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.

Equity Bottom-Up

Dangote Sugar Refinery / Equity Bottom-Up

<ul><li>Dangote Sugar Refinery (NGX: DANGSUGAR, TP: UR*) reported an improved performance in its unaudited 9M’25 as its loss position declined to N10.6 billion (vs a loss of N24.3 billion in H1’25 and N184.4 billion in 9M’24 ) on the back of lower cost of sales and FX gain.</li><li>Revenue rose by 29.3% YoY, supported by strong sales across key product segments. Notably, Sales of 50kg sugar, retail sugar and molasses grew by 30.1% YoY, 5.1% YoY and 13.4% YoY, respectively.</li><li>Meanwhile, the cost of sales rose by 15.4% YoY, resulting in a gross margin improvement to 14.4% (vs what before). Consequently, gross profit surged by 354.4% YoY to N90.1 billion.</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.

Dangote Sugar Refinery (NGX: DANGSUGAR, TP: UR*) reported an improved performance in its unaudited 9M’25 as its loss position declined to N10.6 billion (vs a loss of N24.3 billion in H1’25 and N184.4 billion in 9M’24 ) on the back of lower cost of sales and FX gain.Revenue rose by 29.3% YoY, supported by strong sales across key product segments. Notably, Sales of 50kg sugar, retail sugar and molasses grew by 30.1% YoY, 5.1% YoY and 13.4% YoY, respectively.Meanwhile, the cost of sales rose by 15.4% YoY, resulting in a gross margin improvement to 14.4% (vs what before). Consequently, gross profit surged by 354.4% YoY to N90.1 billion.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.

DANGSUGAR - Lower Cost of Sales and FX Gain Support Earnings in 9M’25

Thematic (Sector/Industry)

<ul><li>Last week, bearish sentiments prevailed, with the benchmark index declining by 1.65% WoW to settle at 232,049.02 points.</li><li>The MEP declined by a milder 1.07%, outperforming the benchmark by 58bps.</li><li>The MEP’s Ytd return moderated to 53.74%, however, it maintains its lead over the ASI’s YtD return of 49.12% by 462 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.

Last week, bearish sentiments prevailed, with the benchmark index declining by 1.65% WoW to settle at 232,049.02 points.The MEP declined by a milder 1.07%, outperforming the benchmark by 58bps.The MEP’s Ytd return moderated to 53.74%, however, it maintains its lead over the ASI’s YtD return of 49.12% by 462 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 -  29 June 2026

<ul><li>Last week, the NGX traded bearish, with the ASI declining by 3.59% WoW to settle at 235,941.27 points.</li><li>In comparison, the MEP lost 3.93% WoW, underperforming the ASI by 34bps.</li><li>Notwithstanding, the MEP’s YTD return of 55.42% remains 380bps ahead of the ASI’s 51.62% YTD 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 NGX traded bearish, with the ASI declining by 3.59% WoW to settle at 235,941.27 points.In comparison, the MEP lost 3.93% WoW, underperforming the ASI by 34bps.Notwithstanding, the MEP’s YTD return of 55.42% remains 380bps ahead of the ASI’s 51.62% YTD 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 - 22 June 2026

<ul><li>Last week, the NGX closed on a positive note, with the ASI gaining 0.56% WoW to settle at 244,738.74 points.</li><li>In comparison, the MEP gained 1.03% WoW, outperforming the ASI by 47bps.</li><li>YtD, the MEP's return of 61.86% is 459bps ahead of the ASI’s return of 57.27%.</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 NGX closed on a positive note, with the ASI gaining 0.56% WoW to settle at 244,738.74 points.In comparison, the MEP gained 1.03% WoW, outperforming the ASI by 47bps.YtD, the MEP's return of 61.86% is 459bps ahead of the ASI’s return of 57.27%.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 - 15 June 2026

<ul><li>The local bourse closed the week on a bearish note, with the benchmark index losing 0.25% WoW to settle at 249,712.37 points.</li><li>On the other hand, the MEP lost 0.15% WoW, outperforming the NGXASI by 10bps.</li><li>Year-to-date, the MEP has delivered a 65.17% YtD return, outperforming the NGXASI’s 60.47% return by 4.70%.</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 closed the week on a bearish note, with the benchmark index losing 0.25% WoW to settle at 249,712.37 points.On the other hand, the MEP lost 0.15% WoW, outperforming the NGXASI by 10bps.Year-to-date, the MEP has delivered a 65.17% YtD return, outperforming the NGXASI’s 60.47% return by 4.70%.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 May 2026

Nigeria

Dangote Sugar Refinery PLC produces, refines, packages, and sells granulated raw white sugar domestically and regionally in Africa. The Company also plans to increase international focus.

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Dangote Sugar Refinery (DANGSUGA NL)

DANGSUGAR - Lower Cost of Sales and FX Gain Support Earnings in 9M’25

Revenue rose by 29.3% YoY, supported by strong sales across key product segments. Notably, Sales of 50kg sugar, retail sugar and molasses grew by...

CardinalStone

CardinalStone Research - Model Equity Portfolio - 29 June 2026

Last week, bearish sentiments prevailed, with the benchmark index declining by 1.65% WoW to settle at 232,049.02 points.The MEP declined by a...

CardinalStone

CardinalStone Research - Model Equity Portfolio - 22 June 2026

Last week, the NGX traded bearish, with the ASI declining by 3.59% WoW to settle at 235,941.27 points.In comparison, the MEP lost 3.93% WoW,...

CardinalStone

CardinalStone Research - Model Equity Portfolio - 15 June 2026

Last week, the NGX closed on a positive note, with the ASI gaining 0.56% WoW to settle at 244,738.74 points. In comparison, the MEP gained 1.03%...

CardinalStone

CardinalStone Research - Model Equity Portfolio - 25 May 2026

The local bourse closed the week on a bearish note, with the benchmark index losing 0.25% WoW to settle at 249,712.37 points.

CardinalStone

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