0 

12.5 

12.0 

11.5 

11.0 

10.5 

10.0 

9.5 

9.0 

8.5 

49 

48 

47 

46 

45 

44 

43 

42 

41 

40 

39 

38 

37 

36 

35 

34 

33 

32 

31 

30 

29 

28 

27 

26 

25 

24 

23 

22 

21 



STANBIC IBTC BANK PLC 


- 2ND QUARTER 

Turnover [Nb] 



EPS [K] 



40.12 

8.2 

20.4 

43 

48.5 

- 


Price trend 

downward 


MACD 

bearish 

Volume flow 

neutral 



Full Year 

Forecast + 

82.4 

17.9 

21.7 

95 

21.1 

- 


Forecast % 

185.1 

128.0 

Next Result Expected - 3rd quarter - September 2008 


Financial Year End - March 31 Final Result Expected - March 09 

Yr. to Dec. 31 [Nm] 2007* 2007 2006 2005 2004 

Gross Income 28,900 21,120 11,286 6,500 4,510 

Net Profit 7,850 5,800 3,987 2,445 1,586 






131.7 


From Jan 

Opening % 

-34.7 

Buy/Sell 

Tip 

Watch 


2008 Q1 - June Q2 - Sept Q3 - Dec Q4 –Mar 


PAT [Nb] 8.2 

EPS [K] 2007* 2007 2006 2005 2004 

41 49 34 44 79 

Dividend [K] 2007* 2007 2006 2005 2004 

25 20 20 20 40 

Stanbic IBTC BANK recorded a strong growth in earnings in the second quarter, indicating an exceptional 

year of growth for the bank. Based on current growth rate we project that gross income will advance 

by 185.1% in 2008 and after tax profit will rise by 128%. Net profit margin declined from 27.2% in December 

2007 to 20.4% in the second quarter. We expect some recovery in profit margin in the remaining 

quarters. Earnings per share is expected to hit a new high this year, having declined from its 2004 peak. 







INTERCONTINENTAL BANK PLC 


- 1ST QUARTER 

Turnover [Nb] 



EPS [K] 



60.9 

7.8 

12.8 

34 

78.0 

- 

Full Year 

Forecast 

178 

25.8 

14.5 

113 

32.7 


Forecast % 

2.5 

-25.9 

Next Result Expected - 2nd quarter - August 2008 


Financial Year End - Feb 28 Final Result Expected - March 09 

Yr. to Feb 28 [Nm] 2008 2007 2006* 2004 2003 

Gross Income 173,600 87,400 41,517 32,800 21,410 

Net Profit 34,800 15,120 7,217 6,121 3,337 






-25.7 

13.08 

One Week 

Change N 

-0.65 

From Year’s 

High % 

-43.1 

Bonus Issue 2007* 

- 

2007 

- 

2006 

- 

2005 

- 

2004 

- 

Vol. of Shares [m] 18,750 11,661 11,661 11,661 2,000 

27.29 

P 

P 

O 

O 

O 

O 

P 

O 

O 

Bearish Bearish Bearish 


One Week 

Change N 

-1.38 

From Jan 

Opening % 

-30.1 

From Year’s 

High % 

Buy/Sell 

Tip 


2008 Q1 - May Q2 - August Q3 - Nov Q4 –Feb 


PAT [Nb] 7.82 

EPS [K] 2008 2007 2006 2004 2003 

152 81 93 159 95 

Dividend [K] 2008 2007 2006 2004 2003 

75 65 45 42 40 

INTERCONTINENTAL BANK isn’t maintaining the rapid growth rate in earnings achieved last year. 

Based on first quarter report, we project a flat growth in revenue for the bank for the period while after tax 

profit is likely to drop by25.9%. Net profit margin dropped from 20% in the 2007/8 full year to 12.8% in the 

first quarter. Earnings per share is expected to drop by 25.7% but will be good enough to sustain the 

improving trend in dividend per share. 

P 

O 

P 

O 

O 

PP 

P 

O 

-40.4 

Sell 

Bonus Issue 2008 2007 2006 2004 2003 

- - - 1 for 10 

Vol. of Shares [m] 22,836 18,536 10,725 3,548 3,548 

P 

O O 

O 

P 

O 

O 

OO 

O 

P 

O P 

O 

O O 

O 

P 

O 

O O O 

P 

P 

P 


Price trend 

downward 


MACD 

bearish 

Volume flow 

neutral 




+Adjusted 







13 

P P O 

PP P 

O 

PP P 

O 

P 

PP P P PP P 

O O 

O O 

O 

O 

P 

P 

O P 

O 

O O P 

O 

O 

O 

P 

O 

P 

O P 

O 

O 

P PP 

O 

T

32.5 

32.0 

31.5 

31.0 

30.5 

30.0 

29.5 

29.0 

28.5 

28.0 

27.5 

27.0 

26.5 

26.0 

25.5 

25.0 

24.5 

24.0 

23.5 

23.0 

22.5 

22.0 

21.5 

21.0 

20.5 

20.0 

19.5 

19.0 

18.5 

18.0 

17.5 

17.0 

16.5 

Bullish 

25 3 10 

March 

OCEANIC (21.0500, 20.8400, 20.8400, 20.8400, -0.21000) 

32.5 

32.0 

31.5 

31.0 

30.5 

30.0 

29.5 

29.0 

28.5 

28.0 

27.5 

27.0 

26.5 

26.0 

25.5 

25.0 

24.5 

24.0 

23.5 

23.0 

22.5 

22.0 

21.5 

21.0 

20.5 

20.0 

19.5 

19.0 

18.5 

18.0 

17.5 

17.0 

16.5 


PLATINUM (17.9100, 17.7400, 17.7400, 17.7400, -0.17000) 

Bearish Bearish Bullish 

Bearish 

17 31 7 14 21 5 12 19 26 2 16 30 7 14 21 28 4 11 

April 

May 

June 

July 

August 

18 25 1 8 15 

September 

22 2 

36.5 

36.0 

35.5 

35.0 

34.5 

34.0 

33.5 

33.0 

32.5 

32.0 

31.5 

31.0 

30.5 

30.0 

29.5 

29.0 

28.5 

28.0 

27.5 

27.0 

26.5 

26.0 

25.5 

25.0 

24.5 

24.0 

23.5 

23.0 

22.5 

22.0 

21.5 

21.0 

20.5 

20.0 

19.5 

19.0 

18.5 

18.0 

17.5 

17.0 

16.5 

16.0 

15.5 

15.0 

14.5 

14.0 



OCEANIC BANK INT. [NIG] PLC 


- 2NDQUARTER 

Turnover [Nb] 



EPS [K] 



66.5 

20.3 

30.5 

91 

14.3 

- 


Price trend 

downward 


MACD 

bearish 

Volume flow 

neutral 



Full Year 

Forecast 

136.6 

42.3 

31.0 

190 

18.4 


Forecast % 

82.3 

141.3 

Next Result Expected - 3rd quarter - June 2008 


Financial Year End - Sept 30 Final Result Expected - Jan 09 

Yr. to Sept 30 [Nm] 2007 2006 2005 2004 2003 

Gross Income 74,940 44,685 24,300 13,889 11,054 

Net Profit 17,530 9,559 5,900 3,289 2,816 






BANK PHB PLC 


- 3RD QUARTER 

Turnover [Nb] 



EPS [K] 



55.2 

14.85 

26.9 

73 

23.3 

- 

26.7 


From Jan 

Opening % 

-46.6 

Buy/Sell 

Tip 

Sell 


2007/8 Q1 - Dec Q2 - Mar Q3 - June Q4 –Sept 


PAT [Nb] 8.85 20.3 

EPS [K] 2007 2006 2005 2004 2003 

150 115 63 55 70 

Dividend [K] 2007 2006 2005 2004 2003 

102 42 32 25 32 

OCEANIC BANK maintained its rapidly growing earnings track record in the second quarter. Revenue is 

accelerating and profit is growing ahead of it. We mark up our projected growth in gross income from 70% 

to 82.3% for the bank at full year. Profit after tax is also revised upward from 108.2% to 141.3%. Net profit 

margin has improved further from 28.4% in the first quarter to 30.5% in the second. Earnings per share 

growth will however be moderate in reflection of more than 90% increase in volume of shares from recent 

public offer. Earnings can be expected to be sufficient to defend dividend payout. 







Full Year 

Forecast 

75.4 

20.5 

27.2 

101 

18.3 


Forecast % 

108.5 

164.7 

Next Result Expected - 3rd quarter - March 2008 


Financial Year End - June 30 Final Result Expected - September 08 

Yr. to June 30 [Nm] 2007 2006 2005 2004 2003 

Gross Income 36,163 13,280 6,658 - - 

Net Profit 7,745 2,443 703 617 234 






-15.1 

20.84 

One Week 

Change N 

+1.05 

From Year’s 

High % 

-46.6 

Bonus Issue 2008 2007 2006 2005 2004 


Vol. of Shares [m] 22,222.8 11,642 9,313.6 9,313.6 6,000 

17.74 

P P 

O 

O 

P 

O P O 

P 

Bullish Bearish Bullish Bearish Bearish Bullish 


One Week 

Change N 

-0.89 

From Jan 

Opening % 

-30.3 

From Year’s 

High % 

Buy/Sell 

Tip 

Sell 


2007/08 Q1 - Sept Q2 - Dec Q3 - Mar Q4 –June 

Turnover [Nb] 14.6 33.54 55.2 

PAT [Nb] 3.55 8.45 14.85 

EPS [K] 2007 2006 2005 2004 2003 

119 16 17 4 3 

Dividend [K] 2007 2006 2005 2004 2003 

70 6.5 - - 

BANK PHB reinforced its rapid growth in revenue and profit in the third quarter and general earnings 

prospects have improved further. Based on the accelerating growth rate, our projected revenue growth is 

again revised upward from 95.8% to 108.5%. Projected growth in after tax profit is also raised from 

129.8% to 164.6%. With increased volume of shares from the public offer and additional shares from 

placing, earnings per share is expected to decline by 15.1% in 2008. 

O 

P 

O 

O 

P 

P 

O 

-47.0 


- 

2007 


2006 

- 

2005 

- 

2004 

- 

Vol. of Shares [m] 20,155 6,435 19,305 - - 

PO 

O 

O 

P 

O 

P 

O 

P 

O O P O O O 

O 

O 

P 

O 

P 

O 

P O 

O 

O 

P P 

P 


Price trend 

downward 


MACD 

bearish 

Volume flow 

mildly bullish 









P 

P 

O 

OO P P 

P P 

O O P 

P P 

O 

O 

O 

O 

P 

O OP P 

O 

O O 

O P 

O 

P 

P 

O 

O 

O O 

P O 

O 

O 

T 

14

21.0 

20.5 

20.0 

19.5 

19.0 

18.5 

18.0 

17.5 

17.0 

16.5 

16.0 

15.5 

15.0 

14.5 

14.0 

13.5 

13.0 

12.5 

12.0 

11.5 

11.0 

10.5 

10.0 

9.5 

65 

60 

55 

50 

45 

40 

35 

30 

25 

20 

SKYEBANK (12.5100, 12.3900, 12.3900, 12.3900, -0.12000) 


UBA (28.3700, 28.0900, 28.0900, 28.0900, -0.28000) 


21.0 

20.5 

20.0 

19.5 

19.0 

18.5 

18.0 

17.5 

17.0 

16.5 

16.0 

15.5 

15.0 

14.5 

14.0 

13.5 

13.0 

12.5 

12.0 

11.5 

11.0 

10.5 

10.0 

9.5 

65 

60 

55 

50 

45 

40 

35 

30 

25 

20 


SKYE BANK PLC 


- 3RD QUARTER 

Turnover [Nb] 



EPS [K] 



47.3 

10.9 

23.0 

94 

30.7 

- 


Price trend 

downward 


MACD 

bearish 

Volume flow 




Full Year 

Forecast 

64.8 

15.4 

23.8 

133 

11.3 


Forecast % 

64.5 

180.0 

Next Result Expected - Full year - September 2008 


Financial Year End - Sept 30 Final Result Expected - January 09 

Yr. to Sept 30 [Nm] 2007 2006 2005 2004 2003 

Gross Income 39,367 21,056 6,159 5,252 4,334 

Net Profit 5,517 1,961 493 610 576 






UBA PLC 


- 3RD QUARTER 

Turnover [Nb] 



EPS [K] 



120.3 

28.9 

24.0 

169 

27.4 

25 

82.2 

From Jan 

Opening % 

-27.9 



Buy/Sell 

Tip 

Sell 



Turnover [Nb] 12.55 27.7 47.3 

PAT [Nb] 2.85 7.7 10.9 

EPS [K] 2007 2006 2005 2004 2003 

73 26 10 20 19 

Dividend [K] 2007 2006 2005 2004 2003 

35 - 10 10 - 

SKYE BANK recorded further improvement in revenue growth in the third quarter but profit growth slowed 

down during the period. Despite the slow down, the bank is set to achieve an exceptional growth in profit 

in the 2008 financial year. We mark up revenue growth projection from 43.9% to 64.8% for the bank at full 

year. Profit growth projection is revised slightly down from 186.2% to 180%. Net profit margin declined 

from 27.8% in the second quarter to 23% in the third. 







Full Year 

Forecast 

164.2 

40.2 

24.5 

236 

14.8 


Forecast % 

50.0 

87.9 

Next Result Expected - Full year - September 2008 


Financial Year End—Sept 30 Final Result Expected - Jan 09 

Yr. to Sept 30 [Nb] 2007 2006 2005 2004 2003 

Turnover 109.5 90.4 26.1 24.5 24.2 

Net Profit 21.4 11.6 4.9 4.5 3.3 






24.2 

12.39 

One Week 

Change N 

-0.61 

From Year’s 

High % 

-37.6 

Bonus Issue 2008 2007 2006 2005 2004 

- - - 

Vol. of Shares [m 11,585 7,503 7,503 4,528 3,048 

28.09 

P 

P 

O 

O 

Bullish 


One Week 

Change N 

-1.42 

From Jan 

Opening % 

-42.8 

From Year’s 

High % 

Buy/Sell 

Tip 

Watch 



Gross Income [Nb] 39 78.1 120.3 

PAT [Nb] 9.2 18.42 28.85 

EPS [K] 2007 2006 2005 2004 2003 

190 165 161 177 129 

Dividend [K] 2007 2006 2005 2004 2003 

120 100 60 60 45 

UBA stepped up revenue growth further in the third quarter and the strong growth in profit remains on 

track for the third year running. We mark up our forecast revenue growth from 46.4% to 50% for the bank 

in 2008. Our profit growth projection is raised from 75.7% to 87.9% for the bank at full year. Net profit 

margin is slightly improved from 23.6% to 24% but earnings per share will be moderated by the mid year 

stock split of 1 for 2 and conversion of loan stock. Earnings projections do not incorporate the expectation 

of the bank running a 15-month irregular account to December 2008. 

P 

O 

O 

P 

O 

O 

P 

Bearish 

Bullish 

-56.1 

Bearish 

Bonus Issue 2008 2007 2006 2005 2004 

1 for 2 - 1 for 5 - 1 for 5 

Vol. of Shares [m] 17,038 11,290 7,060 3060 2,550 

O O P 

O P 

O 

O 

O 

P 

O P 

O 

P 

O 

P 

O 

O 

O 

P 


Price trend 

upward 


MACD 

bearish 

Volume flow 

neutral 









PP 

P O P O 

P P 

P 

O 

O 

P P 

O O 

O 

O P P 

P 

O 

O OO O 

P 

O P P 

O O O 

O 

Bearish Bullish 

Bearish Bullish Bearish 

15

45.0 

44.5 

44.0 

43.5 

43.0 

42.5 

42.0 

41.5 

41.0 

40.5 

40.0 

39.5 

39.0 

38.5 

38.0 

37.5 

37.0 

36.5 

36.0 

35.5 

35.0 

34.5 

34.0 

33.5 

33.0 

32.5 

32.0 

31.5 

31.0 

30.5 

30.0 

7 31 7 

April 

Bearish 

14 21 28 5 

May 

UBN (42.0000, 42.0000, 42.0000, 42.0000, +0.000) 

12 19 26 2 9 

June 

Bearish 

16 23 30 

July 

UNITYBNK (4.36000, 4.32000, 4.32000, 4.32000, -0.04000) 

Bullish 

7 14 21 28 4 11 

August 


25 3 10 17 31 7 14 21 28 12 26 2 16 30 7 14 21 28 4 11 18 25 1 8 15 

March April 

May 

June 

July 

August 

September 

18 25 1 

22 2 

45.0 

44.5 

44.0 

43.5 

43.0 

42.5 

42.0 

41.5 

41.0 

40.5 

40.0 

39.5 

39.0 

38.5 

38.0 

37.5 

37.0 

36.5 

36.0 

35.5 

35.0 

34.5 

34.0 

33.5 

33.0 

32.5 

32.0 

31.5 

31.0 

30.5 

30.0 

10.5 

10.0 

9.5 

9.0 

8.5 

8.0 

7.5 

7.0 

6.5 

6.0 

5.5 

5.0 

4.5 

4.0 

3.5 

3.0 



UNION BANK OF NIGERIA PLC 


- 3RD QUARTER 

Turnover [Nb] 



EPS [K] 



66.9 

17.3 

25.9 

149 

21.1 

- 


Price trend 

flat 


MACD 

bullish 

Volume flow 

bullish 



Full Year 

Forecast 

92.2 

24.0 

26.0 

207 

20.3 


Forecast % 

4.7 

81.8 

Next Result Expected - Full year - March 2008 



Yr. to Mar 31 [Nb] 2007 2006 2005 2004 2003 

Gross Income 88.1 66.6 58.9 48.2 44.0 

Net Profit 13.2 10.8 9.8 8.3 8.3 






UNITY BANK PLC 


- 2ND QUARTER 

Turnover [Nb] 



EPS [K] 



45.8 


From Jan 

Opening % 

-2.4 

Buy/Sell 

Tip 

Long-term 

buy 



Gross Income [Nb] 50.55 66.9 

PAT [Nb] 13.5 17.3 

EPS [K] 2007 2006 2005 2004 20023 

142 181 219 247 328 

Dividend [K] 2007 2006 2005 2004 2003 

100 100 140 140 135 

UNION BANK is likely to record moderate growth in revenue in its 2008 financial year but profit prospects 

look better than any time in the past several years. At the end of the third quarter, net profit was already 

30.6% above the 2007 full year figure. Based on the growth rate in the third quarter, we mark down our 

projected growth in gross earnings from 19.5% to 4.7% and after tax profit from 104.8% to 81.8%. Net 

profit margin went down from 26.7% in the second quarter to 25.9% in the third. Profit growth remains 

strong enough to cause a V-turn in the bank’s declining earnings per share. 







