NMRC lists N11b bond on Nigerian Stock Exchange

The Nigeria Mortgage Refinance Company (NMRC) has listed its N11 billion 13.80 per cent Series 2 Fixed Rate Bonds on the Nigerian Stock Exchange (NSE), paving the way for bondholders to trade on their investments.

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The N11 billion bond was part of NMRC’s N440 billion Medium Term Note Programme. NMRC had launched a high-stake capital raising plan to support its mandate.

The NMRC is a private sector-driven mortgage refinancing company with the purpose of promoting home ownership for Nigerians while deepening the primary and secondary mortgage markets. Most of its shareholders are corporate institutions.

NMRC was incorporated on June 24, 2013 and obtained its final operating license from the Central Bank of Nigeria on February 18, 2015. In July 2015, NMRC successfully issued a 15-year N8 billion Series 1 Bond under its then N140 billion medium term note programme, backed by an unconditional Federal Government of Nigeria guarantee.

NMRC is listed on the NASD OTC Securities Exchange, the over-the-counter platform for trading in shares that are not listed on the Nigerian Stock Exchange (NSE).

Head, Shared Services Division, Nigerian Stock Exchange (NSE), Mr. Bola Adeeko commended the NMRC for listing the bond on the NSE, assuring that the Exchange would support the company in the realisation of its mandate.

Reasons Lafarge Africa has a SELL recommendation

Buy Sell Hold is picked from the top gainers and losers of the previous week, as well as various analyst results.

Custodian Investments: SELL

Recent ResultsResults for the nine months ended September 30, 2018 show that gross revenue increased from N31.8 billion in 2017 to N36.2 billion in 2018. Profit before tax increased from N6.1 billion in 2017 to N6.8 billion in 2018. Profit after tax also rose from N4.6 billion in 2017 to N5.1 billion in 2018.

Price Information

Current Share Price: N 5.80

Price to Earnings Ratio: 4.56X

Price to Book Ratio: 0.8

Year to Date Return: 2.7%

One Year Return: 59.88%

External View 

Analysts at Afrinvest Securities have a “Reduce” recommendation on the stock. They have a 12-month target price of N6.10, which is 0.2% above the stock’s price of N6.10 as at when the report was prepared.

Our View 

Custodian Investment is a SELL in Nairametrics’ opinion. The stock is currently trading close to an all time high, and could decline further in the coming weeks.

Upcoming elections have led to bearish sentiments on the Nigerian Stock Exchange, and are likely to remain dominant. Investors would be better off waiting for significant correction before taking a position.

Julius Berger: SELL 

Recent Results: Results for the nine months ended September 30, 2018 show that revenue increased from N105 billion in 2017 to N118 billion. Profit before tax increased from N85 million in 2017 to N5 billion in 2018. The firm made a profit after tax of N3.4 billion, as against a loss of N349 million recorded in the comparative period of 2017.

Price Information

Current Share Price: N28.4

Price to Earnings Ratio: 7.87X

Price to Book Ratio: 1.24

Year to Date: 41.3%

One Year Return: 0.24%

External View

Our View

Julius Berger is a SELL in Nairametrics’ opinion. The stock is trading at a 6 month high, and could decline further if negative sentiments in the markets are pronounced. The NSE has fallen sharply in the first few days of trading, and could decline further in the coming weeks prior to the election.

The stock has also out peformed the index by iver 30% in just a few weeks of the year, in what is turning out to be a bearish month. Investors are best exiting the stock for now.

Lafarge Africa: SELL 

Recent Results:

Results for the nine months ended September 30 2018, show revenue increased from N223 billion in 2017 to N234 billion in 2018.

The firm made a loss before tax of N14.3 billion in 2018, as against a profit before tax of N1 billion for the corresponding period of 2017.

Price Information

Current Price: N12

Price to Earnings Ratio: None 

Price to Book Ratio: 0.8 

One Year Return: N75.42

Year to Date Return: -3.6%

*Lafarge recorded a loss in the 2017 financial year, hence the absence of a PE ratio.

External View

Analysts at United Capital have a ‘Buy’ recommendation on the stock. They have a target price of N13.7 which amounts to a potential upside of 21.2% from the stock’s price of N11.3 as at when the report was prepared.

