42 Stocks listed from 2008 till date: How they are faring!

42 Stocks listed from 2008 till date: How they are faring!
July 15, 2012/ Proshare Research

Stock markets play a play a pivotal role in the growth of the industry and commerce of the country that eventually affects the economy of the country to a great extent. (http://www.proshareng.com/news/15531) In the process of approaching the market for fresh capital and thereafter, it is the responsibilities of the directors of companies to prepare the profit forecast in accordance with the standard requirements. Companies striving for operational excellence and a competitive advantage realize the impact forecasting has upon the ability of a company to satisfy its investors and to simultaneously manage its resources. Effective forecasting helps management resolve the dilemma of more demanding customer requirements and greater shareholder expectations. Forty-two (42) quoted companies were listed from 2008 till date. Out of the 42 firms, 38 currently trades below their listing prices, three are trading above while one is currently trading flat. Starcomms and Daar Communications Plc both led the group of firms trading below its listing price with -96.51% and -90.48% depreciations recorded. Fortis Microfinance, Capital Hotels and McNichols Plc are the three quoted firms trading above its listing price with +10%, +6.77% and +4.08% appreciations recorded respectively while Austin Laz and Company Plc currently trades flat. Financial Services sector has the highest number of companies listed among the 42 as it has fifteen (15) closed followed by ICT with eight (8). Consumer and Industrial Goods both have five (5) each and Healthcare has two (2). Agriculture, Construction/Real Estate, Natural Resources and Oil & Gas sectors had one (1) each. Twenty (20) of the forty-two (42) stocks currently trades at the nominal price of 50k while eight (8) stocks from the Insurance sub-sector dominated the 50k stocks while ICT has five (5) of such stocks.
No of Shares Listed (bln) 6,878.48 8,000.00 2,941.79 1,500.00 4,893.59 20,585.00 8,679.15 3,211.63 3,553.14 4,237.27 2,200.00 4,620.60 2,960.00 3,716.98 13,000.00 Listing Price 14.33 5.25 5.14 7.87 4 3.67 3.67 3.67 3 2.92 2.85 2.62 2.62 2.5 2.38 Cur. Price (120712) 0.5 0.5 0.5 0.95 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5

Compan(ies) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 STARCOMMS DAARCOMM OMATEK FIDSON MTI AFRINSURE ASOSAVINGS TANTALIZER UNIONDAC AFROMEDIA FTNCOCOA CHAMS COURTVILLE BECOPETRO UNITYKAP

Sectors
ICT Services ICT Healthcare ICT Financial Services Financial Services Consumer Goods Healthcare Services Agriculture ICT ICT Oil & Gas Financial Services

Listing Dates 14-Jul-08 26-Sep-08 18-Jun-08 4-Jun-08 28-Nov-08 17-Sep-09 25-Apr-08 23-Jun-08 11-Sep-08 18-May-09 23-Jul-08 24-Sep-08 1-Apr-09 7-Oct-09 17-Dec-09

% Return -96.51% -90.48% -90.27% -87.93% -87.50% -86.38% -86.38% -86.38% -83.33% -82.88% -82.46% -80.92% -80.92% -80.00% -78.99%

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42 Stocks listed from 2008 till date: How they are faring!

16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42

HONYFLOUR PORTPAINT MULTIVERSE HMARKINS UNIVINSURE REGALINS GOLDINSURE MTECH MULTITREX IAINSURE ABBEYBDS IHS DANGFLOUR BAGCO GTASSURE RESORTSAL PAINTCOM NPFMCRFBK DANGCEM ETRANZACT SKYESHELT UHOMREIT PNG AUSTINLAZ MCNICHOLS CAPHOTEL FORTISMFB

Consumer Goods Industrial Goods Natural Financial Services Financial Services Financial Services Financial Services ICT Consumer Goods Financial Services Financial Services ICT Consumer Goods Industrial Goods Financial Services Financial Services Industrial Goods Financial Services Industrial Goods ICT Financial Services Financial Services Construction/Real Estate Industrial Goods Consumer Goods Services Financial Services

20-Oct-09 9-Jul-09 8-Oct-08 22-Feb-08 11-Feb-08 27-May-08 12-Feb-08 9-Jun-09 1-Nov-10 9-May-08 21-Oct-08 27-Jan-09 4-Feb-08 9-Apr-08 19-Nov-09 23-Nov-09 2-Nov-10 1-Dec-10 26-Oct-10 10-Jul-09 26-Feb-08 2-Jul-10 17-Mar-09 29-Feb-12 18-Dec-09 14-Aug-08 20-Jun-12

7,930.20 400 4,261.94 6,000.00 16,000.00 6,668.75 4,549.95 4,966.67 3,722.49 28,000.00 4,200.00 4,400.00 5,000.00 6,215.00 10,000.00 13,175.73 792.91 2,286.64 17,040.50 4,200.00 20 250.02 4,579.78 1.07 201.89 1,548.78 1.63

8.5 10 2.15 1.94 1.94 1.75 1.89 2.5 3 1.36 3.89 5.25 15 4.09 3 0.95 3.9 1.5 135 4.8 105 52.5 6.61 2 0.98 6.5 5

1.9 2.27 0.5 0.5 0.5 0.5 0.56 0.91 1.1 0.5 1.44 2.13 6.29 1.89 1.48 0.5 2.4 1.05 112 4.04 100 50 6.6 2 1.02 6.94 5.5

-77.65% -77.30% -76.74% -74.23% -74.23% -71.43% -70.37% -63.60% -63.33% -63.24% -62.98% -59.43% -58.07% -53.79% -50.67% -47.37% -38.46% -30.00% -17.04% -15.83% -4.76% -4.76% -0.15% 0.00% 4.08% 6.77% 10.00%

Source: Proshare Research/NSE

This report is meant to reflect on the current position and performance of the forty-two (42) quoted firms listed from 2008 till date. Kindly find below the individual review and analysis on each affected firm that made the group. Abbey Building Society Plc was listed on the Nigerian bourse on 21st Oct, 2008 under the Financial Services Sector. The company has been witnessing an improvement in its turnover from N1.16bn in 2008 to N1.57bn in 2011 while its PAT went down from N189million in 2008 to N126 million in 2011. The company’s offer document is not available for proper review and analysis and as such could not compare their forecasts with the actual figures. The stock was listed at the share price of N3.89k. It recorded price depreciations of 44.86% and -17.39% in 2009 and 2010 respectively while it closed 2011 positive with +8.27% price appreciations. The stock also remained flat in 2012 so far as it currently trades at 1.44k.

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42 Stocks listed from 2008 till date: How they are faring!

ABBEYBDS 2008 TO Company Sector Sub sector Mortgages Carriers, Brokers and Services N mln PAT N mln TO N mln 2009 PAT N mln TO N mln 2010 PAT N mln TO N mln 2011 PAT N mln 2008/11
PAT % Change

N mln

ABBEYBDS

Financial Services

1,164.00 2009 N mln N/A

189.46

1,507.00 FORECASTS 2010

235.33

1,694.00 2011

281.92

1,578.00

126.29 -33.34%

N mln N/A 2010

N mln N/A Price Trend

N mln N/A

N mln N/A 2011

N mln N/A

Listing Date Listing Price 2012

21-Oct-08 3.89

2009 Open 2.92 Close 1.61 % -44.86% Open 1.61

Close 1.33

% -17.39%

Open 1.33

Close 1.44

% 8.27%

Open 1.44

Current 1.44

YTD % 0.00%

Source: Proshare Research/NSE

African Alliance Insurance Plc was listed on the Nigerian bourse on 17th Sept, 2009 under the Financial Services Sector. The company witnessed a decline in its turnover from N1.43bn in 2009 to N1.36bn in 2010 while its recorded Loss After Tax of N1.69bn in 2008 and it further recorded another loss of N3.09 billion in 2010. The company’s offer document is not available for proper review and analysis and as such could not compare their forecasts with the actual figures. The stock was listed at the share price of N3.67k. It recorded price depreciations of 75.076% and -42.53% in 2009 and 2010 respectively while it closed flat in 2011. The stock also remained flat in 2012 so far as it currently trades at nominal price of 0.50k from 19th Feb, 2010.
2008 TO N mln PAT N mln AFRINSURE 2009 TO N mln PAT N mln TO N mln 2010 PAT N mln 2011 TO N mln PAT N mln 2008/11
PAT % Change

