Earnings Season Is Here: Which Stocks Should Investors Buy?

[00:00:01]I should tell you to keep.

[00:00:09][clears throat] All right. A lot happening in the market and we have conversations around the market with market watch brought to you by Narametric television. We're taking a look at what is happening with result results result Africa credential their results out trend score also their results out. We have the analysts sitting right here who are ready to really true on these numbers. What does it mean um for retail investors? What does it mean for institutional investors? We're going to take a look at all of these. And then the third story because we're going to take it take a look at it from Transcore and then we're going to take a look at Africa Credential. And the third story is the fact that a lot of stock recommendations coming from um many of all the um um brokerage firms.

[00:01:13]Which of the recommendations would you be looking at? This is Market Watch brought to you by Nometric Television.

[00:01:18]Mr. Iikar, Mr. Mukt Muhammad, you're very much welcome. It's Monday.

[00:01:24]>> It's Monday. Yeah, >> it's good to um see Indica this Monday morning.

[00:01:29]>> Results are coming out too.

[00:01:31]>> Yeah, the results are coming out and Indica is looking very good. He's smiling.

[00:01:34]>> Yeah, >> his companies that he purchased are doing very well.

[00:01:37]>> Transcora, >> the H12 result is out. Numbers are out.

[00:01:42]>> Stos are not your company.

[00:01:43]>> Interesting contrast if I if I may say it. By the way, the revenue and um their profit declined. As a matter of fact, Q2 was considerably weaker than Q1 um based on their numbers. Um but one of the things that is really surprising a lot of investors is that um their margins improved and the company still declared dividend of one n 50 co um a lot of entering dividend um um by the way what what's your overall assessment of transcore transcore power?

[00:02:12]>> Well um I think the result is somehow resilient uh not disappointing if you look at it. uh from uh the the profit margin angle >> of course 30% uh margin is not bad it is okay >> though the headline the like revenue and profit declined um I think from that angle it is okay and what drove it the margin improvement is cost um the management said is cost optimization uh but if you look at um the reasons I really I just checked to find out what really happened and you can see uh repairs and maintenance dropped from over 13 billion to about 4 billion. So that really dropped down the cost that really dropped the cost of sales.

[00:03:02]>> Yeah.

[00:03:03]>> So and that's where they have um >> uh that leverage um to uh protect the margins. So well um it depends on how they can how well they sustain that.

[00:03:16]know we have been saying it um companies should look at their uh um both direct and overhead >> because that's very very important even when you are not growing your top line at least you should be able to bring down your cost not what happened to transc if the the pre-ax profit 6.7% decline >> I I don't that's why I say it's Indica um um stock it is not my stock you can look at it there a lot of red flag that I'm seeing in that decline top and bottom line which he said [snorts] >> they burning cash very fast receivable I increasing and profit is not cash back in the so I don't know the company have a real cash conversion problem they have also increase in tax liability look at it now they have you look at it 34.9 billion in half year 2025 now dropping to 2.2 2 billion in full year 2025 >> and now you just have 667 million in half year 2026.

[00:04:22]>> Come on. I don't I don't I don't unless you are looking at the bigger picture of what transc will be the result. I mean even if you look at the dividend they are paying it's more or less like they are paying dividend because they don't want to pay is is backed by financing by depths even cuz they don't even have that cash to pay that dividend.

[00:04:39]>> One naira six at dividend of one naira.

[00:04:42]>> Yes. 1 50 >> 50 co >> is it it's it it's it's not cash back unless maybe they going to their reserve even in the reserve I don't even think so um I I I look it's been a company that have not really excite investors to be to be sincere remember that this was a company that was um with so much from used to be transcop transcorporation before now take it off to be transcop holding and all that >> um maybe because of the sector that they H maybe cost of um like Indica is saying cost of funding has gone up. There are a lot of things that have gone up for them but ordinarily >> cost of funding >> I mean cost of um cost of sale >> okay >> um high cost of sale but outside of that I they have a lot of work to do I for me for me >> he's saying the result as a result of resilience >> yeah resilience not disappointing I didn't say it's good though >> okay >> I didn't say just watch what I >> what is not disappointing >> I said I said no >> you said not disappointing I said not disappointing didn't say that is that is is good.

