In this briefing: Indonesia: Updated Disclosures Could Lead to Multiple Deletions & Float Decreases in May Quiddity Leaderboard ES50 Sep26: 2 ADDs/DELs Likely. 5 Months Left for the Base Date Primer: Vistra (VST US) - Apr 2026 Primer: Ptc India Ltd (PTCIN IN) - Apr 2026 Primer: Rezil (176A JP) - Apr 2026 1. Indonesia: Updated Disclosures Could Lead to Multiple Deletions & Float Decreases in May Minimum free float has been set at 15% with a timeline for companies to get there. A list of stocks with High Shareholding Concentration has also been released. There could be 6 deletions from a global index in May with few other stocks having free float reductions. Estimated passive selling in Indonesia is US$1.3bn. The changes to the free float thresholds and the improved disclosure brings Indonesia in line with other markets in Asia and should allay global index providers concerns. 2. Quiddity Leaderboard ES50 Sep26: 2 ADDs/DELs Likely. 5 Months Left for the Base Date The ES50 Index is one of the most highly-tracked European indices and the annual index review takes place in September every year.

In this briefing: Quiddity Leaderboard ES50 Sep26: 2 ADDs/DELs Likely. 5 Months Left for the Base Date Primer: Vistra (VST US) - Apr 2026 Primer: Ptc India Ltd (PTCIN IN) - Apr 2026 Primer: Rezil (176A JP) - Apr 2026 Primer: Cia Energetica Minas Ger-Prf (CMIG4 BZ) - Apr 2026 1. Quiddity Leaderboard ES50 Sep26: 2 ADDs/DELs Likely. 5 Months Left for the Base Date The ES50 Index is one of the most highly-tracked European indices and the annual index review takes place in September every year. We still expect two index changes for September, as we did in our last insight. Few large names could still pass the Supersector threshold requirement and appear in the Leaderboard to shake up the rankings. 2. Primer: Vistra (VST US) - Apr 2026 Vistra is a leading integrated power company in the U.S., uniquely positioned with a large-scale generation fleet and a substantial retail electricity business, serving approximately 5 million customers. The company is strategically pivoting to capitalize on the surging demand for electricity from data centers and general electrification, underscored by major power deals with hyperscalers like Meta and Amazon and the acquisition of nuclear assets.

In this briefing: Primer: Vistra (VST US) - Apr 2026 Primer: Ptc India Ltd (PTCIN IN) - Apr 2026 Primer: Rezil (176A JP) - Apr 2026 Primer: Cia Energetica Minas Ger-Prf (CMIG4 BZ) - Apr 2026 Primer: Cia Saneamento Minas Gerais (CSMG3 BZ) - Apr 2026 1. Primer: Vistra (VST US) - Apr 2026 Vistra is a leading integrated power company in the U.S., uniquely positioned with a large-scale generation fleet and a substantial retail electricity business, serving approximately 5 million customers. The company is strategically pivoting to capitalize on the surging demand for electricity from data centers and general electrification, underscored by major power deals with hyperscalers like Meta and Amazon and the acquisition of nuclear assets. While demonstrating robust growth and strong cash flow generation, Vistra faces risks from commodity price volatility, high debt levels from acquisitions, and increasing competition from renewable energy sources. This content is AI-generated and displayed for general informational purposes only.

In this briefing: Q2 Outlook – A Tale of Two Regimes Manipal Health Pre-IPO: Pai to Pie Patiently Aggressive Inorganic Growth Story Is Unfolding Primer: Ganesha Ecosphere (GNPL IN) - Apr 2026 Primer: Krishca Strapping Solutions (KRISHCA IN) - Apr 2026 Primer: Ptc India Ltd (PTCIN IN) - Apr 2026 1. Q2 Outlook – A Tale of Two Regimes We first review at Q1 performance in the major markets we follow Then our outlook for Q2 with the Iran War outcome the major wild card Some short-term vs long term implications of the ongoing Iran war 2. Manipal Health Pre-IPO: Pai to Pie Patiently Aggressive Inorganic Growth Story Is Unfolding Manipal Health has filed DRHP for its upcoming India IPO. The IPO consists of fresh issue of INR80B (~$1B) and offer for sale of up to 43M equity shares. Promoter Imperius Healthcare Investments (Temasek subsidiary), promoter group Manipal Education and Medical, and investor TPG are among the selling shareholders. The IPO is expected to hit market by late 2026. The company intends to utilize the net proceeds of the fresh issue for repayment/ prepayment of certain outstanding borrowings and acquisition of minority stake in stepdown subsidiary, Sahyadri Hospitals. 3.

In this briefing: Primer: Ganesha Ecosphere (GNPL IN) - Apr 2026 Primer: Krishca Strapping Solutions (KRISHCA IN) - Apr 2026 Primer: Ptc India Ltd (PTCIN IN) - Apr 2026 Strait of Hormuz — The Market Is Underpricing a Systemic Oil Shock Primer: Star Cement Ltd (STRCEM IN) - Apr 2026 1. Primer: Ganesha Ecosphere (GNPL IN) - Apr 2026 Ganesha Ecosphere is India's largest recycler of PET bottles, well-positioned to capitalize on the growing demand for sustainable materials and favorable government regulations promoting a circular economy. The company is in a significant capital expenditure phase, expanding its capacity in higher-margin recycled PET (rPET) granules for food-grade packaging, which is expected to drive future revenue growth and margin expansion. Key risks include volatility in raw material prices, which are influenced by crude oil and virgin plastic prices, project execution risks associated with its large-scale expansion, and increasing competition in the recycling sector. This content is AI-generated and displayed for general informational purposes only.

