In this briefing: Pharmaceuticals: IPM: 11% growth in Mar-26, 10% in FY26 Asian Equities: Higher Earnings Estimates, Lower Stock Prices - Nine Notable Sectors Exchanges, Staffing and Internet (Q4FY26E Results Preview): Exchanges hitting new peaks Morning Views Asia - April 15, 2026 Primer: Crisil Ltd (CRISIL IN) - Apr 2026 1. Pharmaceuticals: IPM: 11% growth in Mar-26, 10% in FY26 As per IQVIA, IPM recorded growth for Feb-26 at 11% YoY (vs 12% in Feb-26), unit decline by 0.2% YoY (0.9%% in Feb-26) Growth was led by CVS, anti-diabetes, pain, VMN, and oncology segments, while growth in anti-infective and respiratory was below IPM growth For Q4FY26, IPM grew 12% YoY and FY26 grew 10% YoY, led by ~2.7% volume, 4.4% price, and 2.8% new products. 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. Asian Equities: Higher Earnings Estimates, Lower Stock Prices - Nine Notable Sectors The resilience of Asian earnings is surprising.

In this briefing: Asian Equities: Higher Earnings Estimates, Lower Stock Prices - Nine Notable Sectors Exchanges, Staffing and Internet (Q4FY26E Results Preview): Exchanges hitting new peaks Morning Views Asia - April 15, 2026 Primer: Crisil Ltd (CRISIL IN) - Apr 2026 Primer: Lemon Tree Hotels Ltd (LEMONTRE IN) - Apr 2026 1. Asian Equities: Higher Earnings Estimates, Lower Stock Prices - Nine Notable Sectors The resilience of Asian earnings is surprising. Consensus 2026 EPS estimate of Asia-ex-Japan (Factset Market Index) is up 3% over the past month and 10% over the past 3 months. 29 market-sectors have had robust upgrades over 1-month, 3-month and 6-month timeframes. Energy and basic materials and the prominent AI beneficiaries, Korean and Taiwanese tech, figure prominently among earnings gainers. Among the earnings winners, nine sectors have declined significantly since the beginning of the war. The HK/Chinese, Korean and Indonesian basic materials and Korean financials and Thai communications stand out. 2.

In this briefing: Exchanges, Staffing and Internet (Q4FY26E Results Preview): Exchanges hitting new peaks Japanese Mid-Cap Banks – Multiple Tailwinds Topline Flash Note: United Bank Limited (UBL) – Result Review and Corporate Briefing Key Takeaways Primer: Crisil Ltd (CRISIL IN) - Apr 2026 Primer: White Mountains Insurance (WTM US) - Apr 2026 1. Exchanges, Staffing and Internet (Q4FY26E Results Preview): Exchanges hitting new peaks MCX is expected to report a robust quarter, led by strong growth in options trading, driven by energy contracts Options revenue is estimated to rise by 49.6% QoQ while futures revenue is expected to expand by 6.8% QoQ, taking total revenue to INR 8.87bn in Q4, up 33.3/204.5% QoQ/YoY We expect EBITDA/PAT of INR 6.81bn/5.47bn, up +37.6/+36.3% QoQ 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. Japanese Mid-Cap Banks – Multiple Tailwinds We enhance and update our scorecard in this report on ten Japanese mid-cap banks focusing on key factors such as gearing to higher interest rates and the banks’ equity shareholdings Iyogin Holdings remains our top pick, for its pre-provision returns and equity shareholdings; Hokuhoku Financial is top three in the scorecard and Hachijuni tops the equity shareholdings to market cap We add new coverage Nishi-Nippon Financial to the buy list; it ranks second in the scorecard with its high gearing to rising interest rates and its very attractive PEG ratio 3.

In this briefing: Morning Views Asia - April 15, 2026 Primer: Crisil Ltd (CRISIL IN) - Apr 2026 Primer: Lemon Tree Hotels Ltd (LEMONTRE IN) - Apr 2026 How the Middle East War Is Reshaping Indian Hospitality? Finolex Cables: Expanding Beyond Wires 1. Morning Views Asia - April 15, 2026 UST yields retreated 3-5 bps across the curve yesterday, alongside declining oil prices following news that the US and Iran may hold a second round of talks. The yield on the 2Y UST fell 3 bps to 3.75%, while that on the 10Y UST declined 5 bps to 4.25%. Equities advanced, with the S&P 500 and Nasdaq up 1.2% and 2.0%, respectively. US President Donald Trump indicated in an interview with the New York Post that the US may return to Islamabad for another round of talks with Iran. 2. Primer: Crisil Ltd (CRISIL IN) - Apr 2026 CRISIL is India's leading credit rating agency with a dominant market position, strong brand recognition, and the significant backing of its majority shareholder, S&P Global. The company has successfully diversified its revenue streams beyond traditional ratings into high-growth areas like research, analytics, and advisory services, which now constitute the majority of its income.