Full Year 

Forecast 


Forecast % 

Next Result Expected - 3rd quarter - December 2007 



Yr. to Jun 30 [Nm] 2006 2005 2004 2003 2002 

Gross Income 12,000 5,050 

Net Profit 1,400 409 


- 5-year Average Revenue Growth 

- 5-year Average Profit Growth 

- Last Dividend Pay-out Ratio 


42.0 

One Week 

Change N 

+0.0 

From Year’s 

High % 

-6.9 

Bonus Issue 2008 2007 2006 2005 2004 

1 for 5 1 for 10 1 for 3 1 for 3 

Vol. of Shares [m] 11,579.8 9,649.8 6,269.8 4,475 3,356 

4.32 

O 

P 

O 

P 

O 

O 

O 

O 

O P 


One Week 

Change N 

-0.20 

From Jan 

Opening % 

-52.1 

From Year’s 

High % 

Buy/Sell 

Tip 

Sell 



Turnover [Nb] 

PAT [Nb] 

EPS [K] 2006 2005 2004 2003 2002 

10 3 

Dividend [K] 2006 2005 2004 2003 2002 

- 

Bonus Issue 2007 2006 2005 2004 2003 

1 for 10 - - - 

Vol. of Shares [m] 14,737 13,397 

UNITY BANK raised gross earnings by 137% to N12 billion naira in 2006 and after tax profit 

grew more rapidly by 242.3% to N1.4 billion. Profit margin improved from 8.1% to 11.7% over 

the period but remains quite low by industry standard. The strong growth in revenue is expected 

in the 2007 full year with further improvement in profit margin. 

O 

P 

O 

P 

O 

P 

O 

O 

P 

O 

O 

P 

O 

P P P 

-56.6 

S T 


Price trend 

downward 


MACD 

bearish 

Volume flow 

neutral 









P 

O 

O P P 

O P 

O 

O 

O 

P 

P 

O 

O O 

O P P 

P 

P 

O 

O 

O 

O 

P 

O 

O 

O 

O 

O 

O O P O OO PP P 

16 

T

30 6 

August 

53.0 

52.5 

52.0 

51.5 

51.0 

50.5 

50.0 

49.5 

49.0 

48.5 

48.0 

47.5 

47.0 

46.5 

46.0 

45.5 

45.0 

44.5 

44.0 

43.5 

43.0 

42.5 

42.0 

41.5 

41.0 

40.5 

40.0 

39.5 

39.0 

38.5 

38.0 

37.5 

37.0 

36.5 

36.0 

35.5 

35.0 

34.5 

13 20 27 3 10 

September 

17 24 2 8 

October 

WEMABANK (15.0000, 15.0000, 15.0000, 15.0000, +0.0000) 

15 22 29 5 

November 

12 19 26 3 10 

December 

ZENITHBANK (38.5900, 38.2100, 38.2100, 38.2100, -0.38000) 

17 24 31 7 

2008 

14 21 28 


15 .5 

15 .0 

14 .5 

14 .0 

13 .5 

13 .0 

12 .5 

12 .0 

11 .5 

11 .0 

10 .5 

10 .0 

9.5 

9.0 

8.5 

8.0 

53.0 

52.5 

52.0 

51.5 

51.0 

50.5 

50.0 

49.5 

49.0 

48.5 

48.0 

47.5 

47.0 

46.5 

46.0 

45.5 

45.0 

44.5 

44.0 

43.5 

43.0 

42.5 

42.0 

41.5 

41.0 

40.5 

40.0 

39.5 

39.0 

38.5 

38.0 

37.5 

37.0 

36.5 

36.0 

35.5 

35.0 

34.5 



WEMA BANK PLC 


- 2ND QUARTER 

Turnover [Nb] 



EPS [K] 



20.59 

6.5 

31.6 

63 

36.54 

- 

200 moving average + 0.0% 

Price trend 

flat 


MACD 

bearish 

Volume flow 

bullish 



Full Year 

Forecast 

42.2 

13.5 

32.0 

132 

11.4 


Forecast % 

59.8 

419.2 

Next Result Expected - 3rd quarter - December 2007 



Yr. to Mar 31 [Nm] 2007 2006 2005 2004 2003 

Gross Income 26,430 14,840 15,288 12,856 9,716 

Net Profit 2,600 [6,600] 844 967 1,448 


- 5-year Average Revenue Growth 36 




ZENITH BANK PLC 


- 4TH QUARTER 

Turnover [Nb] 



EPS [K] 



158.3 

41.04 

25.9 

245 

12.2 

- 

428.0 


From Jan 

Opening % 

+0.0 

Buy/Sell 

Tip 

Sell 



Gross Income[Nb] 9.29 20.59 

PAT [Nb] 2.85 6.5 

EPS [K] 2007 2006 2005 2004 2003 

25 - 9 31 47 

Dividend [K] 2007 2006 2005 2004 2003 

- - - 10 25 

WEMA BANK is driving earnings growth rapidly to catch up with the competition in a rapidly growing 

industry. The bank’s strong growth in revenue and profit in the first quarter accelerated in the second. 

Based on current growth rate, we mark up projected growth in revenue from 45.3% to 59.8% for the bank 

in the 2007/8 financial year. After tax profit is also revised upward from 365.3% to 419.2%. Profit margin, 

which is already at the industry peak, improved further from 30.7% in the first quarter to 31.6% in the 

second. 





Medium-term neutral 


15-Month 

Forecast 

198.9 

52.0 

26.1 

310 

10.0 

Full Period Growth 

Forecast % 

109.6 

178.1 

Next Result Expected - 15th Month - September 2008 


Financial Year End - June 30 Final Result Expected - November 08 

Yr. to June 30 [Nm] 2007 2006 2005 2004 2003 

Gross Income 94,900 58,222 34,913 23,931 17,844 

Net Profit 18,700 11,489 7,146 5,191 4,424 






53.5 

15.0 

One Week 

Change N 

+0.0 

From Year’s 

High % 

-0.0 

Bonus Issue 2007 2006 2005 2004 2003 

- - 1 for 20 1 for 3 - 

Vol. of Shares [m] 10,186 10,186 8,904 3,115 3,054 

38.21 


One Week 

Change N 

-1.94 

From Jan 

Opening % 

-17.1 

From Year’s 

High % 

Buy/Sell 

Tip 

Sell 



Gross Income[Nb] 28.86 57.6 120.31 158.3 

PAT [Nb] 8.1 15.71 33.32 41.04 

EPS [K] 2007 2006 2005 2004 2003 

202 124 136 168 375 

Dividend [K] 2007 2006 2005 2004 2003 

100 110 70 70 70 

Zenith Bank is expected to run a 15-month account to September 2008. Its normal full year unaudited 

result shows a 66.8% growth in revenue and a 119.5% jump in after tax profit. Our full 15-month projections 

indicate a likely growth of 109.6% in gross earnings and a lifting of 178.1% in after tax profit for the 

bank against the 2007 figures. Earnings per share will grow less rapidly in reflection of increased volume 

of shares arising from the bank’s recent public offer. 

-25.3 

Bonus Issue 2008 2007 2006 2005 2004 


Vol. of Shares [m] 16,744 9,265 6,000 3,098 1,549 


Price trend 

downward 


MACD 

bearish 

Volume flow 

neutral 









17 

O 

P 

Bullish 

O 

P 

P 

O 

O 

P 

P 

P 

O P O 

P 

P 

O 

P 

OO 

O 

P 

O 


Bearish Bearish 

O OO 

P 

O 

P 

O 

P 

O 

P 

O 

P 

O 

P 

O

141 

140 

139 

138 

137 

136 

135 

134 

133 

132 

131 

130 

129 

128 

127 

126 

125 

124 

123 

122 

121 

120 

119 

118 

117 

116 

115 

114 

113 

112 

58.0 

57.5 

57.0 

56.5 

56.0 

55.5 

55.0 

54.5 

54.0 

53.5 

53.0 

52.5 

52.0 

51.5 

51.0 

50.5 

50.0 

49.5 

49.0 

48.5 

48.0 

47.5 

47.0 

46.5 

46.0 

45.5 

45.0 

44.5 

44.0 

43.5 

43.0 

42.5 

42.0 

41.5 

41.0 

GUINNESS (123.750, 122.520, 122.520, 123.750, +1.23000) 


NB (47.1500, 46.6900, 46.6800, 46.6800, -0.47000) 

58.0 

57.5 

57.0 

56.5 

56.0 

55.5 

55.0 

54.5 

54.0 

53.5 

53.0 

52.5 

52.0 

51.5 

51.0 

50.5 

50.0 

49.5 

49.0 

48.5 

48.0 

47.5 

47.0 

46.5 

46.0 

45.5 

45.0 

44.5 

44.0 

43.5 

43.0 

42.5 

42.0 

41.5 

41.0 


141 

140 

139 

138 

137 

136 

135 

134 

133 

132 

131 

130 

129 

128 

127 

126 

125 

124 

123 

122 

121 

120 

119 

118 

117 

116 

115 

114 

113 

112 



GUINNESS NIGERIA PLC 


- 4TH QUARTER 

Turnover [Nb] 



EPS [K] 



69.2 

11.9 

17.1 

800 

15.5 

600 


Price trend 

neutral 


MACD 

bearish 

Volume flow 

neutral 



Full Year 

Forecast 

67.5 

10.8 

16.0 

732 

17.8 

Deviation From 

Forecast % 

+2.5 

+10.2 

+1.1 

+9.3 

-2.3 

Next Result Expected - 1st quarter - September 2008 


Financial Year End - June 30 Final Result Expected - Sept 09 

Yr. to June 30 [Nm] 2008 2007 2006 2005 2004 

Turnover 69,200 62,300 53,650 47,000 47,500 

Net Profit 11,900 10,700 7,440 4,900 7,900 






NIGERIAN BREWERIES PLC 


- 1ST QUARTER 

Turnover [Nb] 



EPS [K] 



32.4 

6.2 

19.1 

81 

25.0 

- 


From Jan 

Opening % 

-4.8 

Buy/Sell 

Tip 

Cautious 

buy 


2007/08 Q1 - Sept Q2 - Dec Q3 - Mar Q4– June 

Turnover [Nb] 13.65 32.13 49.5 69.2 

PAT [Nb] 1.3 5.24 7.55 11.9 

EPS [K] 2008 2007 2006 2005 2004 

800 726 630 415 671 

Dividend [K] 2008 2007 2006 2005 2004 

600/680* 450 400 300 525 

GUINNESS NIGERIA raised sales revenue by 11.1% in 2008, a slow down from 16.1% in 2007. After tax 

profit grew at par with revenue at 11.2% but also slowed down from 43.8% growth in the preceding year. 

Growth in profit stepped up in the final quarter with an improvement in net profit margin from 15.3% in the 

third quarter to 17.1% at full year. Net profit margin was virtually unchanged from the preceding full year’s 

record of 17.2%. An improving trend in earnings per share was maintained for the third year running. 







Full Year 

Forecast 

132.4 

26.2 

19.8 

346 

15.9 

- 


Forecast % 

18.4 

38.6 

Next Result Expected - 2nd quarter – June 2008 

Average Ind. P/E Ratio 21.4 Dividend Status – Ex div 

Financial Year End - Dec 31 Final Result Expected - March 09 

Yr. to Dec 31 [Nb] 2007 2006 2005 2004 2003 

Turnover 111.8 86.3 80.2 73.6 56.5 

Net Profit 18.9 10.9 8.25 5.1 7.3 




- Last Dividend Pay-out Ratio 100 


38.4 

123.75 

One Week 

Change N 

+0.0 

From Year’s 

High % 

-9.1 

Bonus Issue 2008 2007 2006 2005 2004 


Vol. of Shares [m] 1,474.3 1,474.3 6179.4 1,179.4 1.179.4 

46.68 

O O 

P 

O 

P 

Bearish 

O 

P 

O 


One Week 

Change N 

-2.35 

Bullish Bullish Bearish 

Bullish 

From Jan 

Opening % 

-4.7 

From Year’s 

High % 

Buy/Sell 

Tip 

Sell 


2008 Q1 - Mar Q2 - Jun Q3 - Sept Q4 –Dec 


PAT [Nb] 6.2 

EPS [K] 2007 2006 2005 2004 2003 

250 144 109 67 193 

Dividend [K] 2007 2006 2005 2004 2003 

250 144 105 40 110 

NIGERIAN BREWERIES isn’t likely to match the strong growth in revenue and profit last year for the 

current year but growth is expected to be strong enough to keep key indices looking up. Turnover is projected 

to growth by 18.4% in the year and with further gain in net profit margin, net profit is projected to 

grow at a faster rate of 38.6%. Net profit margin has improved from 16.9% in 2007 full year to 19.1% in 

the first quarter. 

P 

O 

P 

P 

O 

O 

P 

O 

-16.5 

Bonus Issue 2007 2006 2005 2004 2003 

- - - - 1 for 1 

Vol. of Shares [m] 7,562.6 7,562.6 7,562.6 7,562.6 3,781 

P 

P 

O 

O 

O 

O 

P 

O 

P 

O 

P 

OO 

P 

O 

P 

P 

O 

O 

O 

P 

O 


Price trend 

downward 


MACD 

bearish 

Volume flow 

bearish 









O 

P 

O 

O 

P 

O 

O 

P 

O 

P 

P 

O 

O O 

P O 

P 

O 

O 

P 

OP 

O O 

P 

O 

P 

O 

P 

O 

P 

O 

O 

P 

P 

O 

O O 

O 

P 

O 

*Special dividend of 680k 

18

57.0 

56.5 

56.0 

55.5 

55.0 

54.5 

54.0 

53.5 

53.0 

52.5 

52.0 

51.5 

51.0 

50.5 

50.0 

49.5 

49.0 

48.5 

48.0 

47.5 

47.0 

46.5 

46.0 

45.5 

45.0 

44.5 

44.0 

43.5 

43.0 

42.5 

42.0 

41.5 

41.0 

40.5 

40.0 

39.5 

39.0 

38.5 

38.0 

37.5 

37.0 

36.5 

36.0 

35.5 

35.0 

34.5 

59 

58 

57 

56 

55 

54 

53 

52 

51 

50 

49 

48 

47 

46 

45 

44 

43 

42 

41 

40 

39 

38 

37 

36 

35 

34 

33 

32 

31 

30 

29 

28 

27 

26 

25 

24 

23 

22 

21 

ASHAKACEM (29.2500, 28.9600, 28.9600, 28.9600, -0.29000) 


BCC (46.0000, 45.5400, 45.5400, 45.5400, -0.46000) 


59 

58 

57 

56 

55 

54 

53 

52 

51 

50 

49 

48 

47 

46 

45 

44 

43 

42 

41 

40 

39 

38 

37 

36 

35 

34 

33 

32 

31 

30 

29 

28 

27 

26 

25 

24 

23 

22 

21 

57.0 

56.5 

56.0 

55.5 

55.0 

54.5 

54.0 

53.5 

53.0 

52.5 

52.0 

51.5 

51.0 

50.5 

50.0 

49.5 

49.0 

48.5 

48.0 

47.5 

47.0 

46.5 

46.0 

45.5 

45.0 

44.5 

44.0 

43.5 

43.0 

42.5 

42.0 

41.5 

41.0 

40.5 

40.0 

39.5 

39.0 

38.5 

38.0 

37.5 

37.0 

36.5 

36.0 

35.5 

35.0 

34.5 



ASHAKACEM PLC 


- 4TH QUARTER 

Turnover [Nb] 



EPS [K] 



16.5 

1.6 

9.7 

93 

57.1 

- 

Full Year 

Forecast 

18.2 

3.7 

20.3 

216 

20.8 


Forecast % 

-9.3 

-56.8 

-10.6 

-56.9 

-36.3 




Yr. to Dec 31 [Nm] 2007 2006 2005 2004 2003 

Turnover 16,500 16,800 15,800 12,300 10,199 

Net Profit 1,600 3,380 4,430 3,400 2,123 






28.96 


One Week 

Change N 

-1.14 

From Jan 

Opening % 

-46.6 

From Year’s 

High % 

Buy/Sell 

Tip 




PAT [Nb] 1.82 1.6 

EPS [K] 2007 2006 2005 2004 2003 

93 231 303 387 242 

Dividend [K] 2007 2006 2005 2004 2003 

- 150 232 285 171 

ASHAKACEM recorded a more rapid slow down in revenue and profit in the second half of the 2007 

financial year and full year profit figure fell below half year position. Production shortfalls caused a 1.8% 

decline in sales revenue and rising input cost led to a 52.7% drop in net profit, following a 23.7% fall in the 

preceding year. Net profit margin fell to the lowest mark in many years at 9.7%, down from 20.1% in 

2006. Earnings per share continued on a downward slide for the third year running. 

-48.4 

Bonus Issue 2008 2007 


2006 


2005 

- 

2004 


Vol. of Shares [m] 1,990 1,706 1,462.5 1,462.5 877.5 

Sell 


Price trend 

downward 


MACD 

bearish 

Volume flow 

bearish 









P 

P 

O O 

O 

P 

O 

P 

O 

P 

P 

P 

P 

O P 

P 

O 

O 

P 

O O P 

PO 

O O 

O O 

O 

O O 

P 

P 

P 

P 

O 

O 

O 

BENUE CEMENT COMPANY PLC 


- 1ST QUARTER 

Turnover [Nb] 



EPS [K] 



1.04 

139 

13.6 

4 

115.9 

- 

Full Year 

Forecast 

4.4 

575 

13.1 

18 

222 


Forecast % 

-20.0 

-54.0 




Yr. to Dec 31 [Nm] 2007 2006 2005 2004 2003 

Turnover 5,500 6,030 4,005 - 391 

Net Profit 1,250 [1,150] 2,244 [912] [727] 


- 5-year Average Revenue Growth - 




-59.0 

45.54 



One Week 

Change N 

-0.30 

From Jan 

Opening % 

-13.8 

From Year’s 

High % 

Buy/Sell 

Tip 

Sell 




PAT [Nb] 139.1 

EPS [K] 2007 2006 2005 2004 2003 

44 [61] 453 [184] [146] 

Dividend [K] 2007 2006 2005 2004 2003 

- - - - - 

BCC recorded a disappointing earnings performance in the first quarter with sales revenue indicating a 

likely decline for the second year. Based on the first quarter growth rate, revenue is forecast to drop by 

20% in 2008 and after tax profit is projected to fall much faster at 54%. There is a further decline in net 

profit margin from 22.7% in the 2007 full year to 13.6% in the first quarter. Earnings per share is expected 

to drop significantly and dividend pay-out capacity can be expected to remain weak. 