Company

Sector

AFRINSURE

Financial Services

Sub sector Insurance Carriers, Brokers and Services

N mln

1,430.00 -1,699.00 FORECASTS 2009 N mln N/A N mln N/A 2010 Close 0.5 N mln 2010 N mln

1,368.00 2011 N mln N/A 2011 Close 0.5

-3,090.00

N/A

N mln N/A

N/A N/A Price Trend % -42.53% Open 0.5

Listing Date Listing Price 2012 Current 0.5

17-Sep-09 3.67

2009 Open Close 3.49 0.87 Source: Proshare Research/NSE

% -75.07%

Open 0.87

% 0.00%

Open 0.5

YTD % 0.00%

Afromedia Plc was listed on the Nigerian bourse on 18th May, 2009 under the Services Sector. The company witnessed an upbeat in its turnover from N2.39bn in 2009 to N3.24bn in 2011 while its recorded profit After Tax of N1340mln in 2009 but it recorded loss of N301 million in 2011. The company’s offer document is not available for proper review and analysis and as such could not compare their forecasts with the actual figures. The stock was listed at the share price of N2.92k. It recorded price depreciations of 68.13% and -30% in 2009 and 2010 respectively while it also closed negative in 2011 with -7.41% price depreciations. The stock remained flat in 2012 as it currently trades at nominal price of 0.50k from 26th Sept, 2011.

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42 Stocks listed from 2008 till date: How they are faring!

2008 TO N mln PAT N mln

AFROMEDIA 2009 TO N mln PAT N mln TO N mln

2010 PAT N mln

2011 TO N mln 3,240.00 PAT N mln -301.18

2008/11
PAT % Change

Company
AFROMEDIA

Sector Services

Sub sector Advertising

N mln N/A

2,397.00 340.79 FORECASTS 2009 N mln N/A N mln N/A 2010 Close 0.56 N mln 2010 N mln N mln N/A 2011 Close 0.5 N/A N/A Price Trend % -30.00% Open 0.54 2011 N mln N/A

Listing Date Listing Price 2012 Current 0.5

18-May-09 2.92

2009 Open Close 2.51 0.8 Source: Proshare Research/NSE

% -68.13%

Open 0.8

% -7.41%

Open 0.5

YTD % 0.00%

Aso Savings Plc was listed on the Nigerian bourse on 25th April, 2008 under the Financial Services Sector. The company witnessed an upbeat in its turnover from N7.06bn in 2008 to N11bn in 2010 while it’s also recorded Profit after Tax of N1.06bln in 2008 and moved to N1.21 billion in 2010. The company’s offer document is not available for proper review and analysis and as such could not compare their forecasts with the actual figures. The stock was listed at the share price of N3.67k. It recorded price depreciations of 68.36% and -10.71% in 2009 and 2010 respectively while it also closed negative in 2011 with -7.41% price depreciations. The stock remained flat in 2012 as it currently trades at nominal price of 0.50k from 24th May, 2010.
2008 TO N mln PAT N mln ASOSAVINGS 2009 TO N mln PAT N mln TO N mln 2010 PAT N mln 2011 TO N mln PAT N mln 2008/11
PAT % Change

Company

Sector

ASOSAVINGS

Financial Services

Sub sector Mortgages Carriers, Brokers and Services

N mln

7,063.00 2009 N mln N/A

1,061.00

10,090.00 873.48 FORECASTS 2010 N mln N mln

11,007.00 2011 N mln N/A 2011 Close 0.5

1,212.00

N/A

N mln N/A 2010 Close 0.5

N mln N/A

N/A N/A Price Trend % -10.71% Open 0.54

Listing Date Listing Price 2012 Current 0.5

25-Apr-08 3.67

2009 Open Close 1.77 0.56 Source: Proshare Research/NSE

% -68.36%

Open 0.56

% -7.41%

Open 0.5

YTD % 0.00%

Austin Laz Company Plc was listed on the Nigerian bourse on 29th Feb, 2012 under the Industrial Goods sector. The company’s 2010 financials shows that it declared N518mln turnover and N36mln PAT while the figure was far below its forecast figures of N5.45bn and N1.17bn for turnover and PAT respectively for the same period. The stock was listed at the share price of N2 and it has remained unchanged since its listing.

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42 Stocks listed from 2008 till date: How they are faring!

2008 TO N mln PAT N mln

AUSTINLAZ 2009 TO N mln PAT N mln TO N mln

2010 PAT N mln

2011 TO N mln PAT N mln

2008/11
PAT % Change

Company

Sector

AUSTINLAZ

Industrial Goods

Sub sector Electronic and Electrical Products

N mln

518,586.00 FORECASTS 2008 N mln 3,786 N mln 6,783 2010 Close N/A N mln 4,544 Price Trend % 0.00% 2009 N mln 9,586 N mln 5,453 2011 Close N/A 2010

36,128.00

N/A

N mln

Listing Date 1,176 Listing Price 2012 Current 2

29-Feb-12 2

2009 Open Close N/A N/A Source: Proshare Research/NSE

% 0.00%

Open N/A

Open N/A

% 0.00%

Open 2

YTD % 0.00%

BAGCO Plc was listed on the Nigerian bourse on 9th Apr, 2008 under the Industrial Goods sector. The company has been witnessing an increase in its turnover from N7.4bn in 2008 to N18.5bn in 2011 while its PAT also went up from N75million in 2008 to N1.02 billion in 2011. The company financials closed far below its forecast figures in most of the periods of review. The stock was listed at the share price of N4.09k. It recorded price depreciations of 57.85% and -26.09% in 2009 and 2011 respectively while it closed 2010 positive with +4474% price appreciations. The stock has recorded +14.455 gains in 2012 so far as it currently trades at the price of 1.98k
2008 TO N mln 7,477.00 2008 N mln 1,246 2009 Open Close 3.44 1.45 Source: Proshare Research/NSE N mln 1,071 2010 Close 2.2 N mln 1,545 Price Trend % 44.74% PAT N mln 75.7 BAGCO 2009 TO N mln PAT N mln -134.2 TO N mln 16,142.00 2010 N mln 1,669 N mln 1,715 2011 Close 1.7 N mln Listing Date 1,889 Listing Price 2012 Current 1.98 9-Apr-08 4.09 2010 PAT N mln 2011 TO N mln PAT N mln 2008/11
PAT % Change

Company BAGCO

Sector Industrial Goods

Sub sector Packaging/Co ntainers

N mln

14,667.95 FORECASTS 2009

353.34 18,585.00

1,025.00 1254.03%

% -57.85%

Open 1.52

Open 2.3

% -26.09%

Open 1.73

YTD % 14.45%

Beco Petroleum Plc was listed on the Nigerian bourse on 7th Oct, 2009 under the Oil & Gas Sector. The company witnessed a drop in its turnover from N3.99bn in 2009 to N2.68bn in 2011 while it’s also recorded Profit after Tax of N176mln in 2009 and moved to record N168 million loss in 2011. The company’s offer document is not available for proper review and analysis and as such could not compare their forecasts with the actual figures. The stock was listed at the share price of N2.50k. It recorded price depreciations of 3.44% and -76.28% in 2009 and 2010 respectively while it also closed negative in 2011 with -16.67% price depreciations. The stock remained flat in 2012 as it currently trades at nominal price of 0.50k.

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42 Stocks listed from 2008 till date: How they are faring!

