Stanbic IBTC Holdings’ (Stanbic) Q4 2017 PBT missed our forecast by 22% largely due to negative surprises on provisions and opex. Consequently, we have cut our 2018-19E PBT forecasts by around 8% on average and our price target by 10% to N39.8.
Nigerian Equities Market closed the month of February 2018 slightly lower as NSEASI dipped by -2.28% as against 15.95% uptrend recorded in the month of January 2018. Market YTD return stands at 13.30% at the end of the month under review.
Recently, Shenzhen Capital Group Co., Ltd ("SCGC") issued the second tranche of Innovation and Entrepreneurship Corporate Bonds via Shenzhen Stock Exchange (“SZSE”), which also issued a Letter of No Objection as regards the 680 million yuan private placement of Innovation and Entrepreneurship Bonds by Shenzhen Co-Stone Asset Management Co., Ltd. ("Co-Stone Asset") and 800 million yuan private placement of corporate bonds of the same nature by ChinaEquity Group ("CEG" for short).