In this briefing: GS Retail (007070 KS/Buy)Convenience Store Competitiveness Recovering; Earnings Forecasts Revised Up New Oriental (EDU US) - Inline 1QFY26 Results; Enhancing Profitability and Shareholder Return Orkla India IPO Review: Strong Brands and Valuations Are Not Too Spicy Primer: Dunelm (DNLM LN) - Oct 2025 Dollar Industries’ Big Reshuffle: Why It Matters? 1. GS Retail (007070 KS/Buy)Convenience Store Competitiveness Recovering; Earnings Forecasts Revised Up We expect GS Retail to post above-consensus 3Q25 results, with revenue of W3.15tr (+3% YoY) and operating profit of W98bn (+22% YoY). We believe the company saw qualitative improvement in the quarter, with the core convenience store business posting profit growth for the first time in six quarters and losses in inefficient “other” businesses narrowing. For convenience stores, we estimate revenue at W2.37tr (+3% YoY) and operating profit at W75.1bn (+3% YoY; OP margin of 3.2%). 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: HSIE Results Daily: Supreme Industries, PNB Housing Finance Cipla-Eli Lilly Deal: Strategic Masterstroke or Margin Mirage? Orkla India IPO Review: Strong Brands and Valuations Are Not Too Spicy Greaves Cotton Limited- Revving Up Dollar Industries’ Big Reshuffle: Why It Matters? 1. HSIE Results Daily: Supreme Industries, PNB Housing Finance Supreme Industries: Supreme Industries (SIL) reported 12% consolidated volume growth (pipes/other segments 17/-4% YoY) in Q2 Consolidated revenue was up 5% YoY EBITDA declined 7% YoY, owing to lower gross margin and higher fixed cost 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. Cipla-Eli Lilly Deal: Strategic Masterstroke or Margin Mirage? Cipla Ltd (CIPLA IN) signed an exclusive distribution and promotion agreement with Eli Lilly on 23 October 2025 to market tirzepatide under the brand name Yurpeak in India.

In this briefing: Cipla-Eli Lilly Deal: Strategic Masterstroke or Margin Mirage? Orkla India IPO Review: Strong Brands and Valuations Are Not Too Spicy Greaves Cotton Limited- Revving Up Dollar Industries’ Big Reshuffle: Why It Matters? Kerala Farmers Firm On Higher Floor Prices As Market Prices Keep Steady 1. Cipla-Eli Lilly Deal: Strategic Masterstroke or Margin Mirage? Cipla Ltd (CIPLA IN) signed an exclusive distribution and promotion agreement with Eli Lilly on 23 October 2025 to market tirzepatide under the brand name Yurpeak in India. The deal positions Cipla as a first mover in India’s nascent GLP-1 obesity care segment, projected to grow 40x by 2030. Financially modest but strategically transformative, the deal anchors Cipla’s entry into obesity therapeutics and sets the stage for a broader GLP-1 platform spanning branded and generic drugs. 2. Orkla India IPO Review: Strong Brands and Valuations Are Not Too Spicy Orkla India owns two popular Indian food product brands 'MTR' and 'Eastern that offer Ready to Cook/Eat products as well as pure and blended spices.

In this briefing: Orkla India IPO Review: Strong Brands and Valuations Are Not Too Spicy Greaves Cotton Limited- Revving Up Dollar Industries’ Big Reshuffle: Why It Matters? Kerala Farmers Firm On Higher Floor Prices As Market Prices Keep Steady Global Active Funds Struggle to Close the Gap in 2025 1. Orkla India IPO Review: Strong Brands and Valuations Are Not Too Spicy Orkla India owns two popular Indian food product brands 'MTR' and 'Eastern that offer Ready to Cook/Eat products as well as pure and blended spices. Both its brands enjoy strong brand heritage in India as well as countries with a higher proportion of the Indian diaspora. IPO is being valued at TTM PE of 40x (lower end of 35-90x ascribed to Indian FMCGs). With a low double-digit growth profile and high ROCEs, valuations look reasonable. 2. Greaves Cotton Limited- Revving Up Greaves Cotton (GRV IN) has evolved from a traditional diesel engine manufacturer into a comprehensive fuel-agnostic mobility and engineering solutions provider.

In this briefing: Orkla India IPO Review: Strong Brands and Valuations Are Not Too Spicy Primer: Dunelm (DNLM LN) - Oct 2025 Dollar Industries’ Big Reshuffle: Why It Matters? Sanford Casting The Net Primer: Neopharm Co Ltd (092730 KS) - Oct 2025 1. Orkla India IPO Review: Strong Brands and Valuations Are Not Too Spicy Orkla India owns two popular Indian food product brands 'MTR' and 'Eastern that offer Ready to Cook/Eat products as well as pure and blended spices. Both its brands enjoy strong brand heritage in India as well as countries with a higher proportion of the Indian diaspora. IPO is being valued at TTM PE of 40x (lower end of 35-90x ascribed to Indian FMCGs). With a low double-digit growth profile and high ROCEs, valuations look reasonable. 2. Primer: Dunelm (DNLM LN) - Oct 2025 Market Leader with Room to Grow: Dunelm is the UK's leading homewares retailer with a market share of 11.5%, yet it only holds 7.7% of the combined homewares and furniture market, indicating significant headroom for growth in a large and fragmented sector.

In this briefing: Greaves Cotton Limited- Revving Up Dollar Industries’ Big Reshuffle: Why It Matters? Kerala Farmers Firm On Higher Floor Prices As Market Prices Keep Steady Global Active Funds Struggle to Close the Gap in 2025 Lenskart IPO: Growth Lens Will Help Rectify the Premium Valuation Myopia, Get Buying Kart Ready 1. Greaves Cotton Limited- Revving Up Greaves Cotton (GRV IN) has evolved from a traditional diesel engine manufacturer into a comprehensive fuel-agnostic mobility and engineering solutions provider. Greaves Electric Mobility Ltd (GEML) (1295040D IN) its subsidiary (known by its flagship brand ‘Ampere’) plans to come out with an IPO of INR 10 bn and an offer-for-sale. Regarding forensics, we draw comfort from the Management’s ability to diversify its businesses and make value-accretive acquisitions. However, frequent churn in management warrants attention. 2. Dollar Industries’ Big Reshuffle: Why It Matters? Dollar Industries (DOLLAR IN) has announced a Composite Scheme of Arrangement, merging eight promoter group companies and demerging one hosiery business undertaking into the listed entity.

In this briefing: Dollar Industries’ Big Reshuffle: Why It Matters? Kerala Farmers Firm On Higher Floor Prices As Market Prices Keep Steady Global Active Funds Struggle to Close the Gap in 2025 Lenskart IPO: Growth Lens Will Help Rectify the Premium Valuation Myopia, Get Buying Kart Ready Primer: Epigral (EPIGRAL IN) - Oct 2025 1. Dollar Industries’ Big Reshuffle: Why It Matters? Dollar Industries (DOLLAR IN) has announced a Composite Scheme of Arrangement, merging eight promoter group companies and demerging one hosiery business undertaking into the listed entity. The scheme fundamentally restructures DIL, consolidating brand ownership, key manufacturing assets, and operational real estate, directly addressing long-standing concerns regarding related-party transactions and corporate complexity. While execution risks persist, the strategic clarity and governance enhancement resulting from this vertical integration could serve as a powerful catalyst, potentially driving a valuation re-rating. 2.

Dollar Industries Ltd. ( ($IN:DOLLAR) ) just unveiled an announcement. Dollar Industries Limited has announced its participation in an investor con...