2008 TO N mln PAT N mln

BECOPETRO 2009 TO N mln PAT N mln TO N mln

2010 PAT N mln

2011 TO N mln PAT N mln

2008/11
PAT % Change

Company

Sector

Sub sector Petroleum and Petroleum Products Distributors

N mln

BECOPETRO

Oil & Gas

3,995.00 176.81 FORECASTS 2009 N mln N/A N mln N/A 2010 Close 0.6 N mln 2010 N mln

2,780.00 2011 N mln N/A 2011 Close 0.5

316.45

2,686.00

-168.66

N/A

N mln N/A

N/A N/A Price Trend % -76.28% Open 0.6

Listing Date Listing Price 2012 Current 0.5

7-Oct-09 2.5

2009 Open Close 2.62 2.53 Source: Proshare Research/NSE

% -3.44%

Open 2.53

% -16.67%

Open 0.5

YTD % 0.00%

Capital Hotels Plc was listed on the Nigerian bourse on 14th Aug, 2008 under the Services sector. The company witnessed an appreciation in its turnover from N3.9bn in 2008 to N4.9bn in 2011 while its PAT also went up from N209million in 2008 to N581 million in 2011. The company’s offer document is not available for proper review and analysis and as such could not compare their forecasts with the actual figures. The stock was listed at the share price of N6.50k. It recorded price depreciations of 78.77% in 2008 while it recorded +150% and +105.45% gains in 2009 and 2010 respectively. The stock has so far recorded +2.36% YTD gains in 2012.
2008 TO N mln 3,962.00 2009 N mln N/A 2009 Open Close 6.5 1.38 Source: Proshare Research/NSE N mln N/A 2010 Close 3.3 N mln PAT N mln 209.13 CAPHOTEL 2009 TO N mln PAT N mln TO N mln 5,031.00 2011 N mln N mln N/A 2011 Close 6.78 N mln N/A Listing Date Listing Price 2012 Current 6.94 14-Aug-08 6.5 2010 PAT N mln 598.59 2011 TO N mln 4,905.00 PAT N mln 581.18 2008/11
PAT % Change

Company CAPHOTEL

Sector Services

Sub sector Hotels/Lodgin g

N mln 177.90%

4,703.00 668.45 FORECASTS 2010 N/A N/A Price Trend % 150.00% Open 3.3

% -78.77%

Open 1.32

% 105.45%

Open 6.78

YTD % 2.36%

Chams Plc was listed on the Nigerian bourse on 24th Sept, 2008 under the ICT sector. The company has been witnessing a drop in its turnover from N2.4bn in 2008 to N1.7bn in 2011 while its PAT also went down from N193million in 2008 to N1,236 million loss in 2011. The company 2008 financial closed far below its forecast as it forecasted N14bn in 2008 and made N2.4bn while N1.9bn was forecasted for PAT and N193million was declared. The stock was listed at the share price of N2.62k. It recorded price depreciations of 76.73% and -15.25% in 2009 and 2010 respectively while it closed 2011 flat. The stock also remained flat in 2012 so far as it currently trades at 50k nominal price from 2nd Sept, 2010.

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42 Stocks listed from 2008 till date: How they are faring!

2008 TO N mln 2,400.00 2006 N mln 3,640 2009 Open Close 2.45 0.57 Source: Proshare Research/NSE N mln 70.131 2010 Close 0.5 PAT N mln 193.02

Chams Plc 2009 TO N mln PAT N mln TO N mln 1,484.00

2010 PAT N mln -1,382.00 2008 N mln N mln 14,096 2011 Close 0.5 N mln 1,921

2011 TO N mln 1,777.00 PAT N mln -1,236.00

2008/11
PAT % Change

Company CHAMS

Sector ICT

Sub sector Processing Systems

N mln -740.35%

988.62 -2,873.00 FORECASTS 2007 N mln 12,124 1,581 Price Trend % -15.25% Open 0.5

Listing Date Listing Price 2012 Current 0.5

24-Sep-08 2.62

% -76.73%

Open 0.59

% 0.00%

Open 0.5

YTD % 0.00%

Courtville Business Solutions Plc was listed on the Nigerian bourse on 1st Apr, 2009 under the ICT sector. The company witnessed an appreciation in its turnover from N600mln in 2008 to N855mn in 2011 while its PAT went down from N273million in 2008 to N245million in 2011. The company’s offer document is not available for proper review and analysis and as such could not compare their forecasts with the actual figures. The stock was listed at the share price of N2.62k. It recorded price depreciations of 80.92% in 2008 while it closed flat in other periods of review.
COURTVILLE 2009 TO N mln PAT N mln TO N mln

2008 TO N mln PAT N mln

2010 PAT N mln TO N mln

2011 PAT N mln

2008/11
PAT % C hange

Company

S ector

COURTVILLE ICT

S ub sector Computer Based Systems

N mln

600.62

273.35

2009 N mln N mln N/A N/A 2009 Open Close % 2.62 0.5 -80.92% Source: Proshare Research/NSE 2010 Close 0.5

776.83 181.44 869.04 124.76 855.6 245.35 FORECAS TS 2010 2011 N mln N mln N mln N mln Listing Date N/A N/A N/A N/A Listing Price Price Trend % 0.00% Open 0.5 2011 Close 0.5 % 0.00% Open 0.5 2012 Current 0.5

-10.24%

1-Apr-09 2.62

Open 0.5

YTD % 0.00%

Daar Communications Plc was listed on the Nigerian bourse on 26th Sep, 2008 under the Services sector. The company witnessed an appreciation in its turnover from N3.6bln in 2008 to N4.82bn in 2010 while its recorded Loss after Tax of N381mln in 2008 and it further increased in 2010 to N1.56bn. The company’s offer document is not available for proper review and analysis and as such could not compare their forecasts with the actual figures. The stock was listed at the share price of N5.25k It recorded price depreciations of 83.86% and -13.79% in 2009 and 2010 respectively while it closed 2011 flat. The stock also remained flat in 2012 so far as it currently trades at 50k nominal price.

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42 Stocks listed from 2008 till date: How they are faring!

2008 TO N mln PAT N mln -381.48

DAARCOMM 2009 TO N mln PAT N mln TO N mln

2010 PAT N mln -1,568.00 TO N mln

2011 PAT N mln

2008/11
PAT % C hange

Company

S ector

DAARCOM M Services

S ub sector M edia/Ente rtainment 3,678.00

N mln N/A

3,841.00 -3,538.00 FORECAS TS

4,824.00

2009 N mln N mln N/A N/A 2009 % Open Close 3.47 0.56 -83.86% Source: Proshare Research/NSE 2010 Open Close 0.58 0.5

2010 2011 N mln N mln N mln N mln N/A N/A N/A N/A Price Trend % 2011 % Open Close -13.79% 0.5 0.5 0.00%

Listing Date Listing Price 2012 Current 0.5

26-Sep-08 5.25 YTD % 0.00%

Open 0.5

Dangote Cements Plc was listed on the Nigerian bourse on 26th Oct, 2010 under the Industrial Goods sector. The company witnessed an appreciation in its turnover from N619mln in 2008 to N235bn in 2011 while its recorded Profit after Tax of N179mln in 2008 and it further increased in 201 to N125bn. The company’s offer document is not available for proper review and analysis and as such could not compare their forecasts with the actual figures. The stock was listed at the share price of N135. It recorded price depreciations of 11.11% and -7.69% in 2010 and 2011 respectively. The stock has recorded +1.11% gains in 2012 so far as it currently trades at N112.
2008 TO N mln 619 PAT N mln 179 TO N mln 1,896.00 DANGCEM 2009 PAT N mln TO N mln 2010 PAT N mln TO N mln 2011 PAT N mln 2008/11
PAT % C hange

S ector Industrial DANGCEM Goods

Company

S ub sector Building M aterials

N mln 70240.22%

2009 N mln N mln N/A N/A 2009 % Open Close N/A N/A 0.00% Source: Proshare Research/NSE 2010 Open Close 135 120

575 202,565.00 106,605.00 235,914.00 125,909.00 FORECASTS 2010 2011 N mln N mln N mln N mln Listing Date N/A N/A N/A N/A Listing Price Price Trend % 2011 % 2012 Open Close Open Current -11.11% 120 110.77 -7.69% 110.77 112

26-Oct-10 135 YTD % 1.11%

Dangote Flour Mills Plc was listed on the Nigerian bourse on 4th Feb, 2008 under the Consumer Goods sector. The company witnessed an appreciation in its turnover from N47bln in 2008 to N66bn in 2011 while its recorded Profit after Tax of N2.9bln in 2008 while it decreased in 2011 to N677mln. The company’s offer document is not available for proper review and analysis and as such could not compare their forecasts with the actual figures. The stock was listed at the share price of N15. It recorded price depreciations of -25.78% and -70.76% in 2009 and 2011 respectively while it closed 2010 with +61.23 price appreciations. The stock has so far recorded +20.27% price appreciations in 2012.

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42 Stocks listed from 2008 till date: How they are faring!

