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.

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<ul><li>We retain an optimistic view for FIRSTHOLDCO’s Net-Interest Income (NII), revising our FY’25 estimates upward by 15.5%.</li><li>This revision was prompted by the notably strength in FIRSTHOLDCO’s NIM, maintaining its upward trajectory (+1.3 ppts YtD to 11.3% in 9M’25).</li><li>Precisely, NII is expected to reach N2.0 trillion and serve as the key driver for the upward revision of our PAT forecast to N623.9 billion (from N540.2 billion previously).</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.

We retain an optimistic view for FIRSTHOLDCO’s Net-Interest Income (NII), revising our FY’25 estimates upward by 15.5%.This revision was prompted by the notably strength in FIRSTHOLDCO’s NIM, maintaining its upward trajectory (+1.3 ppts YtD to 11.3% in 9M’25).Precisely, NII is expected to reach N2.0 trillion and serve as the key driver for the upward revision of our PAT forecast to N623.9 billion (from N540.2 billion previously).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.

FIRST HOLDCO PLC - Positive Re-Rating Backed by Real Earnings Strength

<ul><li>In its unaudited 9M’25 financial results, First Holdco Plc (NGX: FIRSTHOLDCO; TP: N35.31) delivered a softer earnings performance, as profitability weakened despite strong growth in core banking income.</li><li>Specifically, Profit Before Tax (PBT) declined by 7.3% YoY to N556.5 billion, while Profit After Tax (PAT) fell by 15.5% YoY to N450.9 billion.</li><li>The underwhelming performance was largely driven by the double-whammy of a steep drop in Non-Interest Revenue (NIR) and a sharp rise in impairment charges, which together offset the solid expansion in Net Interest Income (NII) during the period.</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 its unaudited 9M’25 financial results, First Holdco Plc (NGX: FIRSTHOLDCO; TP: N35.31) delivered a softer earnings performance, as profitability weakened despite strong growth in core banking income.Specifically, Profit Before Tax (PBT) declined by 7.3% YoY to N556.5 billion, while Profit After Tax (PAT) fell by 15.5% YoY to N450.9 billion.The underwhelming performance was largely driven by the double-whammy of a steep drop in Non-Interest Revenue (NIR) and a sharp rise in impairment charges, which together offset the solid expansion in Net Interest Income (NII) during the period.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.

FIRSTHOLDCO - Weaker NIR, Higher Impairments Weigh on 9M'25 Earnings

<ul><li>First Holdco Plc (NGX: FIRSTHOLDCO – TP: UR)* reported a weaker earnings performance in its unaudited H1’25 results, as profitability declined despite solid growth in core banking income.</li><li>Specifically, PBT declined by 13.6% YoY to N356.1 billion, while PAT contracted by 21.2% YoY to N283.8 billion.</li><li>The earnings underperformance was primarily driven by a steep decline in non-interest revenue (NIR) and a sharp increase in impairment charges, which offset gains from robust net interest income (NII).</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.

First Holdco Plc (NGX: FIRSTHOLDCO – TP: UR)* reported a weaker earnings performance in its unaudited H1’25 results, as profitability declined despite solid growth in core banking income.Specifically, PBT declined by 13.6% YoY to N356.1 billion, while PAT contracted by 21.2% YoY to N283.8 billion.The earnings underperformance was primarily driven by a steep decline in non-interest revenue (NIR) and a sharp increase in impairment charges, which offset gains from robust net interest income (NII).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.

First Holdco Plc - Weaker NIR and Credit Losses Undermine H1’25 Earnings

<ul><li>For FY'25, we maintain the view that FIRSTHOLDCO's earnings dynamics will highlight the rising shift towards interest income.</li><li>This tilt should reflect sustained increases in interest-earning assets amid the elevated yield environment.</li><li>The improvement in interest income is expected to flow through to Net Interest Income (NII)— assuaging pressures from interest expenses and softening the impact of the material contraction in non-interest revenue (NIR) as FX-induced gains on derivative holdings wanes.</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.

For FY'25, we maintain the view that FIRSTHOLDCO's earnings dynamics will highlight the rising shift towards interest income.This tilt should reflect sustained increases in interest-earning assets amid the elevated yield environment.The improvement in interest income is expected to flow through to Net Interest Income (NII)— assuaging pressures from interest expenses and softening the impact of the material contraction in non-interest revenue (NIR) as FX-induced gains on derivative holdings wanes.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.

First Holdco Plc - Positive Earnings Outlook Drive Stock Re-Rating

<ul><li>First Holdco Plc (FIRSTHOLDCO: TP – N27.58) reported a 17.9% YoY decline in profit after tax (PAT) to N167.4 billion, in its unaudited Q1’25 results.</li><li>The performance was primarily weighed down by a sharp contraction in non-interest revenue (NIR), which offset the strong growth recorded in net-interest income (NII) and limited the expansion of gross earnings.</li><li>Furthermore, significant increases in operating expenses (OPEX) offset the gains from lower impairment charges, further pressuring net income.</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.

First Holdco Plc (FIRSTHOLDCO: TP – N27.58) reported a 17.9% YoY decline in profit after tax (PAT) to N167.4 billion, in its unaudited Q1’25 results.The performance was primarily weighed down by a sharp contraction in non-interest revenue (NIR), which offset the strong growth recorded in net-interest income (NII) and limited the expansion of gross earnings.Furthermore, significant increases in operating expenses (OPEX) offset the gains from lower impairment charges, further pressuring net income.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.

First Holdco Plc - PAT Moderates as NIR Weakens

Nigeria

First HoldCo Plc operates as a holding company. The Company, through its subsidiaries, provides offers merchant, investment banking, trusteeship, fund management, registrars, and advisory services, as well as sells insurance policies and mortgages via subsidiary companies. First HoldCo serves customers in Nigeria.

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First HoldCo (FIRSTHLD NL)

FIRST HOLDCO PLC - Positive Re-Rating Backed by Real Earnings Strength

This revision was prompted by the notably strength in FIRSTHOLDCO’s NIM, maintaining its upward trajectory (+1.3 ppts YtD to 11.3% in 9M’25).

CardinalStone

FIRSTHOLDCO - Weaker NIR, Higher Impairments Weigh on 9M'25 Earnings

First Holdco Plc (NGX: FIRSTHOLDCO; TP: N35.31) delivered a softer earnings performance, as profitability weakened despite strong growth in core...

CardinalStone

First Holdco Plc - Weaker NIR and Credit Losses Undermine H1’25 Earnings

First Holdco Plc (NGX: FIRSTHOLDCO – TP: UR)* reported a weaker earnings performance in its unaudited H1’25 results, as profitability declined...

CardinalStone

First Holdco Plc - Positive Earnings Outlook Drive Stock Re-Rating

For FY'25, we maintain the view that FIRSTHOLDCO's earnings dynamics will highlight the rising shift towards interest income.

CardinalStone

First Holdco Plc - PAT Moderates as NIR Weakens

First Holdco Plc (FIRSTHOLDCO: TP – N27.58) reported a 17.9% YoY decline in profit after tax (PAT) to N167.4 billion, in its unaudited Q1’25 results.

CardinalStone

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