In this briefing: NBFC Q2FY26 Outlook - Rate Cuts, Credit Stress & Selective Wins in NBFCs Primer: BLS International Services (BLSIN IN) - Oct 2025 Indian Rubber Sector Sees Production Gains, Cooling Imports, Steady Demand The Beat Ideas: Sunshield Chemicals - Niche Chemistry Leadership Anchored by Promoter Expertise Canara Robeco AMC IPO Trading: Decent Insti Demand 1. NBFC Q2FY26 Outlook - Rate Cuts, Credit Stress & Selective Wins in NBFCs Demand outside gold remains soft; cofunding costs show early easing; asset quality stress is shifting, with vehicle finance and microLAP emerging as pain points. The divergence across NBFC subsegments (gold, affordable housing, vehicle finance, micro-LAP) is widening, making sector-level staging less helpful - selective bets will matter more. We remain biased toward affordable HFCs, gold financiers (to ride momentum), and select diversified NBFCs. Vigilance is needed to combat NIM pressure and rising unsecured stress. 2. Primer: BLS International Services (BLSIN IN) - Oct 2025 BLS International Services is a leading global provider of visa, passport, and consular services, with a growing presence in digital and e-governance solutions.

In this briefing: Primer: BLS International Services (BLSIN IN) - Oct 2025 Indian Rubber Sector Sees Production Gains, Cooling Imports, Steady Demand The Beat Ideas: Sunshield Chemicals - Niche Chemistry Leadership Anchored by Promoter Expertise Canara Robeco AMC IPO Trading: Decent Insti Demand HCL Technologies Ltd - Revenue Uptick; Deal Bookings Encouraging 1. Primer: BLS International Services (BLSIN IN) - Oct 2025 BLS International Services is a leading global provider of visa, passport, and consular services, with a growing presence in digital and e-governance solutions. The company's asset-light business model and long-term government contracts provide a strong foundation for revenue visibility and profitability. The company is strategically expanding its global footprint through both organic and inorganic growth, recently securing new contracts and making acquisitions to enter new markets and service lines. This diversification helps mitigate risks associated with reliance on a limited number of government clients.

In this briefing: ASML: No Clarification on 2026, China Procurement in Excess of End-Demand, High NA Start in 2028 Ryman Healthcare Another Step In The Right Direction Fibocom A/H Listing: Wide A/H Premium but Expensive Valuation Top Toy International Pre-IPO Tearsheet The Beat Ideas: Sunshield Chemicals - Niche Chemistry Leadership Anchored by Promoter Expertise 1. ASML: No Clarification on 2026, China Procurement in Excess of End-Demand, High NA Start in 2028 Positive Management tone, as always, but no material clarification on 2026 revenues: China down (back to normal), Low NA EUV increase, some High NA but thats still pre-production. ASML has many qualities: monopoly, litho intensity increasing. Downside risks: how low China revenue go, is Mngt still double counting TSMC + Intel capacity, expectations for High NA too high? ASML is a lot more expensive than AMD, NVDA, MU, SK, TSM for very low growth. I don't like Broadcom for same reason: better Price / Growth in AMD, NVDA. 2. Ryman Healthcare Another Step In The Right Direction RYM has now upgraded FY26 sales expectations twice in just three months.

In this briefing: Toumei (4439 JP): Full-year FY08/25 flash update Ryman Healthcare Another Step In The Right Direction ASML Q325 Earnings In Line, Outlook More Positive Compared To Prior Quarter, Big Emphasis On AI The Beat Ideas: Sunshield Chemicals - Niche Chemistry Leadership Anchored by Promoter Expertise J Frontier Co Ltd (2934 JP): Q1 FY05/26 flash update 1. Toumei (4439 JP): Full-year FY08/25 flash update Toumei reported FY08/25 revenue of JPY29.1bn (+21.5% YoY) and net income of JPY2.4bn (+56.6% YoY). For FY08/26, Toumei forecasts revenue of JPY34.8bn (+19.7% YoY) and net income of JPY2.6bn (+6.2% YoY). Toumei plans to pay an annual dividend of JPY11 per share for FY08/26 (JPY19 for FY08/25). 2. Ryman Healthcare Another Step In The Right Direction RYM has now upgraded FY26 sales expectations twice in just three months. The current resales cadence should slow the build-up of bought-back stock materially, reducing a key cashflow drag and further de-risking the investment case. On our revised estimates, we expect RYM to deliver modest positive free cashflow in FY26 for the first time in more than a decade. 3.

In this briefing: Ryman Healthcare Another Step In The Right Direction Fibocom A/H Listing: Wide A/H Premium but Expensive Valuation Top Toy International Pre-IPO Tearsheet The Beat Ideas: Sunshield Chemicals - Niche Chemistry Leadership Anchored by Promoter Expertise Canara Robeco AMC IPO Trading: Decent Insti Demand 1. Ryman Healthcare Another Step In The Right Direction RYM has now upgraded FY26 sales expectations twice in just three months. The current resales cadence should slow the build-up of bought-back stock materially, reducing a key cashflow drag and further de-risking the investment case. On our revised estimates, we expect RYM to deliver modest positive free cashflow in FY26 for the first time in more than a decade. 2. Fibocom A/H Listing: Wide A/H Premium but Expensive Valuation Fibocom Wireless (300638 CH) is looking to raise up to US$380m in its upcoming Hong Kong IPO. It was founded in Nov 1999, and is a leading wireless communication module provider. The firms module products include i) data transmission modules, ii) smart modules, and iii) AI modules.