2008 TO N mln 47,927.00 2009 N mln N/A 2009 % Open Close 13.38 9.93 -25.78% Source: Proshare Research/NSE N mln N/A 2010 Open 10.42 Close 16.8 PAT N mln 2,989.00

DANGFLOUR 2009 TO N mln 61,388.00 2010 N mln N/A % 61.23% Open 17.1 N mln N/A Price Trend N mln N/A 2011 Close 5 PAT N mln 5,561.00 TO N mln

2010 PAT N mln 2,723.00 TO N mln

2011 PAT N mln 677.71

2008/11
PAT % Change

Company S ector DANGFLO Consumer UR Goods

Sub sector Food Product

N mln -77.33%

67,601.00 2011

66,281.00

FORECAS TS N mln N/A % -70.76% Open 5.23 Listing Date Listing Price 2012 Current 6.29 4-Feb-08 15 YTD % 20.27%

Etranzact Plc was listed on the Nigerian bourse on 10th Jul, 2009 under the ICT sector. The company witnessed an appreciation in its turnover from N757mln in 2009 to N2.24bn in 2011 while its recorded Loss after Tax of N174mln in 2009 and went to declare N81mln PAT in 2011. The company’s offer document is not available for proper review and analysis and as such could not compare their forecasts with the actual figures. The stock was listed at the share price of N4.80. It recorded price depreciations of 22.34% and -0.60% in 2010 and 2011 respectively while it closed 2009 with +21.21 price appreciations. The stock has so far recorded -18.22% price depreciations in 2012.
2008 TO N mln PAT N mln ETRANZACT 2009 TO N mln PAT N mln TO N mln 917.82 2011 N mln N/A 2011 Open 4.97 Close 4.94 N mln N/A % -0.60% Open 4.94 Listing Date Listing Price 2012 Current 4.04 10-Jul-09 4.8 YTD % -18.22% 2010 PAT N mln -138.2 TO N mln 2,244.00 2011 PAT N mln 81.29 2008/11
PAT % Change

Company

S ector

ETRANZACT ICT

Sub sector Processing Systems

N mln N/A

757.18 -174.69 FORECAS TS 2009 N mln N/A N mln N/A 2010 Open 6.4 Close 4.97 N mln N/A % -22.34% 2010 N mln N/A Price Trend

2009 % Open Close 5.28 6.4 21.21% Source: Proshare Research/NSE

Fidson Healthcare Plc was listed on the Nigerian bourse on 4th Jun, 2008 under the Healthcare sector. The company witnessed an appreciation in its turnover from N4.50bln in 2008 to N7.10bn in 2011 while its recorded Profit after Tax of N189mln in 2008 and went to declare N312mln PAT in 2011. The company’s offer document is not available for proper review and analysis and as such could not compare their forecasts with the actual figures. The stock was listed at the share price of N7.87. It recorded price depreciations of 50.56% and -74.18% in 2009 and 2011 respectively while it closed 2010 with +64.52 price appreciations. The stock has so far recorded +15.85% price depreciations in 2012.

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42 Stocks listed from 2008 till date: How they are faring!

2008 TO N mln 4,503.00 2009 N mln N/A 2009 % Open Close 3.6 1.78 -50.56% Source: Proshare Research/NSE N mln N/A 2010 Open 1.86 Close 3.06 N mln N/A % PAT N mln 189.3 TO N mln

FIDS ON 2009 PAT N mln TO N mln

2010 PAT N mln 465.89 TO N mln

2011 PAT N mln 312.26

2008/11
PAT % Change

Company FIDSON

S ector Healthcare

Sub sector Pharmaceut icals

N mln 64.96%

5,019.00 429.07 FORECAS TS 2010 N mln N/A Price Trend Open 3.06

5,100.00 2011 N mln N/A

7,103.00

N mln N/A %

Listing Date Listing Price 2012 Open 0.82 Current 0.95

4-Jun-08 7.87 YTD % 15.85%

2011 Close 0.79

64.52%

-74.18%

FTN Cocoa Processors Plc was listed on the Nigerian bourse on 23rd Jul, 2008 under the Agriculture sector. The company witnessed a depreciation in its turnover from N1.17bln in 2008 to N836mn in 2011 while its recorded Profit after Tax of N196mln in 2008 and went to declare N221mln Loss After Tax in 2011. The company’s offer document is not available for proper review and analysis and as such could not compare their forecasts with the actual figures. The stock was listed at the share price of N2.85. It recorded price depreciations of 66.88% and -15.25% in 2009 and 2011 respectively while it closed 2010 with +12.96 price appreciations. The stock also remained flat in 2012 so far as it currently trades at 50k nominal price.
2008 TO N mln 1,171.00 2009 N mln N/A 2009 % Open Close 1.57 0.52 -66.88% Source: Proshare Research/NSE N mln N/A 2010 Open 0.54 Close 0.61 N mln N/A % 12.96% Open 0.59 PAT N mln 196.03 FTNCOCOA 2009 TO N mln PAT N mln TO N mln 1,196.00 2011 N mln N/A 2011 Close 0.5 N mln N/A % -15.25% Open 0.5 Listing Date Listing Price 2012 Current 0.5 23-Jul-08 2.85 YTD % 0.00% 2010 PAT N mln 63.65 TO N mln 836.94 2011 PAT N mln -221.03 2008/11
PAT % Change

Sub sector Crop FTNCOCOA Agriculture Production

Company

S ector

N mln -212.75%

1,361.00 259.66 FORECAS TS 2010 N mln N/A Price Trend

Goldlink Insurance Plc was listed on the Nigerian bourse on 12th Feb, 2008 under the Financial Services sector. The company witnessed an appreciation in its turnover from N2.6bln in 2008 to N4.4bn in 2010 while it recorded Profit after Tax of N679mln in 2008 and went to declare N189mln loss in 2010. The company’s offer document is not available for proper review and analysis and as such could not compare their forecasts with the actual figures. The stock was listed at the share price of N1.89. It recorded price appreciations of +11.11% and +28.85% in 2009 and 2011 respectively while it closed 2010 with -45.05 price depreciations. The stock has so far recorded -13.85% price depreciations in 2012.

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42 Stocks listed from 2008 till date: How they are faring!

2008 TO N mln PAT N mln

GOLDINS URE 2009 TO N mln PAT N mln TO N mln

2010 PAT N mln TO N mln

2011 PAT N mln

2008/11
PAT % Change

Company

S ector

Sub sector Insurance Carriers, Brokers and Services

N mln

Financial Services GOLDINSURE

2,600.00 2009 N mln N/A

679.7

3,229.00 87.16 FORECAS TS 2010 N mln N/A % N mln N/A Price Trend Open 0.52

4,428.00 2011 N mln N/A

-189.94

N/A

N mln N/A 2010

N mln N/A %

Listing Date Listing Price 2012 Open 0.65 Current 0.56

12-Feb-08 1.89 YTD % -13.85%

2009 % Open Close 0.9 1 11.11% Source: Proshare Research/NSE

2011 Close 0.67

Open 0.91

Close 0.5

-45.05%

28.85%

Guaranty Trust Assurance Plc was listed on the Nigerian bourse on 19th Nov, 2009 under the Financial Services sector. The company witnessed an appreciation in its turnover from N5.3bln in 2009 to N10.04bn in 2010 while it recorded Profit after Tax of N516mln in 2009 and went to declare N931mln PAT in 2010. The company’s offer document is not available for proper review and analysis and as such could not compare their forecasts with the actual figures. The stock was listed at the share price of N3.00. It recorded price depreciations of 34.65% and -30.28% in 2009 and 2010 respectively while it closed 2011 with -6.58 price depreciations. The stock has so far recorded -9.63% price depreciations in 2012.
2008 TO N mln PAT N mln TO N mln GTAS SURE 2009 PAT N mln TO N mln 2010 PAT N mln TO N mln 2011 PAT N mln 2008/11
PAT % Change

Company

S ector

Sub sector Insurance Carriers, Brokers and Services

N mln

Financial GTASSURE Services

5,377.00 516.59 FORECAS TS 2009 N mln N/A N mln N/A 2010 Open 2.18 Close 1.52 N mln N/A % -30.28% Open 1.52 2010 N mln N/A Price Trend

7,520.00 2011 N mln N/A

634.65

10,004.00

931.57

N/A

N mln N/A %

Listing Date Listing Price 2012 Open 1.35 Current 1.48

19-Nov-09 3 YTD % 9.63%

2009 % Open Close 3.29 2.15 -34.65% Source: Proshare Research/NSE

2011 Close 1.42

-6.58%

Honeywell Flour Mills Plc was listed on the Nigerian bourse on 20th Oct, 2009 under the Consumer Goods Sector. The company has been witnessing an increase in its turnover from N28.5bn in 2009 to N340.5bn in 2011 while its PAT also went up from N217million in 2009 to N2.49 billion in 2011. The company 2011 financial closed far above its forecast as it forecasted N80bn in turnover and made N2.4bn while N8.6bn was forecasted for PAT and N2.49billion was declared to close the year below its forecast figure. The stock was listed at the share price of N8.50k. It recorded price depreciations of -40% and -53.80% in 2009 and 2010 respectively while it closed 2011 also negative with 13.42% price depreciations recorded.

