FSDH’s Analysis of RT Briscoe’s Q2 Results
- Company most likely to surpass last year’s performance.
- Good working capital position. So there is no fear of the company not meeting short term obligations.
- Projects a PAT of N740m for fiscal year.
- Rates the stock as a BUY at current price.
FSDH Analysis - R.T BRISCOE -Q2- 2008 (12)
Meristem Securities’ Analysis of Air Services PLC
- The company provides catering and hospitality services to local and international airlines and airports in Nigeria.
- Company currently enjoys a monopoly in providing catering services to the various airlines that serve the Nigerian economy.
- It has recorded impressive growth in PBT and PAT of 75% and 86% in the last 5 years.
- PAT is projected to rise to N1.67bn in the next 5 years.
- For FY 08, a 44% rise in PAT is projected.
- Rates the stock as a PUY with an upside potential of 27%.
Meristem Equity Research Report - ASL (24)
You can also read Meristem’s Analysis of the Petroleum Marketing companies:
Meristem - Report on Petroleum Marketing Companies (18)
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The attached file contains a thorough report of the stock market for the last week.
Here some highlights:
- For the week, the NSE Index rose 4.4%
- The Breweries sector had the largest value of trades at N954m
- Unilever, FTN Cocoa, International Energy Insurance, Guinea Insurance and M Benefits were the top gainers with each gaining over 20% of their values.
- Vono, Chevron, Neimeth Pharmaceuticals, and Adswitch were the top losers losing with each losing over 14.4% of their values.
- Thursday, July 31st was the most active day.
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In recent years, there has been a significant increase in the number of mutual funds in Nigeria. ARM and IBTC were the pioneers in the mutual funds industry in Nigeria. My research shows that these two firms displayed the highest level of professionalism. They replied to emails promptly and provided the very detailed information on the requirements to invest in the stocks.
The report below provides the basic information on the available funds – their contact information, minimum required to invest in the mutual funds, the investment distribution. There was very little information available on 2 of the funds, First Bank’s Heritage Fund and Skye Bank’s Shelter Fund. A lot of information was sourced from the fund managers’ websites, online forums, and email exchanges with the companies.
My research shows that the mutual funds industry in Nigeria is still in its infancy and this is displayed by the lack of basic information about most of the funds (by their managers) and the lack of professionalism.
The ARM Discovery Fund had the lowest amount required to invest in it (N10,000). The average minimum required to invest in most of the other funds was N50,000. A lot of the funds did not provide any information on their management fees. ARM charges a management fee of 1.5% while Kakawa does not charge any first line management fee. However, Kakawa gets 50% of the excess return over the guaranteed investment rate.
READ/DOWNLOAD THE REPORT HERE: Mutual Funds In Nigeria (60)
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donne4real | August 4, 2008
