India’s largest LNG buyer hasn’t received shipments from Qatar since the Iran war disrupted flows through the Strait of Hormuz, which handled about 60% of India’s LNG flows

In this briefing: Indian Markets Have Made Bottom: Signals and Insights from India VIX Primer: Clean Science and Technology (CLEAN IN) - Apr 2026 Q2 Outlook - Asian Equity Markets APAC Healthcare Weekly (April 12) – Wuxi XDC, Xuanzhu Biopharma, Shionogi, ABL Bio, PharmaEssentia Gas Insecurity: India Imports 36 BCM of LNG Annually, Stores Almost None of It! 1. Indian Markets Have Made Bottom: Signals and Insights from India VIX India VIX hit a 52-week high of 28.91 amid geopolitical tensions. On April 8, it dropped 20% after a ceasefire announcement, while Nifty rose 3.78% to near 24,000 . Historically, seven VIX spikes above 25 led to positive 1-year Nifty returns , averaging 21%. This time, volatility surged globally, indicating a synchronized risk-off phase. The sharp VIX reversal signals a potential market bottom . A sustained Nifty move above 23,500 and VIX holding below 22 would confirm a recovery trend. 2. Primer: Clean Science and Technology (CLEAN IN) - Apr 2026 Leading Global Position in Niche Specialty Chemicals: Clean Science and Technology is a leading global manufacturer of functionally critical specialty chemicals, holding a dominant market share in several of its key products like MEHQ, BHA, and Guaiacol.

In this briefing: Primer: Clean Science and Technology (CLEAN IN) - Apr 2026 Q2 Outlook - Asian Equity Markets APAC Healthcare Weekly (April 12) – Wuxi XDC, Xuanzhu Biopharma, Shionogi, ABL Bio, PharmaEssentia Gas Insecurity: India Imports 36 BCM of LNG Annually, Stores Almost None of It! Primer: Shaily Engineering Plastics (SHEP IN) - Apr 2026 1. Primer: Clean Science and Technology (CLEAN IN) - Apr 2026 Leading Global Position in Niche Specialty Chemicals: Clean Science and Technology is a leading global manufacturer of functionally critical specialty chemicals, holding a dominant market share in several of its key products like MEHQ, BHA, and Guaiacol. This leadership is built on the back of its proprietary, eco-friendly manufacturing processes. Strong Financial Profile with High Profitability: The company has consistently demonstrated robust financial performance, characterized by high EBITDA margins and a strong balance sheet with minimal debt. This financial strength allows for significant reinvestment in research and development and capacity expansion.

In this briefing: Q2 Outlook - Asian Equity Markets APAC Healthcare Weekly (April 12) – Wuxi XDC, Xuanzhu Biopharma, Shionogi, ABL Bio, PharmaEssentia Gas Insecurity: India Imports 36 BCM of LNG Annually, Stores Almost None of It! Primer: Shaily Engineering Plastics (SHEP IN) - Apr 2026 True Cost of Running an AI Data Centre: A Unit Economics Breakdown 1. Q2 Outlook - Asian Equity Markets We first review at Q1 performance in the major markets we follow The worst may be over in but news flow will drive markets in the short-term We look at foreign positioning and fund flow data to assess risks 2. APAC Healthcare Weekly (April 12) – Wuxi XDC, Xuanzhu Biopharma, Shionogi, ABL Bio, PharmaEssentia Wuxi XDC partnered with Akari Therapeutics to accelerate IND filing for Akari’s ADC program. Xuanzhu Biopharmaceutical entered licensing agreement with Boston Oncology for upfront and milestone payments of $100M+. Shionogi secured $119M BARDA contract for manufacturing, procurement, and expanded development of Fetroja for biothreat-related infections.

In this briefing: Primer: Mitsui Matsushima (1518 JP) - Apr 2026 Primer: Tokyo Kikai Seisakusho (6335 JP) - Apr 2026 Primer: Poly Property Services (6049 HK) - Apr 2026 Gas Insecurity: India Imports 36 BCM of LNG Annually, Stores Almost None of It! Primer: Hankook Shell Oil (002960 KS) - Apr 2026 1. Primer: Mitsui Matsushima (1518 JP) - Apr 2026 Strategic Pivot from Coal to Diversified Holdings: Mitsui Matsushima has ceased its 110-year-old coal production and sales business as of March 2024, transforming into a diversified investment holding company. The company is now focused on acquiring niche, stable, and easy-to-understand businesses across various sectors to ensure a stable revenue base. Aggressive M&A-led Growth Strategy: The company is actively pursuing growth through M&A, having already acquired over 10 companies in diverse fields such as consumer goods, industrial products, and financial services. Management's 'Management Strategy 2024' aims to build a profit structure capable of generating over 5 billion yen in net profit annually by March 2027, primarily through further acquisitions.

