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

<ul><li>In its Q2'24/25 earnings, Guinness Nigeria Plc (GUINNESS) delivered its strongest quarterly performance in over a decade.</li><li>The strong performance was aided by easing cost inflation and reduced FX volatility, which we expect to positively cascade to other players in the sector in varying degrees.</li><li>Given these favourable dynamics, we have revised our 12-month Target Price ("TP") upward to N95.97 (from N85.69) while maintaining our BUY recommendation.</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 Q2'24/25 earnings, Guinness Nigeria Plc (GUINNESS) delivered its strongest quarterly performance in over a decade.The strong performance was aided by easing cost inflation and reduced FX volatility, which we expect to positively cascade to other players in the sector in varying degrees.Given these favourable dynamics, we have revised our 12-month Target Price ("TP") upward to N95.97 (from N85.69) while maintaining our BUY recommendation.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.

GUINNESS PLC - Earnings Recovery on the Cards

Thematic (Sector/Industry)

<ul><li>Last week, the NGXASI dipped further, shedding 0.14% WoW to settle at 143,520.53 points, extending its losing streak to a fifth consecutive week.</li><li>Similarly, the MEP also declined, shedding 0.05%, however, outperforming the benchmark index by 9bps.</li><li>On a YtD basis, the MEP remains ahead of the benchmark with a return of 42.27%, outperforming the NGXASI’s 39.44% by 283bps.</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 NGXASI dipped further, shedding 0.14% WoW to settle at 143,520.53 points, extending its losing streak to a fifth consecutive week.Similarly, the MEP also declined, shedding 0.05%, however, outperforming the benchmark index by 9bps.On a YtD basis, the MEP remains ahead of the benchmark with a return of 42.27%, outperforming the NGXASI’s 39.44% by 283bps.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 - 01 December 2025

<ul><li>In week 47, the domestic bourse closed lower for the fourth consecutive week, shedding 2.24% WoW to close at 143,722.62 points.</li><li>Similarly, the MEP had a weak outing, down by 2.35%, underperforming the benchmark index by 11bps.</li><li>However, on a YtD basis, the MEP remains ahead, returning 42.33% compared to the NGX ASI’s 39.64%, representing an outperformance of 269bps.</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 week 47, the domestic bourse closed lower for the fourth consecutive week, shedding 2.24% WoW to close at 143,722.62 points.Similarly, the MEP had a weak outing, down by 2.35%, underperforming the benchmark index by 11bps.However, on a YtD basis, the MEP remains ahead, returning 42.33% compared to the NGX ASI’s 39.64%, representing an outperformance of 269bps.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 - 24 November 2025

<ul><li>Last week, the domestic bourse extended its decline, with the benchmark NGX-ASI falling 1.68% WoW to close at 147,013.59 points.</li><li>Similarly, the MEP retreated by 1.86%, underperforming the benchmark index by 18bps.</li><li>Nevertheless, on a year-to-date basis, the MEP remains ahead, returning 45.75% compared to the NGX ASI’s 42.83%, representing an outperformance of 292bps.</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 domestic bourse extended its decline, with the benchmark NGX-ASI falling 1.68% WoW to close at 147,013.59 points.Similarly, the MEP retreated by 1.86%, underperforming the benchmark index by 18bps.Nevertheless, on a year-to-date basis, the MEP remains ahead, returning 45.75% compared to the NGX ASI’s 42.83%, representing an outperformance of 292bps.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 - 17 November 2025

<ul><li>Last week, the local bourse continued its bearish momentum as the benchmark index depreciated by 2.99% WoW.</li><li>In a similar fashion, the MEP declined by 2.83%, slightly outperforming the market by 0.15%.</li><li>Year-to-date, the MEP has returned 48.21%, while the NGX-ASI has returned 45.27%, outperforming by 3.24%.</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 continued its bearish momentum as the benchmark index depreciated by 2.99% WoW.In a similar fashion, the MEP declined by 2.83%, slightly outperforming the market by 0.15%.Year-to-date, the MEP has returned 48.21%, while the NGX-ASI has returned 45.27%, outperforming by 3.24%.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 - 10 November 2025

Nigeria

Guinness Nigeria Plc brews beer. The Company further packages and markets beverages such as Guinness Stout, Malta Guinness, Harp larger and Gordon's Spark.

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Guinness Nigeria (GUINNESS NL)

GUINNESS PLC - Earnings Recovery on the Cards

Given these favourable dynamics, we have revised our 12-month Target Price ("TP") upward to N95.97 (from N85.69) while maintaining our BUY...

CardinalStone

CardinalStone Research - Model Equity Portfolio - 01 December 2025

Last week, the NGXASI dipped further, shedding 0.14% WoW to settle at 143,520.53 points, extending its losing streak to a fifth consecutive week.

CardinalStone

CardinalStone Research - Model Equity Portfolio - 24 November 2025

In week 47, the domestic bourse closed lower for the fourth consecutive week, shedding 2.24% WoW to close at 143,722.62 points. Similarly, the MEP...

CardinalStone

CardinalStone Research - Model Equity Portfolio - 17 November 2025

Last week, the domestic bourse extended its decline, with the benchmark NGX-ASI falling 1.68% WoW to close at 147,013.59 points.

CardinalStone

CardinalStone Research - Model Equity Portfolio - 10 November 2025

Last week, the local bourse continued its bearish momentum as the benchmark index depreciated by 2.99% WoW. In a similar fashion, the MEP declined...

CardinalStone

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