Young Tune

NGX STOCK ANALYST.
NOTE: THIS IS A PRIVATE ANALYST.

[Young Tune @iamyoungtune_]

UBA, Fidelity report potential delay in publishing H1 financials.

Both cite the need for Central Bank of Nigeria (CBN) approval before publication (Fidelity is also still finalizing its audit).

NGX has granted extensions until September 30.

[Young Tune @iamyoungtune_]

NGX.

[BusinessDayNG @BusinessDayNg]

United Bank for Africa Plc has appointed former executive director Ibrahim Ajimasu Puri as a non-executive director, subject to approval by the Central Bank of Nigeria, as the bank’s board also approved its audited financial statements for the six months ended June 30, 2026.

UBA disclosed the decisions in a notice signed by Bili A. Odum, the group company secretary, following a board meeting held on August 13.

https://t.co/kW7iW2n5GS

[Young Tune @iamyoungtune_]

The Cocoa Turnaround: FTN Cocoa Processors Plc (Ticker: FTNCOCOA)

When most Nigerians think about chocolate, beverages, or confectionery, they think of the final brands on retail shelves. But FTN Cocoa Processors Plc operates right at the foundation of that supply chain, serving as a critical pillar in Nigeria's agro-allied and agricultural processing sector.

1. How does a cocoa processor actually make money?
That is the business of FTN Cocoa Processors Plc, an agricultural processing firm listed on the NGX Main Board under the ticker FTNCOCOA. Its business model relies on bulk agricultural sourcing, automated crushing, and multi-channel international and domestic distribution.

The core economic engine is straightforward:
Global and local food production lines cannot run without raw cocoa derivatives.
By sourcing raw cocoa beans locally from Nigerian farmers, crushing them at their Ibadan factory, and processing them into intermediate components, FTN Cocoa powers downstream food production.

2. What does the company actually do?
FTN Cocoa processes raw cocoa beans into four primary intermediate products: Cocoa Butter, Cocoa Powder, Cocoa Cake, and Cocoa Liquor.
Its operations are strategically bifurcated to maximize value across two distinct consumer bases:

* The Global Export Market: High-margin industrial ingredients like Cocoa Butter are heavily prioritized for shipment to international chocolate and cosmetic manufacturers.
* The Domestic Manufacturing Market: High-volume consumer ingredients like Cocoa Powder are funneled into local food, beverage, and baking companies across Nigeria.

3. The Numbers
In H1 2026:

* Revenue skyrocketed by 128.54% to ₦4.13bn from ₦1.81bn.
* Selling & Distribution Costs ballooned by 424.22% to ₦45.05mn from ₦8.59mn, reflecting the increased freight expenses of moving much higher physical volumes.
* Operating profit staged a massive turnaround, swinging from an operating loss of (₦908.34mn) to an operating profit of ₦1.03bn.
* Profit After Tax (PAT) and Earnings Per Share (EPS) both climbed by 157.81%, reversing a deep loss of (₦1.14bn) to post a net profit of ₦657.66mn (translating into an EPS of 17 kobo).

The financial statements highlight a pivotal turnaround: The swing from red to green was heavily supported by non-operating factors, specifically an overwhelming ₦1.06bn in unrealized foreign exchange gains that cushioned rising finance costs.

🏦 Equity & Balance Sheet

* Total assets dipped 2.27% to ₦23.59bn, driven by depreciation charges on property, plant, and equipment.
* Total liabilities reduced by 3.83% to ₦22.80bn, as the company continued chipping away at its heavy non-current borrowing lines.
* Shareholder's Equity jumped 85.80% to ₦783.65mn up from ₦421.78mn.
* The Revenue Reserve Position: The massive multi-billion Naira deficit in the company's cumulative revenue reserve began to heal slightly, recovering from a negative balance of (₦16.84bn) to (₦16.48bn) due to the profitable half-year performance.

💰Dividend or debt conversion
Unlike mature industrial cash cows, FTN Cocoa does not pay a cash dividend, as the company remains in a critical capital-recovery phase. Instead of distributing cash, the crucial investment story here centers around strategic capital restructuring and debt-to-equity plans.

A massive ₦22.42bn in non-current borrowings sits on the balance sheet, held heavily by international agro-backers OH Origins Global Commodities, Inc. and OH Ecosystems, LLC. To clean up the business, shareholders and management have structured plans to convert parts of this massive multi-million dollar loan facility into equity.
This restructuring is highly visible: OH Origins already commands a dominant 43.59% substantial shareholding in the company. In essence, instead of taking cash out of the business via dividends, these foreign institutional partners are actively moving to formalize their debt into ownership to fully unlock the factory's processing capacity.

