In this briefing: VREOF: 4Q25 Earnings Preview LE: Snapping the Catalog: Ready for Spring with Swim, Prep, Linen; Reiterate Buy, PT Energy Transition: Brazil - Leapfrog to Electric Pakistan Automobiles: Car Sales Rose 42% YoY But Down 26% MoM To 17,121 Units In Feb 2026 Primer: Symphony Ltd (SYML IN) - Mar 2026 1. VREOF: 4Q25 Earnings Preview Key 4Q25 takeaways include: 1) management has remained aggressive on the M&A front, with recent agreements/MOUs to acquire Eaze, PharmaCann, Schwazze, and Hawthhorne 2) on a pro forma basis, Vireo Growth will operate 166 dispensaries across 10 states, with approximately 800,000 square feet of cultivation and production facilities 3) while we suspect senior officials will provide some color on deal-related accretion on the company's fourth quarter 2025 earnings conference call, our back-of the envelope math suggests a material step up in earnings power following the closings 4) the rescheduling of marijuana from Schedule I to Schedule III potentially paves the way for several key benefits for cannabis-related businesses including the deduction of business expenses on federal tax returns, improved access to banking/financial services, and less onerous tax burdens and 5) as uncertainty around rescheduling probabilities, implications, and timelines fade, we look for cannabis stocks to benefit from powerful upward revaluations. 2.

In this briefing: Kolte Patil: Weak Performance Continues, However Medium-Term Outlook Is Strong Garden Reach Shipbuilders: India's Warship Builder Enters Its Orderbook Supercycle INDIA SEMICONDUCTOR- Who Is Doing What and How Far Along Are They? TAC Index Weekly Air Cargo Bulletin 09.MARCH.2026 Primer: Symphony Ltd (SYML IN) - Mar 2026 1. Kolte Patil: Weak Performance Continues, However Medium-Term Outlook Is Strong Kolte Patil reported pre-sales of INR 605cr, down -11% YoY in Q3FY26. Average price realization increased 3% YoY to INR 8700+. On the business development front, the progress has been tepid as Kolte Patil is going through a leadership transition led by the new promoter, Blackstone . Led by new launches towards end of Q3, Q4 is likely to see better pre-sales growth. Kolte Patil's medium-term outlook remains robust led by its INR 29000cr+ top-line potential portfolio. 2. Garden Reach Shipbuilders: India's Warship Builder Enters Its Orderbook Supercycle Garden Reach Shipbuilders & Engineers (GRSE IN), India's premier warship builder with 115 warships delivered, is a direct play on the country's accelerating naval modernisation and Aatmanirbhar Bharat shipbuilding mandate.

In this briefing: LE: Snapping the Catalog: Ready for Spring with Swim, Prep, Linen; Reiterate Buy, PT Energy Transition: Brazil - Leapfrog to Electric Pakistan Automobiles: Car Sales Rose 42% YoY But Down 26% MoM To 17,121 Units In Feb 2026 Primer: Symphony Ltd (SYML IN) - Mar 2026 Coupang’s Marketplace Expansion & Fulfillment Power — The Hidden Engine Behind Its Retail Scale! 1. LE: Snapping the Catalog: Ready for Spring with Swim, Prep, Linen; Reiterate Buy, PT We are reiterating our Buy rating, $45 price target and projections for LE after reviewing the March catalog. After a slightly lesser impact than expected for swim in February, March is a grand launch for the category, with an increase in pages from last year, more styles, better ability to mix and match looks and continued technical newness. Further, 2026 shifts the non-swim focus to prep, from spring dresses to tops and linen, so the Lands’ End shopper can be “preppy and put together.” As we move through 2026, the Lands’ End catalog emphasis has increasingly focused on creating compelling overall lifestyle looks for women (and men) which we believe are increasingly resonating. 2.

In this briefing: Pakistan Automobiles: Car Sales Rose 42% YoY But Down 26% MoM To 17,121 Units In Feb 2026 Primer: Symphony Ltd (SYML IN) - Mar 2026 Coupang’s Marketplace Expansion & Fulfillment Power — The Hidden Engine Behind Its Retail Scale! Yukiguni Factory (1375 Jp) - Company Demonstrates Adaptability to External Change StubWorld: Toyota Industries, Macau Gaming Plays 1. Pakistan Automobiles: Car Sales Rose 42% YoY But Down 26% MoM To 17,121 Units In Feb 2026 Pakistan car sales (as reported by PAMA) clocked in at 17,121 units in Feb 2026 a 42% YoY but down 26% MoM. This took 8MFY26 cumulative sales to 128,498 units, up 43% YoY from 89,770 units in 8MFY25. The sharp MoM decline is primarily attributed to a high base effect, as January sales typically surge due to new-year vehicle registrations, coupled with fewer working days in February. Meanwhile, the strong YoY growth was supported by new market entrants, lower interest rates, easing inflation, and improving macroeconomic sentiment.

