In this briefing: GEG - Towards sustainable growth Mercury Bursting With Energy—3Q26 Op Stats Indonesia: Passives Could Sell BREN and DSSA in May and Go Away Primer: Gujarat Gas Ltd (GUJGA IN) - Apr 2026 Primer: Gujarat State Petronet (GUJS IN) - Apr 2026 1. GEG - Towards sustainable growth GEG's power output in Q4/2025 is estimated at 343 million kWh (+2% YoY, -12% QoQ). Of which, the hydropower’s output rose by 19% YoY thanks to favorable hydrological conditions. While wind and solar power generation decreased by 5% and 13% YoY, respectively, due to weaker radiation conditions and wind speed compared to Q4/2024. 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. Mercury Bursting With Energy—3Q26 Op Stats The FY26 EBITDAF guidance upgrade that we thought Mercury (MCY) might make at its 1H26 result has come through. With its storage lake effectively full, when it is usually at a seasonal low, MCY is well positioned to continue its strong momentum through 4Q26 and into FY27.

In this briefing: Mercury Bursting With Energy—3Q26 Op Stats Indonesia: Passives Could Sell BREN and DSSA in May and Go Away Primer: Gujarat Gas Ltd (GUJGA IN) - Apr 2026 Primer: Gujarat State Petronet (GUJS IN) - Apr 2026 Meridian Energy Catching Up to Expectations — 3Q26 Op Stats 1. Mercury Bursting With Energy—3Q26 Op Stats The FY26 EBITDAF guidance upgrade that we thought Mercury (MCY) might make at its 1H26 result has come through. With its storage lake effectively full, when it is usually at a seasonal low, MCY is well positioned to continue its strong momentum through 4Q26 and into FY27. We have lifted our target price +10cps. 2. Indonesia: Passives Could Sell BREN and DSSA in May and Go Away On 2 April, Barito Renewables Energy (BREN IJ) and Dian Swastatika Sentosa (DSSA IJ) were added to the IDX's High Shareholding Concentration (HSC) list. That designation should lead to both stocks being deleted from a global index at the May rebalance. There is a lot to sell in both stocks, and the recent rally could be cut short.

In this briefing: Indonesia: Passives Could Sell BREN and DSSA in May and Go Away Primer: Gujarat Gas Ltd (GUJGA IN) - Apr 2026 Primer: Gujarat State Petronet (GUJS IN) - Apr 2026 Meridian Energy Catching Up to Expectations — 3Q26 Op Stats Primer: China Gas Holdings (384 HK) - Apr 2026 1. Indonesia: Passives Could Sell BREN and DSSA in May and Go Away On 2 April, Barito Renewables Energy (BREN IJ) and Dian Swastatika Sentosa (DSSA IJ) were added to the IDX's High Shareholding Concentration (HSC) list. That designation should lead to both stocks being deleted from a global index at the May rebalance. There is a lot to sell in both stocks, and the recent rally could be cut short. The other question is who steps in to buy when passives sell. 2. Primer: Gujarat Gas Ltd (GUJGA IN) - Apr 2026 Largest City Gas Distribution (CGD) Player in India: Gujarat Gas is the leading CGD company in India by sales volume, with a significant presence across 44 districts in six states and one union territory.

In this briefing: Asian Equities: Headline Indices Back to Pre-War, but Not All Markets or Sectors Are Aequitas: Juniper Green Energy Pre-IPO - Execution-Led Growth but Risks Remain Walker’s Weekly: Dr. Jim's Summary of Key Global Macro Developments - 17 April 2026 Primer: Gujarat Gas Ltd (GUJGA IN) - Apr 2026 Primer: Gujarat State Petronet (GUJS IN) - Apr 2026 1. Asian Equities: Headline Indices Back to Pre-War, but Not All Markets or Sectors Are Asian headline indices are almost at pre-war levels. However, Philippines, Indonesia, Thailand and Korea are significantly below and Taiwan significantly above the pre-war peaks. Hong Kong, Singapore are at parity. Utilities, consumer services, consumer durables are prominent decliners. Industrials, health tech (pharmaceuticals), process industries and technology are above pre-war levels. The market seems concerned about fuel and industrial input shortage. After this relative valuation churn, Korea, Indonesia and Philippines appear the cheapest on PE vs EPS growth and P/BV vs ROE.

In this briefing: Aequitas: Juniper Green Energy Pre-IPO - Execution-Led Growth but Risks Remain Walker’s Weekly: Dr. Jim's Summary of Key Global Macro Developments - 17 April 2026 Primer: Gujarat Gas Ltd (GUJGA IN) - Apr 2026 Primer: Gujarat State Petronet (GUJS IN) - Apr 2026 PhonePe IPO: Key Takeaways from Founder’s Media Interactions 1. Aequitas: Juniper Green Energy Pre-IPO - Execution-Led Growth but Risks Remain Juniper Green Energy Ltd (1831458D IN) is looking to raise around US$350m in its upcoming India IPO. Juniper Green Energy Limited (JGEL) is an independent power producer (IPP) engaged in the development, construction, operation, and maintenance of utility-scale renewable energy projects. In this note, we look at the firm’s past performance. 2. Walker’s Weekly: Dr. Jim's Summary of Key Global Macro Developments - 17 April 2026 Given the geographic location, India is probably going to be the first country in the region to yield data that look as if they're affected by what is going on in the Middle East.

