External broker reports(aggregated public sources), CardinalStone

CardinalStone

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.

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.

Equity Bottom-Up

Dangote Sugar Refinery / Equity Bottom-Up

<ul><li>Dangote Sugar Refinery (NGX: DANGSUGAR, TP: UR*) reported an improved performance in its unaudited 9M’25 as its loss position declined to N10.6 billion (vs a loss of N24.3 billion in H1’25 and N184.4 billion in 9M’24 ) on the back of lower cost of sales and FX gain.</li><li>Revenue rose by 29.3% YoY, supported by strong sales across key product segments. Notably, Sales of 50kg sugar, retail sugar and molasses grew by 30.1% YoY, 5.1% YoY and 13.4% YoY, respectively.</li><li>Meanwhile, the cost of sales rose by 15.4% YoY, resulting in a gross margin improvement to 14.4% (vs what before). Consequently, gross profit surged by 354.4% YoY to N90.1 billion.</li></ul><p><em>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.</em></p>

Dangote Sugar Refinery (NGX: DANGSUGAR, TP: UR*) reported an improved performance in its unaudited 9M’25 as its loss position declined to N10.6 billion (vs a loss of N24.3 billion in H1’25 and N184.4 billion in 9M’24 ) on the back of lower cost of sales and FX gain.Revenue rose by 29.3% YoY, supported by strong sales across key product segments. Notably, Sales of 50kg sugar, retail sugar and molasses grew by 30.1% YoY, 5.1% YoY and 13.4% YoY, respectively.Meanwhile, the cost of sales rose by 15.4% YoY, resulting in a gross margin improvement to 14.4% (vs what before). Consequently, gross profit surged by 354.4% YoY to N90.1 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.

DANGSUGAR - Lower Cost of Sales and FX Gain Support Earnings in 9M’25