[00:05:48]>> Okay. And when we pro >> when you talk about resilience what the resilience in this result because we need clarification >> I've already explained it only that you don't want to I said if you if you are coming from the angle of margin which is very very important that means though that the revenue dropped their profit dropped at least they were able to generate more from the from the revenue that dropped and that is why it is very very important when you look at margins it is very very important because if you are saying that profit margin is 30 million that means you are returning 30 30 NRA from every 100 naira uh revenue which is still okay. Uh but the angle he has mentioned which is good which is which is his right of course um you know what what they what we do is accurate concept that means uh those reported revenue when you look at the receivables which is very very high that means the the recorded revenue but they have not collected and which is which is a red flag too which is not too good. Then of course he mentioned the the depths uh depth uh increase of course uh which is which is not to leverage but there's nothing wrong with with depth if you can increase your return >> on equity you understand so but um again to um uh where I where he mentioned on the issue of dividend I think that the return ending is positive and increase by by at least by 6%.

[00:07:13]So they can they can decide to pay dividends even though the profit dropped. And we call it maybe you can dividend signaling telling people that yes our profit or our revenue dropped but we still have we can still give to investors.

[00:07:30]>> It's a dick stock.

[00:07:31]>> No [laughter] it's not my stock. I only tell I only telling you the truth.

[00:07:35]>> No the truth be >> the truth. The truth is because you mentioned on the issue of that they don't have I said no they return and is still positive.

[00:07:42]>> I know I but I'm sure they paying for their retaining they are retaining.

[00:07:47]>> Are you stopping them from paying from the return?

[00:07:49]>> That's why I say it's your stock now.

[00:07:50]>> No. Why is it my stock? When it came to my own you say that why is it my stock?

[00:07:54]It's not my stock.

[00:07:54]>> No. No. When it came to my own their own return earning they should use it. But when [laughter] it came to his own they should pay him with the return earning.

[00:08:01]But when it came to money he said why should they be paying dividend? Why can't they use it to expand? Exactly.

[00:08:06]You see why I say it's in stock?

[00:08:07]>> Exactly. No, it's stock. So, >> looking at what has happened yearto date price that's at that's at >> their share price dropped by 20% year to date. Um >> um last week Friday also. Yeah. Yeah.

[00:08:21]Last week Friday.

[00:08:22]>> Um that was on the 17th.

[00:08:24]>> Mhm.

[00:08:24]>> 20% decline.

[00:08:26]>> What what signal do you think this is?

[00:08:29]Do you think this signals weaker earnings? um the the weaker earnings is is is one of one of the major reasons why we're seeing their um their stock price decline.

[00:08:40]>> Not not necessarily because you know that um >> 20%. in June the the they were flats the share didn't decline people were holding so people were holding >> even even if you look at uh I think even July too had been flat so it's not because of uh necessarily because of the results maybe we see the impact now you know the result was just recently released >> and um let's let's uh let's let's allow the result to drive in u so you can't just personally because it's 20% down that it's because of the result because you have been there.

[00:09:17]>> Do you see further pressure? Do you see further pressure on the on the on the results um 20% decline as at last week Friday >> pressure where's the pressure going to come from? You have to look at the share fruit to know whether there's going to be any pressure. I don't think there any pressure and 20% down site already um is is huge.

[00:09:40]>> More decline. Are you saying more decline? No, I I've >> Do you foresee it?

[00:09:45]>> I don't I I foresee decline, but maybe not more decline like you you said. I think it will be a decline that creates opportunity for investors to want to buy into transport power. Okay. Especially those investors that are looking into the long-term um um of transport power.

[00:10:03]So, that could just be it.

[00:10:04]>> So, what you're saying clearly that you're not you're also not saying is we're going to see a rebound.

[00:10:10]>> Definitely. There's no stock that will remain like that. There will never be a rebound.

[00:10:14]>> Like said, >> excuse me. Like said, it's not >> it's not that a very bad stock.

[00:10:22]>> You understand what we're saying? If a stock has had profit decline like the way they did and they are still able to pay dividend, you can't say they are bad stocks.

[00:10:30]>> Okay. So the the management has come out to say boldly that they expect 2026 results. the and the the entire FY 20226 um results to finish stronger than what we're seeing now and um stronger than the whole 2025 and even the results we're seeing right now. What is your take? What what do you think needs to change um for this state for this statement to be validated? What do you think needs to change going into H2? And what do you think should be their targets for them to be able to achieve this statement?