-16.5 



2006 

1 f0r 8 

2005 

- 

2004 

- 

Vol. of Shares [m] 3,132 2,784 1,980 495 495 


Price trend 

neutral 


MACD 

bearish 

Volume flow 

neutral 









O 

P 

O 

P 

O O 

P 

P 

P 

P 

O 

P O 

O 

P 

P 

O 

O 

P 

O P 

OO 

P 

O 

P 

O 

P O 

P 

O O P 

P 

O 

O 

O 

19 

Bullish 


Bearish Bearish

Bullish Bearish Bullish Bearish Bearish Bullish Bearish 

Bullish 

25 3 10 17 31 7 14 21 5 12 19 26 2 16 30 7 14 21 28 4 11 18 25 1 8 15 

March April 

May 

June 

July 

August 

September 

75 

70 

65 

60 

55 

50 

45 

40 

35 

30 

CCNN (13.9300, 13.9300, 13.9300, 13.9300, +0.000) 

WAPCO (40.4200, 40.0200, 40.0200, 40.0200, -0.40000) 

30 


26.0 

25.5 

25.0 

24.5 

24.0 

23.5 

23.0 

22.5 

22.0 

21.5 

21.0 

20.5 

20.0 

19.5 

19.0 

18.5 

18.0 

17.5 

17.0 

16.5 

16.0 

15.5 

15.0 

14.5 

14.0 

13.5 

13.0 

12.5 

12.0 

11.5 

11.0 

10.5 

10.0 

75 

70 

65 

60 

55 

50 

45 

40 

35 



CEMENT COMPANY OF NORTHERN NIGERIA PLC 


- 2ND QUARTER 

Turnover [Nb] 

4.4 



EPS [K] 



0.611 

13.9 

49 

28.2 

45 


Price trend 

downward 


MACD 

bearish 

Volume flow 




Full Year 

Forecast 

10.4 

1.3 

12.5 

104 

19.2 

- 


Forecast % 

29.4 

835.3 


Average Ind. P/E Ratio 17.6 Dividend Status – Cum Div 4/9/08 


Yr. to Dec 31 [Nm] 2007 2006 2005 2004 2003 

Turnover 8,040 6,400 5,920 5,500 3,306 

Net Profit 139 [35] 224 827 [108] 






LAFARGE WAPCO PLC 


- 1ST QUARTER 

Turnover [Nb] 



EPS [K] 



11.03 

1.95 

17.7 

65 

22.4 

- 


Price trend 

downward 


MACD 

bearish 

Volume flow 

neutral 



700.0 

20 


From Jan 

Opening % 

-42.0 

Buy/Sell 

Tip 

Buy 




PAT [Nm] 135.3 610.9 

EPS [K] 2007 2006 2005 2004 2003 

13 [3] 21 85 [111] 

Dividend [K] 2007 2006 2005 2004 2003 

10 - 10 10 - 

CCNN maintained its earlier growth rate in revenue in the second quarter but there was a major leap in 

after tax profit growth during the quarter. Revenue growth projection is unchanged at 29.4% for the company 

in 2008 while we mark up after tax profit growth significantly to 835.3%. There is a further widening 

in profit margin from 6.1% in the first quarter to 13.9% in the second. Earnings per share is expected to 

advance by 700% to a new high after declining from the 2004 peak. 







Full Year 

Forecast 

45.1 

8.3 

18.4 

276 

19.9 


Forecast % 

16.5 

-22.4 




Yr. to Dec 31 [Nm] 2007 2006 2005 2004 2003 

Turnover 38,700 39,650 26,630 22,100 13,729 

Net Profit 10,700 10,950 2,800 [3,400] [3,175] 






-22.5 

13.93 

One Week 

Change N 

-0.42 

From Year’s 

High % 

-43.1 


- 

2006 

- 

2005 

- 

2004 


2003 

- 

Vol. of Shares [m] 1,243 1,069 1,069 971 971 


From Jan 

Opening % 

-51.8 

Buy/Sell 

Tip 

Sell 




PAT [Nb] 1.95 

EPS [K] 2007 2006 2005 2004 2003 

356 356 93 [193] [185] 

Dividend [K] 2007 2006 2005 2004 2003 

120 100 30 - - 

LAFARGE WAPCO is expected to strengthen sales revenue in 2008 from a decline in 2007. But the 

weakness in profit performance seen last year is very likely to worsen. Our projected revenue growth of 

16.5% isn’t likely to absorb the rapid cost increases facing the company. Net profit margin has dropped 

from 27.6% in 2007 full year to 17.7% and after tax profit is likely to fall for the second year at 22.4%. A 

much stronger growth in revenue will be needed to defend profit margin. 







O 

40.02 

P 

P 

OO P O 

P 

O 

O 

O 

P 

O P 

O 

O 

One Week 

Change N 

-1.21 

P 

O 

O 

O O 

P 

O 

From Year’s 

High % 

-53.2 


- 

2006 

- 

2005 

- 

2004 

- 

2003 

- 

Vol. of Shares [m] 3,001.6 3,001.6 3,001.6 1,715 1,715 

P 

P P 

O 

O 

O O 

O 

P 

O 

P 

O 

P 

P P 

O 

P 

O O 

O 

OP 

O O 

O 

P 

P 

OO 

P 

O 

OO 

P 

OO P 

O 

Bearish Bullish Bearish Bearish 

P 

O 

P 

O 

P 

O 

O 

O 

O 

PP 

P 

O 

O 

22 2 T


Bullish Bearish Bullish Bullish 

25 3 10 17 31 7 14 21 28 12 19 26 9 16 23 30 7 14 21 28 4 11 18 25 1 8 15 

March April 

May 

June 

July 

August 

September 

100 

95 

90 

85 

80 

75 

70 

65 

60 

55 

50 

45 

40 

BERGER (12.6600, 13.2900, 13.0100, 12.6600, -0.35000) 

CAP (48.0000, 47.5200, 47.5200, 48.0000, +0.48000) 


22 2 

24.0 

23.5 

23.0 

22.5 

22.0 

21.5 

21.0 

20.5 

20.0 

19.5 

19.0 

18.5 

18.0 

17.5 

17.0 

16.5 

16.0 

15.5 

15.0 

14.5 

14.0 

13.5 

13.0 

12.5 

12.0 

11.5 

11.0 

10.5 

10.0 

100 

95 

90 

85 

80 

75 

70 

65 

60 

55 

50 

45 

40 



BERGER PAINTS PLC 


- 1ST QUARTER 

Full Year 

Forecast 


Forecast % 

13.0 

27.4 

Turnover [Nb] 



EPS [K] 



0.64 

35 

5.5 

16 

98 

- 

2.6 

144 

5.5 

66 

30.3 

26.9 


Average Ind. P/E Ratio 8.8 

Dividend Status – Ex Div 


Yr. to Dec 31 [Nm] 2007 2006 2005 2004 2003 

Turnover 2,300 2,300 1,900 1,800 1,800 

Net Profit 113 81 [511] 101 108 






12.66 


One Week 

Change N 

+0.0 

From Jan 

Opening % 

+18.9 

From Year’s 

High % 

Buy/Sell 

Tip 

Cautious 

buy 




PAT [Nm] 34.95 

EPS [K] 2007 2006 2005 2004 2003 

52 37 [235] 46.5 49.8 

Dividend [K] 2007 2006 2005 2004 2003 

- - - 30 40 

BERGER PAINTS is pushing revenue to grow from the flat growth position recorded in 2007. 

We project that turnover will grow by 13% at full year based on current growth rate. Profit is 

expected to grow far above revenue at 27.4%. The strength in profit is coming from an increase 

in profit margin, which stands at a four-year best at 5.5%. The earnings prospects could 

improve slightly in the remaining quarters. 

-45.8 


- 

2006 

- 

2005 

- 

2004 

- 

2003 

- 

Vol. of Shares [m] 217.4 217.4 217.4 217.4 217.4 


Price trend 

downward 


MACD 

bearish 

Volume flow 

bearish 









P 

P P 

P P 

O 

OO 

O 

O 

P 

P 

O 

P 

O 

P 

P 

O 

PP 

P P 

P 

P P 

O O O 

P 

O O 

O O OOO O 

O 

O 

O PO 

CHEMICAL & ALLIED PRODUCTS PLC 


- 1ST QUARTER 

Turnover [Nb] 

0.554 



EPS [K] 

77 



Full Year 

Forecast 

2.3 

725 

31.5 

323 

18.6 

- 


Forecast % 

9.5 

-12.7 




Yr. to Dec 31 [Nm] 2007 2006 2005 2004 2003 

Turnover 2,100 2,000 1,500 1,500 1,203 

Net Profit 830 313 202 161 152 






-12.7 

52.48 


One Week 

Change N 

+0.0 

From Jan 

Opening % 

-25.0 

From Year’s 

High % 

Buy/Sell 

Tip 

Watch 




PAT [Nm] 172.74 

EPS [K] 2007 2006 2005 2004 2003 

370 139 90 72 90 

Dividend [K] 2007 2006 2005 2004 2003 

375 300 70 55 50 

CAP is recording slowly growing revenue in the 2008 financial year and the strong growth in profit seen 

the preceding year isn’t being sustained. We project an increase of 9.5% in revenue for the company at 

full year and a decline of 12.7 per cent in after tax profit. Net profit margin, which soared from 15.7% in 

2006 to 39.5% in 2007, is down to 31.5 % in the first quarter. Earnings growth prospects will become 

clearer in the next quarter. 

-48.4 


- 

2006 

- 

2005 

- 

2004 

- 

2003 


Vol. of Shares [m] 224 224 224 224 168 

U 


Price trend 

downward 


MACD 

bearish 

Volume flow 

neutral 









P 

P 

P 

O 

P 

O 

O 

P 

P 

P P 

O P 

PPP 

O 

P P 

O 

P P P P 

O 

O 

OO 

O O O 

O P 

O 

PO O O 

O 

O 

O 

21 

Bullish 

Bearish Volume Bullish(6,000) 

Bearish Bearish

21.5 

21.0 

20.5 

20.0 

19.5 

19.0 

18.5 

18.0 

17.5 

17.0 

16.5 

16.0 

15.5 

15.0 

14.5 

14.0 

13.5 

13.0 

12.5 

12.0 

11.5 

11.0 

10.5 

10.0 

9.5 

9.0 

34.0 

33.5 

33.0 

32.5 

32.0 

31.5 

31.0 

30.5 

30.0 

29.5 

29.0 

28.5 

28.0 

27.5 

27.0 

26.5 

26.0 

25.5 

25.0 

24.5 

24.0 

23.5 

23.0 

22.5 

22.0 

21.5 

21.0 

20.5 

20.0 

19.5 

19.0 

18.5 

18.0 

17.5 

17.0 

16.5 

DNMEYER (11.5100, 11.5100, 11.5100, 11.5100, +0.000) 



Bullish 

25 3 10 17 31 7 14 21 28 5 12 19 26 1116 23 30 7 14 28 5 11 18 1 9 15 

March April 

May 

June 

July 

August September 

Bullish 

25 3 10 17 31 7 

March 

April 

NIG-GERMAN (19.4200, 19.4200, 19.4200, 19.4200, +0.000) 

Bearish 

14 21 28 5 

May 

12 20 26 2 10 

June 

Bearish 

16 23 7 

July 

Bullish 

14 21 4 11 

August 

22 

19 9 22 

September 

21.5 

21.0 

20.5 

20.0 

19.5 

19.0 

18.5 

18.0 

17.5 

17.0 

16.5 

16.0 

15.5 

15.0 

14.5 

14.0 

13.5 

13.0 

12.5 

12.0 

11.5 

11.0 

10.5 

10.0 

9.5 

9.0 

34.0 

33.5 

33.0 

32.5 

32.0 

31.5 

31.0 

30.5 

30.0 

29.5 

29.0 

28.5 

28.0 

27.5 

27.0 

26.5 

26.0 

25.5 

25.0 

24.5 

24.0 

23.5 

23.0 

22.5 

22.0 

21.5 

21.0 

20.5 

20.0 

19.5 

19.0 

18.5 

18.0 

17.5 

17.0 

16.5 



DN MEYER PLC 


-2ND QUARTER 

Turnover [Nb] 



EPS [K] 



1.1 

34.8 

3.1 

12 

37.9 

- 

Full Year 

Forecast 

2.5 

72.2 

2.9 

24 

50.0 


Forecast % 

19.0 

13.2 




Yr. to Dec 31 [Nm] 2007 2006 2005 2004 2003 

Turnover 2,100 2,010 1,369 1,761 1,500 

Net Profit 63.8 60.8 [209] 63 67 






9.1 

11.51 


One Week 

Change N 

+0.0 

From Jan 

Opening % 

+38.2 

From Year’s 

High % 

Buy/Sell 

Tip 

Watch 




PAT [Nm] 13.2 34.8 

EPS [K] 2007 2006 2005 2004 2003 

22 25 [86] 43 46 

Dividend [K] 2007 2006 2005 2004 2003 

10 - - 20 45 

DN MEYER improved its revenue growth rate in the second quarter and profit growth also accelerated 

during the period. Based on the accelerated growth rate, we mark up revenue growth forecast from 4.8% 

to 19%. We revise profit projection from possible decline to a 13.2% growth in 2008. Net profit margin is a 

little improved from 2.7% in the first quarter to 3.1% in the second. A further improvement in revenue and 

additional gain in profit margin are needed to raise performance prospects in 2008. 

-44.3 


- 

2006 


2005 

- 

2004 


2003 

- 

Vol. of Shares [m] 291.5 242.9 242.9 146 146 


Price trend 

neutral 


MACD 

bearish 

Volume flow 










P 

P 

P 

O 

O 

P 

P 

O 

O 

O 

O P 

O 

P 

P 

P P 

O OO 

O 

O 

O 

O 

P P 

OO O 

PP 

O 

P PP 

P 

O O 

NIGERIAN-GERMAN CHEMICALS PLC 


- 2ND QUARTER 

Full Year 

Forecast 


Forecast % 

48.3 

97.2 

Turnover [Nb] 



EPS [K] 



1.83 

132.7 

7.3 

86 

29.2 

- 

3.9 

270.2 

6.9 

175 

11.4 

96.6 




Yr. to Dec 31 [Nm] 2007 2006 2005 2004 2003 

Turnover 2,630 2,490 2,470 2,100 1,603 

Net Profit 137 149 121 95 62 






19.42 


One Week 

Change N 

+0.0 

From Jan 

Opening % 

-25.3 

From Year’s 

High % 

Buy/Sell 

Tip 

Watch 




PAT [Nm] 60.44 132.71 

EPS [K] 2007 2006 2005 2004 2003 

89 97 79 62 40 

Dividend [K] 2007 2006 2005 2004 2003 

45 45 35 30 30 

NIGERIAN-GERMAN CHEMICALS stepped up growth in revenue and profit further in the second quarter, 

expecting to make up for two years of a slow down. Revenue growth rate has been marginal over the 

past two years and profit growth has been decelerating since 2004. We revise upwards projected revenue 

growth from 42.3% to 48.3%. With further gain in profit margin, we mark up after tax profit projection from 

31.3% to 97.2% for the company in 2008. 

-39.3 


- 

2006 

- 

2005 

- 

2004 

- 

2003 

- 

Vol. of Shares [m] 153.8 153.8 153.8 153.8 153.8 

T 


Price trend 

neutral 


MACD 

bearish 

Volume flow 

neutral 









O 

P 

P 

P 

O 

O 

P 

P 

P 

O 

O 

P P 

O O O O P P 

OO O P 

O 

P 

P 

OO P 

O 

O 

O 

O 

P 

T 

22

34.0 

33.5 

33.0 

32.5 

32.0 

31.5 

31.0 

30.5 

30.0 

29.5 

29.0 

28.5 

28.0 

27.5 

27.0 

26.5 

26.0 

25.5 

25.0 

24.5 

24.0 

23.5 

23.0 

22.5 

22.0 

21.5 

21.0 

20.5 

20.0 

19.5 

19.0 

18.5 

18.0 

17.5 

17.0 

16.5 

PZ (24.2000, 23.9600, 23.9600, 23.9600, -0.24000) 


UACN (45.0000, 44.5500, 44.5500, 45.0000, +0.45000) 

Bullish Bearish Bearish Bullish Bearish Bullish Bearish 

25 3 10 17 31 7 14 21 5 12 19 26 2 16 30 7 14 21 28 4 11 18 25 1 8 15 

March April 

May 

June 

July 

August 

September 

22 2 

34.0 

33.5 

33.0 

32.5 

32.0 

31.5 

31.0 

30.5 

30.0 

29.5 

29.0 

28.5 

28.0 

27.5 

27.0 

26.5 

26.0 

25.5 

25.0 

24.5 

24.0 

23.5 

23.0 

22.5 

22.0 

21.5 

21.0 

20.5 

20.0 

19.5 

19.0 

18.5 

18.0 

17.5 

17.0 

16.5 

63 

62 

61 

60 

59 

58 

57 

56 

55 

54 

53 

52 

51 

50 

49 

48 

47 

46 

45 

44 

43 

42 

41 

40 

39 

38 

37 

36 

35 

34 



PZ INDUSTRIES PLC 


- 4TH QUARTER 

Full Year 

Forecast 


Forecast % 

+6.6 

+21.9 

+0.7 

+24.0 

-10.1 

Turnover [Nb] 



EPS [K] 



65.9 

3.9 

5.9 

124 

16.9 

62 

61.8 

3.2 

5.2 

100 

27.0 

Next Result Expected - 1st quarter - August 2008 


Financial Year End - May 31 Final Result Expected - August 09 

Yr. to May 31 [Nm] 2008 2007 2006 2005 2004 

Turnover 65,940 54,220 43,500 34,135 27,995 

Net Profit 3,950 3,510 3,240 3,270 2,078 






23.96 


One Week 

Change N 

+0.02 

From Jan 

Opening % 

-11.3 

From Year’s 

High % 

Buy/Sell 

Tip 


2007/8 Q1 - August Q2 - Nov Q3 Feb Q4 –May 

Turnover [Nb] 13.51 29.95 65.94 

PAT [Nm] 0.443 1.4 3.95 

EPS [K] 2008 2007 2006 2005 2004 

124 138 126 150 119 

Dividend [K] 2008 2007 2006 2005 2004 

62 71 69 75 75 

PZ INDUSTRIES improved sales revenue by 21.6% in its financial year ended May 2008 and after tax 

profit grew less rapidly at 12.5%. The slow growth in profit reflects a decline in profit margin, which went 

down from 6.5% in 2007 to 6.0% in 2008. With the modest growth in profit against the scrip of 1 for 4 in 

2007, earnings per share declined in the year to the lowest mark in five years. Dividend per share also 

came down to the lowest level in five years. 

