In this briefing: Funds Are Influencing Crude Oil Prices at the Margin, But Are Playing a Smaller Role Than Usual Have Geopolitical Realignments Triggered Another Commodity Supercycle? Janus Living (JAN US): Post-IPO Inclusion in US & Global Indices The Graphite Reset: What’s Fuelling the Rally in HEG and Graphite India? NCR Atleos: From High-Conviction Holding to Merger Arbitrage 1. Funds Are Influencing Crude Oil Prices at the Margin, But Are Playing a Smaller Role Than Usual The CFTC data reveal that funds continue to play a role in price determination at the margin, as evidenced by day-to-day price volatility. However, compared to history, their overall influence has been substantially less during the war as, not unexpectedly, physical market tightness dominates. In addition, smaller players in the futures market have been unceasingly influential relative to the largest hedge funds and major financial institutions. 2. Have Geopolitical Realignments Triggered Another Commodity Supercycle?

In this briefing: HSI Index Earning Revision (Mar): Oil and Tech Have Geopolitical Realignments Triggered Another Commodity Supercycle? HSCEI Index Earning Revision (Mar): Tech De-Ratings Janus Living (JAN US): Post-IPO Inclusion in US & Global Indices The Graphite Reset: What’s Fuelling the Rally in HEG and Graphite India? 1. HSI Index Earning Revision (Mar): Oil and Tech We analysed the earning revision of component stocks of HSI in the past month. We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision. We highlighted EPS revision on ALIBABA, XIAOMI, HSBC, MEITUAN, LI AUTO, CNOOC. 2. Have Geopolitical Realignments Triggered Another Commodity Supercycle? Current events in the Middle East form part of a broader geopolitical realignment where countries seek to secure reliable supplies of strategically important commodities. Geopolitics can support another commodity supercycle. Prior to the COVID-19 pandemic, there were three commodity supercycles, with an average 32 year duration.

In this briefing: Have Geopolitical Realignments Triggered Another Commodity Supercycle? HSCEI Index Earning Revision (Mar): Tech De-Ratings Janus Living (JAN US): Post-IPO Inclusion in US & Global Indices The Graphite Reset: What’s Fuelling the Rally in HEG and Graphite India? Thailand Short Interest Weekly (Mar 27th): Intouch, Bangkok Dusit, Central Pattana 1. Have Geopolitical Realignments Triggered Another Commodity Supercycle? Current events in the Middle East form part of a broader geopolitical realignment where countries seek to secure reliable supplies of strategically important commodities. Geopolitics can support another commodity supercycle. Prior to the COVID-19 pandemic, there were three commodity supercycles, with an average 32 year duration. The most recent was attributable to China's unprecedented dash to industrialise in two decades. A new commodity supercycle may have begun, driven by energy transformation and geopolitical realignment. Supply responses may be slower due to underinvestment and tougher regulatory regimes for new operations. 2.

In this briefing: Have Geopolitical Realignments Triggered Another Commodity Supercycle? Janus Living (JAN US): Post-IPO Inclusion in US & Global Indices The Graphite Reset: What’s Fuelling the Rally in HEG and Graphite India? NCR Atleos: From High-Conviction Holding to Merger Arbitrage Weekly Update (LBTYA, UL, MKC) 1. Have Geopolitical Realignments Triggered Another Commodity Supercycle? Current events in the Middle East form part of a broader geopolitical realignment where countries seek to secure reliable supplies of strategically important commodities. Geopolitics can support another commodity supercycle. Prior to the COVID-19 pandemic, there were three commodity supercycles, with an average 32 year duration. The most recent was attributable to China's unprecedented dash to industrialise in two decades. A new commodity supercycle may have begun, driven by energy transformation and geopolitical realignment. Supply responses may be slower due to underinvestment and tougher regulatory regimes for new operations. 2.

In this briefing: Aequitas: Cube Highways Trust Pre-IPO Tearsheet SML Mahindra Limited: How Mahindra's Parentage Can Rewrite the Fortune? Aequitas: CMPDI IPO Trading - Muted Demand Trend Continues The Graphite Reset: What’s Fuelling the Rally in HEG and Graphite India? Asian Equities: Getting into Oversold Territory, After Heaviest Ever Monthly FII Selling in March 1. Aequitas: Cube Highways Trust Pre-IPO Tearsheet Cube Highways Trust (CUBEINVI IN) (CHT) plans to raise around US$538m in its upcoming Hong Kong IPO. The deal will be run by Kotak, HSBC, JM and HDFC. CHT is an infrastructure investment trust sponsored by Cube Highways and Infrastructure V Pte. Ltd. and established with the objective of acquiring and operating road assets in India. As of September 30, 2025, through its existing portfolio assets, CHT operates 27 road assets across 12 states and one union territory in India. 2. SML Mahindra Limited: How Mahindra's Parentage Can Rewrite the Fortune? Mahindra & Mahindra completed its acquisition of a 58.96% stake in SML Isuzu (now SML Mahindra Limited) in Aug-25, installing a new leadership team and triggering a complete strategic overhaul.

