APTUS.NSE

Aptus Value Housing Finance India Limited

In this briefing: Titan’s LGD Move: Expanding Diamond Adoption with BeYon Somany Ceramics: Recovery Building, Normalcy Distant. Maintain ADD Pharma and Healthcare (Q3FY26E Results Preview): Base business momentum to offset gRevlimid drag Aptus Value Housing Finance India: Value Emerging, Upgrade to ADD Q3FY26 - Consolidated Earnings Preview 1. Titan’s LGD Move: Expanding Diamond Adoption with BeYon Titan delivered blockbuster jewellery performance despite a ~65% YoY surge in gold prices and launched beYon , its lab-grown diamond brand. Strong pricing power funds experimentation; LGDs expand diamond adoption among younger buyers without cannibalizing natural diamonds. BeYon adds long-term relevance and optionality while the core jewellery engine remains cash generative. 2. Somany Ceramics: Recovery Building, Normalcy Distant. Maintain ADD We attended Somany Ceramics' analyst meet, represented by Mr Abhishek Somany (MD and CEO), Mr Sailesh Kedawat (CFO), and Mr Ameya Somany (KMP – son of MD) Management indicated that demand is showing signs of recovery Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only.

In this briefing: Titan’s LGD Move: Expanding Diamond Adoption with BeYon Primer: Piotech (688072 CH) - Jan 2026 Somany Ceramics: Recovery Building, Normalcy Distant. Maintain ADD Pharma and Healthcare (Q3FY26E Results Preview): Base business momentum to offset gRevlimid drag Aptus Value Housing Finance India: Value Emerging, Upgrade to ADD 1. Titan’s LGD Move: Expanding Diamond Adoption with BeYon Titan delivered blockbuster jewellery performance despite a ~65% YoY surge in gold prices and launched beYon , its lab-grown diamond brand. Strong pricing power funds experimentation; LGDs expand diamond adoption among younger buyers without cannibalizing natural diamonds. BeYon adds long-term relevance and optionality while the core jewellery engine remains cash generative. 2. Primer: Piotech (688072 CH) - Jan 2026 Piotech is a key beneficiary of China's strategic push for semiconductor self-sufficiency, driving substantial revenue growth and market share gains within the domestic market. The company exhibits a robust growth profile, evidenced by a significant increase in revenue and net income over the past three years, supported by strong demand for its core deposition equipment.

In this briefing: Primer: Piotech (688072 CH) - Jan 2026 Somany Ceramics: Recovery Building, Normalcy Distant. Maintain ADD Pharma and Healthcare (Q3FY26E Results Preview): Base business momentum to offset gRevlimid drag Aptus Value Housing Finance India: Value Emerging, Upgrade to ADD The Cuban Gold Rush? 1. Primer: Piotech (688072 CH) - Jan 2026 Piotech is a key beneficiary of China's strategic push for semiconductor self-sufficiency, driving substantial revenue growth and market share gains within the domestic market. The company exhibits a robust growth profile, evidenced by a significant increase in revenue and net income over the past three years, supported by strong demand for its core deposition equipment. Valuation appears stretched, with key multiples trading at a significant premium to global peers, reflecting high growth expectations but also posing a risk of de-rating if execution falters or market conditions change. This content is AI-generated and displayed for general informational purposes only.

In this briefing: Somany Ceramics: Recovery Building, Normalcy Distant. Maintain ADD Pharma and Healthcare (Q3FY26E Results Preview): Base business momentum to offset gRevlimid drag Aptus Value Housing Finance India: Value Emerging, Upgrade to ADD Q3FY26 - Consolidated Earnings Preview Minda Corporation Ltd- Forensic Analysis 1. Somany Ceramics: Recovery Building, Normalcy Distant. Maintain ADD We attended Somany Ceramics' analyst meet, represented by Mr Abhishek Somany (MD and CEO), Mr Sailesh Kedawat (CFO), and Mr Ameya Somany (KMP – son of MD) Management indicated that demand is showing signs of recovery 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. 2. Pharma and Healthcare (Q3FY26E Results Preview): Base business momentum to offset gRevlimid drag The India Pharma and Healthcare sector is expected to see moderate revenue growth as EBITDA margins remain flat We project sales/EBITDA growth of 11%/10% YoY for our coverage universe Our assumptions are: (1) Pharma coverage will see 10% YoY sales growth driven by 11% YoY increase in the India business Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only.

