In this briefing: Exencial Industry Tidings 28/11/2025 The Beat Ideas: Dynamatic Technologies - An Indian Tier-1 Supplier's Flight Path in Global Aerospace Asian Equities: India's Nifty Is at All-Time High, These Quality Stocks Are Not. Tata Capital (TATACAP IN): Partial Global Index Inclusion Post-IPO Dalmia Bharat: Volume Growth to Gain Pace. Maintain BUY 1. Exencial Industry Tidings 28/11/2025 113 mills in Uttar Pradesh crush 103.5 million quintals of sugarcane Textile processing industry's sales grow by 6.1% in September 2025 quarter Plastic tubes, pipes, fittings & sheets industry's sales grow by 6.4% in September 2025 quarter 2. The Beat Ideas: Dynamatic Technologies - An Indian Tier-1 Supplier's Flight Path in Global Aerospace The structural shift in Dynamatic Technologies’ revenue mix is accelerating, with the high-margin Aerospace segment now contributing 82% of consolidated EBITDA in FY25, underpinned by major new contract industrialization. The premium valuation is justified by its annuity-like, high-barrier sole-supplier status for the Airbus A320 family and significant new program wins (Airbus A220 doors), providing a multi-decade visibility .

In this briefing: Tencent/Netease: Zero Approval in November Despite Game Approvals at New High Superbank Pre-IPO: Strong Partnerships With Inflection Into Profitability Primer: Fenix Resources (FEX AU) - Nov 2025 The Beat Ideas: Dynamatic Technologies - An Indian Tier-1 Supplier's Flight Path in Global Aerospace Asian Equities: India's Nifty Is at All-Time High, These Quality Stocks Are Not. 1. Tencent/Netease: Zero Approval in November Despite Game Approvals at New High China announced game approval for the November batch. The number of games approved remained at a higher level than 2023. The pace of China game approval appears to have accelerated to above the pre-tightening level. Of the companies that we are monitoring, while market leader Tencent and Netease didn't obtained approval, Kingsoft and Bilibili obtained approval for one game each. 2. Superbank Pre-IPO: Strong Partnerships With Inflection Into Profitability Superbank (SUPA IJ) aims to raise around US$184m in its Indonesia IPO.

In this briefing: Tencent/Netease: Zero Approval in November Despite Game Approvals at New High Primer: Fenix Resources (FEX AU) - Nov 2025 Dydo Drinco Inc (2590 JP): Q3 FY01/26 flash update The Beat Ideas: Dynamatic Technologies - An Indian Tier-1 Supplier's Flight Path in Global Aerospace Asian Equities: India's Nifty Is at All-Time High, These Quality Stocks Are Not. 1. Tencent/Netease: Zero Approval in November Despite Game Approvals at New High China announced game approval for the November batch. The number of games approved remained at a higher level than 2023. The pace of China game approval appears to have accelerated to above the pre-tightening level. Of the companies that we are monitoring, while market leader Tencent and Netease didn't obtained approval, Kingsoft and Bilibili obtained approval for one game each. 2. Primer: Fenix Resources (FEX AU) - Nov 2025 Fenix Resources is a rapidly growing, fully integrated iron ore producer in Western Australia, leveraging its wholly-owned logistics and port infrastructure to unlock stranded assets and maintain high margins.

In this briefing: Dydo Drinco Inc (2590 JP): Q3 FY01/26 flash update Asian Equities: India's Nifty Is at All-Time High, These Quality Stocks Are Not. Ajinomoto Co (2802 JP): Coverage Initiation, 1H FY03/26 flash update Xiao Noodles (XNC HK) IPO: Volume Growth Play Make This Noodles Joint Savoury Enough Toyota (7203 JP) Vs. Suzuki (7269 JP): Statistical Arbitrage Pair Reignites with 7% Target Return 1. Dydo Drinco Inc (2590 JP): Q3 FY01/26 flash update Cumulative Q3 FY01/26 revenue was JPY185.0bn (+2.7% YoY), with operating profit at JPY5.2bn (-18.3% YoY). Domestic Beverage business revenue fell 2.6% YoY to JPY110.2bn, with an operating loss of JPY1.2bn. International Beverage business revenue rose 21.0% YoY to JPY48.3bn, achieving an operating profit of JPY6.1bn. 2. Asian Equities: India's Nifty Is at All-Time High, These Quality Stocks Are Not. India's Nifty50 index reached an all-time high yesterday. However, many Indian stocks are near their 52-week lows. Many among them have strong forecast earnings growth, good balance sheets, attractive valuations.

In this briefing: Dydo Drinco Inc (2590 JP): Q3 FY01/26 flash update The Beat Ideas: Dynamatic Technologies - An Indian Tier-1 Supplier's Flight Path in Global Aerospace Asian Equities: India's Nifty Is at All-Time High, These Quality Stocks Are Not. Ajinomoto Co (2802 JP): Coverage Initiation, 1H FY03/26 flash update Toyota (7203 JP) Vs. Suzuki (7269 JP): Statistical Arbitrage Pair Reignites with 7% Target Return 1. Dydo Drinco Inc (2590 JP): Q3 FY01/26 flash update Cumulative Q3 FY01/26 revenue was JPY185.0bn (+2.7% YoY), with operating profit at JPY5.2bn (-18.3% YoY). Domestic Beverage business revenue fell 2.6% YoY to JPY110.2bn, with an operating loss of JPY1.2bn. International Beverage business revenue rose 21.0% YoY to JPY48.3bn, achieving an operating profit of JPY6.1bn. 2. The Beat Ideas: Dynamatic Technologies - An Indian Tier-1 Supplier's Flight Path in Global Aerospace The structural shift in Dynamatic Technologies’ revenue mix is accelerating, with the high-margin Aerospace segment now contributing 82% of consolidated EBITDA in FY25, underpinned by major new contract industrialization.

