Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

Aboitiz Power Corporation (AboitizPower) is a leading energy solutions provider in the Philippines, engaged in power generation, distribution, and retail electricity services. The company operates a diversified portfolio of power plants, utilizing renewable sources like hydro, geothermal, wind, and solar, as well as thermal energy from coal and oil. AboitizPower is headquartered in Makati, Philippines, and was founded on February 13, 1998.

<ul>
<li>The PSEi is the main benchmark of the Philippine Stock Exchange comprising a fixed basket of 30 companies selected on the basis of market capitalization and liquidity thresholds.</li>
<li>In this insight, we look at the potential ADDs/DELs for the PSEi index for the February 2027 index rebal event.</li>
<li>We expect 3 changes based on latest data. However, the reference period is not complete yet and our expectations can change.</li>
</ul>


The PSEi is the main benchmark of the Philippine Stock Exchange comprising a fixed basket of 30 companies selected on the basis of market capitalization and liquidity thresholds.
In this insight, we look at the potential ADDs/DELs for the PSEi index for the February 2027 index rebal event.
We expect 3 changes based on latest data. However, the reference period is not complete yet and our expectations can change.


Quiddity Leaderboard PSEi Feb27 Rebal: First Review Under New Methodology; 3 ADDs/DELs Likely

Smartkarma AI Synthetic Expert Call Transcripts, Smartkarma

αSK SmartScripts

Smartkarma AI Synthetic Expert Call Transcripts

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

ATCO Ltd. generates, transmits, and distributes electric power to customers in Canada, and owns and operates power projects in Canada, Great Britain, and Australia.  The Company also gathers, stores, transmits, and distributes natural gas in Alberta, Canada.  In addition, ATCO manufactures and sells industrial workforce housing, provides technical services, and conducts other operations.

<ul><li>Conglomerate Discount Unlock: The transaction is designed to dismantle the historical conglomerate discount where the market valued ATCO’s non-utility portfolio (ATCO Structures &amp; Logistics, Neltume Ports, ATCO Land and Development, and ATCO Energy) at an implied valuation of just C$1.1 billion. By spinning these out into "New ATCO" alongside a C$700 million cash cushion and zero corporate debt, management is attempting to realize an independent valuation for the modular business alone that is benchmarked against peers at approximately C$2.4 billion.</li><li>High Regulatory and Structural Friction: While the market responded positively to the announcement, the regulatory path to closure in late 2027 is highly complex. The Alberta Utilities Commission (AUC) will apply a rigorous "no-harm" test to the ownership transfer of Canadian Utilities to Emera. Historical precedents, such as the Stores Block Supreme Court case and the AltaLink limited partnership transfer, show the AUC is aggressive in protecting ratepayers, which could lead to significant disallowances of transaction costs and prolonged transition services agreements.</li><li>Sentgraf Governance and Alignment: The preservation of the Southern family’s dual-class share structure in "New ATCO" via Sentgraf Enterprises Ltd. ensures that minority shareholders will continue to have zero voting power while bearing the cyclical execution risk of a standalone industrial business. Although the immediate dividend accretion of 20% via the Emera equity portion acts as a sweet incentive for existing ATCO shareholders, long-term capital allocation at New ATCO will remain highly centralized and family-controlled.</li></ul><div style="color: #475569; background: #eee; border-radius: 16px; padding: 14px; margin: 14px 0; font-size: 12px; line-height: 16px;">Disclaimer: The following transcripts are synthetic, AI-generated on demand, and compiled exclusively from public data sources; no real-word experts were actually interviewed. This content is designed to highlight potential market mispricings, explore compelling lines of inquiry, and suggest strategic questions rather than present verified facts. All specific financial metrics and data points, including market shares, TAM, margins, and growth rates, are AI-estimated approximations. They may be inaccurate and must be independently verified.</div>

Conglomerate Discount Unlock: The transaction is designed to dismantle the historical conglomerate discount where the market valued ATCO’s non-utility portfolio (ATCO Structures &amp; Logistics, Neltume Ports, ATCO Land and Development, and ATCO Energy) at an implied valuation of just C$1.1 billion. By spinning these out into "New ATCO" alongside a C$700 million cash cushion and zero corporate debt, management is attempting to realize an independent valuation for the modular business alone that is benchmarked against peers at approximately C$2.4 billion.High Regulatory and Structural Friction: While the market responded positively to the announcement, the regulatory path to closure in late 2027 is highly complex. The Alberta Utilities Commission (AUC) will apply a rigorous "no-harm" test to the ownership transfer of Canadian Utilities to Emera. Historical precedents, such as the Stores Block Supreme Court case and the AltaLink limited partnership transfer, show the AUC is aggressive in protecting ratepayers, which could lead to significant disallowances of transaction costs and prolonged transition services agreements.Sentgraf Governance and Alignment: The preservation of the Southern family’s dual-class share structure in "New ATCO" via Sentgraf Enterprises Ltd. ensures that minority shareholders will continue to have zero voting power while bearing the cyclical execution risk of a standalone industrial business. Although the immediate dividend accretion of 20% via the Emera equity portion acts as a sweet incentive for existing ATCO shareholders, long-term capital allocation at New ATCO will remain highly centralized and family-controlled.Disclaimer: The following transcripts are synthetic, AI-generated on demand, and compiled exclusively from public data sources; no real-word experts were actually interviewed. This content is designed to highlight potential market mispricings, explore compelling lines of inquiry, and suggest strategic questions rather than present verified facts. All specific financial metrics and data points, including market shares, TAM, margins, and growth rates, are AI-estimated approximations. They may be inaccurate and must be independently verified.

