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.

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

Thematic (Sector/Industry)

<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

Equity Bottom-Up

<ul><li>Unilever Nigeria Plc (NGX: UNILEVER, TP: UR*) recorded a net income of N14.4 billion in its H1’25 financials, marking a 224.6% YoY increase.</li><li>This growth was as a result of the 53.5% YoY growth in revenue and cost optimization as evidenced by a moderation in cost-to-sales ratio to 57.1% (from 59.0% in H1’24).</li><li>Notably, EPS for H1’25 improved by 2.3x to N2.51 and the company has declared an interim dividend of N0.50 per share.</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.

Unilever Nigeria Plc (NGX: UNILEVER, TP: UR*) recorded a net income of N14.4 billion in its H1’25 financials, marking a 224.6% YoY increase.This growth was as a result of the 53.5% YoY growth in revenue and cost optimization as evidenced by a moderation in cost-to-sales ratio to 57.1% (from 59.0% in H1’24).Notably, EPS for H1’25 improved by 2.3x to N2.51 and the company has declared an interim dividend of N0.50 per share.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.

Unilever Nigeria Plc - Earnings Triple on Strong Core Performance

<ul><li>Unilever Nigeria Plc (NGX: UNILEVER) retains a compelling investment case supported by years of spontaneous financing (i.e., the cash conversion cycle reveals sustained supplier financing) and consistently improving profitability metrics.</li><li>The latter point is consistent with notable improvements in ROE, ROA and operating margins over the past five years.</li><li>The company also delivered an impressive financial performance in Q1'25, recording a 65.4% YoY increase in net profit to N5.6 billion. </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.

Unilever Nigeria Plc (NGX: UNILEVER) retains a compelling investment case supported by years of spontaneous financing (i.e., the cash conversion cycle reveals sustained supplier financing) and consistently improving profitability metrics.The latter point is consistent with notable improvements in ROE, ROA and operating margins over the past five years.The company also delivered an impressive financial performance in Q1'25, recording a 65.4% YoY increase in net profit to N5.6 billion. 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.

Unilever Nigeria Plc - Earnings Upside on Operational Improvement

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 - 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

Unilever Nigeria Plc - Earnings Triple on Strong Core Performance

Unilever Nigeria Plc (NGX: UNILEVER, TP: UR*) recorded a net income of N14.4 billion in its H1’25 financials, marking a 224.6% YoY increase.

CardinalStone

Unilever Nigeria Plc - Earnings Upside on Operational Improvement

The company also delivered an impressive financial performance in Q1'25, recording a 65.4% YoY increase in net profit to N5.6 billion.

CardinalStone

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