-26.2 

Sell 


- 

2007 


2006 

- 

2005 

- 

2004 


Vol. of Shares [m] 3,176 2,541 2,541 2,179 1,743 


Price trend 

upward 

10 period volatility norrmal 

MACD 

bullish 

Volume flow 









Long-term 

bearish 

P 

P P 

P 

O O 

O 

P 

P 

P 

O 

P 

O 

P 

P 

O 

O 

O P P 

O 

O O 

O 

O 

O O 

O P P 

O 

O P 

O 

O 

O 

O 

P 

P 

UACN PLC 


- 1ST QUARTER 


Price trend 

upward 


MACD 

bullish 

Volume flow 




Full Year 

Forecast 


Forecast % 

40.0 

-6.5 

Turnover [Nb] 



EPS [K] 



10.8 

0.68 

6.3 

53 

21.6 

- 

44.1 

2.9 

6.6 

225 

24.4 

-6.6 




Yr. to Dec 31 [Nm] 2007 2006 2005 2004 2003 

Turnover 31,500 28,400 27,120 25,100 20,844 

Net Profit 3,100 3,200 1,630 1,600 2,185 






23 

45.0 


From Jan 

Opening % 

-13.5 

Buy/Sell 

Tip 

Sell 




PAT [Nb] 0.68 

EPS [K] 2007 2006 2005 2004 2003 

241 249 127 176 240 

Dividend [K] 2007 2006 2005 2004 2003 

120 100 100 85 60 

UACN is looking out for an exceptional growth in sales revenue in 2008 but profit prospects remain weak 

for the second year. Revenue is projected to grow by 40%, the highest in five years while after tax profit is 

headed for a marginal decline for the second year. Net profit margin continues to decline from 11.3% in 

2006 to 9.8% in 2007 and further to 6.3% in the first quarter of the current year. Prospects for improving 

profit margin and profit growth are uncertain in the rising cost environment facing the company. 







Bullish Bullish Bearish Bearish Bearish 

One Week 

Change N 

+0.31 

From Year’s 

High % 

-26.9 


- 

2006 


2005 

- 

2004 

- 

2003 

- 

Vol. of Shares [m] 1,284,6 1,284,6 909 909 909 

P 

O 

P 

P 

O 

P 

O O 

P 

O 

P 

O P 

O 

O 

P 

O 

PP 

O 

P 

OO 

P 

O O 

P 

O 

P 

P 

O O 

P 

O 

P 

T

Bullish Bearish Bullish Bearish Bearish Bullish Bullish 

25 3 10 17 31 7 14 21 5 12 19 26 2 16 30 7 14 21 28 4 11 18 25 1 8 15 

March April 

May 

June 

July 

August 

September 

180 

175 

170 

165 

160 

155 

150 

145 

140 

135 

130 

125 

120 

115 

110 

105 

100 

95 

90 

85 

80 

75 

70 

65 

60 

55 

50 

45 

40 

35 

30 

UNILEVER (23.75 00 , 23.7 500 , 23 .7 500 , 23 .7 500 , +0 .0 00 ) 

JBERGER (73.5100, 72.7800, 72.7800, 73.5100, +0.73000) 

180 

175 

170 

165 

160 

155 

150 

145 

140 

135 

130 

125 

120 

115 

110 

105 

100 

95 

90 

85 

80 

75 

70 

65 

60 

55 

50 

45 

40 

35 

30 


22 2 

30.0 

29.5 

29.0 

28.5 

28.0 

27.5 

27.0 

26.5 

26.0 

25.5 

25.0 

24.5 

24.0 

23.5 

23.0 

22.5 

22.0 

21.5 

21.0 

20.5 

20.0 

19.5 

19.0 

18.5 

18.0 

17.5 



UNILEVER NIGERIA PLC 


- 1ST QUARTER 

Turnover [Nb] 



EPS [K] 



19.2 

1.7 

8.9 

45 

75.3 

- 

200 moving average + 4.0% 

Price trend 

downward 


MACD 

bullish 

Volume flow 

neutral 



Full Year 

Forecast 

39.7 

3.6 

9.0 

95 

21.1 

- 


Forecast % 

16.8 

227.3 




Yr. to Dec 31 [Nm] 2007 2006 2005 2004 2003 

Turnover 34,000 25,550 33,400 28,577 23,694 

Net Profit 1,100 [1,617] 1,620 2,167 1,870 






JULIUS BERGER NIGERIA PLC 


- FULL YEAR 

227.6 


From Jan 

Opening % 

+7.7 

Buy/Sell 

Tip 

Sell 




PAT [Nm] 1.72 

EPS [K] 2007 2006 2005 2004 2003 

29 [42] 54 72 62 

Dividend [K] 2007 2006 2005 2004 2003 

25 - - 70 61 

Unilever Nigeria’s second quarter earnings position indicates moderate revenue growth prospects in 2008 

but a major leap in profit. Sales revenue is projected to grow by 16.8% at full year while after tax profit is 

expected to advance by 227.3%. At the end of the second half, after tax profit is already 54.5% above 

the 2007 full year figure. There is a strong recovery in profit margin from only 3.2% in December 2007 to 

8.9% in the second quarter. Earnings per share is expected to make a new high since 2004. 







Full Year 

Forecast 


Forecast % 

+17.4 

+28.6 

+0.2 

+28.8 

-2.0 

Turnover [Nb] 



EPS [K] 



79.1 

1.8 

2.3 

600 

14.1 

500 

67.4 

1.4 

2.1 

466 

16.1 

Next Result Expected - 1st quarter – March 2008 



Yr. to Dec 31 [Nm] 2007 2006 2005 2004 2003 

Turnover 79,100 56,900 40,800 29,200 30,458 

Net Profit 1,800 1,120 627 387 366 






23.75 

One Week 

Change N 

-0.95 

From Year’s 

High % 

-15.1 


- 

2006 

- 

2005 

- 

2004 

- 

2003 

- 

Vol. of Shares [m] 3,783.3 3,783.3 3,027 3,027 3,027 

73.51 

O 

PP 

O 

P 

P 

O 

O 

P 

O 

P 

O 


One Week 

Change N 

-0.74 

From Jan 

Opening % 

-8.6 

From Year’s 

High % 

Buy/Sell 

Tip 

Buy 



Turnover [Nb] 34.15 49.65 79.1 

PAT [Nm] 690 995 1.8 

EPS [K] 2007 2006 2005 2004 2003 

600 373 208 172 163 

Dividend [K] 2007 2006 2005 2004 2003 

500 90 70 15 25 

JULIUS BERGER maintained its track record of strong growth in revenue and profit for the third year 

running. Turnover rose by 39% and after tax profit maintained a stronger growth at 60.7%. Net profit 

margin improved from less than 2.0% in 2006 to 2.3% in the year. The strong growth in profit lifted earnings 

per share to a new high, placing the company on the big earnings league. The company is paying a 

cash dividend of N5 per share and a bonus issue of 3 for 1. 

P 

O 

P 

P 

O 

O 

-49.7 

Bonus Issue 2008 2007 2006 2005 2004 

- 3 for 1 - 1 for 2 - 

Vol. of Shares [m] 1,200 300 300 300 225 

P 

O 

P 

O 

P 

O 

P 

O 

O 

P 

O 

O 

P 

PP 

O 

P 

O 

O 

P 

P 

P 

T 


Price trend 

upward 


MACD 

bullish 

Volume flow 

neutral 









P O 

P 

P 

P 

O 

Bullish 

P 

P 

O 

O 

P 

O 

O 

O 

P 

O 

P 

O 

P 

P P 

O 

P PP 

O 

O O O 

PP P 

P 

P 

O O 

O 

P O 


24

60.5 

60.0 

59.5 

59.0 

58.5 

58.0 

57.5 

57.0 

56.5 

56.0 

55.5 

55.0 

54.5 

54.0 

53.5 

53.0 

52.5 

52.0 

51.5 

51.0 

50.5 

50.0 

49.5 

49.0 

48.5 

48.0 

47.5 

47.0 

46.5 

46.0 

45.5 

45.0 

44.5 

44.0 

43.5 

43.0 

42.5 

54 

53 

52 

51 

50 

49 

48 

47 

46 

45 

44 

43 

42 

41 

40 

39 

38 

37 

36 

35 

34 

33 

32 

31 

30 

29 

28 

27 

26 

25 

7UP (51.5000, 50.9900, 50.9900, 51.5000, +0.51000) 

CADBURY (34.1200, 33.7800, 33.7800, 34.1200, +0.12000) 

Bullish Bearish Bearish Bullish Bearish Bullish 

25 3 10 17 31 7 14 21 5 12 26 9 16 30 7 14 4 11 18 25 1 8 15 

March April 

May 

June 

July 

August 

September 

22 2 

60.5 

60.0 

59.5 

59.0 

58.5 

58.0 

57.5 

57.0 

56.5 

56.0 

55.5 

55.0 

54.5 

54.0 

53.5 

53.0 

52.5 

52.0 

51.5 

51.0 

50.5 

50.0 

49.5 

49.0 

48.5 

48.0 

47.5 

47.0 

46.5 

46.0 

45.5 

45.0 

44.5 

44.0 

43.5 

43.0 

42.5 

54 

53 

52 

51 

50 

49 

48 

47 

46 

45 

44 

43 

42 

41 

40 

39 

38 

37 

36 

35 

34 

33 

32 

31 

30 

29 

28 

27 

26 

25 



7-UP BOTTLING COMPANY PLC 


SHEET - Q2 

Turnover [Nb] 



EPS [K] 



13.9 

0.655 

4.7 

127 

19.7 

- 


Price trend 

upward 


MACD 

bullish 

Volume flow 




Full Year 

Forecast 

29.6 

1.4 

4.7 

273 

22.0 


Forecast % 

Next Result Expected - Full year - March 2008 



Yr. to March 31 [Nm] 2007 2006 2005 2004 2003 

Turnover 27,310 22,100 17,347 14,937 14,222 

Net Profit 1,220 1,200 954 1,144 1,382 






CADBURY NIGERIA PLC 


- 3RD QUARTER 

Full Year 

Forecast 

8.4 

14.8 

14.7 


From Jan 

Opening % 

+11.3 

Buy/Sell 

Tip 

Sell 


2007/8 Q1 - Mar Q2 - Jun Q3 Sept Q4 –Dec 


PAT [Nb] 0.655 

EPS [K] 2007 2006 2005 2004 2003 

238 293 233 279 337 

Dividend [K] 2007 2006 2005 2004 2003 

130 125 125 100 75 

7-UP recorded moderate growth in revenue in the second quarter but after tax profit grew a 

little faster. We project full year revenue growth of 8.4% and 14.8% improvement in net profit. 

Net profit margin improved marginally from 4.5% in the 2007 full year to 4.7% in the second 

quarter. A recovery in earnings per share is expected after the scrip issue-induced decline in 

the preceding year. Earnings growth is expected to step up in the second half. 








Forecast % 

3.1 

- 

Turnover [Nb] 



EPS [K] 



14.05 

[2.53] 

-18.0 

- 

- 

- 

19.8 

- 

- 

- 

- 

- 

Next Result Expected - Full year December 2007 



Yr. to Dec 31 [Nm] 2006 2005 2004 2003 2002 

Turnover 19,210 29,450 22,100 20,257 16,015 

Net Profit [4,700] 2,700 2,800 2,682 2,249 






51.50 

One Week 

Change N 

+0.0 

From Year’s 

High % 

-12.7 

Bonus Issue 2007 2006 2005 2004 2003 


Vol. of Shares [m] 512.5 410 410 410 410 

34.12 

PP 

P 

O 

O 

P 

P 

O 

Bullish Bearish Bullish Bearish Bearish Bullish Bearish 



One Week 

Change N 

-1.03 

From Jan 

Opening % 

-7.5 

From Year’s 

High % 

Buy/Sell 

Tip 

Sell 




PAT [Nb] [2.53] 

EPS [K] 2006 2005 2004 2003 2002 

[427] 245 254 358 300 

Dividend [K] 2006 2005 2004 2003 2002 

- 130 160 175 150 

CADBURY NIGERIA is recording a slow growth in revenue in the current year and a loss position looks 

very likely for the company for the second year. Based on current growth rate, we expect a flat growth in 

turnover and a lower loss position than recorded in 2006. A strong drive in revenue is needed to accelerate 

recovery and return the company to profit. Good profit performance will have to be maintained for 

three to four years to fully wipe off a huge negative net worth. 

O 

P 

O 

P 

O 

P 

O 

P 

-40.7 

Bonus Issue 2006 2005 2004 2003 2002 


Vol. of Shares [m] 1,100 1,100 1,100 751 751 

P 

O 

O 

O 

P 

O 

P 

O 

O 

P 

PPP 

O 

P 

O 

P 

OP 

P 

O 

O 

P 


Price trend 

upward 


MACD 

bullish 

Volume flow 

neutral 









25 

P 

P 

P 

O 

O O 

O 

P P 

O 

O 

P 

P 

P 

O 

OO 

P 

P 

P PP 

P 

O 

O 

P 

O 

O 

O 

O O P O 

O 

O 

T

56 

55 

54 

53 

52 

51 

50 

49 

48 

47 

46 

45 

44 

43 

42 

41 

40 

39 

38 

37 

36 

35 

34 

33 

32 

31 

30 

29 

28 

27 

26 

25 

24 

23 

22 

21 

20 

19 

18 

17 

110 

105 

100 

95 

90 

85 

80 

75 

70 

65 

60 

55 

DANGSUGAR (23.0000, 23.0000, 22.7900, 22.9200, -0.08000) 


FLOURMILL (66.9400, 66.2800, 66.2800, 66.9400, +0.66000) 


56 

55 

54 

53 

52 

51 

50 

49 

48 

47 

46 

45 

44 

43 

42 

41 

40 

39 

38 

37 

36 

35 

34 

33 

32 

31 

30 

29 

28 

27 

26 

25 

24 

23 

22 

21 

20 

19 

18 

17 

110 

105 

100 

95 

90 

85 

80 

75 

70 

65 

60 

55 



DANGOTE SUGAR REFINERY PLC 


- 2ND QUARTER 

Turnover [Nb] 

43.1 



EPS [K] 

128 


Interim Dividend [K] 85 


Price trend 

downward 


MACD 

bearish 

Volume flow 

neutral 



Full Year 

Forecast 

88.2 

26.2 

29.7 

262 

10.7 

- 


Forecast % 

9.4 

21.9 




Yr. to Dec 31 [Nm] 2007 2006 

Turnover 80,650 83,768 

Net Profit 21,500 16,657 


- 5-year Average Revenue Growth -3.7 




FLOURMILLS NIGERIA PLC 


- 1ST QUARTER 

Turnover [Nb] 



EPS [K] 



37.0 

1.4 

3.8 

82 

22.6 

- 

Full Year 

Forecast 

150.3 

6.1 

4.1 

357 

19.0 

21.9 


From Jan 

Opening % 

-42.7 

Buy/Sell 

Tip 

Sell 




PAT [Nb] 12.84 

EPS [K] 2007 2006 

215 166 

Dividend [K] 2007 2006 

170 115 

DANGOTE SUGAR REFINERY is expected to step up sales revenue growth in the current year and keep 

profit growing ahead of revenue for the third year running. Based on the growth rate in the second quarter, 

we project that revenue will improve by 9.4% against a 3.7% decline in 2007. After tax profit is expected 

to grow by 21.9% in 2008. Net profit margin has increased further from 19.9% in 2006 to 26.7% in 

in 2007 and to 29.6% in the second quarter. 








Forecast % 

17.7 

-4.7 




Yr. to March31 [Nb 2008 2007 2006 2005 2004 

Turnover 127.7 105.7 86.6 66.8 53.6 

Net Profit 6.4 7.5 4.7 1.5 1.4 






-13.3 

22.92 

One Week 

Change N 

-0.90 


- - 

Vol. of Shares [m] 10,000 10,000 

66.94 

O 

P 

O 

P 

O 

P 

P 

O 

O 

O O 

From Jan 

Opening % 

-19.3 

From Year’s 

High % 

-55.1 

Bullish Bearish Bullish Bearish Bullish 

Bearish 


One Week 

Change N 

-0.67 

From Year’s 

High % 

Buy/Sell 

Tip 

Watch 


2008 Q1 - June Q2 - Sept Q3 Dec Q4 –March 


PAT [Nb] 1.4 

EPS [K] 2008 2007 2006 2005 2004 

412 643 403 130 188 

Dividend [K] 2008 2007 2006 2005 2004 

100 90 85 70 70 

FLOUR MILLS is maintaining normal growth in revenue in the current financial year but profit is likely to 

decline for the second year. We project a 17.7% growth in sales revenue for the company and a 4.7% 

decline in after tax profit There is a further decline in net profit margin from 7.1% in the full year 2007 to 

5.0% in 2008 and to 3.8% in the first quarter. This is expected to cause a decline in earnings per share for 

the second year to hit the lowest mark in four years. We expect however that earnings outlook will improve 

in the subsequent quarters. 