Atco Ltd/Canada (ACO/X CN): Synthetic Expert Call Transcript (09 Oct 2026)

Founder, CEO, GSBR Research

Garvit Bhandari

Founder, CEO

Leading Provider of Equity and Investment Research

GSBR Research

We are an independent equity research provider focused on covering global markets. The aim of the research is to provide an unbiased view of the fundamentals of the company.

Event-Driven

<ul>
<li>ATCO is being split - its controlling Canadian Utilities (CU) stake goes to Emera (EMA) in an all-share merger, and the non-utility businesses are spun out as "New ATCO."</li>
<li>Per ATCO share, holders receive 0.865 Emera shares plus one New ATCO share.</li>
<li>In our view, the value unlock sits in New ATCO, which management argues has been hidden behind the CU stake </li>
</ul>


ATCO is being split - its controlling Canadian Utilities (CU) stake goes to Emera (EMA) in an all-share merger, and the non-utility businesses are spun out as "New ATCO."
Per ATCO share, holders receive 0.865 Emera shares plus one New ATCO share.
In our view, the value unlock sits in New ATCO, which management argues has been hidden behind the CU stake 


ATCO (ACO.X): Utility Merger Unlocks a High-Growth Spin-Off - First Look

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

CLP Holdings Limited is an investment holding company primarily engaged in the generation, retail, transmission, and distribution of electricity across the Asia-Pacific region, including Hong Kong, Mainland China, Australia, India, Thailand, and Taiwan. The company utilizes a diversified energy portfolio, including coal, gas, nuclear, and renewable sources, and also provides energy and infrastructure solutions. It was founded in 1901 and is headquartered in Kowloon, Hong Kong.

<ul>
 <li>
<a href="https://smartkarma.com/entities/clp-holdings-limited">CLP</a> Holdings Limited (2 HK) provides institutional investors with a premier defensive utility profile in the Asia-Pacific region, underpinned by its quasi-monopolistic Hong Kong electricity business operating under a predictable 15-year Scheme of Control (SoC) framework offering a permitted return on net fixed assets of 8.0% through 2033.</li>
 <li>Following severe earnings degradation in 2022 caused by wholesale energy market volatility and generation outages in Australia, operating performance has staged a robust recovery; earnings normalized to HK$11,742 million in 2024 and HK$10,468 million in 2025, supported by EnergyAustralia contract repricing and disciplined thermal and renewable performance.</li>
 <li>At a current share price of HK$75.50 and offering an annualized dividend yield of approximately 4.21%, <a href="https://smartkarma.com/entities/clp-holdings-limited">CLP</a> combines low-beta defensive cash generation with an expanding zero-carbon asset base across Greater China, though valuation multiples remain balanced against long-term energy transition capex and lingering retail churn in Australia.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
CLP Holdings Limited (2 HK) provides institutional investors with a premier defensive utility profile in the Asia-Pacific region, underpinned by its quasi-monopolistic Hong Kong electricity business operating under a predictable 15-year Scheme of Control (SoC) framework offering a permitted return on net fixed assets of 8.0% through 2033.
  Following severe earnings degradation in 2022 caused by wholesale energy market volatility and generation outages in Australia, operating performance has staged a robust recovery; earnings normalized to HK$11,742 million in 2024 and HK$10,468 million in 2025, supported by EnergyAustralia contract repricing and disciplined thermal and renewable performance.
  At a current share price of HK$75.50 and offering an annualized dividend yield of approximately 4.21%, CLP combines low-beta defensive cash generation with an expanding zero-carbon asset base across Greater China, though valuation multiples remain balanced against long-term energy transition capex and lingering retail churn in Australia.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Thematic (Sector/Industry)

<ul><li>The government has finalized the "Solar for the People" program, targeting up to 1.5mn households with a Bt75bn budget.</li><li>Installed capacity is capped at 10kW per household.</li><li>Three state banks-Government Housing Bank, Government Savings Bank and Bank for Agriculture and Agricultural Cooperatives-will offer concessional loans at a reduced rate of 2.5% per year, with repayment terms of around seven years.</li></ul>

The government has finalized the "Solar for the People" program, targeting up to 1.5mn households with a Bt75bn budget.Installed capacity is capped at 10kW per household.Three state banks-Government Housing Bank, Government Savings Bank and Bank for Agriculture and Agricultural Cooperatives-will offer concessional loans at a reduced rate of 2.5% per year, with repayment terms of around seven years.

Expanded “Solar for the People” Program Targets 1.5mn Households With Bt75bn Budget; Registration Opens November 1