Analysts at FBNQuest have a ‘Neutral’ opinion on the stock. They have a target price of N21.5 which represents a potential upside of 89.8% from the stock’s price of N11.3 as at when the report was prepared.

Our View

Lafarge Africa is a SELL in Nairametrics’ opinion. The stock is currently trading close to a 5-year low of N11.5 and may slide below that whenever full year 2018 results are released.

The company is very likely to record a full year 2018 loss, and will witness dilution following the listing of the additional shares from its rights issue.

Investors would be better off waiting for first quarter 2019 results and/or the listing of the stock’s additional shares before taking positions.

Source: Nairametrics

How Policy decisions, interest rates slowed the real estate market in 2018

As real estate market stats pour in from across Canada, it is becoming abundantly clear that property markets in 2018 lost the momentum of recent years.

Households, governments and industry watchers alike are concerned about the direction real estate markets have taken. Even though sales and, in some places, prices, are lower than before, housing affordability has not necessarily improved.

Many wonder if it is the right time to buy or sell. Others wonder whether real estate markets are going to decline even further, or if the markets will turn around in 2019.

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The answer to these questions is: It depends. It depends upon interest rates, job growth, wage increases, demand for housing, government interventions and more. While one can speculate about the future, it is always beneficial to first understand what has transpired in the past.

The Greater Toronto housing market, the largest in Canada, has recorded fewer sales in 2018 than it did in any year in the past 10 years. In fact, the last time Toronto’s real estate market recorded fewer than 80,000 sales was in 2008.

That year was exceptional for two reasons. First, the Canadian economy was showing signs of weakness as it and most others around the world entered into the Great Recession. Second, the City of Toronto imposed a new land transfer tax that made some buyers advance their home purchases to 2007, resulting in fewer sales in 2008.

But even in 2008, nominal housing prices did not fall relative to 2007. That means 2018 is unique because the average nominal housing price actually declined by 4.3 per cent.

Vancouver’s housing market, in which 24,619 sales were recorded in 2018, was no better. The Real Estate Board of Greater Vancouver noted that sales in 2018 hit “the lowest annual total in the region since 2000.” The composite benchmark price in December 2018 declined by 2.7 per cent from a year earlier.

Despite declining prices, many believe that housing affordability is unlikely to improve. A recent report by the Royal Bank of Canada (RBC) observed that homeownership costs relative to median incomes will continue to rise in Canada. The RBC report said that by the end of 2019, “owning a home will take up 79 per cent of the median household income” in Toronto.

In Vancouver, home ownership costs claim 88 per cent of the median household income. RBC expects home ownership costs to rise in Calgary, Edmonton, Ottawa and Montreal.

The high levels of household debt in expensive housing markets is another source of concern. The Canada Mortgage and Housing Corporation reported that the debt-to-income ratio was 208 per cent for the residents of Toronto. For Vancouverites, it was even worse at 242 per cent.

Most of the household debt is mortgage debt, which is sensitive to changes in interest rates. The Bank of Canada has raised interest rates multiple times in the past few years. The Bank’s decision Wednesday not to raise rates any further suggests it is mindful of the slowdown in the global economy that has been worsened by the trade tussle between the U.S. and China.

While the consensus is lacking about the future of interest rates in Canada, many believe that the fundamentals are missing to justify significant interest hikes in Canada in 2019. This will be good news for home ownership.

Housing markets have withstood a series of policy interventions by provincial and federal governments that include additional transactional taxes on foreign homebuyers, stringent mortgage regulations, stress tests, rising interest rates and more. The slowdown in housing markets, one must realize, is the expected and intended response to a series of regulatory changes and hence must not be viewed solely as a sign of market weakness.

At the same time, one should also consider a long-term view of the property markets. Housing is a durable good that provides shelter and other amenities while growing in value as an asset class. The average home price in the cities and surrounding areas of Vancouver and Toronto is up 100 per cent over 10 years.

The increase in average housing prices over the long run should, therefore, provide perspective to those who own or are considering buying a house.

Five Ways To Prepare Your Real Estate Business For The Year Ahead

Nothing inspires me more than a new year. It represents a fresh start and a reboot. While some hardly seem to notice, my energy is at full throttle because I see 52 weeks of new opportunities to celebrate success ahead. I get excited about new beginnings, fresh ideas, updates to marketing plans and promotional tools.