In this briefing: SML Mahindra Limited: How Mahindra's Parentage Can Rewrite the Fortune? Aequitas: CMPDI IPO Trading - Muted Demand Trend Continues The Graphite Reset: What’s Fuelling the Rally in HEG and Graphite India? Asian Equities: Getting into Oversold Territory, After Heaviest Ever Monthly FII Selling in March Primer: Vedanta Ltd (VEDL IN) - Mar 2026 1. SML Mahindra Limited: How Mahindra's Parentage Can Rewrite the Fortune? Mahindra & Mahindra completed its acquisition of a 58.96% stake in SML Isuzu (now SML Mahindra Limited) in Aug-25, installing a new leadership team and triggering a complete strategic overhaul. A dormant but operationally sound CV manufacturer now has access to Mahindra's distribution muscle, R&D pipeline, sourcing scale, and CNG/EV platform. April-February FY26 cumulative sales are up 19% YoY to 14,175 units. Q3 FY26 net profit surged 3,209% YoY. 2. Aequitas: CMPDI IPO Trading - Muted Demand Trend Continues Central Mine Planning Design Institute Ltd (CMPDIL) (0180301D IN) raised around US$200m in its all-secondary India IPO.

In this briefing: HSCEI Index Earning Revision (Mar): Tech De-Ratings Janus Living (JAN US): Post-IPO Inclusion in US & Global Indices The Graphite Reset: What’s Fuelling the Rally in HEG and Graphite India? Thailand Short Interest Weekly (Mar 27th): Intouch, Bangkok Dusit, Central Pattana Bursa Short Interest Weekly (Mar 27th): Public Bank, Malaysian Resources, IJM, FARM FRESH 1. HSCEI Index Earning Revision (Mar): Tech De-Ratings We analysed the earning revision of component stocks of HSCEI in the past month. We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision. We highlighted EPS revision on XIAOMI, LI AUTO, PING AN INSURANCE, CHINA MOBILE, CNOOC, MEITUAN, XPENG. 2. Janus Living (JAN US): Post-IPO Inclusion in US & Global Indices Janus Living (JAN US) went public on 20 March on NYSE and has a current market cap of $6bn. Inclusion in US indices is expected in June 2026, as the security meets US eligibility criteria. Inclusion in Global SmallCap is expected in August, while the security may fail the floatcap threshold for the other Global index. 3.

In this briefing: Aequitas: CMPDI IPO Trading - Muted Demand Trend Continues The Graphite Reset: What’s Fuelling the Rally in HEG and Graphite India? Asian Equities: Getting into Oversold Territory, After Heaviest Ever Monthly FII Selling in March Primer: Vedanta Ltd (VEDL IN) - Mar 2026 Pan-Asia Radar: What's Outperforming MSCI AC Asia Ex-JP (AAXJ US), What's Crowding 1. Aequitas: CMPDI IPO Trading - Muted Demand Trend Continues Central Mine Planning Design Institute Ltd (CMPDIL) (0180301D IN) raised around US$200m in its all-secondary India IPO. CMPDI is a Coal India subsidiary, providing consultancy and support services across the full range of coal and mineral exploration, mine planning and design, covering the entire mining operations lifecycle. We have looked at the past performance and valuations in our previous note. In this note, we talk about the trading dynamics. 2. The Graphite Reset: What’s Fuelling the Rally in HEG and Graphite India? GrafTech International Ltd (EAF US) announced a significant price hike , triggering a massive rally in Indian graphite stocks like Heg Ltd (HEG IN) and Graphite India (GRIL IN) This reset was necessitated by prolonged EBITDA losses and rising input costs , signaling a critical structural shift for the global graphite electrode pricing benchmark.

In this briefing: Janus Living (JAN US): Post-IPO Inclusion in US & Global Indices The Graphite Reset: What’s Fuelling the Rally in HEG and Graphite India? Thailand Short Interest Weekly (Mar 27th): Intouch, Bangkok Dusit, Central Pattana Bursa Short Interest Weekly (Mar 27th): Public Bank, Malaysian Resources, IJM, FARM FRESH Global Base Oils Cargo Flows: Week To 27 March 1. Janus Living (JAN US): Post-IPO Inclusion in US & Global Indices Janus Living (JAN US) went public on 20 March on NYSE and has a current market cap of $6bn. Inclusion in US indices is expected in June 2026, as the security meets US eligibility criteria. Inclusion in Global SmallCap is expected in August, while the security may fail the floatcap threshold for the other Global index. 2. The Graphite Reset: What’s Fuelling the Rally in HEG and Graphite India? GrafTech International Ltd (EAF US) announced a significant price hike , triggering a massive rally in Indian graphite stocks like Heg Ltd (HEG IN) and Graphite India (GRIL IN) This reset was necessitated by prolonged EBITDA losses and rising input costs , signaling a critical structural shift for the global graphite electrode pricing benchmark.