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42 Stocks listed from 2008 till date: How they are faring!

2008 TO N mln PAT N mln

Honeywell Flour Mills Plc 2009 TO N mln PAT N mln TO N mln

2010 PAT N mln 1,178.00 TO N mln

2011 PAT N mln 2,492.00

2008/11
PAT % Change

S ector Sub sector Consumer Food Goods Product HONYFLOUR

Company

N mln N/A

28,580.10 217.11 FORECAS TS 2009 N mln 44,001 N mln 2,270

33,528.00

340,547.00

2009 % Open Close 8.5 8.5 0.00% Source: Proshare Research/NSE

2010 Open 8.5 Close 5.1

2010 2011 N mln N mln N mln N mln Listing Date 59,279 5,623 80,462 8,616 Listing Price Price Trend % 2011 % 2012 Open Close Open Current -40.00% 5 2.31 -53.80% 2.31 2

20-Oct-09 8.5 YTD % -13.42%

Consolidated Hallmark Insurance Plc was listed on the Nigerian bourse on 22nd Feb, 2008 under the Financial Services sector. The company witnessed an appreciation in its turnover from N3.04bln in 2008 to N3.88bn in 2011 while it recorded Profit after Tax of N360mln in 2008 and went to declare N258mln PAT in 2011. The company’s offer document is not available for proper review and analysis and as such could not compare their forecasts with the actual figures. The stock was listed at the share price of N1.94. It recorded price depreciations of 52.38% in 2009 and closed flat in 2010 and 2011. . The stock has remained flat in 2012 so far as it currently trades at 50k nominal price.
2008 TO N mln PAT N mln TO N mln HMARKINS 2009 PAT N mln TO N mln 2010 PAT N mln TO N mln 2011 PAT N mln 2008/11
PAT % Change

Company

S ector

Sub sector Insurance Carriers, Brokers and Services

N mln

Financial HM ARKINS Services

3,043.00 2009 N mln N/A

360.45

3,023.00 242.67 FORECAS TS 2010 N mln N/A % N mln N/A Price Trend Open 0.5

2,853.00 2011 N mln N/A

211.57

3,882.00

258.76

-28.21%

N mln N/A 2010

N mln N/A %

Listing Date Listing Price 2012 Open 0.5 Current 0.5

22-Feb-08 1.94 YTD % 0.00%

2009 % Open Close 1.05 0.5 -52.38% Source: Proshare Research/NSE

2011 Close 0.5

Open 0.5

Close 0.5

0.00%

0.00%

Investment & Allied Assurance Plc was listed on the Nigerian bourse on 9th May, 2008 under the Financial Services sector. The company’s financials and offer document are not available for proper review and analysis and as such could not compare their forecasts with the actual figures. The stock was listed at the share price of N1.36. The stock remained flat throughout the periods of review as it currently trades at 50k nominal price. This is a stock with a lot of issues.

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42 Stocks listed from 2008 till date: How they are faring!

2008 TO N mln PAT N mln TO N mln

IAINS URE 2009 PAT N mln TO N mln

2010 PAT N mln TO N mln

2011 PAT N mln

2008/11
PAT % Change

Company

S ector

IAINS URE

Financial S ervices

Sub sector Insurance Carriers, Brokers and Services

N mln

N/A FORECAS TS 2006 N mln NA N mln NA 2010 Open 0.5 Close 0.5 N mln NA % 0.00% 2007 N mln NA Price Trend N mln NA 2008 N mln NA % Open 0.00% 0.5 Listing Date Listing Price 2012 Current 0.5 9-M ay-08 1.36 YTD % 0.00%

2009 Open Close

%

0.5 0.5 0.00% Source: Proshare Research/NSE

2011 Open Close 0.5 0.5

IHS Plc was listed on the Nigerian Stock Exchange on 27th Jan, 2009 under the ICT sector. The company witnessed an appreciation in its turnover from N1.13bln in 2009 to N14.8bn in 2011 while it recorded Profit after Tax of N1.05bln in 2008 and went to declare N1.65bln loss in 2011. The company’s offer document is not available for proper review and analysis and as such could not compare their forecasts with the actual figures. The stock was listed at the share price of N5.25. It recorded price depreciations of 19.24%, -35.61%, and -9.44% losses in 2009, 2010 and 2011 respectively. The stock has recorded -17.76% loses in 2012 so far.
2008 TO N mln PAT N mln TO N mln IHS 2009 PAT N mln TO N mln 2010 PAT N mln TO N mln 2011 PAT N mln 2008/11
PAT % Change

Company

S ector

IHS

ICT

Sub sector Telecomm unications Services

N mln

1,134.00 1,050.00 FORECAS TS 2006 N mln NA N mln NA N mln NA % -35.61% 2007 N mln NA Price Trend

17,247.00 2008 N mln NA

553.71

14,852.00

-1,653.00

N/A

N mln NA % -9.44%

Listing Date Listing Price 2012 Open Current 2.59 2.13

27-Jan-09 5.25 YTD % -17.76%

2009 % Open Close 5.25 4.24 -19.24% Source: Proshare Research/NSE

2010 Open Close 4.24 2.73

2011 Open Close 2.86 2.59

McNichols Plc was listed on the Nigerian Stock Exchange on 18th Dec, 2009 under the Consumer Goods sector. The company witnessed an appreciation in its turnover from N203mln in 2009 to N388mn in 2011 while it recorded Loss after Tax of N12mln in 2009 and went to declare N6mln PAT in 2011. The company’s offer document is not available for proper review and analysis and as such could not compare their forecasts with the actual figures. The stock was listed at the share price of N0.98k. It recorded price appreciations of +4.08% in 2009 while it closed in 2010 and 2011 respectively. The stock has remained flat in 2012 so far.

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42 Stocks listed from 2008 till date: How they are faring!

2008 TO N mln PAT N mln

MCNICHOLS 2009 TO N mln PAT N mln TO N mln

2010 PAT N mln -6.43 TO N mln

2011 PAT N mln 6.02

2008/11
PAT % Change

S ector Sub sector Consumer Food Goods Products MCNICHOLS

Company

N mln N/A

203.16 -12.8 FORECAS TS 2006 N mln NA N mln NA N mln NA % 0.00% 2007 N mln NA Price Trend

261.55 2008 N mln NA

388.35

N mln NA % 0.00%

Listing Date Listing Price 2012 Open Current 1.02 1.02

18-Dec-09 0.98 YTD % 0.00%

2009 % Open Close 0.98 1.02 4.08% Source: Proshare Research/NSE

2010 Open Close 1.02 1.02

2011 Open Close 1.02 1.02

MTECH Plc was listed on the Nigerian bourse on 9th Jun, 2009 under the ICT sector. The company declared N240mln turnover and N127mln loss in its 2009 financials which is the only available results. The company’s offer document is not available for proper review and analysis and as such could not compare their forecasts with the actual figures. The stock was listed at the share price of N2.50. It recorded price depreciations of 61.60% in 2009 and closed flat in 2010 and 2011. . The stock has remained flat in 2012 so far as it currently trades at 0.91k.
2008 TO N mln PAT N mln TO N mln MTECH 2009 PAT N mln TO N mln 2010 PAT N mln TO N mln 2011 PAT N mln 2008/11
PAT % Change

Company

S ector

Sub sector Diversified Communic ation Services

N mln

MTECH

ICT

240.38 -127.95 FORECAS TS 2006 N mln NA N mln NA N mln NA % 0.00% 2007 N mln NA Price Trend N mln NA 2008 N mln NA % 0.00% Listing Date Listing Price 2012 Open Current 0.91 0.91

N/A

9-Jun-09 2.5 YTD % 0.00%

% 2009 Open Close 2.37 0.91 -61.60% Source: Proshare Research/NSE

2010 Open Close 0.91 0.91

2011 Open Close 0.91 0.91

MTI Plc was listed on the Nigerian bourse on 28th Nov, 2008 under the ICT sector. The company declared N1.2bln turnover and N33mln PAT in its 2008 financials which is the only available results. The company’s offer document is not available for proper review and analysis and as such could not compare their forecasts with the actual figures. The stock was listed at the share price of N4.00. It recorded price depreciations of 82.21% in 2009 and closed flat in 2010 and 2011. . The stock has remained flat in 2012 so far as it currently trades at 0.50k nominal price.

