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 benchmark index (NGXASI) fell 0.50% WoW to 140,295.49 points, marking its third consecutive week of losses.</li><li>The MEP also declined, shedding 0.75% and underperforming the benchmark by 25bps.</li><li>Nonetheless, on a year-to-date basis, the MEP remains ahead with a return of +38.66% versus the NGXASI’s +36.31%, maintaining an outperformance of 235bps.</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 benchmark index (NGXASI) fell 0.50% WoW to 140,295.49 points, marking its third consecutive week of losses.The MEP also declined, shedding 0.75% and underperforming the benchmark by 25bps.Nonetheless, on a year-to-date basis, the MEP remains ahead with a return of +38.66% versus the NGXASI’s +36.31%, maintaining an outperformance of 235bps.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 - 1 September 2025

Macroeconomics

<ul><li>Last week, the local bourse extended its bearish run as the benchmark index fell by 2.51% WoW.</li><li>Meanwhile, the MEP declined by 2.28% WoW, outperforming the benchmark index by 22bps.</li><li>On a year-to-date basis, the MEP has gained 39.71%, ahead of the ASI’s 37.00% return.</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 extended its bearish run as the benchmark index fell by 2.51% WoW.Meanwhile, the MEP declined by 2.28% WoW, outperforming the benchmark index by 22bps.On a year-to-date basis, the MEP has gained 39.71%, ahead of the ASI’s 37.00% return.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 - 25 Aug 2025

<ul><li>The local bourse retreated last week, with the benchmark index declining 77bps WoW to close at 144,628.20 points.</li><li>In comparison, the MEP lost 79 bps WoW, underperforming the benchmark index by 2 bps.</li><li>The MEP YtD return moderated to 42.98%, but still maintained its lead over the ASI's 40.52% return by 246 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.

The local bourse retreated last week, with the benchmark index declining 77bps WoW to close at 144,628.20 points.In comparison, the MEP lost 79 bps WoW, underperforming the benchmark index by 2 bps.The MEP YtD return moderated to 42.98%, but still maintained its lead over the ASI's 40.52% return by 246 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 - 18 Aug 2025

<ul><li>The local bourse continued its bullish run last week, gaining 3.18% WoW to close at 145,754.91 points.</li><li>In comparison, the MEP gained 2.20% WoW, underperforming the benchmark index by 0.98%.</li><li>Albeit, the MEP’s YtD return improved to 44.11%, maintaining its lead over the ASI’s YtD return of 41.61% by 250bps.</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 local bourse continued its bullish run last week, gaining 3.18% WoW to close at 145,754.91 points.In comparison, the MEP gained 2.20% WoW, underperforming the benchmark index by 0.98%.Albeit, the MEP’s YtD return improved to 44.11%, maintaining its lead over the ASI’s YtD return of 41.61% by 250bps.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 Model Equity Portfolio - S3:Ep31 - 11-08-25

Independent Investment Research, The IDEA!

The IDEA!

Independent Investment Research

The Idea-Driven Equities Analyses company (the IDEA!) is an employee-owned boutique providing independent investment research and financial consultancy services with a clear focus on the Benelux countries. The company was founded in the summer of 2007 by Henk Slotboom and Maarten Verbeek, both with more than 35 years of professional experience in the financial sector. The IDEA! differentiates itself by focusing on adding value through self-initiated in-depth, idea-driven investment research, as well as by bespoke research assignments for institutional investors, hedge funds and private equity. In addition, we provide market intelligence, strategic research and – together with our business partners – consultancy services to businesses. In case you are interested in receiving more information, a sample of our products or an introductory meeting, please send a message to info@theidea.nl.

Equity Bottom-Up

Axalta Coating Systems / Equity Bottom-Up

<ul><li>In this edition: • AkzoNobel | UK antitrust authority launches phase 1 investigation re proposed merger • a.s.r. Nederland / NN Group | Athora: EUR 5.7bn in pension buy-outs so far this year • Unilever | sells Zwitsal to Royal Sanders • Dutch telcos | DELTA Fiber opens new growth avenue through Open Dutch Fiber • Allegro | post earnings call comment</li></ul>

In this edition: • AkzoNobel | UK antitrust authority launches phase 1 investigation re proposed merger • a.s.r. Nederland / NN Group | Athora: EUR 5.7bn in pension buy-outs so far this year • Unilever | sells Zwitsal to Royal Sanders • Dutch telcos | DELTA Fiber opens new growth avenue through Open Dutch Fiber • Allegro | post earnings call comment

Axalta Coating Systems Ltd - What's News in Amsterdam

Nigeria

Unilever Nigeria Plc manufactures and markets consumer products primarily in the home, personal care and foods categories. The Company sells products such as Omo washing powder, Key soap, Royco bouillon, Lipton tea, Blue Band margarine, Pears baby care goods, Vaseline petroleum jelly, Lux soap, and Close Up toothpaste.

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Unilever Nigeria (UNILEVER NL)

CardinalStone Research - Model Equity Portfolio - 1 September 2025

Last week, the benchmark index (NGXASI) fell 0.50% WoW to 140,295.49 points, marking its third consecutive week of losses.

CardinalStone

CardinalStone Research - Model Equity Portfolio - 25 Aug 2025

Last week, the local bourse extended its bearish run as the benchmark index fell by 2.51% WoW. Meanwhile, the MEP declined by 2.28% WoW,...

CardinalStone

CardinalStone Research - Model Equity Portfolio - 18 Aug 2025

The local bourse retreated last week, with the benchmark index declining 77bps WoW to close at 144,628.20 points. In comparison, the MEP lost 79...

CardinalStone

CardinalStone Model Equity Portfolio - S3:Ep31 - 11-08-25

The local bourse continued its bullish run last week, gaining 3.18% WoW to close at 145,754.91 points. In comparison, the MEP gained 2.20% WoW...

CardinalStone

Axalta Coating Systems Ltd - What's News in Amsterdam

In this edition: • AkzoNobel | UK antitrust authority launches phase 1 investigation re proposed merger • a.s.r. Nederland / NN Group | Athora:...

The IDEA!

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