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>The local bourse closed the week on a bearish note, with the benchmark index losing 0.25% WoW to settle at 249,712.37 points.</li><li>On the other hand, the MEP lost 0.15% WoW, outperforming the NGXASI by 10bps.</li><li>Year-to-date, the MEP has delivered a 65.17% YtD return, outperforming the NGXASI’s 60.47% return by 4.70%.</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 closed the week on a bearish note, with the benchmark index losing 0.25% WoW to settle at 249,712.37 points.On the other hand, the MEP lost 0.15% WoW, outperforming the NGXASI by 10bps.Year-to-date, the MEP has delivered a 65.17% YtD return, outperforming the NGXASI’s 60.47% return by 4.70%.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 May 2026

Macroeconomics

<ul><li>The Nigerian economy maintained an upward trajectory in the first quarter of the year, relatively resilient against the ongoing geopolitical tension in the Middle East.</li><li>According to the NBS, Q1’26 GDP growth settled at 3.89% YoY, lower than Q4’25 outturn of 4.07% and analyst estimates of 4.00% YoY.</li><li>The performance was consistent with the CBN’s Purchasing Managers’ Index (PMI), which indicated weaker growth for the period.</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 Nigerian economy maintained an upward trajectory in the first quarter of the year, relatively resilient against the ongoing geopolitical tension in the Middle East.According to the NBS, Q1’26 GDP growth settled at 3.89% YoY, lower than Q4’25 outturn of 4.07% and analyst estimates of 4.00% YoY.The performance was consistent with the CBN’s Purchasing Managers’ Index (PMI), which indicated weaker growth for the period.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.

GDP Q4 2025 - Sustained Economic Momentum Amid Global Geopolitical Tension

Equity Bottom-Up

Sterling Financial Holdings Company / Equity Bottom-Up

Sterling Financial Holdings Co PLC operates in Nigeria.

Sterling Financial Holdings Company (STERLINGNG NL)

<ul><li>Q1’26 unaudited earnings summary Sterling Financial Holdings Company Plc (NGX: STERLINGNG) in its Q1’26 unaudited financial results, reported a 35.7% YoY growth in Profit After Tax (PAT), predominantly driven by a 35.6% growth in interest income which offset cost pressures from impairment charges (3.8x YoY) and a 10.6ppts uptick in Effective Tax Rate (ETR) to 16.2%.</li><li>Despite the improvement in profitability, Earnings Per Share (EPS) remained flat at N0.38, reflecting the dilutive impact of the additional 22.74 billion shares issued between both periods.</li><li>FY’25 Audited Earnings Summary STERLINGNG’s FY’25 PAT growth of 74.8% YoY to N76.3 billion was fueled by strong growth in both interest and non-interest income.</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.

Q1’26 unaudited earnings summary Sterling Financial Holdings Company Plc (NGX: STERLINGNG) in its Q1’26 unaudited financial results, reported a 35.7% YoY growth in Profit After Tax (PAT), predominantly driven by a 35.6% growth in interest income which offset cost pressures from impairment charges (3.8x YoY) and a 10.6ppts uptick in Effective Tax Rate (ETR) to 16.2%.Despite the improvement in profitability, Earnings Per Share (EPS) remained flat at N0.38, reflecting the dilutive impact of the additional 22.74 billion shares issued between both periods.FY’25 Audited Earnings Summary STERLINGNG’s FY’25 PAT growth of 74.8% YoY to N76.3 billion was fueled by strong growth in both interest and non-interest income.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.

STERLINGNG - Double-Digit PAT Growth Underpinned by Core Income

Ecobank Transnational Inc / Equity Bottom-Up

Ecobank Transnational Inc. is a bank holding company.  The Company, through its subsidiaries and branches, provides a full range of wholesale, retail, investment and transaction banking services and products to governments, financial institutions, multinationals, international organizations, medium, small and micro businesses and individuals.

<ul><li>Following strong FY'25 and Q1'26 performances, ETI looks set to sustain the momentum with FY'26 gross earnings set to reach $3.4 billion (vs $3.2 billion in our previous forecast).</li><li>The position is supported by expectations of a higher interest-earning asset base of $26.5 billion (Q1'26: $25.3 billion), sustained traction in fees and commissions, and cost efficiencies under the Growth, Transformation, and Returns (GTR) strategy.</li><li>While the cumulative 400bps rate cut by the Bank of Ghana YtD introduces downside risk to asset yields, we see strong support for margins from a more efficient funding mix, with non-interest-bearing (NIB) deposits 29.6% higher than loans as of FY’25.</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.

Following strong FY'25 and Q1'26 performances, ETI looks set to sustain the momentum with FY'26 gross earnings set to reach $3.4 billion (vs $3.2 billion in our previous forecast).The position is supported by expectations of a higher interest-earning asset base of $26.5 billion (Q1'26: $25.3 billion), sustained traction in fees and commissions, and cost efficiencies under the Growth, Transformation, and Returns (GTR) strategy.While the cumulative 400bps rate cut by the Bank of Ghana YtD introduces downside risk to asset yields, we see strong support for margins from a more efficient funding mix, with non-interest-bearing (NIB) deposits 29.6% higher than loans as of FY’25.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.

ETI - Margin Support from Low-Cost Funding to Mask Higher Impairments

<ul><li>The local bourse maintained its weekly winning streak, with the benchmark index gaining 2.27% WoW to settle at 250,330.92 points.</li><li>The MEP gained 2.01% WoW; however, it underperformed the NGXASI by 26bps.</li><li>The MEP now has a 65.42% YtD return, outperforming the NGXASI’s 60.87% by 4.56%.</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 maintained its weekly winning streak, with the benchmark index gaining 2.27% WoW to settle at 250,330.92 points.The MEP gained 2.01% WoW; however, it underperformed the NGXASI by 26bps.The MEP now has a 65.42% YtD return, outperforming the NGXASI’s 60.87% by 4.56%.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 -  18 May 2026

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.

CardinalStone
External broker reports(aggregated public sources)
• CardinalStone

CardinalStone Research - Model Equity Portfolio - 25 May 2026

The local bourse closed the week on a bearish note, with the benchmark index losing 0.25% WoW to settle at 249,712.37 points.

CardinalStone

GDP Q4 2025 - Sustained Economic Momentum Amid Global Geopolitical Tension

The Nigerian economy maintained an upward trajectory in the first quarter of the year, relatively resilient against the ongoing geopolitical...

CardinalStone

STERLINGNG - Double-Digit PAT Growth Underpinned by Core Income

FY’25 Audited Earnings Summary STERLINGNG’s FY’25 PAT growth of 74.8% YoY to N76.3 billion was fueled by strong growth in both interest and non...

CardinalStone

ETI - Margin Support from Low-Cost Funding to Mask Higher Impairments

Following strong FY'25 and Q1'26 performances, ETI looks set to sustain the momentum with FY'26 gross earnings set to reach $3.4 billion (vs $3.2...

CardinalStone

CardinalStone Research - Model Equity Portfolio - 18 May 2026

The local bourse maintained its weekly winning streak, with the benchmark index gaining 2.27% WoW to settle at 250,330.92 points.

CardinalStone