In this briefing: ASML Q325 Earnings In Line, Outlook More Positive Compared To Prior Quarter, Big Emphasis On AI The Beat Ideas: Sunshield Chemicals - Niche Chemistry Leadership Anchored by Promoter Expertise J Frontier Co Ltd (2934 JP): Q1 FY05/26 flash update Vector Inc (6058 JP): 1H FY02/26 flash update Taiwan Dual-Listings Monitor: TSMC Set Up Opportunity During Taiwan Sesssion Ahead of Results Today 1. ASML Q325 Earnings In Line, Outlook More Positive Compared To Prior Quarter, Big Emphasis On AI Q325 revenues of 7.5 billion, slightly down on the prior quarter and towards the bottom end of the guided range Looking ahead, the company is forecasting fourth quarter revenues of 9.5 billion at the midpoint, a significant jump QoQ but again in line with prior expectations. Mood music improved, 2026 revenues "not be below 2025", China sales soared to 42%, but will decline next year, 11% stake in Mistral gets ASML "closer to the AI world" 2. The Beat Ideas: Sunshield Chemicals - Niche Chemistry Leadership Anchored by Promoter Expertise Sunshield Chemicals is expanding its capacity to capitalise on its unique position as the sole Indian manufacturer of key niche chemicals like THEIC and a rare global producer of HQEE.

In this briefing: Indian Rubber Sector Sees Production Gains, Cooling Imports, Steady Demand The Beat Ideas: Sunshield Chemicals - Niche Chemistry Leadership Anchored by Promoter Expertise Canara Robeco AMC IPO Trading: Decent Insti Demand HCL Technologies Ltd - Revenue Uptick; Deal Bookings Encouraging HSIE Results Daily: Tech Mahindra, ICICI Lombard General Insurance, ICICI Prudential Life... 1. Indian Rubber Sector Sees Production Gains, Cooling Imports, Steady Demand Indias rubber output in AprilJuly up 4.4% year-on-year. Imports fall 7.4% as stocks deplete by 79,000 tons in 4 months Domestic auto sector weakness tempers consumption 2. The Beat Ideas: Sunshield Chemicals - Niche Chemistry Leadership Anchored by Promoter Expertise Sunshield Chemicals is expanding its capacity to capitalise on its unique position as the sole Indian manufacturer of key niche chemicals like THEIC and a rare global producer of HQEE. The capex and product focus underscore a strategic shift towards higher-margin , low-competition specialty segments, which is vital for sustained earnings growth and margin protection against raw material volatility .

In this briefing: The Beat Ideas: Sunshield Chemicals - Niche Chemistry Leadership Anchored by Promoter Expertise J Frontier Co Ltd (2934 JP): Q1 FY05/26 flash update Vector Inc (6058 JP): 1H FY02/26 flash update Taiwan Dual-Listings Monitor: TSMC Set Up Opportunity During Taiwan Sesssion Ahead of Results Today Risk Has Shifted To More Upside For MinRes 1. The Beat Ideas: Sunshield Chemicals - Niche Chemistry Leadership Anchored by Promoter Expertise Sunshield Chemicals is expanding its capacity to capitalise on its unique position as the sole Indian manufacturer of key niche chemicals like THEIC and a rare global producer of HQEE. The capex and product focus underscore a strategic shift towards higher-margin , low-competition specialty segments, which is vital for sustained earnings growth and margin protection against raw material volatility . A look at the companys product portfolio and execution on capacity expansion reveals a potentially de-risked growth trajectory, meriting attention from investors seeking exposure to high-entry-barrier specialty chemical plays . 2.

In this briefing: The Beat Ideas: Sunshield Chemicals - Niche Chemistry Leadership Anchored by Promoter Expertise Canara Robeco AMC IPO Trading: Decent Insti Demand Seres Group A/H Listing - PHIP Updates and Thoughts on A/H Premium Pre-IPO Bama Tea (PHIP Updates) - Some Points Worth the Attention HCL Technologies Ltd - Revenue Uptick; Deal Bookings Encouraging 1. The Beat Ideas: Sunshield Chemicals - Niche Chemistry Leadership Anchored by Promoter Expertise Sunshield Chemicals is expanding its capacity to capitalise on its unique position as the sole Indian manufacturer of key niche chemicals like THEIC and a rare global producer of HQEE. The capex and product focus underscore a strategic shift towards higher-margin , low-competition specialty segments, which is vital for sustained earnings growth and margin protection against raw material volatility . A look at the companys product portfolio and execution on capacity expansion reveals a potentially de-risked growth trajectory, meriting attention from investors seeking exposure to high-entry-barrier specialty chemical plays . 2.