In this briefing: Walker’s Weekly: Dr. Jim's Summary of Key Global Macro Developments - 17 April 2026 Primer: Gujarat Gas Ltd (GUJGA IN) - Apr 2026 Primer: Gujarat State Petronet (GUJS IN) - Apr 2026 PhonePe IPO: Key Takeaways from Founder’s Media Interactions APAC Healthcare Weekly (April 19) – Fosun Pharma, Remegen, Daiichi Sankyo, Astellas Pharma, Telix 1. Walker’s Weekly: Dr. Jim's Summary of Key Global Macro Developments - 17 April 2026 Given the geographic location, India is probably going to be the first country in the region to yield data that look as if they're affected by what is going on in the Middle East. Wholesale prices were 3.9% year on year in March, from about 2.3% in the previous month. That represents a 1.5% month on month gain, a significant jump. We obviously can expect the same coming through from different countries around the region. China released 1Q GDP figures, with real GDP growth up 5.0% YoY and nominal GDP growth at 4.8%. That's a small margin of difference between the real GDP numbers and the nominal GDP numbers.

In this briefing: Primer: Ahnlab Inc (053800 KS) - Apr 2026 Primer: Gujarat Gas Ltd (GUJGA IN) - Apr 2026 Primer: Wacoal Holdings (3591 JP) - Apr 2026 Primer: Sun Car Insurance Agency Co., Ltd. (1879 HK) - Apr 2026 Primer: Gujarat State Petronet (GUJS IN) - Apr 2026 1. Primer: Ahnlab Inc (053800 KS) - Apr 2026 Ahnlab holds a dominant position in the South Korean cybersecurity market, benefiting from strong brand recognition and established relationships with government and public sector entities. The company is facing significant challenges from global competitors, particularly in high-growth areas like cloud security and AI-driven threat detection, where it is perceived to be lagging. Ahnlab's future growth is contingent on its strategic shift towards AI-centric solutions and successful expansion into international markets to reduce its heavy reliance on the mature domestic market. This content is AI-generated and displayed for general informational purposes only. Please verify independently before use. 2.

In this briefing: Pre-IPO Henan Kingstar Brewery - The Business, the Concerns and the Outlook Primer: Gujarat Gas Ltd (GUJGA IN) - Apr 2026 Primer: Wacoal Holdings (3591 JP) - Apr 2026 Primer: Sun Car Insurance Agency Co., Ltd. (1879 HK) - Apr 2026 Primer: Gujarat State Petronet (GUJS IN) - Apr 2026 1. Pre-IPO Henan Kingstar Brewery - The Business, the Concerns and the Outlook The craft beers will eventually solidify into a stable niche category, and the window period for the market dividends brought by individual products may only last for 2-3 years. KINGSTAR, as "the first Chinese-style craft beer company with high growth potential", can enjoy certain valuation premium at the current stage. So, valuation would be higher than traditional beer companies. However, considering the risk of overly relying on single product as well as the future decline in growth due to increasing competition, valuation of KINGSTAR could be lower than MIXUE/ Budweiser . 2. Primer: Gujarat Gas Ltd (GUJGA IN) - Apr 2026 Largest City Gas Distribution (CGD) Player in India: Gujarat Gas is the leading CGD company in India by sales volume, with a significant presence across 44 districts in six states and one union territory.

In this briefing: Primer: Gujarat Gas Ltd (GUJGA IN) - Apr 2026 Primer: Wacoal Holdings (3591 JP) - Apr 2026 Primer: Sun Car Insurance Agency Co., Ltd. (1879 HK) - Apr 2026 Primer: Gujarat State Petronet (GUJS IN) - Apr 2026 Aequitas: Cofoe Medical Technology A/H Listing - Recovering from Post-Pandemic Slump 1. Primer: Gujarat Gas Ltd (GUJGA IN) - Apr 2026 Largest City Gas Distribution (CGD) Player in India: Gujarat Gas is the leading CGD company in India by sales volume, with a significant presence across 44 districts in six states and one union territory. Its extensive network of over 44,540 kms of pipeline serves a diversified customer base, including residential, commercial, industrial, and transport sectors. High Dependence on Industrial Segment and LNG Volatility: A substantial portion of the company's sales volume (approximately 60-70%) is derived from industrial customers, particularly in the Morbi ceramic cluster. This exposes the company to the cyclicality of industrial demand and the price volatility of imported Liquefied Natural Gas (LNG), which is a primary feedstock and is sensitive to global geopolitical events.