In this briefing: Toyota’s $35B Privatization Gamble Hits A Wall—Will A Higher Bid Be Forced? CVS Health: Margin Repair in Motion—What Medicare Advantage and Pharmacy Growth Signal Next! Hybridan Small Cap Feast: 9 February 2026 Endurance Technologies Ltd - Strong Order Wins & Strategic Capex; Margin Upside Largely Priced In VIP Industries Ltd - Near-Term Challenges Continue; Maintain HOLD 1. Toyota’s $35B Privatization Gamble Hits A Wall—Will A Higher Bid Be Forced? The Toyota Motor Corp. group has extended the tender deadline to March 2 for its ¥6.1 trillion ($35 billion) bid to privatize Toyota Industries Corp., underscoring the increasingly delicate math behind the deal. Toyota already owns roughly 25% of Toyota Industries, and investors representing 33% of shares have agreed to tender, leaving the group approximately nine percentage points short of the two-thirds threshold required to push the transaction through. The extension signals that the conglomerate needs additional time to secure support amid vocal opposition from Elliott Investment Management LP, which argues the ¥18,800-per-share offer undervalues the company. 2.

In this briefing: HSIE Results Daily: ONGC, Petronet LNG, Indraprastha Gas PI Industries Ltd - Near-Term Headwinds Persist; Maintain HOLD Praj Industries Ltd - Bio-Energy Headwinds Persist; Signs of Growth in Other Businesses Camlin Fine Sciences Ltd. - Blends Steady; Vanillin Poised for Realisation-Driven Growth Endurance Technologies Ltd - Strong Order Wins & Strategic Capex; Margin Upside Largely Priced In 1. HSIE Results Daily: ONGC, Petronet LNG, Indraprastha Gas ONGC: We maintain our REDUCE rating on ONGC, with a target price of INR 220 as we expect slower ramp-up in oil & gas production Q3FY26 quarter’s reported EBITDA at ~INR 173bn (-8.7% YoY, -2.1% QoQ) and PAT at ~INR 84bn (+1.6% YoY, -15.0% QoQ) were marginally lower than our estimates due to lower-than-expected crude oil production volume Petronet LNG: Our REDUCE recommendation on Petronet LNG (PLNG) with a revised TP of INR 275 is based on (1) muted volume growth, (2) delayed capacity expansion, and (3) subdued return ratios resulting from the high capex cycle expected in the next five years 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: Hybridan Small Cap Feast: 9 February 2026 PI Industries Ltd - Near-Term Headwinds Persist; Maintain HOLD Praj Industries Ltd - Bio-Energy Headwinds Persist; Signs of Growth in Other Businesses Camlin Fine Sciences Ltd. - Blends Steady; Vanillin Poised for Realisation-Driven Growth Endurance Technologies Ltd - Strong Order Wins & Strategic Capex; Margin Upside Largely Priced In 1. Hybridan Small Cap Feast: 9 February 2026 Arecor Therapeutics 80.00p £29.26m (AREC.L) The biopharmaceutical Company focused on drug development and enhanced delivery in diabetes and other cardiometabolic diseases provided a business update for the 12 months ended 31 December 2025. The Company continued focus on two core product areas: diabetes and oral delivery of peptides. A codevelopment deal was signed in September 2025 with Sequel Med Tech to combine Arecor's ultra-concentrated, ultra-rapid-acting (500U/mL) insulin AT278 with Sequel's twist Automated Insulin Delivery (AID) system. 2. PI Industries Ltd - Near-Term Headwinds Persist; Maintain HOLD Domestic Businesses Impacted by Short-term Challenges: The domestic business reported an 8% YoY revenue decline in Q3FY26, with volumes down 2%, impacted by subdued farmer offtake for high-value products.

In this briefing: Hybridan Small Cap Feast: 9 February 2026 Endurance Technologies Ltd - Strong Order Wins & Strategic Capex; Margin Upside Largely Priced In VIP Industries Ltd - Near-Term Challenges Continue; Maintain HOLD Minor International Plc. (MINT): Core Profit Beats; Europe Enters 1Q26 Low Season GuocoLand’s Quek Leng Chan Builds Interest 1. Hybridan Small Cap Feast: 9 February 2026 Arecor Therapeutics 80.00p £29.26m (AREC.L) The biopharmaceutical Company focused on drug development and enhanced delivery in diabetes and other cardiometabolic diseases provided a business update for the 12 months ended 31 December 2025. The Company continued focus on two core product areas: diabetes and oral delivery of peptides. A codevelopment deal was signed in September 2025 with Sequel Med Tech to combine Arecor's ultra-concentrated, ultra-rapid-acting (500U/mL) insulin AT278 with Sequel's twist Automated Insulin Delivery (AID) system. 2. Endurance Technologies Ltd - Strong Order Wins & Strategic Capex; Margin Upside Largely Priced In Strong Order book: As of Dec’25, the company has secured total business orders worth ~Rs 5,021 Cr over the last five years, along with cumulative replacement orders of Rs 730 Cr and Rs 4,291 Cr in new orders.

