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>Last week, the benchmark index (NGXASI) fell 0.50% WoW to 140,295.49 points, marking its third consecutive week of losses.</li><li>The MEP also declined, shedding 0.75% and underperforming the benchmark by 25bps.</li><li>Nonetheless, on a year-to-date basis, the MEP remains ahead with a return of +38.66% versus the NGXASI’s +36.31%, maintaining an outperformance of 235bps.</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.

Last week, the benchmark index (NGXASI) fell 0.50% WoW to 140,295.49 points, marking its third consecutive week of losses.The MEP also declined, shedding 0.75% and underperforming the benchmark by 25bps.Nonetheless, on a year-to-date basis, the MEP remains ahead with a return of +38.66% versus the NGXASI’s +36.31%, maintaining an outperformance of 235bps.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 September 2025

Macroeconomics

<ul><li>Last week, the local bourse extended its bearish run as the benchmark index fell by 2.51% WoW.</li><li>Meanwhile, the MEP declined by 2.28% WoW, outperforming the benchmark index by 22bps.</li><li>On a year-to-date basis, the MEP has gained 39.71%, ahead of the ASI’s 37.00% return.</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.

Last week, the local bourse extended its bearish run as the benchmark index fell by 2.51% WoW.Meanwhile, the MEP declined by 2.28% WoW, outperforming the benchmark index by 22bps.On a year-to-date basis, the MEP has gained 39.71%, ahead of the ASI’s 37.00% return.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 - 25 Aug 2025

<ul><li>The local bourse retreated last week, with the benchmark index declining 77bps WoW to close at 144,628.20 points.</li><li>In comparison, the MEP lost 79 bps WoW, underperforming the benchmark index by 2 bps.</li><li>The MEP YtD return moderated to 42.98%, but still maintained its lead over the ASI's 40.52% return by 246 bps</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.

The local bourse retreated last week, with the benchmark index declining 77bps WoW to close at 144,628.20 points.In comparison, the MEP lost 79 bps WoW, underperforming the benchmark index by 2 bps.The MEP YtD return moderated to 42.98%, but still maintained its lead over the ASI's 40.52% return by 246 bpsContent 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 - 18 Aug 2025

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Foxconn Industrial Internet / Technical Analysis

<ul>
<li>We remain near-term bullish SPX and ACWI since 4/22/25, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.</li>
<li>We discussed in our July 31, 2025 Int'l Compass how $128, $125-$126, and $123-$123.50 were short-term supports to watch on ACWI-US, and ACWI-US found support at $128 the next day.</li>
<li>Europe (EURO STOXX 50) is the last of the major countries (from a global market cap perspective) to break out; we expect it to be next</li>
</ul>


We remain near-term bullish SPX and ACWI since 4/22/25, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.
We discussed in our July 31, 2025 Int'l Compass how $128, $125-$126, and $123-$123.50 were short-term supports to watch on ACWI-US, and ACWI-US found support at $128 the next day.
Europe (EURO STOXX 50) is the last of the major countries (from a global market cap perspective) to break out; we expect it to be next


Europe Next to Break Out?; Bullish Outlook Intact; Remain Overweight Korea, Greece, and the U.S.

<ul><li>The local bourse continued its bullish run last week, gaining 3.18% WoW to close at 145,754.91 points.</li><li>In comparison, the MEP gained 2.20% WoW, underperforming the benchmark index by 0.98%.</li><li>Albeit, the MEP’s YtD return improved to 44.11%, maintaining its lead over the ASI’s YtD return of 41.61% by 250bps.</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.

The local bourse continued its bullish run last week, gaining 3.18% WoW to close at 145,754.91 points.In comparison, the MEP gained 2.20% WoW, underperforming the benchmark index by 0.98%.Albeit, the MEP’s YtD return improved to 44.11%, maintaining its lead over the ASI’s YtD return of 41.61% by 250bps.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 Model Equity Portfolio - S3:Ep31 - 11-08-25

United Kingdom

Airtel Africa Plc provides telecommunications and mobile money services across 14 countries in Africa, primarily in East, Central, and West Africa. The company offers a range of services including prepaid and postpaid wireless voice, 2G, 3G, 4G, and 5G data services, mobile money, international roaming, and fixed-line telephony. It is headquartered in London, England, and was founded on June 8, 2010.

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Airtel Africa (AAF LN)

CardinalStone Research - Model Equity Portfolio - 1 September 2025

Last week, the benchmark index (NGXASI) fell 0.50% WoW to 140,295.49 points, marking its third consecutive week of losses.

CardinalStone

CardinalStone Research - Model Equity Portfolio - 25 Aug 2025

Last week, the local bourse extended its bearish run as the benchmark index fell by 2.51% WoW. Meanwhile, the MEP declined by 2.28% WoW,...

CardinalStone

CardinalStone Research - Model Equity Portfolio - 18 Aug 2025

The local bourse retreated last week, with the benchmark index declining 77bps WoW to close at 144,628.20 points. In comparison, the MEP lost 79...

CardinalStone

Europe Next to Break Out?; Bullish Outlook Intact; Remain Overweight Korea, Greece, and the U.S.

Europe Next to Break Out?; China and Japan Remain Attractive and a big focus since our July 3rd report titled "China and Japan Breaking Out;"...

Vermilion Research

CardinalStone Model Equity Portfolio - S3:Ep31 - 11-08-25

The local bourse continued its bullish run last week, gaining 3.18% WoW to close at 145,754.91 points. In comparison, the MEP gained 2.20% WoW...

CardinalStone

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