NASD- OTC FLOWS FOR 18/08/2015

OTC flows available today on the NASDOTC platform in the Nigerian market.

Contact cslservice@fcmb.com if you are interested in these shares.

Note that the offer is available in the market and it’s on first come first served basis.

ZENITH BANK - Strong H1 performance

Zenith bank’s H1 numbers came in ahead of our run rate for 2015, with strong growth in both Interest and Fee & Commission Income in spite of current macroeconomic conditions. Other Income, however, declined significantly in Q2.

The bank’s annualized ROAE comes to 19.2% and compares with 18.8% in 2014.

We have a Buy rating on Zenith and a price target of N24.60/share (current price N15.93), based on an implied 1.3x P/BV multiple to our FY2015e BVPS estimates of N18.9. 

Read more...