In this briefing: Somany Ceramics: Recovery Building, Normalcy Distant. Maintain ADD Pharma and Healthcare (Q3FY26E Results Preview): Base business momentum to offset gRevlimid drag Aptus Value Housing Finance India: Value Emerging, Upgrade to ADD The Cuban Gold Rush? The Gfc Distressed Preferred Stock Opportunity (Fnmat & More) 1. Somany Ceramics: Recovery Building, Normalcy Distant. Maintain ADD We attended Somany Ceramics' analyst meet, represented by Mr Abhishek Somany (MD and CEO), Mr Sailesh Kedawat (CFO), and Mr Ameya Somany (KMP – son of MD) Management indicated that demand is showing signs of recovery 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. 2. Pharma and Healthcare (Q3FY26E Results Preview): Base business momentum to offset gRevlimid drag The India Pharma and Healthcare sector is expected to see moderate revenue growth as EBITDA margins remain flat We project sales/EBITDA growth of 11%/10% YoY for our coverage universe Our assumptions are: (1) Pharma coverage will see 10% YoY sales growth driven by 11% YoY increase in the India business Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only.

In this briefing: Pharma and Healthcare (Q3FY26E Results Preview): Base business momentum to offset gRevlimid drag Aptus Value Housing Finance India: Value Emerging, Upgrade to ADD The Cuban Gold Rush? The Gfc Distressed Preferred Stock Opportunity (Fnmat & More) Q3FY26 - Consolidated Earnings Preview 1. Pharma and Healthcare (Q3FY26E Results Preview): Base business momentum to offset gRevlimid drag The India Pharma and Healthcare sector is expected to see moderate revenue growth as EBITDA margins remain flat We project sales/EBITDA growth of 11%/10% YoY for our coverage universe Our assumptions are: (1) Pharma coverage will see 10% YoY sales growth driven by 11% YoY increase in the India business 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. 2. Aptus Value Housing Finance India: Value Emerging, Upgrade to ADD APTUS remains focused on the core customer segment - LIG, self-employed and rural-based customers, constituting >70% of AUM to scale up its portfolio to INR 250bn by FY29 The company’s superior profitability (~7.5% RoA, ~19-20% RoE) stems from strong risk-adjusted yields (~17%), superior operating efficiency (CI at 20%, opex to assets at 2.7%) and low leverage (D/E at 1.6x) However, APTUS’s scalability outside core markets and core products has been protracted over the last few years Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only.

In this briefing: Aptus Value Housing Finance India: Value Emerging, Upgrade to ADD Samsung Electronics (005930 KS Jan 8, 2025) - No Signs of Slowing Vale Indonesia (INCO.IJ) On-Track Ore Monetization to Drive FY26-27 Earnings S-Oil (010950 KS/Buy)Refining Margins to Remain Strong into 2026 LODE: Final Permitting Paves Way for Silver Springs Facility Commissioning 1. Aptus Value Housing Finance India: Value Emerging, Upgrade to ADD APTUS remains focused on the core customer segment - LIG, self-employed and rural-based customers, constituting >70% of AUM to scale up its portfolio to INR 250bn by FY29 The company’s superior profitability (~7.5% RoA, ~19-20% RoE) stems from strong risk-adjusted yields (~17%), superior operating efficiency (CI at 20%, opex to assets at 2.7%) and low leverage (D/E at 1.6x) However, APTUS’s scalability outside core markets and core products has been protracted over the last few years Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only.

Nifty consolidates below key resistance level. An analyst flags 24,800 as the breakout level, while broader indices outperform.