Moody's Ratings (Moody's) has today affirmed the Caa1 corporate family rating ("CFR") of Dangote Sugar Refinery Plc (DSR or the company), the largest Sub-Saharan African sugar producer and refiner based in Nigeria. Concurrently, we have repositioned the national scale rating (NSR) to Ba1.ng from Baa...
Moody's Investors Service ("Moody's") has today assigned a first-time Caa1 corporate family rating (CFR), and Baa3.ng national scale rating (NSR) corporate family rating to Dangote Sugar Refinery Plc (DSR or the company), the largest Sub-Saharan African sugar producer and refiner based in Nigeria. T...
Moody's Investors Service ("Moody's") has today assigned a first-time Caa1 corporate family rating (CFR), and Baa3.ng national scale rating (NSR) corporate family rating to Dangote Sugar Refinery Plc (DSR or the company), the largest Sub-Saharan African sugar producer and refiner based in Nigeria. T...
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....
Amidst stronger volumes and further increases in retail prices, DANGSUGAR outperformed Vetiva and Consensus estimates for the second consecutive quarter, posting an impressive 32% y/y and 16% q/q revenue growth in Q2’16. We believe the ramp up in volumes (up 9% q/q) was driven by sustained demand from both industrial and trade sugar consumers, constrained smuggled sugar volumes (given the currency conundrum), and improvement in cross-country distribution. Separate from this, prices were also p...
​Sugar production growth likely in 2016 Slight increase to our EPS est.; maintaining Neutral rating: Dangote Sugar Refinery’s (DSR) Q4 EPS of N2.2bn was in line with our forecast for the period. Management noted on its Q4 conference call that sales volumes at the start of 2016 are much higher than in corresponding periods of 2014/15. As such, we estimate a higher capacity utilisation rate for the Lagos refinery of around 56% in 2016E compared with c.50% in 2015. We also expect DSR to pass-th...
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