[00:11:09]>> Okay. Um I think you have to look at the reasons um some of the reasons why the in fact the revenue dropped and why the uh costs dropped too. I think the manment really mentioned it vandalization uh that really affected them the evacuation. So and you know this power is linked to our pecularities um as a country you know theft and everything.

[00:11:35]So you can't just isolate isolate them from from from from the power companies.

[00:11:41]So uh the the the the [clears throat] problem we have in terms of thefts, vandalism that really affected their revenue. Delhi you equally look at their their receivables.

[00:11:55]>> Receivables have um have always been the problem. You understand where they sell and they don't collect money. I think most people are are owing them. You understand? So those two two factors in terms of vandal has affected their revenue and they aspect receivables of course they said they don't they don't collect collect their money or they don't get it. So you look at their books you will see that they have high receivables. So they actually booked this revenue but they didn't collect it.

[00:12:23]Um so if they can do that that will now strengthen their financial position and uh equally uh allow this um by the time they tackle this theft and vandalism I think we'll see their revenue uh um grow but I think the aspect uh I I really want them to if they can sustain because uh is in the terms of cost that direct cost uh yes energy cost dropped a bit Uh but where they had that um that uh boost uh was from repairs and maintenance. I think they booked in 2025 um it was um about four a little above 4 billion and uh 2025 I bought about three 13 billion and then they recorded say four billion.

[00:13:15]So I don't I don't know the magic uh they did to to bring that thing that >> they should continue that magic. We continue with that margin. I say do YOU SEE THE >> STOCK IS >> DO YOU SEE A stronger >> so what do you want to say motor >> do you see a stronger H2 >> well management has promised us a stronger H2 >> but looking at the results >> what do they need to improve for them to be able to achieve >> all they need to improve I don't think there's anything for me to add >> you have said it what they need to improve they have to need they have to improve it for Indika because that [laughter] >> is it for for OKAY YOU DON'T YOU DON'T HAVE YOU DON'T HAVE YOU DON'T HAVE A POSITION >> HE DOESN'T interesting by just >> but if you check my portfolio now you don't see transfer what will happen [laughter] >> I don't have to check now >> no no no just saying as if talking they delivered a stronger H12026 result pre-tax profit rising by 26 21%.

[00:14:12]>> Um and then if you look at profit after tax also increased by 18%. A lot of people will say, "Wow, this is a decent this is a decent run." But here is the major talking point. Um the the source of the their earnings is what a lot of people are concerned about. Interest income.

[00:14:28]>> Mhm.

[00:14:28]>> I'm looking at you because you're No, no, I'm not going to look at I'm looking at I'm looking at you cuz you always have an issues with that. An issue with that. Um interest income is the source of their earning. 3.4 billion naira came in from interest income.

[00:14:41]>> So what was bad in >> far larger than 2742. What is bad in interest?

[00:14:45]>> Million generated with contractors.

[00:14:47]>> What is bad with interest income?

[00:14:50]>> Okay, analyze it. What do you mean?

[00:14:51]>> There's nothing bad in it. Instead of me to leave my money, >> I'm investing my money to make sure I gain profit for my shareholders. So, if those interest on um income has been negative, will we be saying about the result? So it's part of their the company strate in investing interest income especially when you look at their core areas like you've been able to certain indica also have been able to their core area where they would have made more profits in the area of payment of dividend.

[00:15:22]>> Yeah. and most of the their strongest um dividend payout uh um company where they could have made more profit um unfortunately didn't pay dividend end of the year dividend that that was um UB UBA >> so that mean you can give it to them that they have been innovative in realizing that come into a challenge and decided to make sure they get interest income for me I I don't see anything bad in interest income >> how strong would you how how what's your take about this result. Let's start with that.

[00:15:54]>> Well, like MTA really pointed out, there's nothing wrong in uh moving away.

[00:15:59]Of course, you know, prod is a registister.

[00:16:03]>> So, um so uh there's nothing wrong with that. Maybe at least taking advantage of the system uh which is high interest rate and that is where the bulk of the money is coming from.

[00:16:15]over 3 billion and when you look at them however when you look at what they are making from their uh contract with customers is below 1 billion so there is nothing wrong with that like MTA really pointed out uh but I think um >> so if >> the only the only the only yeah the only thing that's where I'm going the only thing is that uh uh which everything everything in life is a risk so um you take risk so likely if the interest rate drop which I don't see dropping um in the near future. So >> wow >> uh we'll call it concentration risk. So their revenue is concentrated in >> in uh interest income. So if it drops but then let's wait until till it drops.

