Cap Plc. (NGCAP0000009) Chemical and Allied Products: Earnings recovery in Q1 18, maintain BUY

Chemical and Allied Products Plc (CAP) reported 18% yoy growth in Q1 18 EPS to NGN0.66, tracking our estimates for FY18f. Operating profit rose 25% yoy, also broadly in line with our forecast for the full year. We reiterate our BUY recommendation on CAP on the basis of its: (1) strong medium-term ea [...]