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42 Stocks listed from 2008 till date: How they are faring!

2008 TO N mln PAT N mln TO N mln

MTI 2009 PAT N mln TO N mln

2010 PAT N mln TO N mln

2011 PAT N mln

2008/11
PAT % Change

Company

S ector

MTI

ICT

Sub sector Telecomm unications Services

N mln

1,206.52 2006 N mln NA

33.5 FORECAS TS 2007 N mln NA % Close 0.5 0.00% N mln NA Price Trend N mln NA 2008 N mln NA % Open 0.00% 0.5 Listing Date Listing Price 2012 Current 0.5 N mln NA

N/A

28-Nov-08 4 YTD % 0.00%

2009 % Open Close 2.81 0.5 -82.21% Source: Proshare Research/NSE

2010 Open 0.5

2011 Open Close 0.5 0.5

Multi-Trex Plc was listed on the Nigerian bourse on 1st Nov, 2010 under the Consumer Goods sector. The company witnessed an appreciation in its turnover from N1.15bln in 2008 to N3.10bn in 2010 while it recorded Profit after Tax of N557mln in 2008 and went to declare N219mln PAT in 2010. The company’s offer document is not available for proper review and analysis and as such could not compare their forecasts with the actual figures. The stock was listed at the share price of N3.00. The stock closed 2009 flat while it recorded price depreciations of -14.29% and -51.60% in 2010 and 2011 respectively. The stock has so far recorded -4.35% price depreciations in 2012.
2008 TO N mln 1,154.74 2006 N mln NA 2009 % Open Close NA NA 0.00% Source: Proshare Research/NSE N mln NA N mln NA % -14.29% PAT N mln 557.65 TO N mln MULTITREX 2009 PAT N mln TO N mln 3,105.32 2008 N mln NA N mln NA % -51.60% Listing Date Listing Price 2012 Open Current 1.15 1.1 1-Nov-10 3 YTD % -4.35% 2010 PAT N mln 219.66 TO N mln 2011 PAT N mln 2008/11
PAT % Change

S ector Sub sector Consumer Food Product MULTITREXGoods

Company

N mln N/A

1,627.68 -347.68 FORECAS TS 2007 N mln NA Price Trend

2010 Open Close 3.15 2.7

2011 Open Close 2.5 1.21

Multiverse Plc was listed on the Nigerian bourse on 8th Oct, 2008 under the Natural Resources sector. The company witnessed an appreciation in its turnover from N417mln in 2008 to N660mln in 2011 while it recorded Profit after Tax of N87mln in 2008 and went to declare N25mln PAT in 2011. The company’s offer document is not available for proper review and analysis and as such could not compare their forecasts with the actual figures. The stock was listed at the share price of N2.15. The stock closed 2009 negative with 31.15% while it closed flat in 2010 and 2011 respectively. The stock has so far remained in 2012 as it currently trades at 0.50k nominal price.

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15

42 Stocks listed from 2008 till date: How they are faring!

2008 TO PAT N mln N mln Company S ector Sub sector 417.03 MULTIVERSE atural Resources N Non-Metallic Mineral Mining 87 2006 N mln NA 2009 % Open Close 0.73 0.5 -31.51% Source: Proshare Research/NSE N mln NA 2010 Open 0.5 Close 0.5

MULTIVERS E 2009 TO PAT N mln N mln 552.63 93.81 FORECAS TS 2007 N mln NA % 0.00% N mln NA Price Trend N mln NA

2010 TO N mln 564.91 2008 N mln NA % Open 0.00% PAT N mln 43.1

2011 TO N mln 660.06 PAT N mln 25.57

2008/11
PAT % Change

N mln -70.61%

Listing Date Listing Price 2012 0.5 Current 0.5

8-Oct-08 2.15 YTD % 0.00%

2011 Open Close 0.5 0.5

NPF Microfinance Bank Plc was listed on the Nigerian bourse on 1st Dec, 2010 under the Financial Services sector. The company witnessed an appreciation in its turnover from N878mln in 2010 to N1.2bn in 2011 while it recorded Profit after Tax of N180mln in 2010 and went to declare N132mln PAT in 2011. The company’s offer document is not available for proper review and analysis and as such could not compare their forecasts with the actual figures. The stock was listed at the share price of N1.50. The stock closed 2009 flat while it recorded price appreciations of +18.67% in 2010. It closed 2011 with -37.08% declines. The stock has so far recorded -6.25% price depreciations in 2012.
2008 TO N mln PAT N mln NPFMCRFBK 2009 TO N mln PAT N mln TO N mln 878.04 FORECAS TS 2006 N mln NA 2009 Open Close % Open 1.5 N mln NA 2010 Close 1.78 N mln NA % 18.67% 2007 N mln NA Price Trend N mln NA 2008 N mln NA % -37.08% Listing Date Listing Price 2012 Open Current 1.12 1.05 1-Dec-10 1.5 YTD % -6.25% 2010 PAT N mln 180.73 TO N mln 1,222.00 2011 PAT N mln 132.64 2008/11
PAT % Change

S ector Financial S NPFMCRFBK ervices

Company

Sub sector Banking

N mln N/A

0 0 0.00% Source: Proshare Research/NSE

2011 Open Close 1.78 1.12

Omatek Plc was listed on the Nigerian bourse on 18th Jun, 2008 under the ICT sector. The company witnessed depreciation in its turnover from N1.04bln in 2010 to N348mln in 2011 while it recorded Profit after Tax of N109mln in 2010 and went to declare N414mln loss in 2011. The company’s offer document is not available for proper review and analysis and as such could not compare their forecasts with the actual figures. The stock was listed at the share price of N5.14. The stock closed 2009 negative with 69.14% while it closed flat in 2010 and 2011 respectively. The stock has so far remained in 2012 as it currently trades at 0.50k nominal price.

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16

42 Stocks listed from 2008 till date: How they are faring!

2008 TO PAT N mln N mln Sub sector Computers and Peripherals 2006 N mln NA 2009 % Open Close 1.62 0.5 -69.14% Source: Proshare Research/NSE N mln NA 2010 Open 0.5 Close 0.5 N mln NA % TO N mln

OMATEK 2009 PAT N mln

2010 TO N mln 1,048.00 2008 N mln NA N mln NA % Open 0.00% PAT N mln 109.84

2011 TO N mln 348.97 PAT N mln -414.89

2008/11
PAT % Change

Company OMATEK

S ector ICT

N mln N/A

FORECAS TS 2007 N mln NA Price Trend Listing Date Listing Price 2012 0.5 Current 0.5 18-Jun-08 5.14 YTD % 0.00%

0.00%

2011 Open Close 0.5 0.5

Paints & Coatings Manufactures Plc was listed on the Nigerian bourse on 2nd Nov, 2010 under Industrial Goods sector. The company witnessed depreciation in its turnover from N1.25bln in 2010 to N1.78bln in 2011 while it recorded Profit after Tax of N106mln in 2010 and went to declare N122mln PAT in 2011. The company’s offer document is not available for proper review and analysis and as such could not compare their forecasts with the actual figures. The stock was listed at the share price of N3.90. The stock closed 2009 flat while it recorded -13.85% and -83.75% losses in 2010 and 2011 respectively. The stock has so far recorded +346.30% price appreciations in 2012.
2008 TO N mln PAT N mln TO N mln PAINTCOM 2009 PAT N mln TO N mln 1,257.00 FORECAS TS 2006 N mln NA 2009 % Open Close 0 0 0.00% Source: Proshare Research/NSE N mln NA 2010 Open 3.9 Close 3.36 N mln NA % -13.85% 2007 N mln NA Price Trend N mln NA 2008 N mln NA % -83.75% Listing Date Listing Price 2012 Open Current 0.54 2.41 2-Nov-10 3.9 YTD % 346.30% 2010 PAT N mln 106.67 TO N mln 1,788.00 2011 PAT N mln 122.97 2008/11
PAT % Change

S ector Industrial PAINTCOM Goods

Company

Sub sector Building Materials

N mln N/A

2011 Open Close 3.2 0.52

Pinnacle Point Group Plc was listed on the Nigerian bourse on 17th Mar, 2009 under the Construction/Real Estate sector. The company witnessed appreciation in its turnover from N16mln in 2010 to N142mln in 2011 while it recorded Loss after Tax of N306mln in 2010 and went to declare N239mln loss in 2011. The company’s offer document is not available for proper review and analysis and as such could not compare their forecasts with the actual figures. The stock was listed at the share price of N6.61. The stock closed 2009 negative with 4.90% while it closed flat in 2010 and 2011 respectively. The stock has so far remained in 2012 as it currently trades at 7.28 since 2008.