[00:17:00]>> They have tried also >> let's wait till it drops. [laughter] They have also tried let's say they have also tried to improve >> in terms of um um some of their services they render to um their clients because what we have seen these days is that a lot of people you don't have to go to register registr online and all those things so that will help their bottom line and the dividend payment um and transc that that also begin to bringing and hopefully uh will be made to understand by the UBA group that they may also be paying intering dividend too. Um that's another area they have been making their their revenue but like in >> not much not much >> yes like but but but here is it >> you're saying not much imagine what happened the pre-tax profit from 782 million naira >> increased to 1.6 6 billion.

[00:17:57]>> We know where it's coming from now.

[00:17:59]That's not [laughter] the issue. We're not arguing on that.

[00:18:02]>> So, do we do you see this momentum s do you see them sustain?

[00:18:05]>> Of course, it's going to be sustained now unless the when the envir unless the the the micro micro environment changes.

[00:18:12]We know that uh interest rate um on um risk-f free assets has been high.

[00:18:20]Government has been borrowing aggressively. So and that is likely to sustain the the high yield and if it sustain that not only even banks too making good money. So he's is going to be sustained and um >> why must you bring into it and and let let everybody let let everybody enjoy why why the situation last >> let everybody enjoy.

[00:18:43]>> Yeah. Yeah.

[00:18:43]>> But you will not want uni liver to enjoy.

[00:18:46]>> Univer forgiven this man. No you don't need to forgive me. Univer [laughter] is a is a manufacturing firm not a trading trading >> though he has not not is a maning firm. So you don't compare them with prodia [laughter] it's a trading company.

[00:19:07][laughter] >> All right. All right. All right. So so if let's look at their personal expenses. It increased by by about 50%.

[00:19:16]Uh and and if you look at that, it's way faster than their um growth [snorts] in profits. Do you do you have some concerns? Do you have some reservations?

[00:19:26]>> I don't investors should be concerned about the cost pressure.

[00:19:29]>> Well, I I don't have >> And remember that this is most likely going to eat into their future margins.

[00:19:35]>> Of course.

[00:19:35]>> Yeah. Of course.

[00:19:36]>> What what what what's your take about that? Uh provided that your business can carry your expens expenses um and you generate enough to cover those expenses and uh make returns um to shareholders to an extent that is okay >> but at the same time to you have to balance it and um and I believe that those um opex those operating expense uh expenses >> are are normal what they should incure in the cost of running the business That's what I believe. Uh but like I said, the key thing is that uh how well you can generate to be able to cover the expenses and um have something left for your shareholders.

[00:20:19]>> So the the stocks gained about 13.3% in July. Um but as at last week Friday we saw market we saw the the stock price drop by 10%.

[00:20:31]What do you what do you think and all of this is against the backdrop of improvement in earnings. So a lot of people are expecting that H1 results should trigger either rerating of their stocks or some other thing. What what do you think?

[00:20:47]>> Well um because with this result we're supposed to see it translate into the stock price which is the coco as an as a retail investor that's what they want to see. Well and have said to us couple of numbers conversations we're having if it doesn't sometime you don't sometime you don't look at just one side you try to take a histic view of the company >> all right >> and that view is that the company has been able to improve some of those bottom lines that are really um um help them in terms of paying dividend and also be able to grow in terms of capital appreciation. Yeah. One thing you need to know about the Nigerian market that sometime the result does not concentrate with what you have when you start. So that's when >> when does it feed in? How long do you >> It's not about how long does it feed in.

[00:21:37]It can feed in immediately. It can feed in. Somebody just need to take interest and look at that result. But like I like I like I always say a good investor is not the one that buy the stock when everybody is buying it. He's the one that buy the stock when nobody's buying it. When nobody's seeing that value. So for now I think there's a there's still value in credential.

[00:21:56]>> Wow.

[00:21:57]>> But again in buying that are you buying at a premium? Yeah. Like in always say are you buying at a premium or are you buying um at um you are buying you buying a falling life.

[00:22:10]>> So for me I think it's still there's still value in it. So you'll definitely be buying on on a premium. [snorts] But now that premium depends on how long are you going to wait. You couldn't buy on a premium thinking that oh in the next one to 3 months every year it could happen but have a a long-term view when you are buying credential.

