MAJESAUT.NSE

Majestic Auto Ltd.

In this briefing: Aequitas: Travelstack Tech Limited Pre-IPO Tearsheet Aequitas: Horizon Industrial Parks Limited Pre-IPO Tearsheet Aequitas: BCCL IPO - Market Leadership in Domestic Coking Coal, with Key Considerations to Monitor Bharat Coking Coal IPO - Don’t Go by the Name,Legacy Parent Issues And Century-Old Jharia Mine Fires Primer: Majestic Auto (MATO IN) - Jan 2026 1. Aequitas: Travelstack Tech Limited Pre-IPO Tearsheet Travelstack Teck Pvt Ltd (1527561D IN) (TTL) plans to raise around US$100m in its upcoming India IPO. The deal will be run by Motilal, IIFL and Nuvama. TTL runs an asset-light private-label portfolio under FabHotels and Via, with 1,379 onboarded properties as of September 30, 2025. As per 1Lattice Report, TTL’s TravelPlus, is India’s largest hotels-focused corporate travel management platform in terms of revenue in FY25 2. Aequitas: Horizon Industrial Parks Limited Pre-IPO Tearsheet Horizon Industrial Parks Limited (1327105D IN) (HIPL) plans to raise around US$290m in its upcoming India IPO.

In this briefing: Sell Pop Mart (9992 HK) Updates (2026 Jan): Offline Channel Checks and Trend Data Geely (175 HK): 2025 Sales Volume – A Successful Year Pre-IPO Busy Ming Group (PHIP Updates) - Some Points Worth the Attention Primer: Majestic Auto (MATO IN) - Jan 2026 US Customs & Border Protection Data: Northern Crossings Down, Western (Asian?) Air Crossings Firmer 1. Sell Pop Mart (9992 HK) Updates (2026 Jan): Offline Channel Checks and Trend Data Following our initial Sell Pop Mart note, we conducted selective offline channel checks across overseas markets, and provided updated trend indicators. Our observations are consistent with the view that recent strength in Labubu-driven sales is unlikely to be sustainable. In parallel, secondary-market pricing for key Pop Mart items has continued to weaken after launch, reinforcing signs of demand normalization. 2. Geely (175 HK): 2025 Sales Volume – A Successful Year Geely deliveries grew by 47% in 2025, but all major competitors were below 10%.

In this briefing: Aequitas: Horizon Industrial Parks Limited Pre-IPO Tearsheet Aequitas: BCCL IPO - Market Leadership in Domestic Coking Coal, with Key Considerations to Monitor Bharat Coking Coal IPO - Don’t Go by the Name,Legacy Parent Issues And Century-Old Jharia Mine Fires Primer: Majestic Auto (MATO IN) - Jan 2026 APAC Healthcare Weekly (January 11) – Hengrui, Hansoh, InSilico Medicine, Takeda, Hanmi Pharm 1. Aequitas: Horizon Industrial Parks Limited Pre-IPO Tearsheet Horizon Industrial Parks Limited (1327105D IN) (HIPL) plans to raise around US$290m in its upcoming India IPO. The deal will be run by JM, Axis, IIFL, SBI and 360 One. HIPL is India’s largest industrial and logistics infrastructure developer, owner and operator, with a pan-India network of 45 assets across 10 cities, as per JLL. HIPL operates across three segments: fulfillment centers, industrial facilities, and in-city centers. 2. Aequitas: BCCL IPO - Market Leadership in Domestic Coking Coal, with Key Considerations to Monitor Bharat Coking Coal Limited (BCCL) (7535956Z IN) is looking to raise around US$119m in its all-secondary India IPO.

In this briefing: Aequitas: BCCL IPO - Market Leadership in Domestic Coking Coal, with Key Considerations to Monitor Bharat Coking Coal IPO - Don’t Go by the Name,Legacy Parent Issues And Century-Old Jharia Mine Fires Primer: Majestic Auto (MATO IN) - Jan 2026 APAC Healthcare Weekly (January 11) – Hengrui, Hansoh, InSilico Medicine, Takeda, Hanmi Pharm Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (12 Jan 2025) 1. Aequitas: BCCL IPO - Market Leadership in Domestic Coking Coal, with Key Considerations to Monitor Bharat Coking Coal Limited (BCCL) (7535956Z IN) is looking to raise around US$119m in its all-secondary India IPO. Coal India's subsidiary, it is engaged in the mining of coking coal. BCCL produces various grades of coking coal, non-coking coal, and washed coal, primarily for use in the steel and power sectors. In this note, we talk about the company’s historical performance and IPO valuations. 2. Bharat Coking Coal IPO - Don’t Go by the Name,Legacy Parent Issues And Century-Old Jharia Mine Fires New Issue,Old memories: We present reasons why we believe the Bharat Coking Coal Limited (BCCL) (7535956Z IN) IPO could see similar trend as its parent Coal India Ltd (COAL IN 's IPO.

