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 local equities market (NGX-ASI) closed bearish, down 0.97% WoW to 248,363.55 points.</li><li>Similarly, the MEP declined by 0.99% WoW, underperforming the NGX-ASI by 2bps.</li><li>YtD, the MEP has returned 68.04%—844bps ahead of the ASI’s YtD return of 59.60%.</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 equities market (NGX-ASI) closed bearish, down 0.97% WoW to 248,363.55 points.Similarly, the MEP declined by 0.99% WoW, underperforming the NGX-ASI by 2bps.YtD, the MEP has returned 68.04%—844bps ahead of the ASI’s YtD return of 59.60%.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 - 12 October 2026

Equity Bottom-Up

Zenith Bank PLC is a commercial bank with offices located in several parts of Nigeria.  The Bank provides services to corporate, commercial and individual customers.

<ul><li>Zenith Bank Plc (NGX: ZENITHBANK – TP: UR*) reported a 19.1% YoY decline in PAT to N430.8 billion in H1’26, as gross earnings fell 25.2% YoY on weaker interest income (-8.9% YoY) and Non-Interest Income (NIR, -74.2% YoY).</li><li>Lower impairment charges (-81.5% YoY) provided some respite.</li><li>Overall, EPS settled at N10.48 (H1'25: N12.95) and a N1.50 (H1'25: N1.25) interim dividend subsequently declared.</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.

Zenith Bank Plc (NGX: ZENITHBANK – TP: UR*) reported a 19.1% YoY decline in PAT to N430.8 billion in H1’26, as gross earnings fell 25.2% YoY on weaker interest income (-8.9% YoY) and Non-Interest Income (NIR, -74.2% YoY).Lower impairment charges (-81.5% YoY) provided some respite.Overall, EPS settled at N10.48 (H1'25: N12.95) and a N1.50 (H1'25: N1.25) interim dividend subsequently declared.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.

ZENITHBANK H1'26 - Trading Losses and Lower Interest Income Weigh on Earnings

<ul><li>Last week, the local bourse fell 0.52% WoW to close at 239,351.16 points, while the MEP lost 0.81% WoW, underperforming the market’s benchmark by 28bps.</li><li>Despite a weaker weekly performance, the MEP maintains a superior YtD return of 69.76%, outperforming the ASI’s 61.17% return by 858bps.</li><li>The MEP’s underperformance last week largely stemmed from our “strongly overweight” position in MTNN (-2.67% WoW) and GTCO (-3.07% WoW), which collectively cost the MEP 55bps in the week.</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 fell 0.52% WoW to close at 239,351.16 points, while the MEP lost 0.81% WoW, underperforming the market’s benchmark by 28bps.Despite a weaker weekly performance, the MEP maintains a superior YtD return of 69.76%, outperforming the ASI’s 61.17% return by 858bps.The MEP’s underperformance last week largely stemmed from our “strongly overweight” position in MTNN (-2.67% WoW) and GTCO (-3.07% WoW), which collectively cost the MEP 55bps in the week.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 - 05 October 2026

<ul><li>Ahead of the release of Q3’26 (July through September) financial results, we highlight our broad earnings expectations for stocks under our coverage.</li><li>The quarter was characterised by stronger domestic economic activity, sustained disinflation and relative Naira stability, with the CBN's September rate cut marking a turn in the monetary policy cycle.</li><li>Disinflation and Naira stability should support consumer demand and contain costs in Q3.</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.

Ahead of the release of Q3’26 (July through September) financial results, we highlight our broad earnings expectations for stocks under our coverage.The quarter was characterised by stronger domestic economic activity, sustained disinflation and relative Naira stability, with the CBN's September rate cut marking a turn in the monetary policy cycle.Disinflation and Naira stability should support consumer demand and contain costs in Q3.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 - Q3'26 Earnings Preview - Resilient Growth, Uneven Margins

Dangote Petroleum Refinery and Petrochemicals / Equity Bottom-Up

The Dangote Refinery is a massive 700,000 barrels-per-day petroleum and petrochemical facility located in the Lekki Free Zone of Lagos, Nigeria

Dangote Petroleum Refinery and Petrochemicals (DANGOTEPETROL NL)

Dangote Petroleum Refinery and Petrochemicals

<ul><li>We initiate coverage on Dangote Petroleum Refinery and Petrochemicals FZE (DPRP) with a 12-month Target Price (‘TP’) of $0.52 (N688.09) and a projected market capitalisation of N77.7 trillion, using the official exchange rate of N1,322.50/$ as of 4 September 2026.</li><li>Our valuation for DPRP was obtained using a blend of multi-stage Discounted Cash Flow (DCF) and relative valuation (EV/EBITDA and P/E) approaches.</li><li>This valuation implies an expected total return of 39.6%, comprising 31.1% capital appreciation and an 8.5% dividend yield, assuming a reference price of N525.00 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.

We initiate coverage on Dangote Petroleum Refinery and Petrochemicals FZE (DPRP) with a 12-month Target Price (‘TP’) of $0.52 (N688.09) and a projected market capitalisation of N77.7 trillion, using the official exchange rate of N1,322.50/$ as of 4 September 2026.Our valuation for DPRP was obtained using a blend of multi-stage Discounted Cash Flow (DCF) and relative valuation (EV/EBITDA and P/E) approaches.This valuation implies an expected total return of 39.6%, comprising 31.1% capital appreciation and an 8.5% dividend yield, assuming a reference price of N525.00 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.

Dangote Petroleum Refinery Petrochemicals FZE

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 - 12 October 2026

Last week, the local equities market (NGX-ASI) closed bearish, down 0.97% WoW to 248,363.55 points.Similarly, the MEP declined by 0.99% WoW,...

CardinalStone

ZENITHBANK H1'26 - Trading Losses and Lower Interest Income Weigh on Earnings

Zenith Bank Plc (NGX: ZENITHBANK – TP: UR*) reported a 19.1% YoY decline in PAT to N430.8 billion in H1’26, as gross earnings fell 25.2% YoY on...

CardinalStone

CardinalStone Research - Model Equity Portfolio - 05 October 2026

Last week, the local bourse fell 0.52% WoW to close at 239,351.16 points, while the MEP lost 0.81% WoW, underperforming the market’s benchmark by...

CardinalStone

CardinalStone Research - Q3'26 Earnings Preview - Resilient Growth, Uneven Margins

Ahead of the release of Q3’26 (July through September) financial results, we highlight our broad earnings expectations for stocks under our coverage.

CardinalStone

Dangote Petroleum Refinery Petrochemicals FZE

Our valuation for DPRP was obtained using a blend of multi-stage Discounted Cash Flow (DCF) and relative valuation (EV/EBITDA and P/E) approaches.

CardinalStone