[00:22:28]>> Have a long-term view when buying credential. That's a bold statement. Do you think on a final note what do you think about credential? You think that it should this their results should trickle down into their share price?

[00:22:43]>> Well yeah >> but it's not.

[00:22:45]>> Yeah. Yeah. you know like MTA really pointed out um [snorts] uh you always look for convergence between uh earnings and valuation.

[00:22:54]>> Okay. So um don't really mean that okay the earning has has gone up and the valuation has gone up maybe people might have pricing those uh expected earnings we are seeing now and um given with time if they converge look at the earnings look at the look at valuation and um of course the most important thing um u settlement is there and liquidity is there that are ready to drive those things but I think um [snorts] Let's wait and see what happens.

[00:23:26]>> Let's wait and see what happens.

[00:23:28]>> Okay, >> I this third story. Ladies and gentlemen, if you're watching, please I need you to sit back, relax, get a pen, get your jer or maybe you're using your phone because this is very very important. Stock recommendations. Which stock are brokers telling investors to buy? Now you always we always see in the comment section, cut soap for me. Cut soap for me. Now we're doing that. We're cut soap for you.

[00:23:52]>> I've been buffing them. [laughter] Okay. So, a review of stock recommendations from carry asset management, blue marina research, auto steven assets um management and meristan securities shows buy opportunities across different sectors. Banks are dominating the consensus um for the for a lot of the buy list. Uh what do you let's talk about that. What do you think? Um, is this mainly because Nigerian banks are genuinely undervalued? Because we're seeing the banks, a lot of their recommendations, uh, the banking stocks. Do you think our banks are genuinely undervalued or because brokers expect recapitalization and strong earnings, um, to continue to support the system?

[00:24:41]>> One, the the the banking stocks are under value relative to their earnings.

[00:24:47]>> Please, I need you to say that again.

[00:24:48]Look at the camera. Why saying that?

[00:24:50][laughter] >> Yeah. Yeah. The the banking stocks are relatively undervalued.

[00:24:55]>> Wow.

[00:24:56]>> Um compared to their earnings um book value and uh uh and that could be the reason why if you check uh those um if you check the analysis Yeah. And um you see that that's the reason why they are they have that um I think some of them have that consensious um rating like um like Zen Bank has the four of them recommended um [snorts] >> a buy position for Zenate Bank and cited strong earnings um strong valuation uh which is under under valuation that the stock is really undervalued and of course the issue of capitalization Most of them have finished though we have CBN has brought another angle to the co issue. So but not withstanding they are seeing it as um the banking sectors are relatively undervalued.

[00:25:50]>> Wow. What do you think banking the banking stocks like four of them have been recommending all of them recommending banking stocks? Not all of them. Like maybe not all of them.

[00:26:04]>> Most of them I >> like is the only Senate Bank that has a concessive rating based on the four um brokers you mentioned. Rocket firm you mentioned. It's only Senate Bank. Some of them the other ones I think they have three which is which is solid two which is a pass mark. If you have four go bank need to so investors will know what you're talking about.

[00:26:34]>> Okay. So um I know Zenit is one of those um Zenit is one of those um and some other ones we have IO is also one of those um access one of those as well. And I think that um so is going to give us some the other ones. Um so the question I have on this regard and is that when three or four brokers all rate a stock and they're saying buy how much weight should investors actually give to that consensus?

[00:27:15]>> Well when you say that it's also >> recommendation >> recom it's recommendation. So it's not they're telling you to but like and I always say even if you think I think that if your broker I recommend for you I mean I say do your own personal >> research >> research >> can your research be as much >> you are the owner >> can it be can it be better than that of the of the depend on what you are looking at you [snorts] are the CEO of your portfolio >> remember that they hold the knife and they hold the yam who you understand no they're talking based on the No no no >> data points.

[00:27:51]>> No no no no the recommendation is just telling you to these are the just sort of maybe we are flagging these stocks >> okay >> for you to do further investigation on them. We have said our own and most of them they will give you reasons why they they are recommending the stock maybe return on equity return on assets um earning earnings growth valuation is it trading below is it trading at good um uh price to earning. Yeah.

[00:28:19]>> Is it trading below value like the issue that the banking stocks most of them are trading below book value because of of course you can look at the the recent capitalization that has really pushed their their net asset up.

[00:28:33]>> Yeah. True.

