External broker reports(aggregated public sources), CardinalStone

CardinalStone

External broker reports(aggregated public sources)

CardinalStone is an independent, multi-asset investment management firm offering an assortment of financial services to a diverse institutional, high net worth and retail clientele base. The company began operations in June 2008 and its business is conducted across six divisions – Investment Banking, Asset Management, Securities Trading, Trust Services, Registrar Services and Financing. Headquartered in Lagos with offices in Abuja, Nigeria, the firm and its licensed subsidiaries diligently works with its clients to create bespoke solutions for their needs.

Thematic (Sector/Industry)

<ul><li>In the holiday-shortened week, the NGXASI closed on a positive note, returning 0.27% WoW to settle at 250,385.47 points.</li><li>In comparison, the MEP gained 0.31% WoW, outperforming the ASI by 5bps.</li><li>Similarly, the MEP’s YtD return of 65.70% outpaces the benchmark’s 60.90% by 480bps.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

In the holiday-shortened week, the NGXASI closed on a positive note, returning 0.27% WoW to settle at 250,385.47 points.In comparison, the MEP gained 0.31% WoW, outperforming the ASI by 5bps.Similarly, the MEP’s YtD return of 65.70% outpaces the benchmark’s 60.90% by 480bps.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CardinalStone Research - Model Equity Portfolio - 1 June 2026

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

<ul>
<li>Fuji Electric's Ejector Cooling Machine said to cut server cooling power by 85%. Not getting anywhere near the attention it deserves at current levels. </li>
<li>Fuji Electric a big underperformer vs it's closest peer Rohm with the 6504-6963 ratio at 2.58 (2.2std dev LTM) and lows not seen since the start of 2024.</li>
<li>New Glenn explosion continuing to weigh on Space sentiment, as well as the upcoming SpaceX launch.</li>
</ul>


Fuji Electric's Ejector Cooling Machine said to cut server cooling power by 85%. Not getting anywhere near the attention it deserves at current levels. 
Fuji Electric a big underperformer vs it's closest peer Rohm with the 6504-6963 ratio at 2.58 (2.2std dev LTM) and lows not seen since the start of 2024.
New Glenn explosion continuing to weigh on Space sentiment, as well as the upcoming SpaceX launch.


Japan Morning Connection: Fuji Electric's Cooling System Launch Set to Put the Stock in Focus

External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

<ul><li>Equity Strategy Repricing the Risk; Potential Tactical Reliefs to Emerge.</li><li>JCI’s risk premium has reset higher on fiscal pressure, policy noise, negative sovereign outlooks, and MSCI deletions/ down-weight.</li><li>We see three ST potential tactical reliefs: foreign flow exhaustion, easing seasonal Rupiah pressure and the oil/war narrative peak. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Equity Strategy Repricing the Risk; Potential Tactical Reliefs to Emerge.JCI’s risk premium has reset higher on fiscal pressure, policy noise, negative sovereign outlooks, and MSCI deletions/ down-weight.We see three ST potential tactical reliefs: foreign flow exhaustion, easing seasonal Rupiah pressure and the oil/war narrative peak. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Equity Strategy: Repricing the Risk; Potential Tactical Reliefs to Emerge

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

<ul><li>Deep Isolation is applying oil &amp; gas field directional drilling technology to a problem the nuclear industry has been unable to solve since the 1980s. </li><li>The addressable market is $155 billion today and could reach $300 billion by 2050 as nuclear capacity expands. </li><li>There are ~90,000 tons of spent nuclear fuel sitting at reactor sites across the US alone and ~40 countries with nuclear power programs are actively engaged with Deep Isolation. </li></ul>

Deep Isolation is applying oil &amp; gas field directional drilling technology to a problem the nuclear industry has been unable to solve since the 1980s. The addressable market is $155 billion today and could reach $300 billion by 2050 as nuclear capacity expands. There are ~90,000 tons of spent nuclear fuel sitting at reactor sites across the US alone and ~40 countries with nuclear power programs are actively engaged with Deep Isolation. 

Podcast Recap (Deep Isolation Nuclear) : Isolated from Competition; Enriched with Opportunity

<ul><li>Record US crude oil exports filling the gap for global refiners. Crude exports from the US climbed to a record 5.6 million barrels per day in May (Figure 1) as the Iran war-related massive reduction in Middle East oil exports has increased US oil demand from Asian and European refiners. </li><li>Middle East oil exports have declined by 10+ million barrels per day since the start of the Iran war in late February. </li><li>Last month, US crude exports surpassed the previous 5.2 million barrels per day record set in April, as West Texas Intermediate (WTI) prices traded at a steep discount to Brent (~$9/barrel), the global benchmark, making it more economical for foreign buyers to purchase US oil ?to ship across the globe. </li></ul>

Record US crude oil exports filling the gap for global refiners. Crude exports from the US climbed to a record 5.6 million barrels per day in May (Figure 1) as the Iran war-related massive reduction in Middle East oil exports has increased US oil demand from Asian and European refiners. Middle East oil exports have declined by 10+ million barrels per day since the start of the Iran war in late February. Last month, US crude exports surpassed the previous 5.2 million barrels per day record set in April, as West Texas Intermediate (WTI) prices traded at a steep discount to Brent (~$9/barrel), the global benchmark, making it more economical for foreign buyers to purchase US oil ?to ship across the globe. 

Energy Roundup : No Iran War Peace Deal Yet While the Strait of Hormuz Remains Essentially Closed

Thematic (Sector/Industry)
Thematic (Sector/Industry) Insights

CardinalStone Research - Model Equity Portfolio - 1 June 2026

In the holiday-shortened week, the NGXASI closed on a positive note, returning 0.27% WoW to settle at 250,385.47 points.In comparison, the MEP...

CardinalStone

Japan Morning Connection: Fuji Electric's Cooling System Launch Set to Put the Stock in Focus

Fuji Electric's server cooling launch not getting the attention it deserves with the stock -17% from ATHs. Space related names continue to suffer...

Andrew Jackson

Equity Strategy: Repricing the Risk; Potential Tactical Reliefs to Emerge

We see JCI earnings-yield-to-bond spread of 242bps to have priced in a bear scenario. We revise FY26 JCI target to 7,200. Repricing the risk.

BRI Danareksa Research

Podcast Recap (Deep Isolation Nuclear) : Isolated from Competition; Enriched with Opportunity

Deep Isolation is applying oil & gas field directional drilling technology to a problem the nuclear industry has been unable to solve since the 1980s.

Water Tower Research

Energy Roundup : No Iran War Peace Deal Yet While the Strait of Hormuz Remains Essentially Closed

Record US crude oil exports filling the gap for global refiners. Crude exports from the US climbed to a record 5.6 million barrels per day in May...

Water Tower Research