O P 

P P 

O O O 

-37.1 

Bonus Issue 2009 2008 2007 2006 2005 


Vol. of Shares [m] 1,708 1,553 1,165 1,165 728 

O P 

O 

O 

O 

P 

OO P O OO 

P 

O OP 

O 

O 

O 

P 


Price trend 

neutral 


MACD 

bearish 

Volume flow 

neutral 









26 

P 

P P 

P 

P 

P 

P 

O 

P 

P 

O 

P 

O O 

P 

P 

O 

P 

P O 

O 

O 

O O O 

O 

O 

P 

P P 

O 

P 

O 

O 

O 

O 

O 

Bullish 

Bearish 

Bearish 

Bullish

300 

295 

290 

285 

280 

275 

270 

265 

260 

255 

250 

245 

240 

235 

230 

225 

220 

215 

210 

205 

200 

195 

190 

185 

180 

175 

170 

165 

73 

72 

71 

70 

69 

68 

67 

66 

65 

64 

63 

62 

61 

60 

59 

58 

57 

56 

55 

54 

53 

52 

51 

50 

49 

48 

47 

46 

45 

44 

43 

42 

41 

40 

NESTLE (227.700, 225.430, 225.430, 227.700, +2.27000) 


NBC (47.5200, 47.0500, 47.0500, 47.5200, +0.47000) 


300 

295 

290 

285 

280 

275 

270 

265 

260 

255 

250 

245 

240 

235 

230 

225 

220 

215 

210 

205 

200 

195 

190 

185 

180 

175 

170 

165 

73 

72 

71 

70 

69 

68 

67 

66 

65 

64 

63 

62 

61 

60 

59 

58 

57 

56 

55 

54 

53 

52 

51 

50 

49 

48 

47 

46 

45 

44 

43 

42 

41 

40 



NESTLE NIGERIA PLC 


- 2ND QUARTER 

Turnover [Nb] 



EPS [K] 



22.9 

3.3 

14.4 

499 

33.6 

- 

Full Year 

Forecast 

47.5 

7.1 

15.0 

1,075 

23.3 


Forecast % 

8.0 

30.5 

Next Result Expected - 3rd quarter— September 2008 



Yr. to Dec 31 [Nm] 2007 2006 2005 2004 2003 

Turnover 44,030 38,420 34,336 28,461 24,632 

Net Profit 5,440 5,660 5,307 3,835 3,804 






30.6 

227.70 


One Week 

Change N 

-2.30 

From Jan 

Opening % 

-17.7 

From Year’s 

High 5 

Buy/Sell 

Tip 

Hold 




PAT [Nb] 1.6 3.3 

EPS [K] 2007 2006 2005 2004 2003 

823 1,079 1,004 726 720 

Dividend [K] 2007 2006 2005 2004 2003 

820 1,035 1000 700 700 

NESTLE NIGERIA maintained moderate growth in turnover in the second quarter and full year revenue 

prospects are unchanged from a likely slow down at 8.0% at current growth rate. The company’s after 

tax profit also maintained its first quarter growth rate and full year growth projection is unchanged at 

30.5%. This will be the fastest growth in the past three years. Net profit margin has improved slightly from 

13.7% in the first quarter 14.4% in the second. 

-24.1 


- 

2006 


2005 

- 

2004 

- 

2003 

- 

Vol. of Shares [m] 660.5 528.4` 528.4 528.4 528.4 


Price trend 

upward 


MACD 

bullish 

Volume flow 

neutral 









P 

O 

P 

O 

O 

P 

O 

O 

O 

O 

P 

P 

O 

P 

P 

P P 

P 

O 

O 

O 

P PP 

O 

P 

O 

P 

O 

O 

O 

O 

O O O P 

OO 

O 

O 

O 

P 

P 

NIGERIAN BOTTLING COMPANY PLC 


- 1ST QUARTER 

Turnover [Nb] 

19.4 



EPS [K] 



1.2 

6.2 

92 

23.1 

- 

Full Year 

Forecast 

79.2 

5.1 

6.4 

392 

19.9 

- 


Forecast % 

15.6 

59.4 

Next Result Expected - 2nd quarter -—June 2008 



Yr. to Dec 31 [Nm] 2007 2006 2005 2004 2003 

Turnover 68,530 59,700 55,400 47,500 43,901 

Net Profit 3,200 1,050 2,310 3,100 4,401 






59.3 

47.52 


Bearish 


One Week 

Change N 

+0.0 

From Jan 

Opening % 

-16.7 

From Year’s 

High % 

Buy/Sell 

Tip 

Watch 




PAT [Nb] 1.2 

EPS [K] 2007 2006 2005 2004 2003 

246 81 178 239 451 

Dividend [K] 2007 2006 2005 2004 2003 

75 30 60 120 160 

NIGERIAN BOTTLING COMPANY is maintaining stable growth in turnover in 2008 and profit is 

growing well ahead of revenue. We project a 15.6% increase in sales revenue at current growth rate 

and we expect that after tax profit will advance by 59.4%. There is further gain in net profit margin 

from 1.7% in 2006 to 4.7% in 2007 and 6.2% in the first quarter. Earnings per share is expected to 

attain a five-year high but will most likely remain below the 2003 peak. 

-32.1 

Bonus Issue 2007 2006 2005 2004 2003 


Vol. of Shares [m] 1,299 1,299 1,299 1,299 974.5 


Price trend 

downward 


MACD 

bearish 

Volume flow 

bearish 









27 

P 

O 

P 

P P O 

P 

O 

OO 

P 

O 

O 

P 

O 

P 

O 

P 

P 

P 

P 

P 

O OO O 

O 

O 

Bullish Bearish Bullish Bearish Bullish Bearish 

P 

O 

O 

O 

P 

P 

O 

P 

O 

P 

OOP 

O 

O 

P 

OO 

O 

O 

P 

O

15.0 

14.5 

14.0 

13.5 

13.0 

12.5 

12.0 

11.5 

11.0 

10.5 

10.0 

9.5 

9.0 

8.5 

8.0 

7.5 

7.0 

6.5 

6.0 

5.5 

5.0 

4.5 

4.0 

3.5 

34.0 

33.5 

33.0 

32.5 

32.0 

31.5 

31.0 

30.5 

30.0 

29.5 

29.0 

28.5 

28.0 

27.5 

27.0 

26.5 

26.0 

25.5 

25.0 

24.5 

24.0 

23.5 

23.0 

22.5 

22.0 

21.5 

21.0 

20.5 

20.0 

19.5 

19.0 

18.5 

18.0 

17.5 

17.0 

16.5 

16.0 

EVANSMED (5.13000, 5.08000, 5.08000, 5.13000, +0.05000) 


GLAXOSMITHKLINE (22.8900, 22.6700, 22.6700, 22.8900, +0.22000) 


15.0 

14.5 

14.0 

13.5 

13.0 

12.5 

12.0 

11.5 

11.0 

10.5 

10.0 

9.5 

9.0 

8.5 

8.0 

7.5 

7.0 

6.5 

6.0 

5.5 

5.0 

4.5 

4.0 

3.5 

34.0 

33.5 

33.0 

32.5 

32.0 

31.5 

31.0 

30.5 

30.0 

29.5 

29.0 

28.5 

28.0 

27.5 

27.0 

26.5 

26.0 

25.5 

25.0 

24.5 

24.0 

23.5 

23.0 

22.5 

22.0 

21.5 

21.0 

20.5 

20.0 

19.5 

19.0 

18.5 

18.0 

17.5 

17.0 

16.5 

16.0 



EVANS MEDICAL PLC 


- 1ST QUARTER 

Turnover [Nb] 



EPS [K] 



1.2 

111 

9.3 

23 

- 

- 


Price trend 

downward 


MACD 

bearish 

Volume flow 




Full Year 

Forecast 

5.3 

465 

8.8 

95 

6.3 


Forecast % 

68.3 

246.7 




Yr. to Dec 31 [Nm] 2007 2006 2005 2004 2003 

Turnover 3,150 2,910 2,500 2,400 1,537 

Net Profit [317] 132 79 [104] 89 







Price trend 

neutral 


MACD 

bearish 

Volume flow 

neutral 



246.2 

28 


From Jan 

Opening % 

-24.2 

Buy/Sell 

Tip 

Sell 




PAT [Nm] 111 

EPS [K] 2007 2006 2005 2004 2003 

[65] 29 21 -33 28 

Dividend [K] 2007 2006 2005 2004 2003 

- - 12.5 - 20 

Evans Medical has issued its first quarter earnings report that shows the company is on the way to a 

strong recovery from a big loss position in the preceding year. Revenue is expected to grow more rapidly 

than anytime in the past five years and profit is projected to advance 246.7% from the loss position in 

2007. Net profit margin has improved remarkably from the five-year best record of 5.6% in 2003 to 9.3% 

in the first quarter. We expect that the strong growth in profit and in earnings per share projected will 

enable the company resume cash dividend payment, having missing it in the past two years. 







GLAXO SMITHKLINE CONSUMER NIG PLC 


- 2ND QUARTER 

Full Year 

Forecast 

Full year Growth 

Forecast % 

25.1 

103.1 

Turnover [Nb] 



EPS [K] 



6.03 

0.79 

13.1 

82 

24.9 

- 

12.4 

1.7 

13.7 

177 

12.4 

103.4 




Yr. to Dec 31 [Nm] 2007 2006 2005 2004 2003 

Turnover 9,910 10,400 8,600 7,149 5,672 

Net Profit 837 1,100 975 955 684 






5.13 

One Week 

Change N 

-0.15 

From Year’s 

High % 

-63.4 

Bonus Issue 2007 2006 2005 2004 2003 

- 1 for 10 - 1 for 5 - 

Vol. of Shares [m] 486.5 442.2 442.2 312 118.5 


From Jan 

Opening % 

-2.6 

Buy/Sell 

Tip 

Sell 




PAT [Nm] 406 787.05 

EPS [K] 2007 2006 2005 2004 2003 

87 115 102 120 86 

Dividend [K] 2007 2006 2005 2004 2003 

45 45 40 35 30 

GSK maintained the earnings growth rates in the second quarter that are expected to lead to outstanding 

growth in profit in the current year. Sales revenue growth projection is unchanged at 25.1% for the company 

in 2008 against a 4.7% decline in 2007. An accelerated growth in after tax profit has been maintained 

in the second quarter and the full year growth expectation of 103.1% is also unchanged. Net profit 

margin inched down however from 13.5% in the first quarter to 13.1% in the second. The strong growth in 

profit expected will lead to an equal lifting in EPS to a new high after three years of stagnation. 







22.89 

O 

P 

P O 

P 

P P 

O 

O 

P 

O O P O P 


One Week 

Change N 

+0.0 

O 

O 

O 

P 

P 

From Year’s 

High % 

-29.4 

Bonus Issue 2007 2006 2005 2004 2003 


Vol. of Shares [m] 956.7 956.7 956.7 797 797 

P 

P 

P 

O 

O 

Bullish 

P 

O 

P 

O OO P 

Bearish 

O OP O 

O 

O 

P 

O 

O 

P 

Bullish 

OP 

O 

O 

P 

P 

O P 

O 

O 

O 

O 

O 

O 

P 

P 

O 

O O O 

P 

PP 

O 

O 

P 

Bearish 

O 

P 

OO P OO 

O O P 

O 

O 

P 

P

21.0 

20.5 

20.0 

19.5 

19.0 

18.5 

18.0 

17.5 

17.0 

16.5 

16.0 

15.5 

15.0 

14.5 

14.0 

13.5 

13.0 

12.5 

12.0 

11.5 

11.0 

10.5 

10.0 

9.5 

9.0 

8.5 

8.0 

7.5 

7.0 

15.5 

15.0 

14.5 

14.0 

13.5 

13.0 

12.5 

12.0 

11.5 

11.0 

10.5 

10.0 

9.5 

9.0 

8.5 

8.0 

7.5 

7.0 

6.5 

6.0 

5.5 

5.0 

MAYBAKER (9.27000, 9.18000, 9.18000, 9.27000, +0.09000) 

21.0 

20.5 

20.0 

19.5 

19.0 

18.5 

18.0 

17.5 

17.0 

16.5 

16.0 

15.5 

15.0 

14.5 

14.0 

13.5 

13.0 

12.5 

12.0 

11.5 

11.0 

10.5 

10.0 

9.5 

9.0 

8.5 

8.0 

7.5 

7.0 


NEIMETH (5.89000, 6.18000, 5.84000, 5.84000, +0.000) 


15.5 

15.0 

14.5 

14.0 

13.5 

13.0 

12.5 

12.0 

11.5 

11.0 

10.5 

10.0 

9.5 

9.0 

8.5 

8.0 

7.5 

7.0 

6.5 

6.0 

5.5 

5.0 



MAY & BAKER NIGERIA PLC 


- 2NDT QUARTER 

Turnover [Nb] 



EPS [K] 



2.3 

96.2 

4.2 

13 

44.7 

- 


Price trend 

downward 


MACD 

bearish 

Volume flow 

neutral 



Full Year 

Forecast 

4.8 

204 

4.3 

29 

34.5 


Forecast % 

- 

- 

Next Result Expected - Full year — December 2007 

Average Ind. P/E Ratio 9.8 Dividend Status – Ex Div— 4/9/08 


Yr. to Dec 31 [Nm] 2006 2005 2004 2003 2002 

Turnover 2,300 1,997 1,901 1,780 1,275 

Net Profit 211 102 91 79 41 







From Jan 

Opening % 

-31.1 

Buy/Sell 

Tip 

Watch 




PAT [Nm] [32.4] 96.2 

EPS [K] 2006 2005 2004 2003 2002 

30 47 51 55 20 

Dividend [K] 2007 2006 2005 2004 2003 

40 30 30 - 30 

MAY & BAKER is yet to issue its full year earnings report for 2007 but has announced a dividend of 40 

kobo per share. Its second quarter report for 2008 shows a return to profit from its loss position in the first 

quarter. Actual growth prospects for the company in the current year cannot be established in the absence 

of the 2007 performance records. Revenue however is expected to maintain stable growth but 

profit margin needs to improve, having declined from 9.1% in 2006 to 4.2% in the second quarter. 







NEIMETH INT. PHARMACEUTICAL PLC 


- 1ST QUARTER 

Turnover [Nb] 



EPS [K] 



0.349 

20 

5.7 

2 

93.3 

- 

Full Year 

Forecast 

1.7 

88.7 

5.2 

9 

77.8 

- 


Forecast % 

-12.8 

-9.5 


Average Ind. P/E Ratio 9.8 Dividend Status – Ex Div — 29/8/08 

Financial Year End - March 31 Final Result Expected - March 09 

Yr. to March 31 [Nm] 2008 2007 2006 2005 2004 

Turnover 1,950 1,500 1,200 1,242 1,002 

Net Profit 98 116 82 98 59 






-25.0 

9.27 

One Week 

Change N 

+0.0 

From Year’s 

High % 

-51.5 


- 

2006 

- 

2005 


2004 


2003 

- 

Vol. of Shares [m] 700 700 217.2 181 181 

5.84 

P 

P 

O 

Bullish 

P O 

P 

O 

P 

P 

O 


One Week 

Change N 

-0.16 

From Jan 

Opening % 

+7.0 

From Year’s 

High % 

Buy/Sell 

Tip 

Watch 


2008/09 Q1 - Jun Q2 - Sept Q3-Dec Q4 –Mar 


PAT [Nm] 20 

EPS [K] 2008 2007 2006 2005 2004 

12 14 10 60 36 

Dividend [K] 2008 2007 2006 2005 2004 

12 7 6 5 4 

NEIMETH INTERNATIONAL recorded moderate growth in revenue in the first quarter and reported a 

profit position in place of a loss in the corresponding quarter last year. Current growth rate isn’t however 

keeping track with the full year growth momentum in 2007. We expect that the growth rates in revenue 

and profit will pick up in the coming quarters. Profit margin is a little improved from 5.0% at full year - 

March 2008 to 5.7% in the first quarter. 

OO 

O 

P 

O 

P 

Bearish 

-59.3 

Bonus Issue 2009 2008 2007 2006 2005 


Vol. of Shares [m] 980 783.8 783.8 783.8 164 

O 

O 

O 

P P 

O P O 

O 

O 

P O P 

O O P 

O 

P 

O 


Price trend 

downward 


MACD 

bearish 

Volume flow 

neutral 









P 

P 

P 

P 

O 

O 

P P 

O 

P 

O P 

O 

O P 

O 

O 

O 

O P 

O 

OO 

P 

O OO P 

O 

O 

O 

O 

P 

O OP 

29 

Bullish Bearish Bearish Bearish Bearish Bearish

Bullish 

7 25 31 7 

April 

16.0 

15.5 

15.0 

14.5 

14.0 

13.5 

13.0 

12.5 

12.0 

11.5 

11.0 

10.5 

10.0 

9.5 

9.0 

8.5 

8.0 

7.5 

Bearish 

14 21 28 5 

May 

IKEJAHOTEL (7.14000, 7.14000, 7.14000, 7.14000, +0.0000) 

12 19 26 2 9 

June 

Bearish 

16 23 30 

July 

Bullish 

7 14 21 28 4 

August 

VITAFOAM (9.71000, 9.62000, 9.62000, 9.71000, +0.0000) 

11 18 25 1 


11.5 

11.0 

10.5 

10.0 

9.5 

9.0 

8.5 

8.0 

7.5 

7.0 

6.5 

6.0 

5.5 

5.0 

4.5 

16.0 

15.5 

15.0 

14.5 

14.0 

13.5 

13.0 

12.5 

12.0 

11.5 

11.0 

10.5 

10.0 

9.5 

9.0 

8.5 

8.0 

7.5 



IKEJA HOTELS PLC 


- 2ND QUARTER 

Turnover [Nb] 



EPS [K] 



3.22 

555.6 

17.3 

51 

16.3 

- 

Full Year 

Forecast 

6.9 

1.2 

17.4 

111 

17.5 


Forecast % 

30.2 

71.9 




Yr. to Dec 31 [Nm] 2007 2006 2005 2004 2003 

Turnover 5,300 4,640 4,190 3,296 3,082 

Net Profit 698 526 434 233 287 


- 5-year Average Revenue Growth 

- 5-year Average Profit Growth 

- Last Dividend Pay-out Ratio 


73.4 

7.14 


One Week 

Change N 

+0.0 

From Jan 

Opening % 

+7.9 

From Year’s 

High % 

Buy/Sell 

Tip 

Sell 




PAT [Nm] 258.42 555.61 

EPS [K] 2007 2006 2005 2004 2003 

64 48 40 22 27 

Dividend [K] 2007 2006 2005 2004 2003 

10 10 10 20 

IKEJA HOTELS maintained stable growth in revenue in the second quarter and its rapidly growing profit 

accelerated further in the second quarter. Our projected sales revenue growth is unchanged at 30.2% for 

the company in 2008. We mark up our after tax profit growth forecast from 57.6% to 71.9%. Profit margin 

has improved further from 13.2% in the 2007 full year to 16.2% in the first quarter and further to 17.4% in 

the second. Earnings per share will be less than indicated with the proposed issue of additional one billion 

shares in the current year through a public offer. 