Prepare To Hit The Ground Running

When we are busy, time passes quickly. Maybe last year you felt like you were always playing catch-up. If you promised yourself that wouldn’t happen this year, you still have time to make a good start on your business preparedness.

Here are five suggestions to help you gear up for the year ahead that have personally proven to be time well spent.

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1. Update Your Professional Profile

Review your biography. Your bio is often your first introduction to a potential client. Make it an outstanding one. If you haven’t refreshed it in the last few months, consider a rewrite. Kudos to you if you crossed that off your to-do list recently. In that case, review and add any new professional designations, awards or achievements. You should also include a new professional head-shot. Don’t forget to update all your social media platforms and websites where you are featured.

2. Follow Up With Holdover Leads

Contact people on your list of leads or past clients who were holding off on buying or selling until after the holiday season. Follow up with sellers who wanted to list in the spring. It is not too early to inspire them to begin preparations for a March or April listing. Last but not least, connect with your general mailing list, and update them on what is new and exciting about the housing market or your agency.

3. Review Your Tools Of The Trade

Take stock of your work and tech tools. Is your phone, tablet or computer holding you back and making your work more difficult? Then it’s time for an upgrade. For real estate professionals, the year’s busiest months are right around the corner, so don’t hesitate. Do it now when you have time to shop and get accustomed to your new tools.

4. Improve Your Chances By Listening to the Experts

Listen to the experts. Find out what they see ahead for the economy and how it will affect housing. When you set your professional goals and priorities, it’s imperative to have a sense of what to expect on the national scene and the local front.

5. Establish Your Goals, Budget And Marketing Plan

Do a general review of your business. Establish your 2019 goals, and include any from last year that were not accomplished but are still relevant. Take a look at your budget. Did you have a surplus or fall short last year? Make adjustments and establish your business expense priorities for the coming year. Review your local housing market statistics. How has the situation changed, or what do you see happening differently this year? Determine how this fits into your overall marketing plan.

My expectations for the 2019 real estate market are high, and falling short is not on my bucket list. We may not be able to control everything, but we can position ourselves to be ready for anything.

Joe Houghton is Founder of The Minnesita Property Group,providing outstanding real estate services to the Twin Cities metro area.

Real Estate Investment Trust: Corporate governance will drive investor confidence

The South African real estate investment trust (Reit) sector’s focus on improved corporate governance is expected to support positive sentiment for investment in listed property this year, says real estate analyst Wynand Smit.

He explains that the performance of local Reits in the coming year will be influenced by improving levels of confidence in the listed property sector.

Additionally, he states that the local Reit sector’s positive performance prospects signal “double-digit growth in returns to investors”, which Smit believes should be around the sector’s historical annualised ten-year total return of 14%.

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He further notes that improved confidence levels “will depend on the steps taken by individual companies but, more importantly, steps taken by all stakeholders and relevant industry bodies such as the SA Reit Association.”

Since its inception in 2013, when Reit legislation was introduced in South Africa, the association has prioritized driving transparent, clear and comparable financial reporting for the sector.

The association is currently updating its best practice recommendations (BPRs), which is intended to reduce divergence in reporting implementation among sector counters. The updated BPR will reflect new accounting and regulatory issues, address issues raised by asset managers and integrate changes proposed by key industry stakeholders.

The association has resolved to revise its BPRs with an even more vigorous focus on consistency and transparency in the financial reporting of Reits, says Smit. Pointing out that there is a big focus on sustainable earnings in the sector, Smit says “investors have voiced their preference for clean, sustainable earnings”.

Transparent reporting ensures that a Reit’s sources of income are clearly stated, Smit adds. The association expects to share its progress with the market in this regard early this year.

Meanwhile, SA Reit Association marketing committee chairperson Andrea Taverna-Turisan believes “the time is right” to take the next step and issue more robust guidance for Reits.

“Our members want investors and stakeholders to be confident in the consistency of reporting from the sector. Overall, the Reit sector has established a record of transparency and trust, and we want to reinforce this in the market. We are putting the sector on the best footing for best practice as it enters 2019,” he said.