4. Where did the money come from?
The massive 128.54% revenue explosion was powered by two parallel operational engines:

* The Domestic Powder Wave: Local sales of Cocoa Powder served as the single largest business driver, exploding from ₦271.15mn up to ₦2.03bn, effectively accounting for nearly half of all money brought in. Local factories bought domestic powder to replace hyper-inflated imported ingredients.
* International Export Resurgence: Export sales of high-grade Cocoa Butter grew steadily from ₦1.54bn to ₦1.95bn, while an emerging export pipeline for Cocoa Powder chipped in an extra ₦80.47mn in valuable foreign currency revenue.

The Reality Check
FTN Cocoa has broken back into profitability, but its unique asset-heavy operational model leaves investors with critical questions:

1. The Exchange Rate Illusion: Out of the ₦1.03bn operating profit, ₦1.06bn came from an unrealized exchange gain. If the local currency stabilizes or reverses, will the underlying processing margin be strong enough to carry the company alone?
2. Finance Cost Headwinds: Sourcing raw materials requires massive liquidity. With finance costs creeping upward to ₦376.08mn, debt servicing continues to eat away a massive portion of core operational earnings.
3. The Revenue Reserve Mountain: Even with a profitable quarter, the company is digging itself out of a (₦16.48bn) revenue reserve deficit. It will take sustained operational profit over multiple financial years before this balance is cleared and true cash dividends can be realistically discussed.

🔎 If you're studying FTNCOCOA, watch these numbers:

* 📌 Local vs. Export revenue mix
* 📌 Physical factory capacity utilization and raw bean input costs
* 📌 Core operating margins excluding foreign exchange adjustments

This content is for financial education and company analysis only. It is not a recommendation to buy, sell or hold FTNCOCOA.

[Young Tune @iamyoungtune_]

happy sunday

[Young Tune @iamyoungtune_]

Major Deals:

93.1k units of AIRTELAFRI crossed at 5801.4
103k units of ARADEL crossed at 1410.0
150.9k units of ARADEL crossed at 1426.0
90k units of ARADEL crossed at 1467.0
100k units of DANGCEM crossed at 1015.0
3m units of GTCO crossed at 127.1
25k units of SEPLAT crossed at 10227.6
4.4m units of ZENITHBANK crossed at 102.1
7m units of ZENITHBANK crossed at 102.3
37.8m units of ZENITHBANK crossed at 105.0
958.7k units of ZENITHBANK crossed at 108.55
2m units of ZENITHBANK crossed at 109.7

[Young Tune @iamyoungtune_]

🆕.

[Young Tune @iamyoungtune_]

Dangcem is back currently trading above 900.

[Young Tune @iamyoungtune_]

Dear All,

The equity price of IKEJA HOTEL PLC was adjusted today 6th July 2026, for a dividend of N0.30 as recommended by the company’s Board of Directors.

The last close price was N43.25 while the Ex-Div price is N42.95

Thank you.

[Young Tune @iamyoungtune_]

FGN Savings Bond Offer Now Open!

The Federal Government of Nigeria (FGN) Savings Bond for this month is officially out, and closes on Friday.

This offer is available in two categories:
•2-Year Bond — 14.716% per annum
• ⁠3-Year Bond — 15.716% per annum

It’s a low-risk, government-backed investment, ideal for investors seeking steady returns, capital preservation, and predictable income.

⏰ Deadline: Friday, July 10, 2026.

[Young Tune @iamyoungtune_]

MARKET BULLETIN

06 July 2026 NGXREG/IRD/MB74/26/07/06

Notification of Lifting of Suspension Placed on Trading in the Shares of Thomas Wyatt Nigeria Plc

We refer to our Market Bulletin dated 31 October 2025 with Reference Number: NGXREG/IRD/MB83/25/10/31 wherein we notified Trading License Holders and the investing public of the suspension in the trading on the shares of Thomas Wyatt Nigeria Plc (the Company), in line with the provisions of Rule 3.1: Rules for Filing of Accounts and Treatment of Default Filing (Default Filing Rules), which provides that:
“If an Issuer fails to file the relevant accounts by the expiration of the Cure Period, the Exchange will:
a)send to the Issuer a “Second Filing Deficiency Notification” within two (2) business days after the end of the Cure Period;
b)suspend trading in the Issuer’s securities; and
c)notify the Securities and Exchange Commission (SEC) and the Market within twenty- four (24) hours of the suspension”.

The Company has now filed the relevant financial statements due to Nigerian Exchange Limited (The Exchange).

In view of the Company’s submission of the relevant financial statements, and pursuant to Rule 3.3 of the Default Filing Rules, which states that; “The suspension of trading in the issuer’s securities shall be lifted upon submission of the relevant accounts provided The Exchange is satisfied that the accounts comply with all applicable rules of The Exchange. The Exchange shall thereafter also announce through the medium by which the public and the SEC was initially notified of the suspension, that the suspension has been lifted”, Trading License Holders and the investing public are hereby notified that the suspension placed on trading on the shares of Thomas Wyatt Nigeria Plc was lifted today, Monday, 6 July 2026.