-32.6 


- 

2006 

- 

2005 

- 

2004 

- 

2003 

- 

Vol. of Shares [m] 1,080 1,080 1,080 1,080 1,080 


Price trend 

flat 


MACD 

bearish 

Volume flow 

bearish 









P 

O 

O 

P 

P 

O 

O 

O P 

OO 

P 

P 

O 

O O 

P 

O 

P 

P 

O 

O 

OO 

P 

P 

VITAFOAM NIGERIA PLC 


- 3RD QUARTER 


Price trend 

downward 


MACD 

bearish 

Volume flow 




Full Year 

Forecast 


Forecast % 

40.7 

36.7 

Turnover [Nb] 



EPS [K] 



6.0 

394.5 

6.6 

48 

14.6 

- 

8.65 

600 

6.9 

73 

13.7 

37.7 

Next Result Expected - Full year — September 2008 


Financial Year End - Sept 30 Final Result Expected - Jan 09 

Yr. to Sept 30 [Nm] 2007 2006 2005 2004 2003 

Turnover 6,150 4,060 3,520 3,651 3,882 

Net Profit 439 275 112 272 307 






30 


From Jan 

Opening % 

-5.8 

Buy/Sell 

Tip 

Watch 


2007/8 Q1 - Mar Q2 - Jun Q3 Sept Q4 –Dec 

Turnover [Nb] 1.92 4.11 6.0 

PAT [Nm] 121.82 298.01 394.5 

EPS [K] 2007 2006 2005 2004 2003 

53 34 17 42 47 

Dividend [K] 2007 2006 2005 2004 2003 

25 12 15 30 30 

VITAFOAM maintained its revenue growth rate in the third quarter but profit growth slowed down during 

the quarter. Profit failed to grow as rapidly as revenue during the period, which has dimmed full year profit 

outlook. This reflects a slip in net profit margin from 7.3% in the second quarter to 6.6% in the third. Full 

year revenue projection for the company is unchanged but we revise our profit growth projection down 

from 42.4% to 36.7% in 2008. Earnings per share is still expected to maintain an improving trend to make 

a new peak this year. 







9.71 

One Week 

Change N 

-0.27 

From Year’s 

High % 

-35.3 


- 

2006 

- 

2005 


2004 

- 

2003 

- 

Vol. of Shares [m] 819 819 655 655 655 

O 

P 

P P 

O 

Bullish 

P 

P 

O 

O 

P 

O 

O 

O 

P 

P O 

O P O O 

P O 

P 

O P O 

Bearish Bearish Bullish Bearish 

O 

PP 

OO 

P 

O 

O 

O 

P 

O 

P 

O O 

O 

P 

P 

S T

Bullish Bearish Bullish Bearish Bearish Bearish Bearish Bullish 

25 3 10 17 31 7 14 21 5 12 19 26 2 16 30 7 14 21 28 4 11 18 25 1 8 15 

March April 

May 

June 

July 

August 

September 

Bullish 

25 3 10 

March 

AIICO (4.28000, 4.24000, 4.24000, 4.24000, -0.04000) 

CORNERST (2.97000, 2.95000, 2.95000, 2.95000, -0.02000) 


Bearish 

17 31 7 14 21 5 12 19 26 2 16 30 7 14 21 28 4 11 

April 

May 

June 

July 

August 

18 25 1 8 15 

September 

22 2 

22 2 

8.0 

7.5 

7.0 

6.5 

6.0 

5.5 

5.0 

4.5 

4.0 

3.5 

3.0 

8.0 

7.5 

7.0 

6.5 

6.0 

5.5 

5.0 

4.5 

4.0 

3.5 

3.0 

2.5 

2.0 

1.5 



AIICO INSURANCE PLC 


- 2ND QUARTER 

Turnover [Nb] 



EPS [K] 



3.9 

0.581 

14.9 

19 

34.3 

- 


Price trend 

downward 


MACD 

bearish 

Volume flow 




Full Year 

Forecast 

8.4 

1.3 

15.5 

43 

16.3 


Forecast % 

60.0 

326.2 




Yr. to Dec 31 [Nm] 2007 2006 2005 2004 2003 

GPI 5,250 3,410 2,930 3,700 1,723 

Net Profit 305 484 82 72 183 






330.0 


From Jan 

Opening % 

+23.6 

Buy/Sell 

Tip 

Watch 




PAT [Nm] 581.2 

EPS [K] 2007 2006 2005 2004 2003 

10 27 6 10 26 

Dividend [K] 2007 2006 2005 2004 2003 

- - - - 10 

AIICO Insurance is maintaining a strong revenue growth in the current year and a major lifting in profit is 

expected to compensate for the 37% drop in after tax profit in 2007. We project that gross premium income 

will rise by 60% in the year and after tax profit will jump by 326.2%. Net profit margin, which fell 

from 16% in December 2006 to 5.8% in 2007, has pushed forward to 14.9% in the second quarter. Earnings 

per share can be expected to hit a new high and restore dividend capacity in the current year. 







CORNERSTONE INSURANCE CO. PLC 


- 1ST QUARTER 

Turnover [Nb] 

1.44 

After Tax Profit [Nb] 0.29 


EPS [K] 

3 



Full Year 

Forecast 

6.3 

1.35 

21.4 

15 

32.7 


Forecast % 

- 

- 

Next Result Expected - Full year - December 2007 



Yr. to Dec 31 [Nm] 2006 2005 2004 2003 2002 

GPI 2,740 2,500 2,311 2,136 1,218 

Net Profit 176.8 205.8 182.6 126 82.9 






- 

4.24 

One Week 

Change N 

-0.20 

From Year’s 

High % 

-43.5 

Bonus Issue 2007 2006 2005 2004 2003 

- 1 for 6 1 for 4 1 for 1 - 

Vol. of Shares [m] 3,762 1.750 1,400 700 300 

2.95 

P 

P 

P 

O 

O 

P 

O 

P 

O 

O 

P 

O 

O 


One Week 

Change N 

+0.03 

From Jan 

Opening % 

-38.9 

From Year’s 

High % 

Buy/Sell 

Tip 

Watch 




PAT [Nm] 290.2 

EPS [K] 2006 2005 2004 2003 2002 

4 11 16 17 21 

Dividend [K] 2006 2005 2004 2003 2002 

4 5 13 12.5 10 

CORNERSTONE INSURANCE is yet to release its full year trading result for 2007 but has issued a first 

quarter interim report for 2008. First quarter growth rate indicates that rapid growth in gross premium 

income is likely to be maintained in the current year and profit growth will mostly keep pace with growth in 

revenue. The company is expected to earn N3.5 billion in gross premium income in 2007 and after tax 

profit is estimated to be in the region of N810 million. 

O 

P 

O 

P 

O P O 

-62.5 

Bonus Issue 2006 2005 2004 2003 2002 

- 1 for 2 - 2 for 3 4 for 5 

Vol. of Shares [m] 8,820 1,964.4 1,115.5 756 420 

O 

P 

O 

P 

O P 

O 

O 

P 

P 

O 

O O 

P 

P 

T 


Price trend 

downward 


MACD 

bearish 

Volume flow mildly bullish- 









31 

P 

P 

P 

O 

P 

O 

P 

O O 

P 

O 

P 

O 

P 

P 

O 

O O 

O 

O 

O O P 

P 

P 

P 

OO 

P 

O 

O O 

T

8.5 

8.0 

7.5 

7.0 

6.5 

6.0 

5.5 

5.0 

4.5 

4.0 

Bullish 

25 3 10 

March 

Sep Oct Nov Dec 2008 Feb Mar Apr May Jun Jul Aug Sep T 

17 31 7 

April 

CRUSADER (7.35000, 7.35000, 7.35000, 7.35000, +0.0000) 

WAPIC (6.61000, 6.55000, 6.55000, 6.55000, -0.06000) 

Bearish Bearish Bullish Bearish 

14 21 5 12 19 26 2 16 30 7 14 21 28 4 11 18 25 1 8 15 

May 

June 

July 

August 

September 

22 2 

8.5 

8.0 

7.5 

7.0 

6.5 

6.0 

5.5 

5.0 

4.5 

4.0 

15.0 

14.5 

14.0 

13.5 

13.0 

12.5 

12.0 

11.5 

11.0 

10.5 

10.0 

9.5 

9.0 

8.5 

8.0 

7.5 

7.0 

6.5 

6.0 

5.5 

5.0 

4.5 


CRUSADER [NIGERIA] PLC 


- 1ST QUARTER 

Full Year 

Forecast 


Forecast % 

154.5 

31.0 

Turnover [Nb] 



EPS [K] 



1.2 

0.486 

40.5 

14 

15.1 

- 

5.6 

1.9 

33.9 

57 

8.8 

- 

32.6 




Yr. to Dec 31 [Nm] 2007 2006 2005 2004 2003 

GPI 2,200 1,100 1,310 1,000 1,694 

Net Profit 1,450 315 278 181 89 






7.35 

From Jan 

Opening % 

+8.9 



One Week 

Change N 

-0.0 

From Year’s 

High % 

Buy/Sell 

Tip 

Sell 




PAT [Nm] 485.5 

EPS [K] 2007 2006 2005 2004 2003 

43 32 30 26 17 

Dividend [K] 2007 2006 2005 2004 2003 

15 15 10 7.5 7.5 

CRUSADER INSURANCE is in a year in which revenue is set to record the biggest advance in several 

years. We project that the company will lift gross income by more than one and half times in 2008. Profit 

growth isn’t keeping pace with revenue in reflection of a drop in net profit margin from a peak of 65.9% in 

2007 full year to 40.5% in the first quarter. We expect that profit will grow by 31%, good enough to enable 

the company maintain stable growth in earnings per share. 

-8.5 

Bonus Issue 2007 2006 2005 2004 2003 

- - 1 for 3 - 

Vol. of Shares [m] 3,325.3 984.5 940 705 533.7 


Price trend 

flat 


MACD 

bearish 

Volume flow 

neutral 









O 

P 

P 

O 

P 

O 

P 

Bullish 

P 

O 

OO 

O 

O 

P 

O 

P 

O 

P PP 

PO 

O 

P 

P 

P 

P O 

O 

O 

P P 

P 

O O 

P 

O 

P 

P 

O O 

Bearish Bullish Bearish Neutral Bearish 

P 

O 

INTERCONTINENTAL WAPIC INSURANCE CO. PLC 


- 2ND QUARTER 

Full Year 

Forecast 


Forecast % 

112.8 

125.1 

Turnover [Nb] 



EPS [K] 



3.92 

569 

14.5 

11 

58.1 

- 

8.3 

1.2 

12.0 

24 

29.2 

84.6 




Yr. to Dec 31 [Nm] 2007* 2007 2006 2005* 2003 

GPI 3,900 3,200 1,134 1,207 539 

Net Profit 533 701 240 328 244 






6.55 


One Week 

Change N 

-0.30 

From Jan 

Opening % 

-32.8 

From Year’s 

High % 

Buy/Sell 

Tip 

Watch 


2008 Q1 - March Q2 - June Q3 Sept Q4 –Dec 


PAT [Nm] 268.1 569 

EPS [K] 2007 2007 2006 2005* 2003 

13 16 29 39 29 

Dividend [K] 2007 2007 2006 2005 2003 

12.5 12.5 17.5 22.5 17.5 

INTERCONTINENTAL WAPIC recorded a slow down in revenue growth in the second quarter but the 

company’s good profit outlook for the current year is unchanged. Revenue growth projection is revised 

down from 156.4% to 112.8% while the growth projection for after tax profit is maintained at 125.1%. 

There has been a reversal of the slide in net profit margin from 11.6% in the first quarter to 14.5% in the 

second. Earnings per share will be moderated by the scrip of 1 for 5 issued in 2007. 

-52.2 

Bonus Issue 2008 2007 2007 2006 2005 


Vol. of Shares [m] 5,062 4,218 4,218 833 833 


Price trend 

downward 


MACD 

bearish 

Volume flow 

neutral 









P 

O P 

P P 

O 

P 

PP 

O 

O 

O 

O 

O 

O 

P 

O 

O O 

O 

P P 

O 

O 

P 

O 

P P 

O 

O 

O O 

O O P O 

O 

T 


32

6.0 

5.9 

5.2 

5.1 

4.6 

4.5 

3.6 

2.5 

2.4 

1.3 

6.4 

6.3 

6.2 

6.1 

6.0 

5.9 

5.8 

5.7 

5.6 

5.5 

5.4 

5.3 

5.2 

5.1 

5.0 

4.9 

4.8 

4.7 

4.6 

4.5 

4.4 

4.3 

4.2 

4.1 

4.0 

3.9 

3.8 

3.7 

3.6 

3.5 

3.4 

3.3 

3.2 

3.1 

3.0 

2.9 

2.8 

2.7 

2.6 

2.5 

2.4 

2.3 

2.2 

2.1 

2.0 

1.9 

1.8 

1.7 

1.6 

LASACO (2.10000, 2.08000, 2.08000, 2.08000, -0.02000) 

1.3 


MBENEFIT (2.84000, 2.82000, 2.82000, 2.82000, -0.02000) 


6.0 

5.9 

5.2 

5.1 

4.6 

4.5 

3.6 

2.5 

2.4 

6.4 

6.3 

6.2 

6.1 

6.0 

5.9 

5.8 

5.7 

5.6 

5.5 

5.4 

5.3 

5.2 

5.1 

5.0 

4.9 

4.8 

4.7 

4.6 

4.5 

4.4 

4.3 

4.2 

4.1 

4.0 

3.9 

3.8 

3.7 

3.6 

3.5 

3.4 

3.3 

3.2 

3.1 

3.0 

2.9 

2.8 

2.7 

2.6 

2.5 

2.4 

2.3 

2.2 

2.1 

2.0 

1.9 

1.8 

1.7 

1.6 



LASACO ASSURANCE PLC 


- 3RD QUARTER 

Turnover [Nb] 



EPS [K] 



2.1 

865.6 

41.2 

11 


Price trend 

downward 


MACD 

bearish 

Volume flow 




- 

Full Year 

Forecast 

3.2 

1.3 

40.6 

17 

21.2 


Forecast % 

100.0 

660.2 

Next Result Expected - Full year-December 2007 



Yr. to Dec 31 [Nm] 2006 2005 2004 2003 2002 

GPI 1,600 958 691 562 407 

Net Profit 171 141 97 108 86 






30.8 


From Jan 

Opening % 

-55.1 

Buy/Sell 

Tip 

Watch 




PAT [Nm] 865.6 

EPS [K] 2006 2005 2004 2003 2002 

13 14 14 22 35 

Dividend [K] 2006 2005 2004 2003 2002 

- - - 5 5 

LASACO maintained its high growth in earnings in the third quarter. Gross premium amounted to N2.1b in 

the third quarter —291.4% higher than the corresponding quarter last year. After tax profit grew 496.1% 

over the same period to N865.6m. Based on the current growth rate, our projected revenue is revised 

slightly down to N3.2 billion but after tax profit is marked up to N1.3 billion. With a significant increase in 

the volume of shares at 7,323.3m, EPS will make a relatively moderate growth. 







MUTUAL BENEFITS ASSURANCE PLC 


- 2ND QUARTER 

Turnover [Nb] 

1.6 



EPS [K] 

11 



Full Year 

Forecast 

3.5 

1.5 

42.9 

25 

20.0 


Forecast % 




Yr. to Dec 31 [Nm] 2007 2006 2005 2004 2003 

GPI 2,210 1,952 1,012 

Net Profit 1,000 702 209 






59.1 

50.0 

47.1 

2.08 

One Week 

Change N 

-0.10 

From Year’s 

High % 

-65.3 

Bonus Issue 2007 2006 2005 2004 2003 

- 1 for 5 2 for 5 1 for 1 1 for 1 

Vol. of Shares [m] 7,323.3 1.411 

2.82 

5.8 

5.7 

5.6 

5.5 

5.4 

5.3 

5.0 

4.9 

4.8 

4.7 

4.4 

4.3 

4.2 

4.1 

4.0 

3.9 

3.8 

3.7 

3.5 

3.4 

3.3 

3.2 

3.1 

3.0 

2.9 

2.8 

2.7 

2.6 

2.3 

2.2 

2.1 

2.0 

1.9 

1.8 

1.7 

1.6 

1.5 

1.4 

O 

P 

O 

P 

O O P 

O 

O 

Bearish 


One Week 

Change N 

-0.10 

From Jan 

Opening % 

-38.7 

From Year’s 

High % 

Buy/Sell 

Tip 

Sell 




PAT [Nm] 681.4 

EPS [K] 2007 2006 2005 2004 2003 

17 37 21 22 10 

Dividend [K] 2007 2006 2005 2004 2003 

6 10 - 

MUTUAL BENEFITS is stepping up growth in revenue and profit in the current year after a slow down in 

2007. At current growth rate, we project a 59.1% rise in revenue against 13.2% in the preceding year. 

After tax profit is forecast to accelerate from 42.5% to 50% over the same period. Net profit margin remains 

very good at 42.5% despite a slip from 45.2% in the 2007 full year. Earnings per share is expected 

to begin a recovery after the consolidation induced decline last year. 