Additionally, the statement noted that Catalyst Fund Managers expects 2019 to stand out from the past year as a result of the big focus on improving governance in the sector.

Improved corporate governance, Catalyst’s Mvula Seroto explains, will make Reits a good investment this year.

Besides an improved focus on governance in the sector and its positive performance outlook for this year, factors that market commentators believe will make local Reits appealing investments in the year ahead include the sector’s historically high yields and the good value to be found in the share prices of many Reits.

Global building and construction plastic market to reach $104,507 million by 2025

The global building and construction plastic market was valued at $57,908.8 million in 2018 and is expected to reach $104,507 million by 2025, growing at a CAGR of 7.6%. Building and construction plastics are polymers that are treated chemically to obtain products for building and construction industry. These products are used for various purposes such as flooring, cladding & roof membranes, cables, flooring & wallcovering, insulation, piping, and window & door panels in the building and construction industry. Different types of plastic composites in flooring includes wood plastic composite (WPC), luxury vinyl tiles (LVT), and stone plastic composite (SPC).

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The demand for building and construction plastics is increasing due to rapid rise in investment in the residential and commercial infrastructure. In addition, major players are adopting various strategies such as product launches and acquisitions to stimulate the growth of the market. For instance, in November 2016, INEOS Olefins & Polymers USAacquired 100% shares of the WLP Holding Corp.

Therefore, such developmental strategies are estimated to drive the growth of the global market. However, rise in ecological concerns and stringent laws by regulatory bodies regarding use of plastics are expected to restrain the growth of the global building and construction plastic market. On the contrary, technological improvements to produce eco-friendly and recycled plastics are anticipated to provide lucrative opportunities for the growth of the global market. 

The global building and construction plastic market is segmented based on type, application, and region. Based on type, the market is bifurcated into thermoplastic and thermosetting plastic. The thermoplastic segment is further categorized into polyethylene (PE), polyvinyl chloride (PVC), polystyrene (PS), polypropylene, polycarbonate, polymethyl methacrylate, and others. The thermosetting plastic segment is further divided into polyurethane and others, which include polyesters, epoxy resins, and phenolic resins.

The thermoplastic segment is anticipated to dominate the global building and construction plastic market during the forecast period. By application, it is categorized into flooring, window & door panels, siding, piping, roofing, insulation, and others (weather boarding, paint, varnish, adhesives, and thin coverings). The flooring segment is further divided into wood plastic composite (WPC), luxury vinyl tile (LVT), stone plastic composite (SPC), and others.

The others in the flooring segment include fiberglass composite and bamboo composite tiles. The piping segment is projected to grow at a significant CAGR in the near future. 

The global building and construction plastic market is analyzed across North America (U.S., Canada, and Mexico), Europe(GermanyFrance, UK, Italy, and Rest of Europe), Asia-Pacific (ChinaJapanIndiaAustralia, and rest of Asia-Pacific), and LAMEA (Latin AmericaMiddle East, and Africa). Asia-Pacific is expected to dominate the market during the forecast period. 

Rising Number of Female Investors in Real Estate

Real estate sector in India has grown enormously in the last decade and currently contributes 5 to 6 per cent to the GDP of the country. Real estate sector is expected to contribute 13 per cent of GDP by 2025 and reach a market size of US$ 1 trillion by 2030 from US$ 120 billion in 2017. India is one of the fastest growing economies across the globe makes real estate a subject of interest for investors. Real estate is considered as the male-dominated industry, however, with women entering into the sector, the industry has changed significantly. The number of women in real estate has been increasing gradually over the past few years. Be it an investment or running a real estate company, women have made real estate their domain.

Several factors are playing as a catalyst and have led to the rise in a number of female investors in the real estate industry.

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Increasing Financial Capacity

Indian economy has grown by leaps and bounds and has strengthened the financial capacities of working women living in the country. In metropolitan cities like Mumbai, females are more ambitious and career driven. The ratio of earning is equal to the male counterpart. Entrepreneurship is a trending culture which is being picked up very quickly by young female aspirants living in major urban areas. Women in today’s world are well educated, qualified and have global exposure. They have the quality needed to excel in the real estate industry. Government policies to support the startups have created a positive environment and have given women an extra spur to run their own company. For instance, many female entrepreneurs are running their own real estate company and gaining prominence in the commercial real estate.