In this briefing: APAC Healthcare Weekly (April 12) – Wuxi XDC, Xuanzhu Biopharma, Shionogi, ABL Bio, PharmaEssentia Gas Insecurity: India Imports 36 BCM of LNG Annually, Stores Almost None of It! Primer: Shaily Engineering Plastics (SHEP IN) - Apr 2026 True Cost of Running an AI Data Centre: A Unit Economics Breakdown Delhi's EV Draft Policy: Who Wins the Policy Windfall of 2026–2030? 1. APAC Healthcare Weekly (April 12) – Wuxi XDC, Xuanzhu Biopharma, Shionogi, ABL Bio, PharmaEssentia Wuxi XDC partnered with Akari Therapeutics to accelerate IND filing for Akari’s ADC program. Xuanzhu Biopharmaceutical entered licensing agreement with Boston Oncology for upfront and milestone payments of $100M+. Shionogi secured $119M BARDA contract for manufacturing, procurement, and expanded development of Fetroja for biothreat-related infections. ABL Bio’s partner has received Orphan Drug Designation from the FDA for tovecimig. PharmaEssentia signed an investment agreement for a new manufacturing facility in Puerto Rico.

In this briefing: Primer: Poly Property Services (6049 HK) - Apr 2026 Gas Insecurity: India Imports 36 BCM of LNG Annually, Stores Almost None of It! Primer: Hankook Shell Oil (002960 KS) - Apr 2026 Primer: Shaily Engineering Plastics (SHEP IN) - Apr 2026 Primer: Sai Gon Cargo Service (SCS VN) - Apr 2026 1. Primer: Poly Property Services (6049 HK) - Apr 2026 State-Owned Enterprise (SOE) Background Provides Stability: Backed by Poly Developments and Holdings Group, a large state-owned enterprise, the company benefits from a strong brand reputation, access to a pipeline of new properties, and financial stability, which is a significant advantage in the currently challenging Chinese property market. Focus on Third-Party Expansion and Diversified Services: Poly Property Services is actively expanding its portfolio beyond its parent company's developments, with a growing emphasis on securing contracts from third-party developers. The company is also diversifying its revenue streams through community value-added services, such as housekeeping, home furnishing, and parking lot management.

In this briefing: Gas Insecurity: India Imports 36 BCM of LNG Annually, Stores Almost None of It! Primer: Hankook Shell Oil (002960 KS) - Apr 2026 Primer: Shaily Engineering Plastics (SHEP IN) - Apr 2026 Primer: Sai Gon Cargo Service (SCS VN) - Apr 2026 Primer: Daewon San Up (005710 KS) - Apr 2026 1. Gas Insecurity: India Imports 36 BCM of LNG Annually, Stores Almost None of It! Escalating West Asia tensions and near-closure of the Strait of Hormuz have exposed India's ~10-day LNG buffer, triggering a draft PNGRB policy mandating a 10% buffer at terminals. India imports 36 BCM of LNG annually, the 4th-largest globally, with fertiliser, CGD, and industrial sectors structurally dependent on it, yet holds zero strategic gas reserve. A multi-year capex cycle for above-ground LNG tanks, FSRU-based buffers, and pipeline densification will disproportionately benefit Petronet LNG, HPCL, GAIL, Swan Energy, and Gujarat State Petronet. 2. Primer: Hankook Shell Oil (002960 KS) - Apr 2026 Hankook Shell Oil holds a strong position in the South Korean lubricant market, benefiting significantly from its status as a subsidiary of the global energy major, Shell plc.

In this briefing: Gas Insecurity: India Imports 36 BCM of LNG Annually, Stores Almost None of It! Primer: Shaily Engineering Plastics (SHEP IN) - Apr 2026 True Cost of Running an AI Data Centre: A Unit Economics Breakdown Delhi's EV Draft Policy: Who Wins the Policy Windfall of 2026–2030? Indian Geospatial: Why MapmyIndia’s Platform Beats Genesys’s Project-Led Growth 1. Gas Insecurity: India Imports 36 BCM of LNG Annually, Stores Almost None of It! Escalating West Asia tensions and near-closure of the Strait of Hormuz have exposed India's ~10-day LNG buffer, triggering a draft PNGRB policy mandating a 10% buffer at terminals. India imports 36 BCM of LNG annually, the 4th-largest globally, with fertiliser, CGD, and industrial sectors structurally dependent on it, yet holds zero strategic gas reserve. A multi-year capex cycle for above-ground LNG tanks, FSRU-based buffers, and pipeline densification will disproportionately benefit Petronet LNG, HPCL, GAIL, Swan Energy, and Gujarat State Petronet. 2.