P 

O O P 

O 

O 

P 

Bearish 

-52.9 


- 

2006 

- 

2005 

- 

2004 

- 

2003 

- 

Vol. of Shares [m] 5,911.5 1,900 1,000 

O P 

O 

O 

O 

P 

O 

O 

P 

P 

O 

O 

P P 

P 

O O 

O P 

O O O 

P PP 

5.8 

5.7 

5.6 

5.5 

5.4 

5.3 

5.0 

4.9 

4.8 

4.7 

4.4 

4.3 

4.2 

4.1 

4.0 

3.9 

3.8 

3.7 

3.5 

3.4 

3.3 

3.2 

3.1 

3.0 

2.9 

2.8 

2.7 

2.6 

2.3 

2.2 

2.1 

2.0 

1.9 

1.8 

1.7 

1.6 

1.5 

1.4 


Price trend 

downward 


MACD 

bearish 

Volume flow 

neutral 









33 

P 

O P 

P 

PP 

O P 

P 

P 

O P 

O OO O O O P 

O 

O P 

O O 

O O 

O P P 

P 

O 

P 

O 

O O 

P 

O 

O OO 

Bullish Bearish Bearish

Bullish Bearish Bullish Bearish Bearish Bullish 

25 3 10 17 31 7 14 21 5 12 19 26 2 16 30 7 14 21 28 4 11 18 25 1 8 15 

March April 

May 

June 

July 

August 

September 

14.5 

14.0 

13.5 

13.0 

12.5 

12.0 

11.5 

11.0 

10.5 

10.0 

9.5 

9.0 

8.5 

8.0 

7.5 

7.0 

6.5 

6.0 

NIGERINS (5.75000, 5.70000, 5.70000, 5.75000, +0.05000) 

PRESTIGE (8.29000, 8.21000, 8.21000, 8.29000, +0.08000) 


22 2 

9.5 

9.0 

8.5 

8.0 

7.5 

7.0 

6.5 

6.0 

5.5 

5.0 

4.5 

4.0 

14.5 

14.0 

13.5 

13.0 

12.5 

12.0 

11.5 

11.0 

10.5 

10.0 

9.5 

9.0 

8.5 

8.0 

7.5 

7.0 

6.5 

6.0 



NIGER INSURANCE COMPANY PLC 


- 4TH QUARTER 


Price trend 

downward 


MACD 

bearish 

Volume flow 

neutral 



Full Year 

Forecast 


Forecast % 

-11.4 

-10.6 

+0.1 

-11.1 

-1.3 

Turnover [Nb] 



EPS [K] 



3.9 

657 

16.8 

16 

40.4 

- 

4.4 

735 

16.7 

18 

41.7 




Yr. to Dec 31 [Nm] 2007 2006 2005 2004 2003 

GPI 3,900 3,140 2,310 2,100 1,900 

Net Profit 657 589 288 252 171 







From Jan 

Opening % 

-9.7 

Buy/Sell 

Tip 

Watch 



Turnover [Nb] 1.14 2.04 3.9 

PAT [Nm] 218.1 354.12 657 

EPS [K] 2007 2006 2005 2004 2003 

16 18 36 32 21 

Dividend [K] 2007 2006 2005 2004 2003 

15 15 5 20 15 

NIGER INSURANCE improved gross premium income by 24.2% in 2007, a moderation from 35.9% 

growth in 2006. Profit growth slowed down much faster from 104.5% to 11.5% during the period, the 

slowest growth in five years. The inability to match profit growth with revenue reflects a decline in net 

profit margin from 18.8% in 2006 to 16.8% in 2007. Earnings per share declined for the second year due 

to the consolidation-induced expansion in the volume of outstanding shares. 







PRESTIGE ASSURANCE COMPANY PLC 


- 2ND QUARTER 

Turnover [Nb] 



EPS [K] 



1.75 

383 

21.9 

18 

24.1 

- 

Full Year 

Forecast 

3.8 

820 

21.6 

38 

25.0 


Forecast % 

65.2 

28.5 




Yr. to Dec 31 [Nm] 2007 2006 2005 2004 2003 

GPI 2,300 1,500 1,300 904 733 

Net Profit 638 407 284 202 91 






2.7 

5.75 

One Week 

Change N 

-0.05 

From Year’s 

High % 

-38.8 

Bonus Issue 2007 2006 2005 2004 2003 

- 1 for 4 1 for 3 - - 

Vol. of Shares [m] 3,950.8 3,161 800 800 800 

8.29 

O 

P 

P 

O 

O P 

O O O 

P 

O 

O 


One Week 

Change N 

+0.0 

From Jan 

Opening % 

-2.5 

From Year’s 

High % 

Buy/Sell 

Tip 

Watch 




PAT [Nm] 215 383 

EPS [K] 2007 2006 2005 2004 2003 

37 40 42 30 28 

Dividend [K] 2007 2006 2005 2004 2003 

20 15 12 11.5 17 

PRESTIGE ASSURANCE improved its revenue growth rate in the second quarter but profit growth 

slowed down remarkably during the period. Based on the accelerated growth in the second quarter, we 

revise our revenue growth projection from 17.4% to 65.2%. We mark down projected growth in after tax 

profit from 37.9% to 28.5%. The profit weakness reflects a drop in net profit margin from 32.5% in the first 

quarter to 21.9% in the second. 

P 

O 

O 

P 

P 

O 

O 

P 

O P O 

-41.9 

Bonus Issue 2008 2007 2006 2005 2004 


Vol. of Shares [m] 2,150 1,720 1,012 1,012 674.7 

P 

O 

O 

P 

O 

P 

O 

O 

O 

PP 

OO O 

PP P 

O 

T 


Price trend 

neutral 


MACD 

bullish 

Volume flow 

neutral 









P 

P 

P 

P O P 

P 

P O P P 

P 

O 

P 

P 

P 

OO 

O 

O 

O 

O O 

O 

O 

O O 

P P 

O 

P 

O P 

O 

O 

O 

OO 

P 

O 

P 

O 

O 

O 

O 



Bullish 

34

6.7 

6.6 

6.5 

6.4 

6.3 

6.2 

6.1 

6.0 

5.9 

5.8 

5.7 

5.6 

5.5 

5.4 

5.3 

5.2 

5.1 

5.0 

4.9 

4.8 

4.7 

4.6 

4.5 

4.4 

4.3 

4.2 

4.1 

4.0 

3.9 

3.8 

3.7 

3.6 

3.5 

3.4 

3.3 

3.2 

5.3 

5.2 

5.1 

5.0 

4.9 

4.8 

4.7 

4.6 

4.5 

4.4 

4.3 

4.2 

4.1 

4.0 

3.9 

3.8 

3.7 

3.6 

3.5 

3.4 

3.3 

3.2 

3.1 

3.0 

2.9 

2.8 

2.7 

2.6 

2.5 

2.4 

2.3 

2.2 

2.1 

ROYALEX (3.38000, 3.38000, 3.38000, 3.38000, +0.0000) 

Bearish Bullish Bearish Bullish 

Bearish 

7 31 7 14 21 28 5 12 19 26 2 9 16 23 30 7 14 21 28 4 11 

April 

May 

June 

July 

August 

STDINSURE (3.13000, 3.10000, 3.10000, 3.10000, -0.03000) 

18 25 1 


6.7 

6.6 

6.5 

6.4 

6.3 

6.2 

6.1 

6.0 

5.9 

5.8 

5.7 

5.6 

5.5 

5.4 

5.3 

5.2 

5.1 

5.0 

4.9 

4.8 

4.7 

4.6 

4.5 

4.4 

4.3 

4.2 

4.1 

4.0 

3.9 

3.8 

3.7 

3.6 

3.5 

3.4 

3.3 

3.2 

5.3 

5.2 

5.1 

5.0 

4.9 

4.8 

4.7 

4.6 

4.5 

4.4 

4.3 

4.2 

4.1 

4.0 

3.9 

3.8 

3.7 

3.6 

3.5 

3.4 

3.3 

3.2 

3.1 

3.0 

2.9 

2.8 

2.7 

2.6 

2.5 

2.4 

2.3 

2.2 

2.1 



ROYAL EXCHANGE ASSURANCE PLC 


- 1ST QUARTER 

Full Year 

Forecast 


Forecast % 

- 

- 

Turnover [Nb] 



EPS [K] 



0.899 

46.7 

5.2 

2 

37.5 

- 

3.7 

204 

5.5 

7 

57.1 

- 

Next Result Expected - Full year —December 2007 



Yr. to Dec 31 [Nm] 2006 2005 2004 2003 2002 

GPI 2,150 2,100 1,894 1,626 1,169 

Net Profit 179 133 258 217 194 






3.38 


One Week 

Change N 

+0.0 

From Jan 

Opening % 

-38.7 

From Year’s 

High % 

Buy/Sell 

Tip 

Sell 




PAT [Nm] 46.7 

EPS [K] 2006 2005 2004 2003 2002 

11 8 24 25 38 

Dividend [K] 2006 2005 2004 2003 2002 

15 12 11.5 17 17 

ROYAL EXCHANGE is yet to issue its 2007 full year operating result but its first quarter report is indicating 

stable growth in revenue but weak profit prospects. Net profit margin has declined from 7.0% in the 

corresponding quarter last year to 5.2% in the current year. Earnings per share prospects remain relatively 

low by industry standard. This reflects weakness in profit growth against the consolidation-induced 

high growth in the volume of shares. 

-48.0 

Bonus Issue 2007 2006 2005 2004 2003 

- - - 1 for 2 1 for 4 

Vol. of Shares [m] 2,818.6 1,601.8 1,601.8 1,068 854 


Price trend 

flat 


MACD 

bearish 

Volume flow 

neutral 








Long-term neutral 

P 

P P 

P 

O 

P 

O 

O P 

O 

O 

O 

O 

O P P O 

O 

P 

O 

O 

S U 

STANDARD ALLIANCE INSURANCE PLC 


- 2ND QUARTER 

Turnover [Nb] 

2.1 



EPS [K] 

15 



Full Year 

Forecast 

4.4 

1.3 

29.5 

35 

11.4 


Forecast % 

Next Result Expected - 2nd quarter - June, 2008 

Average Ind. P/E Ratio 18.8 Dividend Status – Cum Div 


Yr. to Dec 31 [Nm] 2007 2006 2005 2004 2003 

Turnover 2,120 1,610 1,274 1,108 1,029 

Net Profit 417 328 164 87 80 






107.5 

211.8 

218.2 

3.10 


One Week 

Change N 

-0.15 

From Jan 

Opening % 

-27.9 

From Year’s 

High % 

Buy/Sell 

Tip 

Hold 




PAT [Nm] 259.5 577.85 

EPS [K] 2007 2006 2005 2004 2003 

11 9 20 17 15 

Dividend [K] 2007 2006 2005 2004 2003 

7.5 - - - 10 

STANDARD ALLIANCE improved its strong growth in revenue further in the second quarter. We mark up 

projected revenue growth from 79.2% to 107.5% for the company in 2008. Profit prospects remain very 

good but unchanged from first quarter position. Net profit margin declined from 31.3% in the first quarter 

to 27.5% in the second. The indicated growth in earnings per share will be moderated by additional volume 

of shares expected from the company’s recent public offer. 

-36.7 


- 

2006 


2005 

- 

2004 

- 

2003 

- 

Vol. of Shares [m] 3,643 3,470 


Price trend 

downward 


MACD 

bearish 

Volume flow 

neutral 









P 

P 

P 

O 

O P 

P 

P 

O O 

O 

O 

P 

OO P 

O P 

OO 

O 

O 

O 

O 

P P 

35 

Bearish Neutral 

Bearish 

Bullish

16.0 

15.5 

15.0 

14.5 

14.0 

13.5 

13.0 

12.5 

12.0 

11.5 

11.0 

10.5 

10.0 

9.5 

9.0 

8.5 

8.0 

7.5 

7.0 

6.5 

6.0 

5.5 

5.0 

4.5 

4.0 

3.5 

18.0 

17.5 

17.0 

16.5 

16.0 

15.5 

15.0 

14.5 

14.0 

13.5 

13.0 

12.5 

12.0 

11.5 

11.0 


7 31 7 14 21 28 5 

April 

May 

JAPAULOIL (5.30000, 5.25000, 5.25000, 5.25000, -0.05000) 


CILEASING (11.1000, 11.1000, 11.1000, 11.1000, +0.0000) 

Bearish 

12 19 26 2 9 

June 

16 23 30 

July 

Bullish 

7 14 21 28 4 11 

August 

18 25 1 

16.0 

15.5 

15.0 

14.5 

14.0 

13.5 

13.0 

12.5 

12.0 

11.5 

11.0 

10.5 

10.0 

9.5 

9.0 

8.5 

8.0 

7.5 

7.0 

6.5 

6.0 

5.5 

5.0 

4.5 

4.0 

3.5 

18.0 

17.5 

17.0 

16.5 

16.0 

15.5 

15.0 

14.5 

14.0 

13.5 

13.0 

12.5 

12.0 

11.5 

11.0 



JAPAUL OIL & MARITIME SERVICES PLC 


- 2ND QUARTER 

Full Year 

Forecast 


Forecast % 

45.9 

161.1 

Turnover [Nb] 



EPS [K] 



1.5 

469 

31.2 

7 

24.2 

- 

3.4 

987 

29.0 

16 

43.8 

-51.5 




Yr. to Dec 31 [Nm] 2007 2006 2005 2004 2003 

Turnover 2,330 1,401 533 492 434 

Net Profit 378 190 104 87 88 






5.25 


One Week 

Change N 

-0.25 

From Jan 

Opening % 

-34.3 

From Year’s 

High % 

Buy/Sell 

Tip 

Watch 




PAT [Nm] 201.55 468.5 

EPS [K] 2007 2006 2005 2004 2003 

33 16 17 26 

Dividend [K] 2007 2006 2005 2004 2003 

14 11 10 

Japaul Oil maintained its rapid growth in revenue during the second quarter and stepped up profit growth 

further during the period. Our projected 45.9% growth in turnover for the company in 2008 is unchanged. 

With further improvement in profit margin in the second quarter, we mark up our after tax profit growth 

projection from 130.2% to 161.1%. Net profit margin has improved from 23.4% in the first quarter to 

31.2% in the second. Increased volume of shares coming from the company’s public offer last year is 

expected to cause a 51.5% drop in earnings per share. 

-65.0 

Bonus Issue 2008 2007 2006 2005 2004 

Vol. of Shares [m] 6,212 1,166 1,166 607.8 333 


Price trend 

neutral 


MACD 

bearish 

Volume flow 

neutral 









P P 

O P P 

P 

PP 

O 

O 

O O 

O P 

P 

P 

O 

P P 

O 

O 

O 

O 

O 

O 

O 

P 

P 

O O 

O P 

P 

O 

O O 

Bearish 

Bearish 

Bullish 

C & I LEASING PLC 

FULLYEAR RESULT 

- 4TH QUARTER 

Turnover [Nb] 



EPS [K] 



2.7 

375 

13.9 

23 

39.3 

6 

Full Year 

Forecast 

2.7 

385 

14.3 

24 

32.9 

- 


Forecast % 

Next Result Expected - 1st quarter - April 2008 


Financial Year End - January 31 Final Result Expected - April 09 

Yr. to Jan 31 [Nm] 2008 2007 2006 2005 2004 

Turnover 2,700 1,610 1,300 1,167 1,285 

Net Profit 375 134 99 96 105 






+0.0 

-2.6 

-0.4 

-4.2 

+6.4 

11.16 


One Week 

Change N 

+0.0 

From Jan 

Opening % 

+30.6 

From Year’s 

High % 

Buy/Sell 

Tip 

Watch 


2007 Q1 - April Q2 - July Q3 Oct Q4 –Jan 

Turnover [Nb] 1.1 1.91 2.7 

PAT [Nm] 176.74 279.91 375.4 

EPS [K] 2008 2007 2006 2005 2004 

23 22 16 16 26 

Dividend [K] 2008 2007 2006 2005 2004 

12 10 10 10 10 

C & I LEASING recorded accelerated growth in revenue and profit in its 2008 financial year ended January 

31. Gross income rose by 67.7% and after tax profit advanced by 179.9% - the highest growth rates in 

five years. The company converted 13.9% of revenue to after tax profit against 8.3% in the preceding 

year. Growth in earnings per share was moderated by the increase in the volume of shares during the 

period. 

-36.6 

Bonus Issue 2008 2007 2006 2005 2004 

- - - 1 for 2 

Vol. of Shares [m] 1,604.7 600 600 600 400 


Price trend 

flat 


MACD 

bearish 

Volume flow 

bearish 









P 

P 

P 

O 

O 

O 

P 

P 

O 

O O P 

O 

O 

S U 

36

Bullish 

25 3 10 

March 

17 31 7 

April 

UNHOM ES (5.10000, 5.05000, 5.05000, 5.05000, -0.05000) 

Bearish 

14 21 5 12 19 26 2 

May 

June 

Bullish 

16 30 7 14 21 28 4 11 

July 

August 

AFRICAN PETROLEUM PLC (293.980, 293.980, 293.980, 293.980, +0.00) 

Bearish 

18 25 1 8 15 

September 

22 2 

10.0 

9.5 

9.0 

8.5 

8.0 

7.5 

7.0 

6.5 

6.0 

5.5 

5.0 

4.5 

4.0 

320 

310 

300 

290 

280 

270 

260 

250 

240 

230 

220 

210 

200 

190 

180 

170 

160 

150 

140 

130 

120 

110 

100 

90 

80 

70 

60 

50 



UNION HOMES SAVINGS & LOANS PLC 


- 1ST QUARTER 

Turnover [Nb] 



EPS [K] 



2.3 

233 

10.1 

3 

35.8 

- 


Price trend 

downward 


MACD 

bearish 

Volume flow 

neutral 



Full Year 

Forecast 

9.7 

985 

10.2 

12 

45.8 


Forecast % 

8.7 

-50.8 




Yr. to Mar 31 [Nm] 2008 2007 2006 2005 2004 

Turnover 8,920 8,400 9,600 10,023 7,137 

Net Profit 2,000 1,000 117 351 466 






AFRICAN PETROLEUM PLC 


- 2ND QUARTER 

Turnover [Nb] 

80.75 


Price trend 

flat 


MACD 

bullish 

Volume flow 

bullish 



-52.0 


From Jan 

Opening % 

-33.6 

Buy/Sell 

Tip 

Sell 


2008 Q1 - Jun Q2 - Sept Q3 Dec Q4 –Mar 


PAT [Nm] 233 

EPS [K] 2008 2007 2006 2005 2004 

25 16 2 

Dividend [K] 2008 2007 2006 2005 2004 

10 5 

UNION HOMES is maintaining moderate growth in revenue for the second year but profit performance is 

headed for a major slow down at current rate. We project that revenue will grow by 8.7% in the current 

year while after tax profit will fall by more than one-half. There is a big drop in profit margin from 22.4% in 

the full year, 2008 to 10.1% in the first quarter. Earnings per share is expected to fall to a three-year low. 

