MASFIN.NSE

MAS Financial Services Limited

In this briefing: Singapore Market Roundup (02-Mar-2026): Analysts remain positive on CSE Global post-FY2025 PC Partner: First Set of Results on SGX, Low Single-Digit P/E and Bullish FY26 Outlook Devolver Digital — Four reasons to invest: right time, right place, right team, right price Primer: Thaicom Pcl (THCOM TB) - Mar 2026 MAS Financial Services: From 18 Years of Stability to a INR 1 Lakh Crore Vision 1. Singapore Market Roundup (02-Mar-2026): Analysts remain positive on CSE Global post-FY2025 Analysts stay optimistic on CSE Global after recent FY2025 results. DBS lowers AvePoint target price to $20 due to SaaS sector decline. YZJ Financial posts $5.2M FY2025 loss; YZJ Maritime nets $129.7M profit. 2. PC Partner: First Set of Results on SGX, Low Single-Digit P/E and Bullish FY26 Outlook Strong 2H25 results push PC Partner's FY25 revenue performance to the second-best ever. Management is bullish on the FY26 outlook with a record high ASP forecast on branded VGA. Stock trading between 3x FY26 P/E and could easily double on consistent FY26 delivery. 3.

In this briefing: India Top Shorts MAS Financial Services: From 18 Years of Stability to a INR 1 Lakh Crore Vision Aequitas:LEAP India Pre-IPO-Leader with Strong Growth Visibility,Offset by Leverage &Margin Dilution NIFTY Index Earning Revision (Feb): Coal India, Max Healthcare Institute, HDFC Bank Aequitas : CleanMax Enviro Energy Solutions IPO Trading - Decent Anchor but IPO Undersubscribed 1. India Top Shorts Indian equities are pricing durability; over the next few quarters we see earnings risk as pricing power, mix strength, and volume assumptions face incremental deterioration. Across BRGR, DIXON, INDIGO, VBL, and KALYANKJ, consensus embeds normalization; while leading indicators point to operating leverage turning marginally negative We present these as tactical earnings-direction basket targeting fragile unit economic and not a collapse call; modest deceleration is sufficient to drive estimate cuts and further de-rating 2. MAS Financial Services: From 18 Years of Stability to a INR 1 Lakh Crore Vision MSA Financial Services Ltd. is a diversified MSME-focused NBFC delivering ~35% AUM CAGR and ~39% PAT CAGR over 18 years, largely funded through internal accruals, reflecting disciplined and sustainable compounding.

In this briefing: Devolver Digital — Four reasons to invest: right time, right place, right team, right price Primer: Thaicom Pcl (THCOM TB) - Mar 2026 MAS Financial Services: From 18 Years of Stability to a INR 1 Lakh Crore Vision Vietnam Rubber Sector 2025: Navigating Volatility with Structural Shifts UI Boustead REIT IPO - Diverse Asset Base 1. Devolver Digital — Four reasons to invest: right time, right place, right team, right price We believe that Devolver Digital has turned a corner and that the group’s current valuation is at a significant discount to fair value. We expect indie games to perform strongly as the market returns to supply and demand equilibrium after the post-COVID-19 hiatus. Given its market position and the operational improvements that management has made in recent years, our forecasts support a fair value for Devolver of 36p per share. 2. Primer: Thaicom Pcl (THCOM TB) - Mar 2026 Thaicom is in a pivotal transition phase, shifting from a traditional satellite operator to a diversified space-tech company, with significant investments in a new fleet of high-throughput and software-defined satellites (Thaicom 9, 9A, and 10) to drive future growth.

In this briefing: Devolver Digital — Four reasons to invest: right time, right place, right team, right price Research Note english - Almonty Industries Inc. - 02.03.2026 Temenos (TEMN SW): AI and Core Banking’s Trust and Regulatory Fortresses Primer: Thaicom Pcl (THCOM TB) - Mar 2026 MAS Financial Services: From 18 Years of Stability to a INR 1 Lakh Crore Vision 1. Devolver Digital — Four reasons to invest: right time, right place, right team, right price We believe that Devolver Digital has turned a corner and that the group’s current valuation is at a significant discount to fair value. We expect indie games to perform strongly as the market returns to supply and demand equilibrium after the post-COVID-19 hiatus. Given its market position and the operational improvements that management has made in recent years, our forecasts support a fair value for Devolver of 36p per share. 2. Research Note english - Almonty Industries Inc. - 02.03.2026 The tungsten market tightened dramatically through late 2025 and accelerated further into early 2026, driving an unprecedented rally in APT prices.