Increased spending capacity in cities has made women savvier about their finances and monetary investments. Women are becoming active and aggressive investors in real estate. Majority of the working women prefer to invest in property rather than investing in share market and mutual funds.

Affordable Housing: a Most Promising Solution

Women in old days were supposed to get married at a certain age and a single woman was considered an oddity in the society. But in today’s world, there is an increase in

the cohort of single, working women living in major urban areas. They are being liberated by the salaries they earn and are not shying away when it comes to buying a home of their own. But in a city like Mumbai drubbing property prices makes it difficult to buy a home in the city centre where the price of an apartment with 450 sq ft space ranges from 90 lakhs to 1.5 Cr. Hence affordable housing is the most fitting solution for women who are leading an independent lifestyle, staying away from family. Keeping that in mind developers are coming up with housing projects which are affordable and convenient as well along with better connectivity to urban areas of the cities.

Advantages to the sector:

1. Eminent Leadership

Real estate in India is the most recognized sector and is the 2nd largest employer after agriculture. Participation of women in the higher productivity sectors has fuelled economic growth. Women are getting recognition steadily for their distinctive work ethics and leadership quality in the industry. Women are blessed with the power of multi-tasking& transporting successfully both personal & social competency by bringing out the power of their personality to serve the purpose.

2. Better Client Relationship

Women in the industry have an edge over their male colleagues. Empathy and “Never give up” spirit are the two qualities that already exist in the DNA of women. Women are more caring, nurturing patient in nature and sensitive towards the needs of the clients.

Women know how to balance things and are good at multitasking which is a crucial aspect of real estate. Educated women are able to balance the things and are able to bring compassion, determination and the needed synergy to take the business forward in an efficient manner.

This article was written by Rohit Poddar. A real estate professional based in India.

Gita Gopinath joins IMF as its first female chief economist

Mysore-born Gita Gopinath has joined International Monetary Fund as its chief economist, becoming the first woman to occupy the top IMF post. Gopinath’s joined last week at a time, when she believes the world is experiencing a retreat from globalisation, posing challenges to multilateral institutions.

The John Zwaanstra professor of International Studies and Economics at Harvard University, Gopinath, 47, succeeds Maurice (Maury) Obstfeld as Economic Counsellor and Director of the IMF’s Research Department. Obstfeld retired December 31.

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Announcing her appointment on October 1, IMF Managing Director Christine Lagarde described her as “one of the world’s outstanding economists with impeccable academic credentials, a proven track record of intellectual leadership and extensive international experience.”

The 11th chief economist of the IMF, Gopinath in a recent interview to The Harvard Gazette described her appointment at the IMF as a “tremendous honour” and said the appointment of the first ever woman for this position speaks highly of IMF’s Managing Director Lagard

Identifying some of her top priorities at the IMF, Gopinath told The Harvard Gazette that she would like the IMF to continue to be a place that provides intellectual leadership on important policy questions.

“Among the research issues that I would like to push, one would be understanding the role of dominant currencies like the dollar in international trade and finance. We could do more on the empirical side to try to understand countries’ dollar exposures and on the theoretical side in terms of the implications for international spillovers, consequences of dollar shortages, etc,” she said.

Most countries invoice their trade in dollars and borrow internationally in dollars. This is a central part of the international price system and the international financial system and it will be exciting to explore its consequences in greater depth with the IMF, she said.

“The one (biggest issues being faced by the IMF) that is absolutely clear and present is that we are seeing the first serious retreat from globalisation. This has not happened in the past 50 or 60 years, when the world moved toward lower tariffs and increasing trade across countries,” she told the prestigious Harvard publication.

“Over the past several months, we have the US-imposed tariffs and retaliation to them from China and other nations. There is in general growing uncertainty about trade policy, including the one arising out of Brexit [the British move to leave the European Union].

“While the trade has reduced global poverty and raised livelihoods, its consequences for inequality, and on whether the rules of engagement are fair, are real concerns that need to be addressed,” she said.

Gopinath said there is also a concern about whether there is the right multilateral institutions and frameworks in place to make sure everybody feels that there is fairness in trade. “And the same goes for capital flows,” she added.

