UBS Equities-Asia Equity Research _Quantitative Research Review_ Winter-119404100

ab23 December 2025Global ResearchAsia Equity ResearchQuantitative Research ReviewUBS Quantitative Research ReviewThis report shows monthly responses from UBS analysts for companies covered in Asia. The results of this monthly quantitative review are based on the published views of UBS analysts.Question CategoriesThere are 7 questions answered by UBS stock analysts in this review. Questions relate to business quality, firm strategy, business conditions and the company's industry.Forward Looking DataQuantitative reviews provide an alternative way to quantify the views of research analysts. Most of the questions are forward looking. Forward looking data can be used to augment the historical financial performance of companies. Readers should refer to the analyst's published view on the stock for an in-depth analysis.UBS publishes a quantitative assessment of its analysts' responses to certain questions about the likelihood of an occurrence of a number of short term factors in a product known as the 'Quantitative Research Review'. Views contained in this assessment on a particular stock reflect only the views on those short term factors which are a different timeframe to the 12-month timeframe reflected in any equity rating set out in this note. For the latest responses, please see this monthly report. For previous responses please make reference to (i) previous UBS research reports; and (ii) if there is no research report, previous Quantitative Research Reviews. If you have any questions as to how to access the Quantitative Research Review please speak to your UBS sales representative or email Quantitative Research Team at ubs-quant-answers@ubs.com for access to the report. A consolidated report which contains all responses is also available and again you should contact your UBS sales representative for details and pricing.This report has been prepared by UBS Securities Australia Ltd. ANALYST CERTIFICATION AND REQUIRED DISCLOSURES, including information on the Quantitative Research Review published by UBS, begin on page 62. UBS does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision.EquitiesAsiaQuantitativePaul WinterAnalystpaul-j.winter@ubs.com+61-2-9324 2080Oliver Antrobus, CFAAnalystoliver.antrobus@ubs.com+61-3-9242 6467Cathy Fang, PhDAnalystS1460518100001cathy.fang@ubs.com+86-21-3866 8891Lynce Wang, FRMAnalystS1460522090001lynce.wang@ubs.com+86-21-3866 8638Aaron Guo, CFAAnalystaaron.guo@ubs.com+852-2971 7705James CameronAnalystjames-a.cameron@ubs.com+61-2-9324 2074Amanda BelcaidAnalystamanda.belcaid@ubs.com+44-20-7568 3072Jaiwish NolanAnalystjaiwish.nolan@ubs.com+1-212-713 1489Hugh DawsonAnalysthugh.dawson@ubs.com+61-2-9324 2093Asia Equity Research 23 December 2025ab 2Asia Equity ResearchUBS Re