In this briefing: Japanese Mid-Cap Banks – Multiple Tailwinds Topline Flash Note: United Bank Limited (UBL) – Result Review and Corporate Briefing Key Takeaways Primer: Crisil Ltd (CRISIL IN) - Apr 2026 Primer: White Mountains Insurance (WTM US) - Apr 2026 Primer: Home Bancshares (HOMB US) - Apr 2026 1. Japanese Mid-Cap Banks – Multiple Tailwinds We enhance and update our scorecard in this report on ten Japanese mid-cap banks focusing on key factors such as gearing to higher interest rates and the banks’ equity shareholdings Iyogin Holdings remains our top pick, for its pre-provision returns and equity shareholdings; Hokuhoku Financial is top three in the scorecard and Hachijuni tops the equity shareholdings to market cap We add new coverage Nishi-Nippon Financial to the buy list; it ranks second in the scorecard with its high gearing to rising interest rates and its very attractive PEG ratio 2. Topline Flash Note: United Bank Limited (UBL) – Result Review and Corporate Briefing Key Takeaways United Bank (UBL) announced its 1Q2026 results and conducted its Corporate Briefing Session today where management discussed financial performance for 2025 and future outlook.

In this briefing: When Shortage Meets 30% Price Hikes: The Intel Earnings Setup Primer: Sungeel Hitech (365340 KS) - Apr 2026 Primer: CNMC Goldmine Holdings (CNMC SP) - Apr 2026 Primer: DL Holdings Co (000210 KS) - Apr 2026 Primer: Crisil Ltd (CRISIL IN) - Apr 2026 1. When Shortage Meets 30% Price Hikes: The Intel Earnings Setup Intel has already pushed through 20% CPU price hikes with another increase likely in May, while CPU lines run at around 95% utilisation. Intel is spending $14.2 billion to buy back Apollo’s stake in Fab 34 and pulling more of the AI stack into its orbit via SambaNova and Nvidia’s NVLink. Panther Lake 18A yields around 65%, as Nvidia’s packaging struggles at TSMC pull it toward EMIB-T; a move out of the mid‑$60s and toward a $90-handle stops looking aggressive now! 2. Primer: Sungeel Hitech (365340 KS) - Apr 2026 Sungeel Hitech is a prominent South Korean company specializing in the recycling of lithium-ion batteries, a critical sector experiencing rapid growth due to the global push towards electrification, particularly in the automotive industry.

In this briefing: Primer: Sungeel Hitech (365340 KS) - Apr 2026 Primer: CNMC Goldmine Holdings (CNMC SP) - Apr 2026 Primer: DL Holdings Co (000210 KS) - Apr 2026 Primer: Crisil Ltd (CRISIL IN) - Apr 2026 Primer: Sfp Dining (3198 JP) - Apr 2026 1. Primer: Sungeel Hitech (365340 KS) - Apr 2026 Sungeel Hitech is a prominent South Korean company specializing in the recycling of lithium-ion batteries, a critical sector experiencing rapid growth due to the global push towards electrification, particularly in the automotive industry. The company is currently facing significant profitability challenges, marked by widening operating and net losses. This is primarily attributed to the declining prices of key recycled metals like lithium and cobalt, coupled with increased fixed costs from its global capacity expansion. Despite near-term financial headwinds, the company is strategically positioned to capitalize on long-term growth, driven by increasingly stringent environmental regulations mandating battery recycling and the growing volume of end-of-life electric vehicle batteries.

In this briefing: GEC: Transitional Financial Results; Cleaner Story Ahead Topline Flash Note: United Bank Limited (UBL) – Result Review and Corporate Briefing Key Takeaways Primer: CNMC Goldmine Holdings (CNMC SP) - Apr 2026 Primer: DL Holdings Co (000210 KS) - Apr 2026 Primer: Crisil Ltd (CRISIL IN) - Apr 2026 1. GEC: Transitional Financial Results; Cleaner Story Ahead What you need to know: • GEC reported Q2/26 results with rental revenue of $4.5M (+10% YoY) and 68% gross margins. H1/26 rental revenue was $9.7M, growing 12% YoY. • Adjusted EBITDA was $1.4M in Q2 and $4.1M in H1, just below our estimate but reflecting consistent profitability. 2. Topline Flash Note: United Bank Limited (UBL) – Result Review and Corporate Briefing Key Takeaways United Bank (UBL) announced its 1Q2026 results and conducted its Corporate Briefing Session today where management discussed financial performance for 2025 and future outlook. UBL has posted consolidated PAT of Rs48.4bn (EPS: Rs19.3) in 1Q2026 vs.

In this briefing: Topline Flash Note: United Bank Limited (UBL) – Result Review and Corporate Briefing Key Takeaways Primer: Crisil Ltd (CRISIL IN) - Apr 2026 Primer: White Mountains Insurance (WTM US) - Apr 2026 Primer: Home Bancshares (HOMB US) - Apr 2026 Primer: Synovus Financial (SNV US) - Apr 2026 1. Topline Flash Note: United Bank Limited (UBL) – Result Review and Corporate Briefing Key Takeaways United Bank (UBL) announced its 1Q2026 results and conducted its Corporate Briefing Session today where management discussed financial performance for 2025 and future outlook. UBL has posted consolidated PAT of Rs48.4bn (EPS: Rs19.3) in 1Q2026 vs. PAT of Rs36.1bn (EPS: Rs14.4) in in 1Q2025. The result is above our expectations mainly due to hefty gain on securities recorded during the quarter. To highlight, bank has booked capital gain of Rs33bn on fixed portfolio during Mar-26. Management highlighted that an increase in interest rates is not a significant concern for floater bonds, as the average reset duration is below 3 months.