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 local equities market (NGX-ASI) closed bearish, down 0.97% WoW to 248,363.55 points.</li><li>Similarly, the MEP declined by 0.99% WoW, underperforming the NGX-ASI by 2bps.</li><li>YtD, the MEP has returned 68.04%—844bps ahead of the ASI’s YtD return of 59.60%.</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 equities market (NGX-ASI) closed bearish, down 0.97% WoW to 248,363.55 points.Similarly, the MEP declined by 0.99% WoW, underperforming the NGX-ASI by 2bps.YtD, the MEP has returned 68.04%—844bps ahead of the ASI’s YtD return of 59.60%.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 - 12 October 2026

<ul><li>Ahead of the release of Q3’26 (July through September) financial results, we highlight our broad earnings expectations for stocks under our coverage.</li><li>The quarter was characterised by stronger domestic economic activity, sustained disinflation and relative Naira stability, with the CBN's September rate cut marking a turn in the monetary policy cycle.</li><li>Disinflation and Naira stability should support consumer demand and contain costs in Q3.</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.

Ahead of the release of Q3’26 (July through September) financial results, we highlight our broad earnings expectations for stocks under our coverage.The quarter was characterised by stronger domestic economic activity, sustained disinflation and relative Naira stability, with the CBN's September rate cut marking a turn in the monetary policy cycle.Disinflation and Naira stability should support consumer demand and contain costs in Q3.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 - Q3'26 Earnings Preview - Resilient Growth, Uneven Margins

Equity Bottom-Up

<ul><li>HBM Nigeria Plc (NGX: HBMNG) sustained its earnings momentum in H1'26, with cement volumes rising 9.9% YoY to 3.5MT on the back of resilient private and public sector demand.</li><li>Price increases effected at the end of Q1'26 provided further support, lifting realised revenue per tonne 19.4% YoY, while cost discipline kept the spread between pricing and cash cost widening.</li><li>We expect these drivers to carry through FY'26, lifting margins and resulting in an EPS of N28.43 (+67.7% YoY).</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.

HBM Nigeria Plc (NGX: HBMNG) sustained its earnings momentum in H1'26, with cement volumes rising 9.9% YoY to 3.5MT on the back of resilient private and public sector demand.Price increases effected at the end of Q1'26 provided further support, lifting realised revenue per tonne 19.4% YoY, while cost discipline kept the spread between pricing and cash cost widening.We expect these drivers to carry through FY'26, lifting margins and resulting in an EPS of N28.43 (+67.7% YoY).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.

HBMNG - TP Ugrade on Stronger Pricing Amid Dividend Surprise

<ul><li>HBM Nigeria Plc (NGX: HBMNG; TP: UR*) delivered a strong H1’26 performance, with EPS up 57.0% YoY to N12.93.</li><li>Earnings growth was driven by revenue expansion that outpaced cost increases, further supported by a sharp increase in net finance income.</li><li>Revenue grew 31.2% YoY to N678.4 billion, driven by a 9.9% rise in volumes sold (to 3.50Mt) and a 19.5% increase in average revenue per tonne (to N193,832).</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.

HBM Nigeria Plc (NGX: HBMNG; TP: UR*) delivered a strong H1’26 performance, with EPS up 57.0% YoY to N12.93.Earnings growth was driven by revenue expansion that outpaced cost increases, further supported by a sharp increase in net finance income.Revenue grew 31.2% YoY to N678.4 billion, driven by a 9.9% rise in volumes sold (to 3.50Mt) and a 19.5% increase in average revenue per tonne (to N193,832).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.

Earnings Update - HBMNG - Pricing Gains and Interest Income Drive H1’26 Earnings Performance

<ul><li>Lafarge Africa Plc (NGX WAPCO) maintained a favourable earnings momentum in Q1'26, partly benefiting from strong private and public sector demand, which drove cement volumes 10.9% higher YoY to 1.8MT.</li><li>In addition, the bottom line was supported by favourable prices, strong emphasis on cost discipline, and sustainability initiatives.</li><li>The impact of continued plant optimisation, favourable demand, and higher prices should continue to support performance in FY'26 (EPS: +58.3% YoY N26.84).</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.

Lafarge Africa Plc (NGX WAPCO) maintained a favourable earnings momentum in Q1'26, partly benefiting from strong private and public sector demand, which drove cement volumes 10.9% higher YoY to 1.8MT.In addition, the bottom line was supported by favourable prices, strong emphasis on cost discipline, and sustainability initiatives.The impact of continued plant optimisation, favourable demand, and higher prices should continue to support performance in FY'26 (EPS: +58.3% YoY N26.84).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.

WAPCO - Buoyant Demand and Cost Efficiencies Drive TP Upgrade

Nigeria

Hbm Nigeria PLC provides cement products and solutions. The Company offers concrete, aggregates, admixture, store fronts, and other relates products, as well as building and construction materials for landmark projects. Hbm Nigeria serves customers in Nigeria and South Africa.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Hbm Nigeria (HBMNG NL)

CardinalStone Research - Model Equity Portfolio - 12 October 2026

Last week, the local equities market (NGX-ASI) closed bearish, down 0.97% WoW to 248,363.55 points.Similarly, the MEP declined by 0.99% WoW,...

CardinalStone

CardinalStone Research - Q3'26 Earnings Preview - Resilient Growth, Uneven Margins

Ahead of the release of Q3’26 (July through September) financial results, we highlight our broad earnings expectations for stocks under our coverage.

CardinalStone

HBMNG - TP Ugrade on Stronger Pricing Amid Dividend Surprise

HBM Nigeria Plc (NGX: HBMNG) sustained its earnings momentum in H1'26, with cement volumes rising 9.9% YoY to 3.5MT on the back of resilient...

CardinalStone

Earnings Update - HBMNG - Pricing Gains and Interest Income Drive H1’26 Earnings Performance

HBM Nigeria Plc (NGX: HBMNG; TP: UR*) delivered a strong H1’26 performance, with EPS up 57.0% YoY to N12.93. Earnings growth was driven by revenue...

CardinalStone

WAPCO - Buoyant Demand and Cost Efficiencies Drive TP Upgrade

The impact of continued plant optimisation, favourable demand, and higher prices should continue to support performance in FY'26 (EPS: +58.3% YoY...

CardinalStone

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)