In this briefing: DraftKings Inc.: An Insight Into Regulatory Developments SGI: An Inside Insight Into Tempur Sealy & Mattress Firm Synergies Driving Explosive Upside! YETI: Initiating Coverage; Building a Premium Outdoor Lifestyle Brand Primer: Benares Hotels (BHL IN) - Dec 2025 Primer: E World (084680 KS) - Dec 2025 1. DraftKings Inc.: An Insight Into Regulatory Developments DraftKings Inc. recently held its third-quarter 2025 earnings call, highlighting both achievements and challenges. The company reported $1.144 billion in revenue, growing 4% year-over-year, though this was below their expectations due to unfavorable sports outcomes impacting revenue by over $300 million. Despite these challenges, some positive developments were noted. 2. SGI: An Inside Insight Into Tempur Sealy & Mattress Firm Synergies Driving Explosive Upside! Somnigroup International reported a strong performance in the third quarter of 2025, driven by its recent acquisition of Mattress Firm and successful execution of key initiatives.

In this briefing: Indraprastha Gas: INR Depreciation Not a Worry Yet. Maintain BUY Information Technology: Growth revival: Cloud to AI led services Pick of the Week: Tata Consultancy Services Ltd - 06th December, 2025 Primer: Benares Hotels (BHL IN) - Dec 2025 Indian Bank: The Unrecognized Turnaround Story in PSU Banking 1. Indraprastha Gas: INR Depreciation Not a Worry Yet. Maintain BUY We have analyzed the potential impact of the INR reaching its lowest level against the USD on Indraprastha Gas (IGL) and the price hike needed to offset any further depreciation IGL’s blended gas cost during the current quarter has come off on the back of reduced RLNG price in the international markets Reduction in cost should offset the impact of current INR depreciation, leading to a negligible impact on IGL’s per unit gross profit 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: NESR: Tender Awards Coupled with Robust Pipeline Drive Differentiated Growth Potential YETI: Initiating Coverage; Building a Premium Outdoor Lifestyle Brand Q3 Follow-Up: Nippon Aqua (1429 JP) - November 28, 2025 IINO Kaiun Kaisha (9119 JP) - Navigating the Cycle with Structural Resilience Primer: Benares Hotels (BHL IN) - Dec 2025 1. NESR: Tender Awards Coupled with Robust Pipeline Drive Differentiated Growth Potential NESR’s creativity and nimbleness help it compete against much larger multi-national companies and build strong customer strategic relationships. It offers fit-for-purpose solutions to help customers develop resources in a safe and cost-efficient manner. The focus on MENA markets contributes to the company’s ability to understand the local ecosystem and be recognized by its customers as a trusted advisor. 2. YETI: Initiating Coverage; Building a Premium Outdoor Lifestyle Brand We are initiating coverage of YETI Holdings, Inc. (YETI), a leading designer, retailer, and distributor of premium outdoor products, including coolers, drinkware, bags, and gear.

In this briefing: Q3 Follow-Up: Nippon Aqua (1429 JP) - November 28, 2025 IINO Kaiun Kaisha (9119 JP) - Navigating the Cycle with Structural Resilience Primer: Benares Hotels (BHL IN) - Dec 2025 Primer: E World (084680 KS) - Dec 2025 Primer: Renaissance Inc (2378 JP) - Dec 2025 1. Q3 Follow-Up: Nippon Aqua (1429 JP) - November 28, 2025 Japan’s leading on-site urethane foam insulation installer with strong growth Nippon Aqua Co., Ltd. (hereinafter, the Company) is a high-growth enterprise listed on the Prime Market of the Tokyo Stock Exchange. Guided by its management philosophy— “Contribution to society through the creation of living environments that are friendly to people and the earth”—the Company leverages insulation and waterproofing technologies to drive energy efficiency and support a sustainable society. It holds the leading domestic share in on-site urethane foam insulation installation and operates its business through three key divisions: Single-family homes, Buildings, and Waterproofing. 2.

In this briefing: IINO Kaiun Kaisha (9119 JP) - Navigating the Cycle with Structural Resilience Primer: Benares Hotels (BHL IN) - Dec 2025 Primer: E World (084680 KS) - Dec 2025 Primer: Renaissance Inc (2378 JP) - Dec 2025 Primer: Kourakuen Holdings (7554 JP) - Dec 2025 1. IINO Kaiun Kaisha (9119 JP) - Navigating the Cycle with Structural Resilience The somewhat unexpected outperformance in H1 FY3/26 reflects the volatile nature of the shipping industry, and the impact of macro events. The stability provided by the Real Estate segment remains a key enabler for IINO Lines' long-term strategy. With a conservative D/E ratio of 0.79x, the Company retains significant financial flexibility to withstand shipping cycle volatility while funding its capital- intensive fleet renewal program. 2. Primer: Benares Hotels (BHL IN) - Dec 2025 Strategic Position in a High-Growth Market: Benares Hotels holds a commanding presence in Varanasi, a city experiencing an unprecedented tourism boom driven by spiritual and cultural travel.

In this briefing: Primer: Benares Hotels (BHL IN) - Dec 2025 Primer: E World (084680 KS) - Dec 2025 Primer: Renaissance Inc (2378 JP) - Dec 2025 Primer: Kourakuen Holdings (7554 JP) - Dec 2025 LIFENET INSURANCE COMPANY (7157 JP) - Strategic Clarity on the Path to Growth 1. Primer: Benares Hotels (BHL IN) - Dec 2025 Strategic Position in a High-Growth Market: Benares Hotels holds a commanding presence in Varanasi, a city experiencing an unprecedented tourism boom driven by spiritual and cultural travel. Its association with the prestigious 'Taj' brand, through its parent company IHCL, provides a significant competitive advantage in the luxury segment. Exceptional Financial Performance: The company has demonstrated a remarkable growth trajectory, with a 3-year net income CAGR of 97.05% and consistent margin expansion. This is supported by a strong, almost debt-free balance sheet, indicating high operational efficiency and financial resilience. Favorable Industry Dynamics: The Indian hospitality sector, particularly the luxury segment, is poised for robust growth, fueled by rising disposable incomes, government infrastructure development, and increased international and domestic tourism.

» Smartkarma / by αSK / Equity Bottom-Up Strategic Position in a High-Growth Market: Benares Hotels holds a commanding presence in Varanasi, a city experiencing an unprecedented tourism boom driven by spiritual and cultural travel. Its association with the prestigious 'Taj' brand, through its parent company IHCL, provides a significant competitive advantage in the luxury segment. Exceptional Financial Performance: The company has demonstrated a remarkable growth trajectory, with a 3-year net income CAGR of 97.05% and consistent margin expansion. This is supported by a strong, almost debt-free balance sheet, indicating high operational efficiency and financial resilience. Favorable Industry Dynamics: The Indian hospitality sector, particularly the luxury segment, is poised for robust growth, fueled by rising disposable incomes, government infrastructure development, and increased international and domestic tourism. BHL is well-positioned to capitalize on these tailwinds, especially the surge in tourism in its primary market.

Benares Hotels shares have surged 29% YTD despite the ongoing stock market correction, and reported a significant profit increase in Q3FY25, positioning it favourably for future expansion in the Indian hospitality sector.