SYRMA.NSE

Syrma SGS Technology Ltd.

In this briefing: Aequitas: Powerica Ltd Pre-IPO- Integrated Power Solutions Provider Aequitas: Moneyview Limited Pre-IPO Tearsheet Lucror Analytics - Morning Views Asia Primer: Syrma SGS Technology (SYRMA IN) - Mar 2026 India's LPG Shock: Mapping the Multiplier Effect Across 10 Sectors 1. Aequitas: Powerica Ltd Pre-IPO- Integrated Power Solutions Provider Powerica Ltd is looking to raise about US$160m in its upcoming India IPO. Powerica Limited is a leading Indian power solutions company whose core business lies in assembling and supplying diesel generator (DG) sets powered by engines from Cummins, supported by in-house manufacturing. In this note we talk about the company's historical performance. 2. Aequitas: Moneyview Limited Pre-IPO Tearsheet Moneyview Limited (1588198D IN) (MVL) is looking to raise up to US$327m in its upcoming India IPO. The deal will be run by Axis, BofA, IIFL and Kotak. Moneyview Limited (MVL) is a consumer and focused, digital only, credit-led financial services platform for middle India customers providing access to a suite of financial products on its mobile application.

In this briefing: Aequitas: Moneyview Limited Pre-IPO Tearsheet Lucror Analytics - Morning Views Asia Primer: Syrma SGS Technology (SYRMA IN) - Mar 2026 India's LPG Shock: Mapping the Multiplier Effect Across 10 Sectors Optical Fiber Cable, 5G, and AI: The 3-Wave Demand Surge for India's Cable Manufacturers 1. Aequitas: Moneyview Limited Pre-IPO Tearsheet Moneyview Limited (1588198D IN) (MVL) is looking to raise up to US$327m in its upcoming India IPO. The deal will be run by Axis, BofA, IIFL and Kotak. Moneyview Limited (MVL) is a consumer and focused, digital only, credit-led financial services platform for middle India customers providing access to a suite of financial products on its mobile application. Personal loans is its flagship offering, personalized through in-house AI/ML segmentation and risk models. 2. Lucror Analytics - Morning Views Asia UST yields jumped 6-9 bps across the curve yesterday, as the market pared rate-cut expectations on inflation concerns (despite the inline February CPI data), and following soft demand for a 10Y note auction.

In this briefing: Gemadept Corporation (GMD VN) - Nam Dinh Vu Phase 3 Boosts Revenue Korean Air (003490 KS/Buy)Defense to Drive Long-Term Growth in Aerospace Business BANGKOK AIRWAYS Plc. (BA): Earnings Revised Down To Reflect Middle East PRECIOUS SHIPPING Plc. (PSL): The Share Price Declined Yesterday... Primer: Syrma SGS Technology (SYRMA IN) - Mar 2026 1. Gemadept Corporation (GMD VN) - Nam Dinh Vu Phase 3 Boosts Revenue Valuation and rating We used the discounted free cashflow for the firm (FCFF) method to value Gemadept Corporation (GMD) stock, with the following assumptions: 1) A required rate of return of 13%; 2) a long-term growth rate of 5% from 2036; and 3) on-time completion of GMD’s key projects. Thus, we raise our target price to VND74,600 and maintain Hold rating for GMD. 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. 2.

In this briefing: Japan Business Systems (5036 JP) - AI Winners and Losers Come into Focus... PayPay Corporation (PAYP): Discounted Japanese Fintech Debuts Strongly Despite Pricing Below Range Primer: DeepSeek - 12 Mar 2026 $100B Sovereign AI Boom Primer: Syrma SGS Technology (SYRMA IN) - Mar 2026 1. Japan Business Systems (5036 JP) - AI Winners and Losers Come into Focus... Q1 FY2026/9 results | In Q1 FY2026/9, Japan Business Systems, Inc. (the Company) posted net sales of JPY 48,687 mn (+74.4% YoY) and operating profit of JPY 2,313 mn (+21.6% YoY). Net sales surged, driven by a temporary major software-related transaction in the L&P business*. Meanwhile, operating profit remained solid, supported by stronger project development and new deal wins, mainly from major customers in the Cloud Integration (CI) business*, as well as an increase in operational support projects in the Cloud Service (CS) business* stemming from performance growth in the CI business. 2. PayPay Corporation (PAYP): Discounted Japanese Fintech Debuts Strongly Despite Pricing Below Range PayPay priced 54.99M shares at $16, below its $17–$20 range, reflecting cautious pricing amid volatile markets and heightened geopolitical uncertainty.

In this briefing: PayPay Corporation (PAYP): Discounted Japanese Fintech Debuts Strongly Despite Pricing Below Range Primer: DeepSeek - 12 Mar 2026 $100B Sovereign AI Boom Primer: Syrma SGS Technology (SYRMA IN) - Mar 2026 Japanese Banks – Update on Bigger Cap and Digital Banks 1. PayPay Corporation (PAYP): Discounted Japanese Fintech Debuts Strongly Despite Pricing Below Range PayPay priced 54.99M shares at $16, below its $17–$20 range, reflecting cautious pricing amid volatile markets and heightened geopolitical uncertainty. Shares opened strongly at $19 and closed at $18.16, remaining above issue all day despite a 1.5% decline in the broader market. Discounted pricing highlights valuation sensitivity in the IPO market as private companies transition to public markets during a challenging macro environment. 2. Primer: DeepSeek - 12 Mar 2026 DeepSeek has not disclosed any external funding rounds as of March 2026. DeepSeek operates as a hybrid of open research lab, free consumer distribution channel, and usage-priced developer infrastructure business.

