In this briefing: Quiddity Leaderboard NIFTY Mar26: Five Changes and US$367mn One-Way Flow NIFTY Next 50 Lucror Analytics - Morning Views Asia Pick of the Week: DOMS Industries - 24th January, 2026 HSIE Results Daily: Dr Reddy’s Laboratories, Supreme Industries, Dalmia Bharat, Gujarat Gas... HSIE Results Daily: Indian Bank, Mphasis, Go Digit General Insurance, Bandhan Bank... 1. Quiddity Leaderboard NIFTY Mar26: Five Changes and US$367mn One-Way Flow NIFTY Next 50 NIFTY 50 represents the 50 largest stocks listed in the National Stock Exchange (NSE) of India and the NIFTY Next 50 index tracks the next 50 largest names. Here we take a look at the names leading the race to become ADDs/DELs for these indices during the March 2026 index rebal event. We see no changes for NIFTY 50 and five changes for NIFTY 100 (and NIFTY Next 50). 2. Lucror Analytics - Morning Views Asia In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Green Energy, Jababeka, Nissan Motor, JSW Steel UST yields fell 1-2 bps on Friday, although there were no material catalysts.

In this briefing: GAS [MARKET PERFORM -3.9%] - Higher LPG, IP Profits to Boost Growth BID - Steady Growth Amid Capital Constraints and NPL Control LX Hausys (108670 KS/Hold)Building Materials Earnings Recovery Likely to Take Time Pick of the Week: DOMS Industries - 24th January, 2026 HSIE Results Daily: Dr Reddy’s Laboratories, Supreme Industries, Dalmia Bharat, Gujarat Gas... 1. GAS [MARKET PERFORM -3.9%] - Higher LPG, IP Profits to Boost Growth We raise our target price (TP) for GAS by 29% to VND98,200/share but downgrade our rating from BUY to MARKET PERFORM as the share price has risen by 67% over the past three months. Our higher TP is mainly due to:1) an 11% higher aggregate 5-year NPAT forecast, and 2) higher target P/E multiple of 20x (vs 15.5x previously) in addition to raising the weight of the P/E method from 30% to 50% to reflect its growth cycle (projected 2026-28F NPAT CAGR of 25%). We believe gas volume bottomed out in 2025 and will double over the next five years. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only.

In this briefing: BID - Steady Growth Amid Capital Constraints and NPL Control LX Hausys (108670 KS/Hold)Building Materials Earnings Recovery Likely to Take Time Pick of the Week: DOMS Industries - 24th January, 2026 HSIE Results Daily: Dr Reddy’s Laboratories, Supreme Industries, Dalmia Bharat, Gujarat Gas... HSIE Results Daily: Indian Bank, Mphasis, Go Digit General Insurance, Bandhan Bank... 1. BID - Steady Growth Amid Capital Constraints and NPL Control We issue an updated valuation report on BID shares of the JSC Bank for Investment and Development of Vietnam, with a 12-month target price of VND 50,100, equivalent to a projected 2026F P/B multiple of 1.8x. BID is Vietnam's largest state-owned commercial bank by total assets, exceeding VND 3.25 quadrillion (approximately USD 133 billion) as of end-2025. It benefits from a low cost of funds, a comprehensive financial services ecosystem, and an extensive nationwide distribution network. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only.

In this briefing: LX Hausys (108670 KS/Hold)Building Materials Earnings Recovery Likely to Take Time Pick of the Week: DOMS Industries - 24th January, 2026 HSIE Results Daily: Dr Reddy’s Laboratories, Supreme Industries, Dalmia Bharat, Gujarat Gas... HSIE Results Daily: Indian Bank, Mphasis, Go Digit General Insurance, Bandhan Bank... Ping An (2318 HK) - Banca Fuelling NBV Growth in Jumpstart Sales... 1. LX Hausys (108670 KS/Hold)Building Materials Earnings Recovery Likely to Take Time For 4Q25, we expect LX Hausys to report consolidated revenue of W816.3bn (-8.3% YoY) and operating profit of W11.2bn (+128.6% YoY; below the consensus of W16.7bn). Building materials earnings likely remained weak, due to: 1) a decline in B2B sales following subdued new housing presales; and 2) persistently weak profits in premium product lines (e.g., PF insulation materials, US engineered stone). By contrast, the automotive materials/industrial film division likely drove company-wide earnings growth, supported by a solid performance in automotive fabrics and a broader overseas customer base for film exports.

In this briefing: Pick of the Week: DOMS Industries - 24th January, 2026 HSIE Results Daily: Dr Reddy’s Laboratories, Supreme Industries, Dalmia Bharat, Gujarat Gas... HSIE Results Daily: Indian Bank, Mphasis, Go Digit General Insurance, Bandhan Bank... Ping An (2318 HK) - Banca Fuelling NBV Growth in Jumpstart Sales... Ujjivan Small Finance Bank Ltd. - Stress Behind, Strength Ahead; Set for a Stronger FY27! 1. Pick of the Week: DOMS Industries - 24th January, 2026 DOMS is a leading name in India's stationery and art market with a portfolio of over 4,000 SKUs covering scholastic stationery, art materials, office supplies, and more. The company has approximately 11 manufacturing facilities located in Umbergaon, Gujarat, and Bari Brahma, Jammu & Kashmir. DOMS witnessed a short-term business impact during the quarter due to transitory disruptions from GST 2.0 reforms, which led to inventory clearance and deferred orders. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only.

