Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
We raise our TPs and reiterate our positive view on Nigerian banks as we explore electronic banking income, which is becoming an increasingly important share of their revenue base. With rising adoption of technology, we expect further efficiency gains, and see scope for a reduction in the cost of deposits as financial-inclusion rates rise.
Nigeria banks remain attractive, with the sector down 9% ytd as a result of the recent sell-off, which was primarily caused by cautious investor sentiment. The sector currently trades at FY 19f PB and PE of 1.3x and 4.6x, respectively, compared with frontier peers at 1.6x and 10.3x. We have Buy ratings across the Nigeria Tier 1 banks, and also see opportunity in Stanbic IBTC within Tier 2.
Yuan fluctuations a red flag for Emerging markets The standoff between the U.S. and China continues to threaten emerging markets as well as global growth. There are concerns that China is embracing “purposeful devaluation” as a policy tool even as the Yuan slips and the Dollar strengthens amid the trade tensions. Despite accusations of currency manipulations by President Donald Trump, the Chinese government continues to deny the allegati...
President Buhari seeks Budget virement President Buhari has made a request to the National Assembly to vire ₦229 billion ($750 million) of the ₦9.12 trillion ($30 billion) 2018 Budget passed in June 2018. Early reports suggest that of the virements amount, ₦189 billion would be used to support the Independent National Electoral Commission (INEC) ahead of the 2019 Elections while ₦65 billion would be to reinstate project fundin...
On our recent trip to Lagos we met with six of the Nigerian banks; we present the key topics of discussion in the note. We cover macro in more detail on pages 2-3 and banking sector themes on pages 3-5. Our favoured names in the sector are Zenith (Buy, TP NGN31.50) and UBA (Buy, TP NGN12.00). Both names generate high ROE (17-20%) and trade at attractive multiples (
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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