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>The recently published GDP report by the National Bureau of Statistics (NBS) showed that economic activities slowed in the penultimate quarter of the year, settling at 3.98%, at par with our estimate of 4.00%.</li><li>This is unsurprising to us, as we had anticipated a slowdown in growth due to softer oil output, a consequence of a fading supportive base effect.</li><li>Additionally, oil production moderated in the period to 1.64mb/d (vs 1.68mb/d in Q2'25), reflecting scheduled maintenance activities that were carried out in some upstream facilities and delays in the commencement of operations at OMLs 71 and 72.</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 recently published GDP report by the National Bureau of Statistics (NBS) showed that economic activities slowed in the penultimate quarter of the year, settling at 3.98%, at par with our estimate of 4.00%.This is unsurprising to us, as we had anticipated a slowdown in growth due to softer oil output, a consequence of a fading supportive base effect.Additionally, oil production moderated in the period to 1.64mb/d (vs 1.68mb/d in Q2'25), reflecting scheduled maintenance activities that were carried out in some upstream facilities and delays in the commencement of operations at OMLs 71 and 72.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 Q3 2025 - GDP Momentum to Gather Pace in Q4'25

Equity Bottom-Up

Guinness Nigeria Plc brews beer. The Company further packages and markets beverages such as Guinness Stout, Malta Guinness, Harp larger and Gordon's Spark.

<ul><li>In our previous update on Guinness Nigeria Plc ("GUINNESS"), we discussed the company's transition to a new calendar-year reporting structure and outlined our expectations for earnings.</li><li>In this report, we revisit the assumptions made and provide revised forecasts.</li><li>We also adjust valuation metrics such as risk-free rate (16.4% from 18.0%) and equity risk premium (13.8% from 14.3%) to arrive at our new 12- month Target Price ("TP") of N204.63 (vs. N181.38 previously), which suggests an unchanged BUY recommendation on the ticker.</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.

In our previous update on Guinness Nigeria Plc ("GUINNESS"), we discussed the company's transition to a new calendar-year reporting structure and outlined our expectations for earnings.In this report, we revisit the assumptions made and provide revised forecasts.We also adjust valuation metrics such as risk-free rate (16.4% from 18.0%) and equity risk premium (13.8% from 14.3%) to arrive at our new 12- month Target Price ("TP") of N204.63 (vs. N181.38 previously), which suggests an unchanged BUY recommendation on the ticker.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.

GUINNESS - Resilient Earnings Recovery Supports Dividend Resumption in FY’26

Presco Plc produces specialty fats and oils. The company specializes in the cultivation of oil palm and in the extraction, refining and fractioning of crude oil into finished products. It possesses oil palm plantations, a palm oil mill, a palm kernel crushing plant and a vegetable oil refining plant in Nigeria.

<ul><li>PRESCO is positioned for another year of strong earnings expansion in FY'26, supported by firmer yields, deeper processing efficiencies, and the continued impact of its enlarged footprint through the integration of the Ghana Oil Palm Development Company (GOPDC).</li><li>Volume projections are expected to remain healthy, while pricing should experience a more moderate growth compared to the previous 2 years.</li><li>Margins are expected to remain robust, reflecting cooling inflation, tighter cost discipline, and scale leverage across mills.</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.

PRESCO is positioned for another year of strong earnings expansion in FY'26, supported by firmer yields, deeper processing efficiencies, and the continued impact of its enlarged footprint through the integration of the Ghana Oil Palm Development Company (GOPDC).Volume projections are expected to remain healthy, while pricing should experience a more moderate growth compared to the previous 2 years.Margins are expected to remain robust, reflecting cooling inflation, tighter cost discipline, and scale leverage across mills.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.

PRESCO PLC - Reinforcing Value Amid Capital Restructuring

Thematic (Sector/Industry)

<ul><li>Last week, the NGXASI dipped further, shedding 0.14% WoW to settle at 143,520.53 points, extending its losing streak to a fifth consecutive week.</li><li>Similarly, the MEP also declined, shedding 0.05%, however, outperforming the benchmark index by 9bps.</li><li>On a YtD basis, the MEP remains ahead of the benchmark with a return of 42.27%, outperforming the NGXASI’s 39.44% by 283bps.</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 NGXASI dipped further, shedding 0.14% WoW to settle at 143,520.53 points, extending its losing streak to a fifth consecutive week.Similarly, the MEP also declined, shedding 0.05%, however, outperforming the benchmark index by 9bps.On a YtD basis, the MEP remains ahead of the benchmark with a return of 42.27%, outperforming the NGXASI’s 39.44% by 283bps.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 - 01 December 2025

First HoldCo Plc operates as a holding company. The Company, through its subsidiaries, provides offers merchant, investment banking, trusteeship, fund management, registrars, and advisory services, as well as sells insurance policies and mortgages via subsidiary companies. First HoldCo serves customers in Nigeria.

<ul><li>We retain an optimistic view for FIRSTHOLDCO’s Net-Interest Income (NII), revising our FY’25 estimates upward by 15.5%.</li><li>This revision was prompted by the notably strength in FIRSTHOLDCO’s NIM, maintaining its upward trajectory (+1.3 ppts YtD to 11.3% in 9M’25).</li><li>Precisely, NII is expected to reach N2.0 trillion and serve as the key driver for the upward revision of our PAT forecast to N623.9 billion (from N540.2 billion previously).</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 retain an optimistic view for FIRSTHOLDCO’s Net-Interest Income (NII), revising our FY’25 estimates upward by 15.5%.This revision was prompted by the notably strength in FIRSTHOLDCO’s NIM, maintaining its upward trajectory (+1.3 ppts YtD to 11.3% in 9M’25).Precisely, NII is expected to reach N2.0 trillion and serve as the key driver for the upward revision of our PAT forecast to N623.9 billion (from N540.2 billion previously).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.

FIRST HOLDCO PLC - Positive Re-Rating Backed by Real Earnings Strength

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.