Analysis of UBA, Diamond Bank, Conoil, Oando, and UAC Properties Results

Here are the analysis of the results of UBA, Diamond Bank, Conoil, Oando, and UAC Properties.

FSDH Analysis of UBA’s Q3′ 2008 Results:

Improvements in the quality of the bank’s assets.
Non-performing loans decreased slightly to N14.66bn.
The non-performing loan to gross loan margin decreased from 12.6% to 4.37%.
Projects PAT of N52.66bn, N78.99bn, N114.54bn, and N160.36bn for 2008, 2009, 2010, and 2011 respectively.
Estimate a fair value of N56.23 for the stock price. So the stock is a rated a BUY.

ZSL Analysis of Oando’s Q2 ‘08 Results

PAT increased 59%.
161.94% growth in earnings per share.
Expects that the deregulation of the gas industry will provide an opportunity for the company to purchase part of the unbundled Nigerian Gas Company.
The $500m in rigs (started in 2007) to develop a stong offering in the upstream services sector is expected to impact the company’s bottom line in the medium to long term.
Oando’s marketing unit, Oando Marketing is expected to be quoted on the NSE.
The stock is valued at N176.98 in the near term and N222.99 in the long-term.
Recommendation of HOLD.

Meristem has a BUY recommendation for Diamond Bank.
Meristem has a BUY recommendation for Conoil.
Meristem has a HOLD recommednation for UAC Properties.

FSDH - UBA Q3 Analysis (39)
Meristem - Conoil Q2 ‘08 Analysis (36)
Meristem - Diamond Bank ‘08 Results Analysis (32)
Meristem - UAC PDC Equity Report (54)
ZSL - Oando Q2 ‘08 Analysis (39)

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