In this briefing: Hindustan Unilever Ltd - Volume-Led Growth with Gradual Demand Recovery Avenue Supermarts Ltd - Store Additions Support Growth; LFL Remains Weak MAS Financial Services Ltd - Building a Durable Compounding Franchise Kotak Mahindra Bank Ltd. - Fee Growth and Operating Leverage to Offset Margin Pressure Equitas Small Finance Bank Ltd. - Normalising Credit Costs and Lower Cost Ratios... 1. Hindustan Unilever Ltd - Volume-Led Growth with Gradual Demand Recovery Volume-led growth: Hindustan Unilever (HUL) reported a 7.3% YoY increase in revenue in Q4FY26, driven by 6% underlying volume growth, the strongest in the past 12 quarters, reflecting broad-based category traction. Demand conditions remained stable during the quarter, supported by a conducive macro environment marked by policy support measures and relatively benign inflation, which aided consumer confidence and provided relief to household budgets. However, towards the end of the period, escalating Middle East tensions led to a sharp rise in crude-linked input costs, coupled with supply-side disruptions and persistent currency depreciation, posing near-term headwinds.

In this briefing: Avenue Supermarts Ltd - Store Additions Support Growth; LFL Remains Weak MAS Financial Services Ltd - Building a Durable Compounding Franchise Kotak Mahindra Bank Ltd. - Fee Growth and Operating Leverage to Offset Margin Pressure Equitas Small Finance Bank Ltd. - Normalising Credit Costs and Lower Cost Ratios... Greenply Industries Ltd - Good Quarter; Volume Led Growth with Margin Protection 1. Avenue Supermarts Ltd - Store Additions Support Growth; LFL Remains Weak Steady Growth with Stable Operations: The company reported revenue of Rs 17,684 Cr in Q4FY26, reflecting 19% YoY growth. Mature stores (two years and older) delivered growth of 10.8% during the quarter, while full-year LFL growth stood at 8.1%. The company added 58 stores in Q4, taking the total store count to 500. 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.

In this briefing: Middle Eastern War 2026: Will History Repeat Itself This Time? Exencial Industry Tiding 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 1. Middle Eastern War 2026: Will History Repeat Itself This Time? Following US-Israel strikes on Iran , Indian markets crashed with the Sensex plunging 2,743 points intraday before closing 1.29% lower as crude prices surged sharply. Historical data reveals average drawdowns of 5% to 13% during geopolitical shocks , typically requiring a recovery window between 30 and 180 days thereafter Strong structural resilience and domestic SIP flows support a long-term constructive outlook, positioning current volatility as a strategic buying opportunity for disciplined institutional investors. 2. Exencial Industry Tiding Zydus Lifesciences receives approval from USFDA to market generic drugs Other leather & related products industry's sales grow by 20.2% in December 2025 quarter Andhra Pradesh govt plans to open up mineral-rich coastline for large-scale rare earth 3.

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 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.

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: 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 Cryosite Ltd - Accelerating growth, with capacity Primer: Meiwa Industry (7284 JP) - Mar 2026 1. Temenos (TEMN SW): AI and Core Banking’s Trust and Regulatory Fortresses Temenos has raised its 2026 guidance and 2028 organic targets. Management execution, operating leverage and a strengthened sales infrastructure underpin confidence in medium-term growth. Operating in a regulated, risk-averse banking environment, Temenos benefits from domain expertise, embedded workflows and mission-critical data. Rather than being disintermediated by AI vendors, the company reinforces its competitive moat. With expanded sales capacity, a local innovation hub and a pipeline skewed towards composable, SaaS-based modernisation deals, Temenos is well positioned to gain share despite increased competitive responses from incumbents. 2.

In this briefing: Primer: Thaicom Pcl (THCOM TB) - Mar 2026 MAS Financial Services: From 18 Years of Stability to a INR 1 Lakh Crore Vision Cryosite Ltd - Accelerating growth, with capacity Primer: Meiwa Industry (7284 JP) - Mar 2026 Primer: SDI Ltd (SDI AU) - Mar 2026 1. 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. The company is strategically expanding into high-growth markets, particularly India, with partnerships like Hughes Communications India, aiming to significantly increase revenue contribution from this region. While facing declining revenues from legacy services and significant capital expenditures for its new fleet, the company is focused on improving satellite utilization rates and developing new revenue streams from geospatial intelligence and LEO satellite services.