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 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>Cement demand in Nigeria is projected to remain buoyantin the medium term, bolstered by aggressive governmental investment.</li><li>The Federal Government set aside N7.5 trillion for infrastructure in the 2025 budget (N6.0 trillion in the main budget and N1.5 trillion supplementary), up from N4.5 trillion in 2024 (N1.3 trillion in the main budget and N3.2 trillion supplementary).</li><li>The implementation of large-scale projects such as the Lagos-Calabar Coastal Highway and the Sokoto-Badagry Superhighway exemplifies this renewed emphasis on infrastructure. </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.

Cement demand in Nigeria is projected to remain buoyantin the medium term, bolstered by aggressive governmental investment.The Federal Government set aside N7.5 trillion for infrastructure in the 2025 budget (N6.0 trillion in the main budget and N1.5 trillion supplementary), up from N4.5 trillion in 2024 (N1.3 trillion in the main budget and N3.2 trillion supplementary).The implementation of large-scale projects such as the Lagos-Calabar Coastal Highway and the Sokoto-Badagry Superhighway exemplifies this renewed emphasis on infrastructure. 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 - Infrastructure Spend and Improved Margin Outlook Portend Medium-Term Growth

<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

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

<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

Lafarge Africa 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. Lafarge Africa serves customers in Nigeria and South Africa.

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Lafarge Africa (WAPCO NL)

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

Cement - Infrastructure Spend and Improved Margin Outlook Portend Medium-Term Growth

Cement demand in Nigeria is projected to remain buoyantin the medium term, bolstered by aggressive governmental investment.

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

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

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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