[Young Tune @iamyoungtune_]

*Recent Rights issues vs their current prices*

* FIDSON: RP: ₦35.00 | CP: ₦101.00 (+188.57% premium)
* ELLAHLAKES: RP: ₦2.90 | CP: ₦8.25 (+184.48% premium)
* DEAP CAPITAL (CMFC): RP: ₦1.20 | CP: ₦3.40 (+183.33% premium)
* TIP: RP: ₦9.50 | CP: ₦25.85 (+172.11% premium)
* NEIMETH: RP: ₦4.00 | CP: ₦8.20 (+105.00% premium)
* PRESCO: RP: ₦1,420.00 | CP: ₦2,300.00 (+61.97% premium)
* INTENEGINS: RP: ₦3.50 | CP: ₦4.70 (+34.29% premium)
* ETERNA: RP: ₦22.00 | CP: ₦28.60 (+30.00% premium)
* DANGSUGAR: RP: ₦60.00 | CP: ₦70.00 (+16.67% premium)
* LINKASSURE: RP: ₦1.32 | CP: ₦1.54 (+16.67% premium)
* ACCESS BANK: RP: ₦19.75 | CP: ₦22.60 (+14.43% premium)
* VFD GROUP: RP: ₦10.00 | CP: ₦10.50 (+5.00% premium)
* REGALINS: RP: ₦0.95 | CP: ₦0.95 (0.00% flat parity)
* FCMB: RP: ₦10.00 | CP: ₦9.80 (-2.00% discount)
* SOVRENINS: RP: ₦2.00 | CP: ₦1.95 (-2.50% discount)
* LASACO: RP: ₦2.00 | CP: ₦1.85 (-7.50% discount)
* UNIVERSAL INSURANCE: RP: ₦1.00 | CP: ₦0.88 (-12.00% discount)
* SUNU ASSURANCES: RP: ₦4.50 | CP: ₦3.82 (-15.11% discount)
* UBA: RP: ₦50.00 | CP: ₦41.00 (-18.00% discount)
* GUINEA INSURANCE: RP: ₦1.10 | CP: ₦0.90 (-18.18% discount)
* OANDO: RP: ₦50.00 | CP: ₦40.85 (-18.30% discount)
* CHAMPION: RP: ₦16.00 | CP: ₦12.35 (-22.81% discount)

[Young Tune @iamyoungtune_]

There was a withdrawal of Dangcem dividend yesterday please let us know if you experienced it.

[Young Tune @iamyoungtune_]

🆕.

[Nairametrics @Nairametrics]

PZ Cussons Nigeria Plc has appointed Ms. Oghenekevwe Ogefere as its new Company Secretary.

The appointment was disclosed in a notice signed by the company’s Chief Executive Officer, Oghale Joseph Elueni, and seen by Nairametrics. https://t.co/OZQXxwcbk0

[Young Tune @iamyoungtune_]

IKEJAHOTEL to hold a meeting to consider Q2 results on Fri, July 17

CADBURY to hold meeting on 30th July

UBA to meet on Thursday, August 13, 2026

[Young Tune @iamyoungtune_]

🆕

[Young Tune @iamyoungtune_]

https://t.co/pLBVweKNpO

1. Dangote Cement Plc (July 2)
2. Chams Holding Company Plc (July 10)
3. Bua Foods Plc (July 15)
4. Cornerstone Insurance Plc (July 20)
5. E-Tranzact International Plc (July 23)
6. Aradel Holdings Plc (July 30)
7. Fidson Healthcare Plc (July 31)

[Young Tune @iamyoungtune_]

1. *A Share (or Stock)*
2. *An Exchange-Traded Fund (ETF) / Mutual Fund*
3. *A Bull Market*
4. *Inflation*
5. *A Bond*
6. *The Regulator (such as the Securities and Exchange Commission - SEC)*
7. *A Bear Market*
8. *MTN Nigeria*
9. *A Dividend*
10. *The Market Cycle (or Sentiment Cycle)*.

[Young Tune @iamyoungtune_]

🆕

[Young Tune @iamyoungtune_]

Major deals:
7.8m units of ACCESSCORP crossed at 21.9
11m units of ACCESSCORP crossed at 22
573.7k units of ARADEL crossed at 1275.8
330k units of DANGCEM crossed at 891
32m units of HONYFLOUR crossed at 14.5
67.2m units of STERLINGNG crossed at 8
6.4m units of UCAP crossed at 16.3
39.2m units of UPDC crossed at 3.25
5,4m units of ZENITHBANK crossed at 110

[Young Tune @iamyoungtune_]

🆕.