APEX INVEST

Global macro & multi-asset research firm analyzing macro data, valuation frameworks & market flows for equity, fixed income & FX insights.

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APEX INVEST HIGH-CONVICTION STOCK RESEARCH ACCESS
(Nigeria & U.S. Markets)

For years, we have analyzed stocks listed in both Nigerian and US stock market, published earnings reviews, annual reports, balance sheet analysis, valuation insights, and macroeconomic coverage.

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The investment case rests on Nigeria's power tariff reform cycle and Lagos hospitality demand. The variable to monitor is whether cash conversion closes the gap with reported earnings.

#TRANSCORP

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Transcorp 2025 ₦544bn revenue PAT +44%.

Power growth is policy driven higher NERC tariff.

Hospitality growth is operational margin.

Oil & Gas contributed ₦174m in revenue against a ₦5.9bn loss.

The consolidated headline obscures three different earnings profiles.

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Gas supply the single largest input cost for the power segment is sourced exclusively from Heirs Energies, a related party, at a cost that grew 261% YoY to ₦30.3bn.

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🇺🇸 US CPI rose to 4.2% YoY (3.8% prior), the highest since Apr 2023.

The story is energy:
Energy +23.5%, Gasoline +40.5%.

Core CPI: 2.9% YoY, +0.2% MoM (below expectations).

This is the effect of supply chain shock coming from the middle east war.

#CPI #Fed #Markets

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SPACEX IPO PROSPECTIVE:

https://t.co/n39IMiZAlN

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For growth and platform companies at scale, losses and cash burn are features of the construction phase not the verdict. Amazon lost money for years. So did Tesla.

The ambition is not in question. Know precisely what phase of the journey you are buying into

#SpaceX $SPCX #IPO

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SpaceX filed its S-1/A (PROSPECTUS) last week at $135/share implying a $1.77 trillion market cap.

The name says rockets. The financials say something else entirely although is still early days- growing company, still loosing money and cash burning

What the prospectus reveals..

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The balance sheet reflects exactly what early-stage platform building looks like.

None of this is unusual for a company simultaneously building a satellite constellation, a rocket programme, and an AI infrastructure platform.

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GUINNESS Q1 2026 Earnings Report:

https://t.co/V2IKb21kXn

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Retained earnings moved from (₦46.7bn) in December 2024 to ₦5.2bn by March 2026 this is rehabilitation driven by FX stabilisation and debt reduction.

Margin stability and disciplined capex execution are the conditions that determine whether the recovery holds.

#GUINNESS

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Guinness Nigeria Q1 2026: PAT +47.9%.

Gross profit fell. Operating profit fell. Gross margin contracted 220bps. COGS growing at 2x revenue.

The profitability improvement is entirely below the operating line. The core trading business has not yet turned.

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Structural cost pressures remain significant.

Diageo royalties: ₦2.9bn/quarter.
Tolaram related-party charges: ₦7.3bn/quarter.
Net cash: ₦22.8m.
Revenue grew 3.8%.

The critical variable is whether pricing momentum can close the gap with input cost inflation.

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MTNN QI 2026 Earnings Report:

https://t.co/G3kowcVs5R

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₦764bn in operating cash generated.
Capex: ₦428bn, up 145% YoY.
Tax obligation: ₦584.7bn unsettled.

The earnings quality and forward cash flow trajectory are the critical variables heading into Q2. That is where the real story gets told.

#MTNN

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The Windfall MTN Nigeria: ₦355bn profit in Q1 2026.

One regulatory decision of NCC's 50% tariff hike repriced every subscriber overnight.

Revenue +41.6%. Direct costs barely moved.
The margin expansion is real.
The question is what built it.

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Three disclosures worth reading carefully:

₦20.4bn FX gain is unrealised — marks back on any naira weakness

Share-based payment charge tripled to ₦33.8bn, the stock's own rally is pressuring the P&L

₦584.7bn in tax payable. Zero settled in Q1. That obligation lands in Q2/Q3

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@Mazifx_ https://t.co/TJHc9m6zYu

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The most important week for markets in June starts from Monday.

US Inflation. ECB rate decision. Bank of Canada. Japan GDP.

Here's everything you need read and to watch (Live video on our YouTube channel in the comment session)👇

#MacroOutlook
#Fx
#Bond
#Stock