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ITC Ltd.

In this briefing: BellRing Brands Inc.: The Distribution Expansion Play—How Food Sobha: Demand Momentum Remains Intact. Maintain BUY Trent: Time to Pivot! Upgrade to ADD ITC Ltd - Near Term Tax Hike Challenges; Rating Revised to HOLD Car Trade Tech: Driving PAT Growth Via Massive Operating Leverage 1. BellRing Brands Inc.: The Distribution Expansion Play—How Food BellRing Brands' fourth quarter results and fiscal year 2025 performance signal a company that is navigating both growth opportunities and competitive challenges. The company reported a robust 16% increase in net sales and an adjusted EBITDA margin of 20.8%, underscoring its capacity to execute on strategic initiatives such as media campaigns, distribution expansion, and innovation while maintaining strong profitability metrics. A key highlight from the quarter was the impressive 20% consumption growth of its Premier Protein shakes, attributed to promotional events, despite a 17% uptick in net sales for the overall product line. 2.

In this briefing: BellRing Brands Inc.: The Distribution Expansion Play—How Food Trent: Time to Pivot! Upgrade to ADD Pre-IPO Sichuan Teway Food Group (A/H Listing) - Business Model, Risks and Thoughts on Valuation ITC Ltd - Near Term Tax Hike Challenges; Rating Revised to HOLD HSTECH Index Rebalance Preview: Changes If Index Universe Is Expanded 1. BellRing Brands Inc.: The Distribution Expansion Play—How Food BellRing Brands' fourth quarter results and fiscal year 2025 performance signal a company that is navigating both growth opportunities and competitive challenges. The company reported a robust 16% increase in net sales and an adjusted EBITDA margin of 20.8%, underscoring its capacity to execute on strategic initiatives such as media campaigns, distribution expansion, and innovation while maintaining strong profitability metrics. A key highlight from the quarter was the impressive 20% consumption growth of its Premier Protein shakes, attributed to promotional events, despite a 17% uptick in net sales for the overall product line. 2.

In this briefing: Sobha: Demand Momentum Remains Intact. Maintain BUY Trent: Time to Pivot! Upgrade to ADD ITC Ltd - Near Term Tax Hike Challenges; Rating Revised to HOLD Car Trade Tech: Driving PAT Growth Via Massive Operating Leverage Abbisko Cayman (2256 HK): Pimicotinib Approval A Big Positive, Pipeline Offers Promise 1. Sobha: Demand Momentum Remains Intact. Maintain BUY Sobha (SDL)’s Q3FY26 operational performance reinforces the demand resilience and execution momentum highlighted in our earlier note SDL reported its highest-ever quarterly pre-sales of INR 21.2bn, representing a 52% YoY and 11% QoQ growth, driven by healthy traction across core markets and strong response to recent launches SDL’s own share of sales remained elevated at ~86%, enhancing cash flow visibility 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. Trent: Time to Pivot!

In this briefing: Trent: Time to Pivot! Upgrade to ADD ITC Ltd - Near Term Tax Hike Challenges; Rating Revised to HOLD Car Trade Tech: Driving PAT Growth Via Massive Operating Leverage Abbisko Cayman (2256 HK): Pimicotinib Approval A Big Positive, Pipeline Offers Promise DNOW: A More Diversified Distribution Platform Enhances Financial Strength 1. Trent: Time to Pivot! Upgrade to ADD In our June-25 deep-dive on Trent, we highlighted (1) signs of fatigue in Westside and (2) Zudio’s peak efficiency, which kept us at bay from being constructive on an otherwise top-class franchise Post a near 50% price correction (from peak to trough), it may perhaps be time to pivot as risk-reward turns favourable However, we first test the inputs to operational KPIs (SSSG and store expansion) – (1) ~54% of the Zudio network has been added in the past 18 months, a lion’s share of these will be included in SSSG computation FY27 onwards, (2) 60% of incremental store adds (73 stores added) from FY25 to Oct-25 have come in under-retailed catchments of North and East (N and E) – another SSSG-friendly move, (3) Westside’s >50% jump in memberships in FY25 may also provide a healthy SSSG lever, going forward, and (4) store expansion may still have legs (170-180 stores annually), given that 139 out of Zudio’s 225 district presence are catchments where number of stores are ≤ 5 and its store share (within value fashion peers) in these catchments is >15%, indicating the lack of an alternative.