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 bourse advanced by 48 bps, while the MEP gained 52 bps, outperforming the benchmark index by 4 bps.</li><li>Year-to-date, the MEP has returned 33.48%, compared to the NGX-ASI’s return of 31.16%, resulting in an outperformance of 232 bps.</li><li>The MEP's strong performance was primarily driven by renewed interest in TRANSPOWER (+19.29% WoW), which contributed 39 bps to the portfolio, and a rebound in OANDO (+10.00% WoW), adding 20 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, the local bourse advanced by 48 bps, while the MEP gained 52 bps, outperforming the benchmark index by 4 bps.Year-to-date, the MEP has returned 33.48%, compared to the NGX-ASI’s return of 31.16%, resulting in an outperformance of 232 bps.The MEP's strong performance was primarily driven by renewed interest in TRANSPOWER (+19.29% WoW), which contributed 39 bps to the portfolio, and a rebound in OANDO (+10.00% WoW), adding 20 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 - 21st October 2024

<ul><li>Last week, the domestic bourse recovered marginally as it advanced by 0.09%, while the MEP gained 0.37%, outperforming the market by 28bps.</li><li>On a year-to-date basis, the MEP has returned 32.79%, while the NGX-ASI has returned 30.54%.</li><li>The MEP's outperformance was primarily driven by the strong overweight position in SEPLAT, which added 57bps to the portfolio's performance, along with the overweight position in FIDELITYBK, which contributed 14bps. </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 recovered marginally as it advanced by 0.09%, while the MEP gained 0.37%, outperforming the market by 28bps.On a year-to-date basis, the MEP has returned 32.79%, while the NGX-ASI has returned 30.54%.The MEP's outperformance was primarily driven by the strong overweight position in SEPLAT, which added 57bps to the portfolio's performance, along with the overweight position in FIDELITYBK, which contributed 14bps. 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 - 14th October 2024

<ul><li>Last week, the domestic bourse dipped by 0.95%, ending 3 consecutive weekly gains, while the MEP gained 0.13%, outperforming the benchmark by 108bps.</li><li>Year-to-date, the MEP has returned 32.31% vs the NGX-ASI return of 30.42%, outperforming by 189bps.</li><li>The MEP's outperformance was primarily driven by the strong overweight position in SEPLAT, which added 194bps to the portfolio's performance.</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 dipped by 0.95%, ending 3 consecutive weekly gains, while the MEP gained 0.13%, outperforming the benchmark by 108bps.Year-to-date, the MEP has returned 32.31% vs the NGX-ASI return of 30.42%, outperforming by 189bps.The MEP's outperformance was primarily driven by the strong overweight position in SEPLAT, which added 194bps to the portfolio's performance.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 - 7th October 2024

<ul><li>The topline performance for the cement industry in H2'24 is biased to the upside, as public sector demand remains robust, stemming from the Renewed Hope Infrastructure Development Fund (RHIDF) and other government-led infrastructure projects.</li><li>In addition, the elevated pricing environment will serve as an accretive benefit.</li><li>Elsewhere, with severe cost pressures projected to linger in 2024 due to higher energy &amp; haulage costs, FX losses, and reversion to a higher effective tax rate for cement players, margins are likely to be pressured.</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 topline performance for the cement industry in H2'24 is biased to the upside, as public sector demand remains robust, stemming from the Renewed Hope Infrastructure Development Fund (RHIDF) and other government-led infrastructure projects.In addition, the elevated pricing environment will serve as an accretive benefit.Elsewhere, with severe cost pressures projected to linger in 2024 due to higher energy &amp; haulage costs, FX losses, and reversion to a higher effective tax rate for cement players, margins are likely to be pressured.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.

Cement - Public Demand to Boost Topline Amid Cost Pressures

External broker reports(aggregated public sources), Topline Securities

Topline Securities

Topline Securities is one of the fastest growing brokerage houses in Pakistan. It has strong equity brokerage, economic / equity research, mutual fund distribution, commodity trading and corporate finance & advisory functions. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Event-Driven

<ul><li>Maple Leaf Cement (MLCF) in a notice today to exchange has announced the possible acquisition of Pioneer Cement (PIOC).</li><li>Currently, MLCF, together with Maple Leaf Capital (MLCL), currently owns 18.6% of PIOC. While Habibullah group owns around 58% of the company through multiple holdings. While remaining stake is with general public.</li><li>If the acquisition proceeds, MLCF’s total capacity and market position will be significantly enhanced to 13.02mn tons from current 8mn tons as PIOC has the capacity of 5.2mn tons. The capacity-based market share of the company in north region will increase from 12% to 19%.</li></ul>

Maple Leaf Cement (MLCF) in a notice today to exchange has announced the possible acquisition of Pioneer Cement (PIOC).Currently, MLCF, together with Maple Leaf Capital (MLCL), currently owns 18.6% of PIOC. While Habibullah group owns around 58% of the company through multiple holdings. While remaining stake is with general public.If the acquisition proceeds, MLCF’s total capacity and market position will be significantly enhanced to 13.02mn tons from current 8mn tons as PIOC has the capacity of 5.2mn tons. The capacity-based market share of the company in north region will increase from 12% to 19%.

Topline Flash Note: Maple Leaf Cement (MLCF) - MLCF Likely Acquisition of PIOC; Maple to Become Second Largest Cement Player in North

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.

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Hbm Nigeria (HBMNG NL)

CardinalStone Research - Model Equity Portfolio - 21st October 2024

Year-to-date, the MEP has returned 33.48%, compared to the NGX-ASI’s return of 31.16%, resulting in an outperformance of 232 bps.

CardinalStone

CardinalStone Research - Model Equity Portfolio - 14th October 2024

Last week, the domestic bourse recovered marginally as it advanced by 0.09%, while the MEP gained 0.37%, outperforming the market by 28bps.

CardinalStone

CardinalStone Research - Model Equity Portfolio - 7th October 2024

Last week, the domestic bourse dipped by 0.95%, ending 3 consecutive weekly gains, while the MEP gained 0.13%, outperforming the benchmark by 108bps.

CardinalStone

Cement - Public Demand to Boost Topline Amid Cost Pressures

The topline performance for the cement industry in H2'24 is biased to the upside, as public sector demand remains robust, stemming from the Renewed...

CardinalStone

Topline Flash Note: Maple Leaf Cement (MLCF) - MLCF Likely Acquisition of PIOC; Maple to Become Second Largest Cement Player in North

Maple Leaf Cement (MLCF) in a notice today to exchange has announced the possible acquisition of Pioneer Cement (PIOC). Currently, MLCF, together...

Topline Securities

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