In this briefing: Garden Reach Shipbuilders: India's Warship Builder Enters Its Orderbook Supercycle INDIA SEMICONDUCTOR- Who Is Doing What and How Far Along Are They? TAC Index Weekly Air Cargo Bulletin 09.MARCH.2026 Primer: Symphony Ltd (SYML IN) - Mar 2026 Aequitas: Horizon Industrial Parks Pre-IPO -Integrated Logistics Leader Poised for Structural Growth 1. Garden Reach Shipbuilders: India's Warship Builder Enters Its Orderbook Supercycle Garden Reach Shipbuilders & Engineers (GRSE IN), India's premier warship builder with 115 warships delivered, is a direct play on the country's accelerating naval modernisation and Aatmanirbhar Bharat shipbuilding mandate. With NGC signing expected in FY26 and smaller incremental orders, the orderbook could reach INR 40,000-50,000 cr by FY27 from current 18500 Cr, supporting a 22-26% revenue CAGR through FY28. Key risks include NGC contract signing delays, fixed-price margin pressure on long-duration defence projects, and a potential revenue gap post-FY27 if new orders are not formalised in time. 2.

In this briefing: INDIA SEMICONDUCTOR- Who Is Doing What and How Far Along Are They? TAC Index Weekly Air Cargo Bulletin 09.MARCH.2026 Primer: Symphony Ltd (SYML IN) - Mar 2026 Aequitas: Horizon Industrial Parks Pre-IPO -Integrated Logistics Leader Poised for Structural Growth Impact of Rising Crude Oil Prices on Indian Economy & Equity Markets 1. INDIA SEMICONDUCTOR- Who Is Doing What and How Far Along Are They? As of 28-Feb-26, Micron Technology (MU US) has inaugurated India's first large-scale commercial semiconductor ATMP facility in Sanand, Gujarat. The India's Semi-conductor Mission has now 10 approved projects with aggregate investments of Rs 1.60 lakh crore ($18.6 billion) across six states. Kaynes Semicon shipping India's first commercially paid chip prototype, CG Semi weeks away from volume production, Tata's Dholera fab in equipment installation, India's semiconductor value chain is no longer aspirational. 2. TAC Index Weekly Air Cargo Bulletin 09.MARCH.2026 Despite a week of turmoil across the Middle East, global air freight rates did not move that much overall according to the latest data from TAC Index, the leading price reporting agency on air freight markets.

In this briefing: What's news in Amsterdam - 10 March (Shell Oryzon Genomics — Refreshed outlook with near-term catalysts Primer: Beijing Baolande Software-A (688058 CH) - Mar 2026 Primer: Suzhou Harmontronics Autom-A (688022 CH) - Mar 2026 Primer: Symphony Ltd (SYML IN) - Mar 2026 1. What's news in Amsterdam - 10 March (Shell In this edition: • Shell | divestment of Jiffy Lube International (JLI) and Premium Velocity Auto • Arcadis | awarded two project wins in Los Angeles • Dutch household consumption | flat YoY in January 2. Oryzon Genomics — Refreshed outlook with near-term catalysts We update our investment view on Oryzon Genomics following the company’s FY25 results and refreshed profile. This includes an array of near-term milestones for iadademstat, lead asset for oncological- and non-oncological haematological diseases, such as clinical trial readouts for the ALICE-2 and RESTORE trials in 2026, in acute myeloid leukaemia (AML) and sickle cell disease (SCD), respectively. Separately, lead central nervous system (CNS) asset vafidemstat is Phase III-ready, as management is finalising the protocol for a pivotal-stage programme with European and US regulators in borderline personality disorder (BPD).

In this briefing: TAC Index Weekly Air Cargo Bulletin 09.MARCH.2026 Primer: Symphony Ltd (SYML IN) - Mar 2026 Aequitas: Horizon Industrial Parks Pre-IPO -Integrated Logistics Leader Poised for Structural Growth Impact of Rising Crude Oil Prices on Indian Economy & Equity Markets How the Iran War Triggered Asia's Fastest Fund Outflows in Years 1. TAC Index Weekly Air Cargo Bulletin 09.MARCH.2026 Despite a week of turmoil across the Middle East, global air freight rates did not move that much overall according to the latest data from TAC Index, the leading price reporting agency on air freight markets. The global Baltic Air Freight Index (BAI00) calculated by TAC edged up only +0.2% in the week to March 9, leaving it still fractionally below where it was a year before at -1.0% year-on-year. That said, given a combination of major air space closures across the Middle East alongside surging crude oil and jet fuel prices, the overall index masked some very significant variations across different lanes – with BAI Spot rates out of Hong Kong and India both surging in recent days, particularly on routes to Europe, reflecting some sharp spikes in marginal prices. 2.

In this briefing: Primer: Suzhou Harmontronics Autom-A (688022 CH) - Mar 2026 Primer: Symphony Ltd (SYML IN) - Mar 2026 Primer: Shanghai MicroPort Endovascula (688016 CH) - Mar 2026 Skylink Holdings Limited - Shifting into High Gear Eyath S.a - March 4, 2026 1. Primer: Suzhou Harmontronics Autom-A (688022 CH) - Mar 2026 Suzhou Harmontronics is a specialized provider of intelligent manufacturing equipment, primarily serving the automotive electronics and new energy sectors. The company is navigating a period of significant strategic and financial transition. The company has experienced extreme financial volatility, with substantial losses in 2023 and 2024, followed by a reported return to profitability in 2025. This volatility is a key concern, reflecting the cyclical and project-based nature of its revenue streams. Strategically, Harmontronics is shifting from a single equipment supplier to an intelligent manufacturing ecosystem service provider, expanding into new areas like AI and data center equipment, and increasing its focus on overseas markets to diversify and capture growth.