We expect however that earnings growth rate will pick up in subsequent quarters. 







Full Year 

Forecast 


Forecast % 

62.3 

41.1 

165.5 



EPS [K] 



3.9 

4.8 

494 

28.6 

- 

8.5 

5.1 

1,077 

37.1 

49.2 

Next Result Expected - 3rd quarter—September 2008 



Yr. to Dec 31 [Nm] 2007 2006 2005 2004 2003 

Turnover 102,030 81,930 42,800 58,100 34,395 

Net Profit 5,700 2,200 [3,600] 890 611 






5.05 

One Week 

Change N 

-0.25 

From Year’s 

High % 

-47.6 



2007 

- 

2006 

- 

2005 

- 

Vol. of Shares [m] 7,812.5 6,250 6,250 


From Jan 

Opening % 

+35.3 

Buy/Sell 

Tip 

Longterm 

buy 



Turnover [Nb] 35.11 80.75 

PAT [Nb] 2.4 3.9 

EPS [K] 2007 2006 2005 2004 2003 

722 295 [483] 206 283 

Dividend [K] 2007 2006 2005 2004 2003 

700 100 - - - 

AFRICAN PETROLEUM reinforced its strong growth in revenue in the second quarter but there was a 

slow down in profit growth. We revise our projected growth in revenue up from 41.2% to 62.3% and after 

tax profit growth down from 64.9% to 41.1% for AP in 2008. The company’s above industry profit margin 

is down from 6.8% in the first quarter to 4.8% in the second. Despite a moderation, earnings per share is 

expected to maintain a strong growth for the third year running. 







293.98 

One Week 

Change N 

+0.0 

From Year’s 

High % 

-2.3 


- 

2006 

- 

2005 

- 

2004 


2003 

- 

Vol. of Shares [m] 788.8 788.8 745 432 216 

P P 

O 

P 

O 

P 

P 

P 

O 

P 

O O P 

O 

O 

P 

O 

P 

O 

P 

P 

P 

PO 

O 

O 

O 

P 

P 

P 

P 

P 

O 

O P 

P 

P 

O 

O 

O 

O 

O 

P 

P 

O 

O 

O 

P 

P P P 

O 

O 

O 

P 

O 

O P 

O 

O 

P P 

U 

37 

October November December 2008 February March April May June July T 

Bearish 

Bearish 

Bullish Bullish Bullish Bullish


Bullish Bearish Bullish 

25 3 10 17 31 7 14 22 5 12 19 26 2 9 17 30 7 14 21 28 4 11 18 25 1 8 15 

March April 

May 

June 

July 

August 

September 

Bullish 

25 3 10 

March 

CHEVRON (410.140, 406.040, 406.040, 410.140, +0.00) 

CONOIL (89.3600, 93.8200, 93.8200, 93.8200, +4.46000) 

Bearish 

17 31 7 14 21 5 12 19 26 2 

April 

May 

June 

Bearish 

16 30 7 14 21 28 4 11 

July 

August 

Bullish 

18 25 1 8 15 

September 

22 2 

22 2 

480 

470 

460 

450 

440 

430 

420 

410 

400 

390 

380 

370 

360 

350 

340 

330 

320 

310 

300 

290 

280 

270 

260 

250 

240 

230 

220 

210 

200 

190 

185 

180 

175 

170 

165 

160 

155 

150 

145 

140 

135 

130 

125 

120 

115 

110 

105 

100 

95 

90 

85 

80 

75 

70 

65 



CHEVRON OIL NIGERIA PLC 


- 1ST QUARTER 

Full Year 

Forecast 


Forecast % 

-5.5 

Turnover [Nb] 



EPS [K] 



8.6 

[190.6] 

- 

- 

20.3 

- 

68.6 

- 

- 

- 

- 

Next Result Expected - 2nd quarter—June 2008 



Yr. to Dec 31 [Nm] 2007 2006 2005 2004 2003 

Turnover 72,600 65,910 51,900 42,400 32,679 

Net Profit 2,000 1,310 1,050 824 450 






410.14 


One Week 

Change N 

-16.80 

From Jan 

Opening % 

+156.3 

From Year’s 

High % 

Buy/Sell 

Tip 

Sell 




PAT [Nm] [190.63] 

EPS [K] 2007 2006 2005 2004 2003 

787 515 414 325 248 

Dividend [K] 2007 2006 2005 2004 2003 

750 512 410 300 - 

Chevron Oil lost about 58% of potential sales volume in the first quarter due to a strike action by the 

transport union. While a strong recovery is expected in the remaining quarters, a marginal decline in sales 

revenue is likely at full year. The company is expected to return to profit in the second quarter from a loss 

position in the first quarter. Earnings and dividend per share prospects indicate that the company isn’t 

likely to match the records of the preceding year. 

-2.0 


- 

2006 

- 

2005 

- 

2004 

- 

2003 


Vol. of Shares [m] 254 254 254 254 181 


Price trend 

downward 


MACD 

bullish 

Volume flow 

bullish 









P 

P 

P 

P O 

O 

OO 

P 

P 

P 

O O O 

O 

O PO 

P 

O 

O 

P 

P 

O 

P 

O 

O 

O 

P 

P 

P 

O 

CONOIL PLC 


- 2ND QUARTER 

Turnover [Nb] 



EPS [K] 



75.1 

2.65 

3.5 

382 

21.6 

- 

Full Year 

Forecast 

153.6 

5.6 

3.6 

807 

10.5 


Forecast % 




Yr. to Dec 31 [Nm] 2007 2006 2005 2004 2003 

Turnover 86,850 90,520 75,530 60,032 34,504 

Net Profit 2,600 2,810 2,620 2,213 2,029 






76.9 

115.4 

115.8 

- 

93.82 


One Week 

Change N 

+8.71 

From Jan 

Opening % 

+6.2 

From Year’s 

High % 

Buy/Sell 

Tip 

Cautious 

buy 




PAT [Nb] 1.1 2.65 

EPS [K] 2007 2006 2005 2004 2003 

374 404 377 319 351 

Dividend [K] 2007 2006 2005 2004 2003 

275 275 250 200 350 

CONOIL is sustaining a strong recovery from its revenue and profit decline in 2007. It has further improved 

revenue and profit growth in the second quarter, which is expected to lead to the highest revenue 

growth in four years and the biggest profit lifting in several years. Based on the accelerated growth rate, 

we mark up full year revenue growth from 53.1% to 76.9% and net profit from 76.9% to 115.4%. Profit 

margin has improved further from 3.3% in the first quarter to 3.5% in the second. 

-45.1 


- 

2006 

- 

2005 

- 

2004 

- 

2003 


Vol. of Shares [m] 694 694 694 694 578 

T 


Price trend 

upward 


MACD 

bullish 

Volume flow 

bullish 









P 

P 

P 

P 

P P 

P 

O 

P 

O O 

O 

O 

O 

O 

O 

O 

O O 

O P O OP P 

O OO OO 

P 

P 

P 

OO 

O 

O OO P O P O 

O O 

T 

38

420 

410 

400 

390 

380 

370 

360 

350 

340 

330 

320 

310 

300 

290 

280 

270 

260 

250 

240 

230 

220 

210 

200 

190 

180 

170 

160 

300 

295 

290 

285 

280 

275 

270 

265 

260 

255 

250 

245 

240 

235 

230 

225 

220 

215 

210 

205 

200 

195 

190 

185 

180 

175 

170 

165 

160 

155 

150 

145 

140 

135 

130 

125 

120 

115 

110 

105 

MOBIL (352.140, 348.620, 348.620, 352.140, +3.52002) 

420 

410 

400 

390 

380 

370 

360 

350 

340 

330 

320 

310 

300 

290 

280 

270 

260 

250 

240 

230 

220 

210 

200 

190 

180 

170 

160 


OANDO (171.910, 170.500, 170.200, 170.200, -1.71001) 


300 

295 

290 

285 

280 

275 

270 

265 

260 

255 

250 

245 

240 

235 

230 

225 

220 

215 

210 

205 

200 

195 

190 

185 

180 

175 

170 

165 

160 

155 

150 

145 

140 

135 

130 

125 

120 

115 

110 

105 



MOBIL OIL NIGERIA 


- 2ND QUARTER 

Turnover [Nb] 



EPS [K] 



33 

1.23 

3.7 

409 

38.3 

- 


Price trend 

neutral 


MACD 

bullish 

Volume flow 

bullish 



Full Year 

Forecast 

68.4 

2.6 

3.8 

865 

40.4 

- 


Forecast % 

-25.4 

130.0 

Next Result Expected - 3rd quarter– September 2008 



Yr. to Dec 31 [Nm] 2007 2006 2005 2004 2003 

Turnover 54,540 50,810 50,900 46,547 37,108 

Net Profit 1,130 1,720 2,420 1,759 1,457 






OANDO PLC 

LATEST EARNING REPORT 

- 1ST QUARTER 


Price trend 

upward 


MACD 

bullish 

Volume flow 

bullish 



84.0 

39 


From Jan 

Opening % 

+90.3 

Buy/Sell 

Tip 

Watch 



Turnover [Nb] 15.7 33 

PAT [Nb] 0.626 1.23 

EPS [K] 2007 2006 2005 2004 2003 

470 715 1,008 732 606 

Dividend [K] 2007 2006 2005 2004 2003 

470 714 910 650 606 

MOBIL OIL has improved further its revenue outlook for 2008 and profit prospects remain very good. 

Second quarter report gives a stronger indication that revenue growth will be stronger in 2008 than any 

time in the past three years and profit remains on track to hit a new high after two years of decline. There 

was however a slip in net profit margin from 4.0% in the first quarter to 3.7% in the second. Earnings per 

share is expected to climb to a three-year peak despite the scrip issue of 1 for 4. 







Full Year 

Forecast 


Forecast % 

42.5 

7.4 

352.14 

One Week 

Change N 

-3.55 

From Year’s 

High % 

-8.0 



2006 

- 

2005 


2004 

- 

Vol. of Shares [m] 300.5 240.4 240.4 240.4 240.4 

From Jan 

Opening % 

Buy/Sell 

Tip 

Turnover [Nb] 

69.4 265 

170.20 +20.2 +36.2 -39.8 Sell 

After Tax Profit [Nm] 1.4 5.1 

Net Profit Margin [%] 2.0 1.9 



EPS [K] 

203 742 -10.6 Turnover [Nb] 69.4 

P/E Ratio [Times] 6.8 29.6 

PAT [Nb] 1.4 


EPS [K] 2007 2006 2005 2004 

From Year’s 

2003 830 489 262 

Next Result Expected - 2nd quarter June 2008 

High % 


Dividend [K] 2007 2006 2005 2004 

Financial Year End - December 31 Final Result Expected - March 09 2003 600 400 -0.5 250 

Yr. to Dec 31 [Nb] 2007 2006 2005 2004 2003 Bonus Issue 2008 2007 2006 2005 2004 

Turnover 186 209 183 103.1 63.4 

1 for 5 - - - 

Net Profit 4.75 2.8 1.5 1.2 0.792 Vol. of Shares [m] 686.8 572.3 572.3 572.3 572.3 







OANDO NIGERIA reinforced sales revenue growth in the first quarter and that is expected to make up for 

the decline in 2007. Revenue is however growing ahead of profit, reflecting a decline in profit margin from 

2.5% in the 2007 full year to 2.0% in the first quarter. Profit isn’t growing strong enough to match the 

increase in the volume of shares from the bonus issue of 1 for 5. That is expected to lead to a decline in 

earnings per share at current growth rate. We expect profit growth to improve in the coming quarters. 







O 

P 

P 

O 

P 

O 

P O P O O O 

P 

P O P 

Bullish Bearish Bullish Bearish 

Bullish 

P 

P 

P 

Bullish 

One Week 

Change N 

O 

P 

OO 

PP 

P 

O 

O O 

P 

OO 

P 

O 

P 

O 

P 

P O 

O P 

O 

O 

O 

PP 

O 

P PO P 

O 

P 

P 

O 

PP 

O 


O 

P 

P 

O O 

From Year’s 

High % 

PP 

P 

O 

O O 

P 

P P 

OO O O 

O 

O O 

P O P

Bullish Bearish Bullish Bearish Bullish Bearish 

Bullish 

25 3 10 17 31 7 14 21 5 12 19 26 2 16 30 7 14 21 28 4 11 18 25 1 8 15 

March April 

May 

June 

July 

August 

September 

31.0 

30.5 

30.0 

29.5 

29.0 

28.5 

28.0 

27.5 

27.0 

26.5 

26.0 

25.5 

25.0 

24.5 

24.0 

23.5 

23.0 

22.5 

22.0 

21.5 

21.0 

20.5 

TOTAL (243.990, 241.560, 241.560, 243.990, +2.43001) 

UAC-PROP (26.9100, 26.6500, 26.6500, 26.9100, +0.000) 


22 2 

300 

295 

290 

285 

280 

275 

270 

265 

260 

255 

250 

245 

240 

235 

230 

225 

220 

215 

210 

205 

200 

195 

190 

31.0 

30.5 

30.0 

29.5 

29.0 

28.5 

28.0 

27.5 

27.0 

26.5 

26.0 

25.5 

25.0 

24.5 

24.0 

23.5 

23.0 

22.5 

22.0 

21.5 

21.0 

20.5 



TOTAL NIGERIA PLC 


- 2ND QUARTER 


Price trend 

neutral 


MACD 

bullish 

Volume flow 




Full Year 

Forecast 


Forecast % 

26.8 

46.9 

Turnover [Nb] 



EPS [K] 



85.85 

2.23 

2.6 

656 

18.8 

- 

173.7 

4.7 

2.7 

1,384 

21.7 

- 

44.6 




Yr. to Dec 31 [Nb] 2007 2006 2005 2004 2003 

Turnover 137 126.6 126.6 90 66.8 

Net Profit 3.2 2.5 3.6 2.8 2.7 







From Jan 

Opening % 

+35.6 

Buy/Sell 

Tip 

Cautious 

buy 



Turnover [Nb] 41.45 85.85 

PAT [Nb] 0.928 2.23 

EPS [K] 2007 2006 2005 2004 2003 

957 740 1,061 825 904 

Dividend [K] 2007 2006 2005 2004 2003 

950 740 950 900 900 

TOTAL NIGERIA has accelerated revenue growth further in the second quarter and our turnover growth 

projection is revised from 19% to 26.8%, the highest growth in three years. Growth in after tax profit has 

also accelerated during the period and we mark up full growth projection from 18.8% to 46.9%. The improved 

profit outlook reflects both the improving revenue situation and a gain in net profit margin from 2.2% 

in the first quarter to 2.6% in the second. Earnings per share is expected to reach a new peak in the year, 

well ahead of the 2005 record. 







UACN PROPERTY DEVELOPMENT CO PLC 


2ND QUARTER 

Turnover [Nb] 



EPS [K] 



5.25 

1.74 

33.1 

158 

23.4 

- 

Full Year 

Forecast 

8.5 

2.5 

29.4 

227 

12.3 


Forecast % 

49.1 

127.3 




Yr. to Dec 31 [Nm] 2007 2006 2005 2004 2003 

Turnover 5,700 5,500 4,550 4,000 2,994 

Net Profit 1,100 996 834 449 901 






127.0 

243.99 

One Week 

Change N 

+0.0 

From Year’s 

High % 

-17.6 

Bonus Issue 2007 2006 2005 2004 2003 


Vol. of Shares [m] 339.5 339.5 339.5 339.5 297 

26.91 

P P 

P 

O 

O 

P 

OO 

O 

P 

P O 

P 


One Week 

Change N 

-0.55 

From Jan 

Opening % 

+11.1 

From Year’s 

High % 

Buy/Sell 

Tip 

Cautious 

buy 




PAT [Nb] 0.371 1.74 

EPS [K] 2007 2006 2005 2004 2003 

100 35 76 20 45 

Dividend [K] 2007 2006 2005 2004 2003 

49 35 25 20 45 

UACN PROPERTY recorded a major improvement in earnings performance in the second quarter. 

A major leap in turnover was accompanied by a strong gain in profit margin. Based on the accelerated 

growth rate, we mark up projected growth in revenue from 19.3% to 49.1% at full year. After 

tax profit is now projected to grow by 127.3% against the 45.5% earlier projected. The company has 

improved net profit margin further from 22.6% in the first quarter to 33.1% in the second. 

O 

P 

O 

P 

-7.2 


- 

2006 

- 

2005 

- 

2004 


2003 

- 

Vol. of Shares [m] 1,100 1,100 1,100 1,000 1,000 

O 

PP 

P 

O 

P 

O 

P 

OO 

P 

OOO 

P 

PP 

O 

O 

O 

O 

P 

T 


Price trend 

downward 


MACD 

bullish 

Volume flow 










PP 

P 

PP 

P P 

P P 

P P P 

P 

P O O 

P O 

P P 

O 

OP O 

O 

O 

O O 

O 

OO O 

O 

O 

40

Waiting for market stabilisation fund - Proshare

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