In this briefing: Pick of the Week: DOMS Industries - 24th January, 2026 HSIE Results Daily: Dr Reddy’s Laboratories, Supreme Industries, Dalmia Bharat, Gujarat Gas... HSIE Results Daily: Indian Bank, Mphasis, Go Digit General Insurance, Bandhan Bank... Ujjivan Small Finance Bank Ltd. - Stress Behind, Strength Ahead; Set for a Stronger FY27! Bandhan Bank Ltd. - Credit Costs Improvement Keenly Eyed; Upgrade to BUY on Valuation Comfort 1. Pick of the Week: DOMS Industries - 24th January, 2026 DOMS is a leading name in India's stationery and art market with a portfolio of over 4,000 SKUs covering scholastic stationery, art materials, office supplies, and more. The company has approximately 11 manufacturing facilities located in Umbergaon, Gujarat, and Bari Brahma, Jammu & Kashmir. DOMS witnessed a short-term business impact during the quarter due to transitory disruptions from GST 2.0 reforms, which led to inventory clearance and deferred orders. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only.

» Smartkarma / by HDFC Securities / Thematic (Sector/Industry) Dr Reddy’s Laboratories: EBITDA^ declined 11% YoY due to moderate sales growth of +4% YoY (as 10% QoQ decline in the US on lower gRevlimid sales was offset by +19% YoY growth in India and +20% in EU), gross margin correction (-456 bps YoY) and high staff costs (+16% YoY^) DRRD expects the US base business to stabilize led by new launches in FY26/ 27 (18 in 9M) The company is hopeful of new launch visibility in biosimilars to drive growth over the next few years, including (1) Abatacept: BLA submitted in Dec-25 and on track to launch in FY28, it expects EU launch in CY27, (2) Denosumab: launch in EU under progress but US timeline uncertain, and (3) Rituximab: in process to address CRL and approval possible after re-inspection 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. » Get straight to the source on Smartkarma.

In this briefing: Walker’s Weekly: Dr. Jim's Summary of Key Global Macro Developments - 23 Jan 2026 HSIE Results Daily: Persistent Systems, AU Small Finance Bank, Oberoi Realty, CreditAccess Grameen HSIE Results Daily: Dr Reddy’s Laboratories, Supreme Industries, Dalmia Bharat... Eternal (3QFY26 Results Review): FD Recovery Continues, Blinkit in the Black. Maintain ADD Exencial Industry Tidings 1. Walker’s Weekly: Dr. Jim's Summary of Key Global Macro Developments - 23 Jan 2026 China’s 2025 GDP met targets, with fourth-quarter growth weaker year on year but stronger on a quarter-on-quarter annualised basis, especially in nominal terms. Japan experienced sharp yield increases across the curve, signalling bond market volatility amid persistent inflation and delayed monetary tightening. Geopolitical discussions in Europe focused on Greenland, security arrangements, and transatlantic power dynamics highlighted during international meetings in Zurich. 2. HSIE Results Daily: Persistent Systems, AU Small Finance Bank, Oberoi Realty, CreditAccess Grameen Persistent Systems: Persistent Systems (PSYS) delivered a strong Q3FY26, beating expectations with +4.1% QoQ CC revenue growth and a +40bps QoQ adjusted margin expansion, driven by robust execution Growth was broad-based, led by strong performance in the Healthcare and BFSI verticals and the Americas region The order book remained healthy with a new TTM TCV of USD 369mn (+11% YoY) and new ACV of USD 256mn (+31% YoY), supporting a continued growth momentum Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only.

In this briefing: F88 [OUTPERFORM +18.7%] - Attractive ROE Profile with Structural Competitive Advantages Oil futures: Crude slides as Trump rows back on Europe tariff threat Tech Supply Chain Tracker (23-Jan-2026): China reintroduces trade-in subsidies for ICT HSIE Results Daily: Persistent Systems, AU Small Finance Bank, Oberoi Realty, CreditAccess Grameen HSIE Results Daily: Dr Reddy’s Laboratories, Supreme Industries, Dalmia Bharat... 1. F88 [OUTPERFORM +18.7%] - Attractive ROE Profile with Structural Competitive Advantages Founded in 2013, F88 has grown into Vietnam’s largest tech-enabled pawnshop chain, serving over 1.2 million customers (accumulated) through a network of 950 standardized stores nationwide as of YE2025. Please refer to our Listing Note dated August 7, 2025,for more details on the company and an industry overview. We expect F88 to sustain an attractive ROE profile of 28%-33% over 2025–2030F, underpinned by strong earnings growth that gradually normalizes as the company shifts from a rapid network build-out toward more productivity-driven scaling.