In this briefing: Praj Industries Ltd - Bio-Energy Headwinds Persist; Signs of Growth in Other Businesses Camlin Fine Sciences Ltd. - Blends Steady; Vanillin Poised for Realisation-Driven Growth Endurance Technologies Ltd - Strong Order Wins & Strategic Capex; Margin Upside Largely Priced In Inox Wind Ltd - Q3 Miss on All Fronts Against Consensus VIP Industries Ltd - Near-Term Challenges Continue; Maintain HOLD 1. Praj Industries Ltd - Bio-Energy Headwinds Persist; Signs of Growth in Other Businesses Bio-energy Slowdown Continues: The company’s 1G Ethanol business continues to remain impacted by subdued demand and an extended execution cycle. However, management is witnessing good traction in brownfield projects focused on operational efficiency and value-added product additions. Margin Deteriorating: EBITDA margins declined during the quarter, primarily due to lower export revenue. 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: Camlin Fine Sciences Ltd. - Blends Steady; Vanillin Poised for Realisation-Driven Growth Endurance Technologies Ltd - Strong Order Wins & Strategic Capex; Margin Upside Largely Priced In Inox Wind Ltd - Q3 Miss on All Fronts Against Consensus VIP Industries Ltd - Near-Term Challenges Continue; Maintain HOLD Hesai Group (HSAI US) - Structural Growth Story Remains Intact 1. Camlin Fine Sciences Ltd. - Blends Steady; Vanillin Poised for Realisation-Driven Growth Vanillin – Core Growth Driver: The Vanillin segment witnessed a 4% YoY revenue decline, as the management consciously curtailed dispatches (490 tonnes) in anticipation of a 25% reduction in US import duties. This strategic deferment is expected to enhance realisations by approximately $2–3/kg (to $14–14.5/kg) in subsequent quarters following the duty reduction. For Q4FY26, the company has guided for 600–700 tonnes of sales volume (300–350 tonnes from the US). 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: Endurance Technologies Ltd - Strong Order Wins & Strategic Capex; Margin Upside Largely Priced In Inox Wind Ltd - Q3 Miss on All Fronts Against Consensus VIP Industries Ltd - Near-Term Challenges Continue; Maintain HOLD Exencial Industry Tiding Blue Jet Healthcare: What Went Wrong? 1. Endurance Technologies Ltd - Strong Order Wins & Strategic Capex; Margin Upside Largely Priced In Strong Order book: As of Dec’25, the company has secured total business orders worth ~Rs 5,021 Cr over the last five years, along with cumulative replacement orders of Rs 730 Cr and Rs 4,291 Cr in new orders. This includes an order backlog of Rs 1,242 Cr in the Indian EV segment, including Bajaj. In Europe, Endurance has secured €244 Mn in orders as of Dec'25, representing the cumulative value over five years. Of this, €94 Mn (39%) pertains to EV applications, while €111 Mn (45%) is for Hybrid applications. 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: Endurance Technologies Ltd - Strong Order Wins & Strategic Capex; Margin Upside Largely Priced In Inox Wind Ltd - Q3 Miss on All Fronts Against Consensus VIP Industries Ltd - Near-Term Challenges Continue; Maintain HOLD Hesai Group (HSAI US) - Structural Growth Story Remains Intact 5036 JP - Shift to an ES-Led Model Marks the Transition to a Profitability Improvement Phase 1. Endurance Technologies Ltd - Strong Order Wins & Strategic Capex; Margin Upside Largely Priced In Strong Order book: As of Dec’25, the company has secured total business orders worth ~Rs 5,021 Cr over the last five years, along with cumulative replacement orders of Rs 730 Cr and Rs 4,291 Cr in new orders. This includes an order backlog of Rs 1,242 Cr in the Indian EV segment, including Bajaj. In Europe, Endurance has secured €244 Mn in orders as of Dec'25, representing the cumulative value over five years. Of this, €94 Mn (39%) pertains to EV applications, while €111 Mn (45%) is for Hybrid applications.

In this briefing: Endurance Technologies Ltd - Strong Order Wins & Strategic Capex; Margin Upside Largely Priced In Inox Wind Ltd - Q3 Miss on All Fronts Against Consensus VIP Industries Ltd - Near-Term Challenges Continue; Maintain HOLD Hesai Group (HSAI US) - Structural Growth Story Remains Intact Greek Economy - January 29, 2026 1. Endurance Technologies Ltd - Strong Order Wins & Strategic Capex; Margin Upside Largely Priced In Strong Order book: As of Dec’25, the company has secured total business orders worth ~Rs 5,021 Cr over the last five years, along with cumulative replacement orders of Rs 730 Cr and Rs 4,291 Cr in new orders. This includes an order backlog of Rs 1,242 Cr in the Indian EV segment, including Bajaj. In Europe, Endurance has secured €244 Mn in orders as of Dec'25, representing the cumulative value over five years. Of this, €94 Mn (39%) pertains to EV applications, while €111 Mn (45%) is for Hybrid applications. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only.