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17

42 Stocks listed from 2008 till date: How they are faring!

2008 TO PAT N mln N mln S ector Sub sector Construction/Real Estate Real Estate Development 2006 N mln NA 2009 % Open Close 6.94 6.6 -4.90% Source: Proshare Research/NSE N mln NA N mln NA % TO N mln

PNG 2009 PAT N mln

2010 TO N mln 16.76 2008 N mln NA 2011 N mln NA % Close 7.28 0.00% Open 7.28 PAT N mln -306.14

2011 TO N mln 142.24 PAT N mln -239.11

2008/11
PAT % Change

Company PNG

N mln N/A

FORECAS TS 2007 N mln NA Price Trend Open 7.28 Listing Date Listing Price 2012 Current 7.28 17-M ar-09 6.61 YTD % 0.00%

2010 Open Close 7.28 7.28

0.00%

Portland Paints Plc was listed on the Nigerian bourse on 9th Jul, 2009 under the Industrial Goods sector. The company witnessed an appreciation in its turnover from N2.26bln in 2009 to N2.58bn in 2011 while it recorded Profit after Tax of N183mln in 2009 and went to declare N156mln PAT in 2011. The company’s offer document is not available for proper review and analysis and as such could not compare their forecasts with the actual figures. The stock was listed at the share price of N10.00. The stock closed 2009 with -30.51% loss while it also recorded price depreciations of -6.88% and -3.22% in 2010 and 2011 respectively. The stock has so far recorded -55.58% price depreciations in 2012.
2008 TO N mln PAT N mln TO N mln PORTPAINT 2009 PAT N mln TO N mln 2,380.00 2008 N mln NA N mln NA % -3.22% Listing Date Listing Price 2012 Open Current 5.11 2.27 9-Jul-09 10 YTD % -55.58% 2010 PAT N mln 131.62 TO N mln 2,584.00 2011 PAT N mln 156.89 2008/11
PAT % Change

S ector Industrial PORTPAINT Goods

Company

Sub sector Building Materials

N mln N/A

2,269.00 183.1 FORECAS TS 2006 N mln NA N mln NA N mln NA % -6.88% 2007 N mln NA Price Trend

2009 % Open Close 8.16 5.67 -30.51% Source: Proshare Research/NSE

2010 Open Close 5.67 5.28

2011 Open Close 5.28 5.11

Regency Alliance Insurance Plc was listed on the Nigerian bourse on 27th May, 2008 under the Financial Services sector. The company witnessed appreciation in its turnover from N1.7bln in 2008 to N2.41bln in 2011 while it recorded Profit after Tax of N312mln in 2008 and went to declare N1.00bln PAT in 2011. The company’s offer document is not available for proper review and analysis and as such could not compare their forecasts with the actual figures. The stock was listed at the share price of N1.75. The stock closed 2009 negative with 34.21% while it closed flat in 2010 and 2011 respectively. The stock has so far remained in 2012 as it currently trades at 0.50k nominal price.

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42 Stocks listed from 2008 till date: How they are faring!

2008 TO N mln PAT N mln TO N mln

REGALINS 2009 PAT N mln TO N mln

2010 PAT N mln TO N mln

2011 PAT N mln

2008/11
PAT % Change

Company

S ector

Financial REGALINS S ervices

Sub sector Insurance Carriers, Brokers and Services

N mln

1,705.00 2006 N mln NA

312.65

1,503.00 -68.75 FORECAS TS 2007 N mln NA % N mln NA Price Trend N mln NA 2008 N mln NA %

2,413.00

1,000.00

219.85%

N mln NA 2010

Listing Date Listing Price 2012 Open 0.5 Current 0.5

27-M ay-08 1.75 YTD % 0.00%

2009 % Open Close 0.76 0.5 -34.21% Source: Proshare Research/NSE

Open 0.5

Close 0.5

0.00%

2011 Open Close 0.5 0.5

0.00%

Resort Savings & Loans Plc was listed on the Nigerian bourse on 23rd Nov, 2009 under the Financial Services sector. The company declared N1.09bln turnover and N2.03mln loss in its 2010 financials which is the only available results. The company’s offer document is not available for proper review and analysis and as such could not compare their forecasts with the actual figures. The stock was listed at the share price of N0.95. The stock remained flat throughout the periods of review as it currently trades at 50k nominal price.
2008 TO N mln PAT N mln RES ORTS AL 2009 TO N mln PAT N mln TO N mln 2010 PAT N mln TO N mln 2011 PAT N mln 2008/11
PAT % Change

Company

S ector

RES ORTS A Financial L S ervices

Sub sector Mortgages Carriers, Brokers and Services

N mln

1,095.00 FORECAS TS 2006 N mln NA N mln NA 2010 Open 0.5 Close 0.5 N mln NA % 0.00% 2007 N mln NA Price Trend N mln NA 2008

-2,036.00

N/A

N mln NA %

Listing Date Listing Price 2012 Open 0.5 Current 0.5

23-Nov-09 0.95 YTD % 0.00%

2009 Open Close

%

0.5 0.5 0.00% Source: Proshare Research/NSE

2011 Open Close 0.5 0.5

0.00%

Skye Shelter Plc was listed on the Nigerian bourse on 26th Feb, 2008 under the Financial Services sector. The company declared N156mln turnover and N89mln PAT in its 2011 financials which is the only available results. The company’s offer document is not available for proper review and analysis and as such could not compare their forecasts with the actual figures. The stock was listed at the share price of N105. The stock closed 2009 negative with 5.18% while it also recorded price depreciations of -3.00% and -3.09% in 2010 and 2011 respectively. The stock has so far remained flat in 2012 as it currently trades at N100.

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42 Stocks listed from 2008 till date: How they are faring!

2008 TO N mln PAT N mln

SKYES HELT 2009 TO N mln PAT N mln TO N mln

2010 PAT N mln TO N mln

2011 PAT N mln

2008/11
PAT % Change

Company

Sub sector Real Constructi Estate on/Real invetment Trust SKYES HELTEstate

S ector

N mln

156.05 FORECAS TS 2007 N mln NA N mln NA N mln NA % Open -3.00% 97 2008 N mln NA Price Trend N mln NA 2011 Close 100 2009 N mln NA % Open 3.09% 100 Listing Date Listing Price 2012

89.67

N/A

26-Feb-08 105 YTD % Current 100 0.00%

% 2009 Open Close 105.46 100 -5.18% Source: Proshare Research/NSE

2010 Open Close 100 97

Starcomms Plc was listed on the Nigerian bourse on 26th Feb, 2008 under the Financial Services sector. The company witnessed depreciation in its turnover from N34.5bln in 2008 to N20.16bln in 2011 while it recorded Loss after Tax of N8.00bln in 2008 and went to declare N17.56bln loss in 2011. The company’s offer document is not available for proper review and analysis and as such could not compare their forecasts with the actual figures. The stock was listed at the share price of N14.33k. The stock closed 2009 negative with 54.55% while it also recorded price depreciations of -20.00% and -63.50% in 2010 and 2011 respectively. The stock has so far remained flat in 2012 as it currently trades at 50k nominal price.
2008 TO N mln PAT N mln S TARCOMMS 2009 TO N mln PAT N mln TO N mln 2010 PAT N mln TO N mln 2011 PAT N mln 2008/11
PAT % Change

Company

S ector

ICT STARCOMMS

Sub sector Telecomm unications Carriers

N mln

34,501.00 2006 N mln NA

-8,008.00

34,304.00 -7,787.00 FORECAS TS 2007 N mln NA % N mln NA Price Trend

29,031.00 2008 N mln NA

-7,660.00

20,162.00

-17,564.00

-119.33%

N mln NA 2010

N mln NA %

Listing Date Listing Price 2012 Open 0.5 Current 0.5

14-Jul-08 14.33 YTD % 0.00%

2009 % Open Close 3.85 1.75 -54.55% Source: Proshare Research/NSE

Open 1.8

Close 1.44

-20.00%

2011 Open Close 1.37 0.5

-63.50%

Tantalizer Plc was listed on the Nigerian bourse on 23rd Jun, 2008 under Services sector. The company witnessed appreciation in its turnover from N4.53bln in 2008 to N4.60bln in 2011 while it recorded profit after Tax of N305mln in 2008 and went to declare N101mln PAT in 2011. The company’s offer document is not available for proper review and analysis and as such could not compare their forecasts with the actual figures. The stock was listed at the share price of N3.67k. The stock closed 2009 negative with 57.69% while it also recorded price depreciations of -31.17% and -3.85% in 2010 and 2011 respectively. The stock has so far remained flat in 2012 as it currently trades at 50k nominal price.

