In this briefing: Can Fin Homes Ltd - Good Quarter; Growth to Strengthen from FY27 Onwards! Asian Bond Monitor: Take Profits TAC Index Weekly Air Cargo Bulletin 19 January 2026 Exencial Industry Tidings Primer: WPIL Ltd (WPI IN) - Jan 2026 1. Can Fin Homes Ltd - Good Quarter; Growth to Strengthen from FY27 Onwards! Key States Stage a Recovery; Momentum to Improve: CANF’s key states – Karnataka (KA) and Telangana (TL) have witnessed a healthy recovery, with KA reported a positive disbursement growth on YTD basis (+3% YoY), having recorded a ~Rs 250 Cr/month disbursement growth in Q3 (total disbursement of Rs 740 Cr in Q3) and the momentum has sustained going into Q4. Though TL continues to lag the growth recovery, signs of improvement are visible with disbursements now clocking a monthly run rate of Rs 100 Cr, and growing at ~30% YoY in Q3, thereby instilling confidence of ending FY26 with a flattish growth. Moving forward, the management expects KA disbursement growth to remain healthy and the state to contribute meaningfully in FY27.

In this briefing: Asian Bond Monitor: Take Profits TAC Index Weekly Air Cargo Bulletin 19 January 2026 Exencial Industry Tidings Primer: WPIL Ltd (WPI IN) - Jan 2026 Shadowfax IPO: Powering the Next Phase of India’s Delivery Growth 1. Asian Bond Monitor: Take Profits Indian USD high-yield bonds in our sample have outperformed on an improving operating environment in India. Our base case scenario calls for a stabilized rate environment in 2026 which makes fixed rate bonds fully-valued, in our view. We argue for a reduction in Asian bond exposure, and not a total abandonment. 2. TAC Index Weekly Air Cargo Bulletin 19 January 2026 Global air freight rates trended a little lower overall last week according to the latest data from TAC Index, the leading price reporting agency for air freight markets. The global Baltic Air Freight Index (BAI00) calculated by TAC dropped -3.3% in the week to January 12, leaving it lower though by only -3.6% from where it was 12 months earlier. Rates on the busiest lanes out of China were a little down WoW both to Europe and the US – but remained comfortably higher YoY in both directions. 3.

In this briefing: TAC Index Weekly Air Cargo Bulletin 19 January 2026 Exencial Industry Tidings Primer: WPIL Ltd (WPI IN) - Jan 2026 Shadowfax IPO: Powering the Next Phase of India’s Delivery Growth Aequitas: RSB Retail India Limited Pre-IPO - Leading Multi-Format Retailer in South India 1. TAC Index Weekly Air Cargo Bulletin 19 January 2026 Global air freight rates trended a little lower overall last week according to the latest data from TAC Index, the leading price reporting agency for air freight markets. The global Baltic Air Freight Index (BAI00) calculated by TAC dropped -3.3% in the week to January 12, leaving it lower though by only -3.6% from where it was 12 months earlier. Rates on the busiest lanes out of China were a little down WoW both to Europe and the US – but remained comfortably higher YoY in both directions. 2. Exencial Industry Tidings Better demand from blenders lifts tea prices at Coonoor Tea auctions Damodar Industries' sales decline by 22.4% in December 2025 quarter Mangalore Refinery & Petrochemicals' sales up by 13% in December 2025 quarter 3.

In this briefing: [Wafer Watch] Foundry Loading, 3nm Scarcity, and New Materials Constraints Busy Ming (1768 HK) IPO: Valuation Insights Simandou Hits China, Momentum Softens: Is Iron Ore Entering a Buy-The-Dip Phase? Exencial Industry Tidings CX Daily: Digital Yuan Overhaul Targets Mass Adoption, Cross-Border Use 1. [Wafer Watch] Foundry Loading, 3nm Scarcity, and New Materials Constraints Samsung Foundry’s utilisation is recovering on 4nm/8nm, but 2nm yields keep break-even out of reach; TSMC tightness and Tesla’s AI6 deal are the near-term demand supports. TSMC’s 3nm is effectively sold out through 2027, turning what began as a CoWoS bottleneck into a wafer constraint and pushing customers to hedge via Samsung and Intel. AI is creating a new materials bottleneck in indium phosphide, while China’s CXMT accelerates DRAM scale-up, narrowing the process gap and reshaping bargaining power. 2. Busy Ming (1768 HK) IPO: Valuation Insights Busy Ming Group (1768 HK) is a food and beverage retailer in China.

In this briefing: Simandou Hits China, Momentum Softens: Is Iron Ore Entering a Buy-The-Dip Phase? Exencial Industry Tidings CX Daily: Digital Yuan Overhaul Targets Mass Adoption, Cross-Border Use China–EU Trade in EVs and Tires Shifts Toward Recalibration in 2026 Ohayo Japan 1. Simandou Hits China, Momentum Softens: Is Iron Ore Entering a Buy-The-Dip Phase? Simandou supply adds choice, accident headlines pressure sentiment, while restocking demand offsets rising inventories, keeping iron ore prices supported. In H1 FY26, BHP’s iron ore output rose 2% YoY, but pricing headwinds from China negotiations highlight rising realisation risk despite unchanged FY26 output guidance. After stalling near the upper Bollinger band, the DCE–SGX momentum has cooled but stays constructive, pointing to consolidation rather than reversal without fresh catalysts. 2. Exencial Industry Tidings Better demand from blenders lifts tea prices at Coonoor Tea auctions Damodar Industries' sales decline by 22.4% in December 2025 quarter Mangalore Refinery & Petrochemicals' sales up by 13% in December 2025 quarter 3.