In this briefing: Geely (175 HK): 2025 Sales Volume – A Successful Year Copper Breaks 13,000 USD/Ton, Upgrades To Equities To Gain Momentum Lonking (3339 HK): Another Great Year, with 67% of Share Price Is Net Cash Primer: Majestic Auto (MATO IN) - Jan 2026 Primer: Lendingtree Inc (TREE US) - Jan 2026 1. Geely (175 HK): 2025 Sales Volume – A Successful Year Geely deliveries grew by 47% in 2025, but all major competitors were below 10%. The year-end sales volume competition no longer continued in December 2025. We believe total revenue will grow by 38% in 2025 and 22% in 2026. 2. Copper Breaks 13,000 USD/Ton, Upgrades To Equities To Gain Momentum Copper ended the week having breached 13,000 USD/ton in the cash market. We elaborated on this in Copper Breaks 12k USD/Ton: Move To 13k USD/Ton By Early Next Year Prior to this, we highlighted supply issues in Copper Mine By Mine Supply Challenges For Everyone: Update As Copper Is Set to Break 12k USD/Ton We now see a revision in earnings upwards for the equities, which we will touch upon here, our favorites being Southern Copper (SCCO US) / Antofagasta PLC (ANTO LN) 3.

In this briefing: Geely (175 HK): 2025 Sales Volume – A Successful Year Pre-IPO Busy Ming Group (PHIP Updates) - Some Points Worth the Attention Primer: Majestic Auto (MATO IN) - Jan 2026 US Customs & Border Protection Data: Northern Crossings Down, Western (Asian?) Air Crossings Firmer Asia-Pac M&A Weekly Wrap:ANE Cayman, Tsuruha/Aeon, Jinke Smart, Sankei Real Estate, Hisamitsu Pharma 1. Geely (175 HK): 2025 Sales Volume – A Successful Year Geely deliveries grew by 47% in 2025, but all major competitors were below 10%. The year-end sales volume competition no longer continued in December 2025. We believe total revenue will grow by 38% in 2025 and 22% in 2026. 2. Pre-IPO Busy Ming Group (PHIP Updates) - Some Points Worth the Attention The revenue growth being higher than the GMV growth in 25Q1-Q3 indicates that BUSY MING’s control over channels and supply chains as well as its bargaining power are strengthening. BUSY MING’s business model has a low tolerance for errors. Upstream cost increase, downstream price wars, or decline in operational efficiency would break through the already thin profit barrier.

In this briefing: Copper Breaks 13,000 USD/Ton, Upgrades To Equities To Gain Momentum Lonking (3339 HK): Another Great Year, with 67% of Share Price Is Net Cash Primer: Majestic Auto (MATO IN) - Jan 2026 Primer: Lendingtree Inc (TREE US) - Jan 2026 US Customs & Border Protection Data: Northern Crossings Down, Western (Asian?) Air Crossings Firmer 1. Copper Breaks 13,000 USD/Ton, Upgrades To Equities To Gain Momentum Copper ended the week having breached 13,000 USD/ton in the cash market. We elaborated on this in Copper Breaks 12k USD/Ton: Move To 13k USD/Ton By Early Next Year Prior to this, we highlighted supply issues in Copper Mine By Mine Supply Challenges For Everyone: Update As Copper Is Set to Break 12k USD/Ton We now see a revision in earnings upwards for the equities, which we will touch upon here, our favorites being Southern Copper (SCCO US) / Antofagasta PLC (ANTO LN) 2. Lonking (3339 HK): Another Great Year, with 67% of Share Price Is Net Cash Lonking Holdings (3339 HK) , as the leader in wheel loader, should see strong profit as industry sales grew 30% in Dec 2025 and 18.4% in FY25.

In this briefing: Pre-IPO Busy Ming Group (PHIP Updates) - Some Points Worth the Attention Primer: Majestic Auto (MATO IN) - Jan 2026 US Customs & Border Protection Data: Northern Crossings Down, Western (Asian?) Air Crossings Firmer Asia-Pac M&A Weekly Wrap:ANE Cayman, Tsuruha/Aeon, Jinke Smart, Sankei Real Estate, Hisamitsu Pharma Pacific Industrial (7250 JP): A Revised JPY3,036 Offer Finally Draws Effissimo’s Support 1. Pre-IPO Busy Ming Group (PHIP Updates) - Some Points Worth the Attention The revenue growth being higher than the GMV growth in 25Q1-Q3 indicates that BUSY MING’s control over channels and supply chains as well as its bargaining power are strengthening. BUSY MING’s business model has a low tolerance for errors. Upstream cost increase, downstream price wars, or decline in operational efficiency would break through the already thin profit barrier. BUSY MING’s valuation should be lower than Pop Mart, but may be slightly higher or on par with MINISO, and in the same range as Wanchen. 20-30x P/E is acceptable. 2.

In this briefing: Sunway Healthcare Pre-IPO: Favorable Industry Positioning and Expansion Plan to Drive Growth Aequitas: ECM Weekly (12 January 2026) - Biren, MiniMax, Gigadevice, Omnivision, Busy Ming, HPSP, GF Aequitas: OmniVision Integrated Circuits Group A/H Trading -Weak Retail and Mediocre Insti Demand Bharat Coking Coal IPO - Don’t Go by the Name,Legacy Parent Issues And Century-Old Jharia Mine Fires Primer: Majestic Auto (MATO IN) - Jan 2026 1. Sunway Healthcare Pre-IPO: Favorable Industry Positioning and Expansion Plan to Drive Growth Sunway Healthcare plans to offer up to 1,974M shares for its upcoming Malaysian IPO, comprising of up to 1,399M existing shares to be offered for sale and 575M new shares. Sunway intends to utilize IPO proceeds for greenfield and brownfield Capex and redemption of debt. The company aims to double its bed capacity by 2032. As one of the major hospital groups in Malaysia, Sunway is well-positioned to capitalize on industry’s growth opportunity and further solidify its presence in the private healthcare services industry. 2.