In this briefing: This Week in AI (Mar 29 – Apr 4): OpenAI Pre-IPO $122bn Fundraising; Zhipu Results; Google Gemma 4 Primer: Hain Celestial Group (HAIN US) - Apr 2026 Primer: United Natural Foods (UNFI US) - Apr 2026 Primer: Al Rajhi Bank (RJHI AB) - Apr 2026 Primer: Ptc India Ltd (PTCIN IN) - Apr 2026 1. This Week in AI (Mar 29 – Apr 4): OpenAI Pre-IPO $122bn Fundraising; Zhipu Results; Google Gemma 4 OpenAI closed a record private capital raise anchored by major technology and financial backers, as user and revenue metrics continue to scale. Zhipu AI's cloud API segment posted sharp margin expansion on strong volume growth, a rare profitability signal from China's listed AI sector. Alibaba's latest closed-source release confirms a monetisation pivot, and Anthropic's concurrent life sciences moves signal a deliberate vertical expansion. 2. Primer: Hain Celestial Group (HAIN US) - Apr 2026 Hain Celestial is in the midst of a significant multi-year turnaround strategy, "Hain Reimagined,"aimed at simplifying its portfolio, reducing complexity, and restoring profitable growth after years of declining revenue and significant net losses.

In this briefing: This Week in AI (Mar 29 – Apr 4): OpenAI Pre-IPO $122bn Fundraising; Zhipu Results; Google Gemma 4 Primer: Hain Celestial Group (HAIN US) - Apr 2026 Primer: United Natural Foods (UNFI US) - Apr 2026 Primer: Al Rajhi Bank (RJHI AB) - Apr 2026 Primer: Ptc India Ltd (PTCIN IN) - Apr 2026 1. This Week in AI (Mar 29 – Apr 4): OpenAI Pre-IPO $122bn Fundraising; Zhipu Results; Google Gemma 4 OpenAI closed a record private capital raise anchored by major technology and financial backers, as user and revenue metrics continue to scale. Zhipu AI's cloud API segment posted sharp margin expansion on strong volume growth, a rare profitability signal from China's listed AI sector. Alibaba's latest closed-source release confirms a monetisation pivot, and Anthropic's concurrent life sciences moves signal a deliberate vertical expansion. 2. Primer: Hain Celestial Group (HAIN US) - Apr 2026 Hain Celestial is in the midst of a significant multi-year turnaround strategy, "Hain Reimagined,"aimed at simplifying its portfolio, reducing complexity, and restoring profitable growth after years of declining revenue and significant net losses.

In this briefing: Primer: Hain Celestial Group (HAIN US) - Apr 2026 Primer: United Natural Foods (UNFI US) - Apr 2026 Primer: Al Rajhi Bank (RJHI AB) - Apr 2026 Primer: Ptc India Ltd (PTCIN IN) - Apr 2026 Primer: Star Cement Ltd (STRCEM IN) - Apr 2026 1. Primer: Hain Celestial Group (HAIN US) - Apr 2026 Hain Celestial is in the midst of a significant multi-year turnaround strategy, "Hain Reimagined,"aimed at simplifying its portfolio, reducing complexity, and restoring profitable growth after years of declining revenue and significant net losses. The company's valuation appears distressed, trading at a notable discount to peers on several metrics. This reflects severe operational challenges, including negative profitability, declining sales, and a highly leveraged balance sheet which raises going-concern risks. Future success is contingent on the new management team's ability to execute its transformation plan, which focuses on core brands in snacks, beverages, and baby/kids products, while divesting non-core assets and aggressively managing costs to improve margins and cash flow.

In this briefing: Primer: Hain Celestial Group (HAIN US) - Apr 2026 Primer: United Natural Foods (UNFI US) - Apr 2026 Primer: Al Rajhi Bank (RJHI AB) - Apr 2026 Primer: Ptc India Ltd (PTCIN IN) - Apr 2026 Primer: Star Cement Ltd (STRCEM IN) - Apr 2026 1. Primer: Hain Celestial Group (HAIN US) - Apr 2026 Hain Celestial is in the midst of a significant multi-year turnaround strategy, "Hain Reimagined,"aimed at simplifying its portfolio, reducing complexity, and restoring profitable growth after years of declining revenue and significant net losses. The company's valuation appears distressed, trading at a notable discount to peers on several metrics. This reflects severe operational challenges, including negative profitability, declining sales, and a highly leveraged balance sheet which raises going-concern risks. Future success is contingent on the new management team's ability to execute its transformation plan, which focuses on core brands in snacks, beverages, and baby/kids products, while divesting non-core assets and aggressively managing costs to improve margins and cash flow.