In this briefing: Primer: DeepSeek - 12 Mar 2026 $100B Sovereign AI Boom Primer: Syrma SGS Technology (SYRMA IN) - Mar 2026 Japanese Banks – Update on Bigger Cap and Digital Banks Primer: Varo (VARO US) - Mar 2026 1. Primer: DeepSeek - 12 Mar 2026 DeepSeek has not disclosed any external funding rounds as of March 2026. DeepSeek operates as a hybrid of open research lab, free consumer distribution channel, and usage-priced developer infrastructure business. DeepSeek's clearest expansion path is from a low-cost reasoning model vendor into a broader agent platform. 2. $100B Sovereign AI Boom Governments worldwide have $100B+ committed towards building sovereign AI, setting off a global race between OpenAI & Anthropic, Chinese labs, Gulf state megaprojects, and US hyperscalers. The irony of sovereign AI is that US hyperscalers have become some of its biggest beneficiaries, with AWS launching its European Sovereign Cloud in January 2026. As sovereign AI spending surpasses $100B in global commitments, the forward tension is between countries that can compete on technological capability—like France with Mistral and Canada with Cohere. 3.

In this briefing: $100B Sovereign AI Boom Primer: Syrma SGS Technology (SYRMA IN) - Mar 2026 Japanese Banks – Update on Bigger Cap and Digital Banks Primer: Varo (VARO US) - Mar 2026 Beyond Chips and Capex: Private Credit in the AI Ecosystem 1. $100B Sovereign AI Boom Governments worldwide have $100B+ committed towards building sovereign AI, setting off a global race between OpenAI & Anthropic, Chinese labs, Gulf state megaprojects, and US hyperscalers. The irony of sovereign AI is that US hyperscalers have become some of its biggest beneficiaries, with AWS launching its European Sovereign Cloud in January 2026. As sovereign AI spending surpasses $100B in global commitments, the forward tension is between countries that can compete on technological capability—like France with Mistral and Canada with Cohere. 2. Primer: Syrma SGS Technology (SYRMA IN) - Mar 2026 Syrma SGS Technology is a leading Indian Electronics System Design and Manufacturing (ESDM) company, well-positioned to capitalize on the high-growth domestic EMS market, driven by government initiatives like 'Make in India' and the global 'China+1' strategy.

In this briefing: CCLD: 4Q25 Earnings - Building Earnings Power and FCF Driven by Improving Profitability/Margins RERE: Continues to execute across the board. Several growth opportunities on the horizon provide upside to our forecast. Primer: Syrma SGS Technology (SYRMA IN) - Mar 2026 Japanese Banks – Update on Bigger Cap and Digital Banks Primer: Varo (VARO US) - Mar 2026 1. CCLD: 4Q25 Earnings - Building Earnings Power and FCF Driven by Improving Profitability/Margins Key 4Q25 takeaways include: 1) following the acquisition of Medsphere in August 2025, CCLD recently announced agreements to provide comprehensive clinical supply chain solutions to a community hospital in Ohio, as well as emergency department information system services to an urgent care provider in Texas 2) stepping back, management remains focused on cross-selling CareCloud's legacy Electronic Health Record (EHR), Practice Management (PM), and Revenue Cycle Management services across Medsphere's existing inpatient EHR and RCM relationships and 3) in light of ongoing growth in recurring revenue, expanding margins, and rising cash flows over the last 12+ months, the Board recently started paying double monthly dividends on the company's Series B Preferred Stock (one regular dividend along with one catch-up distribution). 2.

In this briefing: RERE: Continues to execute across the board. Several growth opportunities on the horizon provide upside to our forecast. Primer: Syrma SGS Technology (SYRMA IN) - Mar 2026 Japanese Banks – Update on Bigger Cap and Digital Banks Primer: Varo (VARO US) - Mar 2026 Wheaton Precious Metals — Making more in a quarter than it used to in a year 1. RERE: Continues to execute across the board. Several growth opportunities on the horizon provide upside to our forecast. Despite sluggish domestic smartphone demand, the iPhone 17 launch in China fueled a surge in Q4 trade-ins, solidifying ATRenew's position as the leader in Chinese device recycling. The company's offline presence and its continued JD.com partnership (extended through 2030) have enabled ATRenew to standardize much of the pre-owned market in China. Automated inspection technology continues to improve efficiency, driving margin gains, and the company has built strong brand awareness and consumer trust. 2. Primer: Syrma SGS Technology (SYRMA IN) - Mar 2026 Syrma SGS Technology is a leading Indian Electronics System Design and Manufacturing (ESDM) company, well-positioned to capitalize on the high-growth domestic EMS market, driven by government initiatives like 'Make in India' and the global 'China+1' strategy.