“Foreign direct investment [FDI] was always viewed very favourably by countries. But because most of the FDI is now in tech-heavy firms, there are growing concerns about national security and international property theft. So I believe this retreat from globalisation and this retreat from multilateralism is quite unique to the times we are living in,” Gopinath said.

ihsAnother important concern, she said, is the health of emerging markets as the US continues to normalize its interest rates.

The capital flows to several markets have reversed, putting pressure on their exchange rates and consequently on inflation, and on balance sheets, given that several emerging markets borrow heavily in dollars, said the IMF chief economist.

Survey reveals business uncertainty in UK construction sector

Activity in the UK construction sector was the weakest for three months, due to a slowdown in commercial work, according to a survey of executives working in the building trade published this week.

The IHS Markit construction index fell to 52.8 in December, down from 53.4 in November and slightly below a consensus forecast among economists of a reading of 52.9. Demand for commercial building work, which includes shops and office blocks, is particularly closely linked to uncertainty and the slowdown in new orders suggests that Brexit may be chilling business investment.

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“Subdued domestic economic conditions and an intense headwind from political uncertainty resulted in the weakest upturn in commercial work for seven months,” said Tim Moore, economics associate director at IHS Markit. The construction survey follows a similar poll for manufacturing businesses, released,which suggested that stockpiling of components and finished goods ahead of Brexit was helping to support activity in Britain’s factories.

Together the two surveys show how the political turmoil in Westminster over whether to pass the withdrawal deal is already having an effect on British business. “A number of construction companies noted that heightened political uncertainty had encouraged delays to spending decisions among clients, especially in relation to commercial development projects,” Markit wrote in its report on the figures. However, business optimism picked up to the highest level since April despite the slowdown in overall activity.

Builders said this was due to a boost from “big-ticket transport and energy infrastructure projects in 2019”. New work on civil engineering projects, which includes infrastructure work such as on Crossrail and the Thames Tideway tunnel, picked up to the highest pace for more than one-and-a-half years, suggesting that government investment may help to support builders even as business investment slows.

Construction companies often refer to the three H’s of Britain’s infrastructure pipeline: the HS2 high speed rail line, the Hinkley Point nuclear power plant and the third Heathrow runway, which have now all been approved by parliament. “The construction sector has had little to cheer recently, but 2019 should be a better year,” said Samuel Tombs, chief UK economist at Pantheon Macroeconomics.

“A 10.4 per cent year-over-year jump in public sector gross investment in 2019-20 is set to boost the sector,” he said, adding that if a “no-deal Brexit” can be averted business investment could pick up.

Ssource:Financial Times

Shareholders Approve BUA,Cement Company of Northern Nigeria Merger

A federal high court sitting in Lagos has given its final approval to the scheme of merger between the Cement Company of Northern Nigeria and BUA Group’s Kalambaina Cement Company.

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According to a statement by the group, this comes on the back of “overwhelming shareholder approval” as well as final approvals by the regulators – Securities & Exchange Commission (SEC) and Nigerian Stock Exchange (NSE).

“With this development, the Nigerian Stock Exchange is expected to list the shares of the expanded entity in what has been described by the regulator as the largest deal of the year in Nigeria in 2018 at its recently held NSE CEO Awards,” BUA said.

Speaking on the development, Abdul Samad Rabiu, founder/executive chairman of BUA Group, praised the effort of all stakeholders in bringing the merger to fruition.

He said the expanded CCNN will remain the market leader in north-west Nigeria – the third largest market for cement in the country by consumption, whilst continuing to explore the huge opportunities that exist in the export markets of Niger, Burkina Faso and the West African region.

“Traditionally, the huge cost of transportation to CCNN’s home region from other cement plants in Nigeria – the nearest being about 900km away – has always given us a strategic advantage in that region over competing cement companies and brands,” he said.

“The expanded entity will leverage on the cost and energy efficiency of the newly commissioned Kalambaina Plant whilst providing additional value through its products in terms of better quality, higher yields and a stronger cement than competing premium cement brands.”

With the merger, the total installed capacity of the merged entity is expected to be two million metric tonnes per annum (MTPA).

The development will bring the total capacity of BUA’s cement operations to eight million MTPA as the group recently announced the completion of its three million MTP Obu II Cement Plant in Okpella Edo state.

 

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