In this briefing: The Beat Ideas: Dynamatic Technologies - An Indian Tier-1 Supplier's Flight Path in Global Aerospace Asian Equities: India's Nifty Is at All-Time High, These Quality Stocks Are Not. Tata Capital (TATACAP IN): Partial Global Index Inclusion Post-IPO Dalmia Bharat: Volume Growth to Gain Pace. Maintain BUY Axis Punch: MOIL Ltd - 27th November, 2025 1. The Beat Ideas: Dynamatic Technologies - An Indian Tier-1 Supplier's Flight Path in Global Aerospace The structural shift in Dynamatic Technologies’ revenue mix is accelerating, with the high-margin Aerospace segment now contributing 82% of consolidated EBITDA in FY25, underpinned by major new contract industrialization. The premium valuation is justified by its annuity-like, high-barrier sole-supplier status for the Airbus A320 family and significant new program wins (Airbus A220 doors), providing a multi-decade visibility . DTL’s core value is increasingly diverging from its legacy segments ; success hinges on efficient capital deployment in India and mitigating the persistent drag from its European Metallurgy business. 2.

In this briefing: The Beat Ideas: Dynamatic Technologies - An Indian Tier-1 Supplier's Flight Path in Global Aerospace Asian Equities: India's Nifty Is at All-Time High, These Quality Stocks Are Not. Oil futures: Crude prices nudge up, benchmarks rangebound China & HK: Rebuild Slows Amid Heavy Sector and Stock Rotation Xiao Noodles (XNC HK) IPO: Volume Growth Play Make This Noodles Joint Savoury Enough 1. The Beat Ideas: Dynamatic Technologies - An Indian Tier-1 Supplier's Flight Path in Global Aerospace The structural shift in Dynamatic Technologies’ revenue mix is accelerating, with the high-margin Aerospace segment now contributing 82% of consolidated EBITDA in FY25, underpinned by major new contract industrialization. The premium valuation is justified by its annuity-like, high-barrier sole-supplier status for the Airbus A320 family and significant new program wins (Airbus A220 doors), providing a multi-decade visibility . DTL’s core value is increasingly diverging from its legacy segments ; success hinges on efficient capital deployment in India and mitigating the persistent drag from its European Metallurgy business. 2.

In this briefing: Asian Equities: India's Nifty Is at All-Time High, These Quality Stocks Are Not. Oil futures: Crude prices nudge up, benchmarks rangebound China & HK: Rebuild Slows Amid Heavy Sector and Stock Rotation Xiao Noodles (XNC HK) IPO: Volume Growth Play Make This Noodles Joint Savoury Enough Aeon Kyushu: The Future Is Small Format Supermarkets 1. Asian Equities: India's Nifty Is at All-Time High, These Quality Stocks Are Not. India's Nifty50 index reached an all-time high yesterday. However, many Indian stocks are near their 52-week lows. Many among them have strong forecast earnings growth, good balance sheets, attractive valuations. We screen 17 stocks with double digit forecast EPS growth, PEG < 1.4x, net debt to equity less than 50%. They are spread across construction, chemicals, healthcare, industrials and technology. The largest five are Deepak Nitrite (DN IN) , Cohance Lifesciences (COHANCE IN) , BASF India Ltd (BASF IN) , Crompton Greaves Consumer Electricals (CROMPTON IN) , Clean Science and Technology (CLEAN IN) . 2.

In this briefing: Asian Equities: India's Nifty Is at All-Time High, These Quality Stocks Are Not. Ajinomoto Co (2802 JP): Coverage Initiation, 1H FY03/26 flash update Toyota (7203 JP) Vs. Suzuki (7269 JP): Statistical Arbitrage Pair Reignites with 7% Target Return Aeon Kyushu: The Future Is Small Format Supermarkets Japan Post Bank: Unlocking Value as Deposits Turn into Growth, Autonomy, and Digital Scale 1. Asian Equities: India's Nifty Is at All-Time High, These Quality Stocks Are Not. India's Nifty50 index reached an all-time high yesterday. However, many Indian stocks are near their 52-week lows. Many among them have strong forecast earnings growth, good balance sheets, attractive valuations. We screen 17 stocks with double digit forecast EPS growth, PEG < 1.4x, net debt to equity less than 50%. They are spread across construction, chemicals, healthcare, industrials and technology. The largest five are Deepak Nitrite (DN IN) , Cohance Lifesciences (COHANCE IN) , BASF India Ltd (BASF IN) , Crompton Greaves Consumer Electricals (CROMPTON IN) , Clean Science and Technology (CLEAN IN) . 2.