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42 Stocks listed from 2008 till date: How they are faring!

2008 TO N mln 4,531.00 2006 N mln NA 2009 % Open Close 1.82 0.77 -57.69% Source: Proshare Research/NSE N mln NA PAT N mln 305.4

TANTALIZER 2009 TO N mln PAT N mln TO N mln

2010 PAT N mln 61.35 TO N mln

2011 PAT N mln 101.87

2008/11
PAT % Change

Company

S ector

Sub sector Hospitality

N mln -66.64%

S TANTALIZER ervices

5,390.00 56.62 FORECAS TS 2007 N mln NA % -31.17% N mln NA Price Trend

4,889.00 2008 N mln NA

4,604.00

N mln NA %

Listing Date Listing Price 2012 Open 0.5 Current 0.5

23-Jun-08 3.67 YTD % 0.00%

2010 Open Close 0.77 0.53

2011 Open Close 0.52 0.5

-3.85%

Union Homes Real Estate Inv Trust Plc was listed on the Nigerian bourse on 2nd Jul, 2010 under Financial Services sector. The company witnessed depreciation in its turnover from N6.10bln in 2008 to N4.20bln in 2009 while it recorded profit after Tax of N1.58bln in 2008 and went to declare N1.66bln loss in 2009. The company’s offer document is not available for proper review and analysis and as such could not compare their forecasts with the actual figures. The stock was listed at the share price of N52.50k. It closed 2009 flat while it recorded price depreciations of -4.76% 2010 and flat in 2011. The stock has so far remained flat in 2012 as it currently trades at N50.
2008 TO N mln PAT N mln TO N mln UHOMREIT 2009 PAT N mln TO N mln 2010 PAT N mln TO N mln 2011 PAT N mln 2008/11
PAT % Change

Company

S ector

Financial UNHOMES S ervices

Sub sector Mortgages Carriers, Brokers and Services

N mln

6,101.00 2006 N mln NA

1,588.00

4,402.00 -1,669.00 FORECAS TS 2007 N mln NA % Open -4.76% 50 N mln NA Price Trend N mln NA 2011 Close 50 0.00% 2008 N mln NA % Open 50 Listing Date Listing Price 2012 Current 50

N/A

N mln NA

2-Jul-10 52.5 YTD % 0.00%

2009 Open Close

%

0 0 0.00% Source: Proshare Research/NSE

2010 Open Close 52.5 50

Union Diagnostics & Clinical Services Plc was listed on the Nigerian bourse on 11th Sept, 2008 under Healthcare sector. The company witnessed depreciation in its turnover from N1.03bln in 2008 to N702mln in 2011 while it recorded profit after Tax of N370mln in 2008 and went to declare N223mln loss in 2011. The company’s offer document is not available for proper review and analysis and as such could not compare their forecasts with the actual figures. The stock was listed at the share price of N3.00. It closed 2009 negative with -50.41% loss while it also recorded price depreciations of -21.88% 2010 and flat in 2011. The stock has so far remained flat in 2012 as it currently trades at N0.50 nominal price.

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42 Stocks listed from 2008 till date: How they are faring!

2008 TO N mln PAT N mln TO N mln

UNIONDAC 2009 PAT N mln TO N mln

2010 PAT N mln TO N mln

2011 PAT N mln

2008/11
PAT % Change

Company

S ector

Sub sector

N mln

Medical UNIONDAC Healthcare Equipment

1,033.00 2007 N mln NA

370.09

684.8 110.35 FORECAS TS 2008 N mln NA % -21.88% N mln NA Price Trend

550.11 2009 N mln NA

-158.91

702.62

-223.52

-160.40%

N mln NA

N mln NA %

Listing Date Listing Price 2012 Open 0.5 Current 0.5

11-Sep-08 3 YTD % 0.00%

2009 % Open Close 1.23 0.61 -50.41% Source: Proshare Research/NSE

2010 Open Close 0.64 0.5

2011 Open Close 0.5 0.5

0.00%

Unity Kapital Assurance Plc was listed on the Nigerian bourse on 17th Dec, 2009 under the Financial Services sector. The company witnessed depreciation in its turnover from N1.34bln in 2009 to N868mln in 2010 while it recorded Profit after Tax of N112mln in 2009 and went to declare N190mln loss in 2011. The company’s offer document is not available for proper review and analysis and as such could not compare their forecasts with the actual figures. The stock was listed at the share price of N2.38. The stock closed 2009 positive with +0.42% while it closed flat in 2010 and 2011 respectively. The stock has so far remained in 2012 as it currently trades at 0.50k nominal price.
2008 TO N mln PAT N mln TO N mln UNITYKAP 2009 PAT N mln TO N mln 2010 PAT N mln TO N mln 2011 PAT N mln 2008/11
PAT % Change

Company

S ector

Financial UNITYKAP S ervices

Sub sector Insurance Carriers, Brokers and Services

N mln

1,345.00 112.06 FORECAS TS 2006 N mln NA N mln NA 2010 Open 0.5 Close 0.5 N mln NA % 0.00% 2007 N mln NA Price Trend

868.7 2008 N mln NA

-190.2

N/A

N mln NA %

Listing Date Listing Price 2012 Open 0.5 Current 0.5

17-Dec-09 2.38 YTD % 0.00%

% 2009 Open Close 2.37 2.38 0.42% Source: Proshare Research/NSE

2011 Open Close 0.5 0.5

0.00%

Universal Insurance Plc was listed on the Nigerian bourse on 11th Feb, 2008 under the Financial Services sector. The company witnessed appreciation in its turnover from N826mln in 2008 to N1.05bln in 2010 while it recorded Profit after Tax of N336mln in 2008 and went to declare N186mln loss in 2011. The company’s offer document is not available for proper review and analysis and as such could not compare their forecasts with the actual figures. The stock was listed at the share price of N1.94. The stock closed 2009 positive with 30.56% while it closed flat in 2010 and 2011 respectively. The stock has so far remained in 2012 as it currently trades at 0.50k nominal price.

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42 Stocks listed from 2008 till date: How they are faring!

2008 TO N mln PAT N mln

UNIVINS URE 2009 TO N mln PAT N mln TO N mln

2010 PAT N mln TO N mln

2011 PAT N mln

2008/11
PAT % Change

Company

S ector

Financial S UNIVINSURE ervices

Sub sector Insurance Carriers, Brokers and Services

N mln

826.18 2006 N mln NA

336.81

578.95 -2,167.00 FORECAS TS 2007 N mln NA % N mln NA Price Trend Open 0.5

1,056.00 2008 N mln NA

-186.57

N/A

N mln NA 2010

N mln NA %

Listing Date Listing Price 2012 Open 0.5 Current 0.5

11-Feb-08 1.94 YTD % 0.00%

2009 % Open Close 0.72 0.5 -30.56% Source: Proshare Research/NSE

2011 Close 0.5

Open 0.5

Close 0.5

0.00%

0.00%

For More Information, kindly contact: analyst@proshareng.com
Disclaimer/Advice to Readers: While the website is checked for accuracy, we are not liable for any incorrect information included. The details of this publication should not be construed as an investment advice by the author/analyst or the publishers/Proshare. Proshare Limited, its employees and analysts accept no liability for any loss arising from the use of this information. All opinions on this page/site constitute the author’s best estimate judgement as of this date and are subject to change without notice. Investors should see the content of this page as one of the factors to consider in making their investment decision. We recommend that you make enquiries based on your own circumstances and, if necessary, take professional advice before entering into transactions. Further enquiries should be directed to the authors – analyst@proshareng.com .

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