[00:28:34]>> So uh because of that most of them are trading below the above value which is good unlike other sectors that you have most of them are even trading uh higher than the above value. Now these are the these are the things they consider. But what they are saying now okay we have flagged this talks. It's not left for you now to go back go back and see okay fine let me do further due diligence on this. Of course the the brokers there normally put that caveat that this is not for you to uh buy outrightly. You do your own conduct your own due diligence and which is necessary which is required. But like I said it's just it's just a a pointer for you to now consider this asset. Of course most of the assets I mentioned like you really really wanted to know you have uh ETI you have um Janet Bank you have beauty you have UB you have NASCOM you have Dangot Dangotments then you have in the insurance sector you have ICO you have NM so these are the name >> yeah yeah yeah what they recommend I think uh the producer maybe will upload I think they have they have upload the graphics so that they and Nancy and equally see the reasons why they recommended them. But I think it's a po for you to go back and look at it and look at them very well and see but it's sort of a guide for you. Uhhuh. So but the the issue is that what you have to consider look at the recommendation and look at the valuation because these things I think this this um this recommendation was based on July 13th >> and between July and now a lot has happened. So >> on that way you can know because between July and we we need to go back and look at those talks.

[00:30:18]>> So has it been able to meet the recommendation by the brokers? Has it gone up? If it has gone up, how much has it gone up?

[00:30:26]>> Yeah.

[00:30:26]>> Based on the because the bookers give you recommendation, I think how many percentage up they think that stock is.

[00:30:32]>> The funny thing is that their target prices are even different.

[00:30:34]>> So yes, that's [laughter] that's another point. That's another point. I was coming to that. That's another point when you look at the stocks um at least you have to look at the the the disparity >> their target prices.

[00:30:47]>> So how do you think investors should approach it? So imagine you're a broker.

[00:30:50]You're a broker. I'm a broker. We're all giving different target prices and investors are watching and like and investors are watching. How do you think they approach it? What what what is the dynamics around managing your portfolio to make sure you don't you don't get caught up in the whole >> Well, you look at the convergence of the of the target prices.

[00:31:08]>> Yeah.

[00:31:09]>> You understand? I think so. I think you have um >> you have Z Zed Bank has a um I think almost close but if you look at UB >> the the the gap is wide from what this what is recommending and what the other broker is recommending >> but that is not to say that um there's not there's something wrong with that.

[00:31:36]So what you have to do like I said go back analyze uh further uh and look at um uh the earnings look at the valuation then equally look at of course the return on equity does not change more maybe you have another earning coming my my take is >> yes >> look at that stock you've given you they've given you a lead winner now >> at the time they made this recommendation and now >> these are good talk if you look at the banking stock they talked about um senate bank talk about assets bank I don't know echo is it eco is there echo is there and also which other one again I think >> no women is not the UB >> UBA and if you look at them now now let me give an example of UBA at the time they did this recommendation UBA was selling at 39 naira as before I came in today into the studio UBA is already doing 47 naira 50 call >> so that tells you what they've At the time they made this recommend Zened Bank was 105 Naira. At the time we came into I came into the studio mid trade trading Zen Bank was already 116 naira. So you could use that as a pointer to begin to look at some of those stocks seeing the recommendation based on their has it gone up if it has gone up at what percentage based on what they recommend.

[00:32:57]If it has gone down because it's a good stock so is it not time for me to even buy more? So it depends on investors.

[00:33:04]Like I say, you are the owner of your portfolio. All me as an advisor or portfolio manager or in Dika as a trader or as an investor, >> all what we are doing is just >> um advising you on what to do.

[00:33:20]>> Wow. All what they are doing is advising you on what to do. That's it on this episode of Market Watch. We've given you stock recommendation. Um, I'm sure the article is going to be on the in the description and also you can see the graphic um the the infographics on your screen. So, just take a look at it. Do your own research. Um, by the way, I want to hear from you based on the stock recommendations. Which of the stocks are you um where are you going to be pitching your tent? Banking stocks, insurance or um I think we had um um consumer goods um there as well. So, which of them are you going to be looking at? And what are your well, what are your takes regarding some of these recommended um stocks on um we're going to be doing this on on Wednesday. We do this on Mondays and Wednesdays where we have conversations around the market.

[00:34:06]You never can tell what we're going to be doing on Monday. Let me give you an expo. Um it's a bank. We're going to be unveiling unveiling [clears throat] the results. So, ladies and gentlemen, make sure you like, share, subscribe. Cheers.