Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Equity Capital Markets

Sieyuan Electric Co Ltd A / Equity Capital Markets

<ul>
<li>Sieyuan Electric, a power equipment manufacturer, is seeking an A+H listing. CITIC is the sole sponsor.</li>
<li>We look at the company's core segments: switchgear, transformers and protection and automation.</li>
<li>We discuss our preliminary thoughts on the company's valuation based on A-H premium.</li>
</ul>


Sieyuan Electric, a power equipment manufacturer, is seeking an A+H listing. CITIC is the sole sponsor.
We look at the company's core segments: switchgear, transformers and protection and automation.
We discuss our preliminary thoughts on the company's valuation based on A-H premium.


Sieyuan Electric (思源电气) A+H Pre-IPO: Early Thoughts

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Bottom-Up

<ul>
<li>FY26 net profit more than doubled to INR 1,233 Cr on revenue of INR 6,206 Cr (+45% YoY).</li>
<li>Order backlog hit a record INR 21,456 Cr, up 49% YoY, anchored by a landmark HVDC VSC win from Adani Energy Solutions.</li>
<li>India's Rs 9.15 lakh crore grid modernization plan through 2032 is structural, not cyclical. GE Vernova is one of only 2-3 credible end-to-end HVDC players globally available to India's grid.</li>
</ul>


FY26 net profit more than doubled to INR 1,233 Cr on revenue of INR 6,206 Cr (+45% YoY).
Order backlog hit a record INR 21,456 Cr, up 49% YoY, anchored by a landmark HVDC VSC win from Adani Energy Solutions.
India's Rs 9.15 lakh crore grid modernization plan through 2032 is structural, not cyclical. GE Vernova is one of only 2-3 credible end-to-end HVDC players globally available to India's grid.


GE Vernova T&D India:The Grid Supercycle Has a Listed Proxy with Data Center Export Opportunity

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

CG Power and Industrial Solutions / Equity Bottom-Up

CG Power and Industrial Solutions (CGPOWER IN)

<ul>
<li>CG Power secured a INR 900 crore ($99.2 million) order from Tallgrass Integrated Logistics Solutions (USA) for hyperscale data center transformers.</li>
<li>Export bookings were already up more than 50% YoY even excluding this order. </li>
<li>With capacity tripling to 85,000 MVA by FY28 and US data center capex exceeding $650 billion in 2026, the pipeline extends beyond this order.</li>
</ul>


CG Power secured a INR 900 crore ($99.2 million) order from Tallgrass Integrated Logistics Solutions (USA) for hyperscale data center transformers.
Export bookings were already up more than 50% YoY even excluding this order. 
With capacity tripling to 85,000 MVA by FY28 and US data center capex exceeding $650 billion in 2026, the pipeline extends beyond this order.


CG Power: How an Export Order Validates a Multi-Year Structural Opportunity in AI Infrastructure?

Oil and Gas, Mint Finance

Suhas Reddy

Oil and Gas

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>Eaton captures AI-driven energy demand at the point of consumption, benefiting directly from rising data-centre power intensity, strong order momentum, and diversified electrification exposure.</li>
<li>Quanta Services monetises the grid expansion required to deliver AI-related power demand, with a record multi-year backlog, and predictable cash flows providing structural downside protection and earnings visibility.</li>
<li>Together, Eaton and Quanta cover the full AI-energy stack, from grid delivery to data-centre power use, combining upside exposure with resilience and reduced concentration risk in 2026.</li>
</ul>


Eaton captures AI-driven energy demand at the point of consumption, benefiting directly from rising data-centre power intensity, strong order momentum, and diversified electrification exposure.
Quanta Services monetises the grid expansion required to deliver AI-related power demand, with a record multi-year backlog, and predictable cash flows providing structural downside protection and earnings visibility.
Together, Eaton and Quanta cover the full AI-energy stack, from grid delivery to data-centre power use, combining upside exposure with resilience and reduced concentration risk in 2026.


2026 High Conviction Idea - Capturing AI’s Energy Backbone: Eaton for Upside, Quanta for Defence

Japan Specialist

Mark Chadwick

Mitsubishi Heavy Industries / Equity Bottom-Up

<ul>
<li>MHI benefits from two long-term supercycles—AI-driven power generation and global defense rearmament—with a recent pullback offering an appealing re-entry point. </li>
<li>A global gas-turbine supercycle is boosting orders, pricing power, and margins as demand from hyperscalers and utilities exceeds manufacturing capacity. </li>
<li>Markets have yet to fully price in structurally higher earnings and valuations driven by AI-linked power demand and persistent turbine supply constraints.</li>
</ul>


MHI benefits from two long-term supercycles—AI-driven power generation and global defense rearmament—with a recent pullback offering an appealing re-entry point. 
A global gas-turbine supercycle is boosting orders, pricing power, and margins as demand from hyperscalers and utilities exceeds manufacturing capacity. 
Markets have yet to fully price in structurally higher earnings and valuations driven by AI-linked power demand and persistent turbine supply constraints.


MHI (7011): AI Power Demand and Gas-Turbine Supercycle Accelerate

United States

GE Vernova Inc is an electric power company. The Company designs, manufactures, and delivers electric power systems and services that generate, transfer, orchestrate, convert, and store electricity. GE Vernova serves customers globally.

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GE Vernova (GEV US)

Sieyuan Electric (思源电气) A+H Pre-IPO: Early Thoughts

Sieyuan Electric is seeking an A+H listing. In this note, we look at the company's business, its industry context and provide early valuation...

Ke Yan, CFA, FRM

GE Vernova T&D India:The Grid Supercycle Has a Listed Proxy with Data Center Export Opportunity

FY26 net profit more than doubled to INR 1,233 Cr on revenue of INR 6,206 Cr, with record order backlog and India's grid modernization plan...

Sudarshan Bhandari

CG Power: How an Export Order Validates a Multi-Year Structural Opportunity in AI Infrastructure?

CG Power secures $99.2 million order for data center transformers from US, with export bookings up 50% YoY and capacity set to triple by FY28 to...

Nimish Maheshwari

2026 High Conviction Idea - Capturing AI’s Energy Backbone: Eaton for Upside, Quanta for Defence

Eaton and Quanta Services capitalize on AI-driven energy demand, covering grid expansion and data-center power use for diversified exposure and...

Mint Finance

MHI (7011): AI Power Demand and Gas-Turbine Supercycle Accelerate

MHI benefits from long-term supercycles in AI-driven power generation and global defense rearmament, with a recent pullback providing a good re...

Mark Chadwick

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Sieyuan Electric (思源电气) A+H Pre-IPO: Early Thoughts

Sieyuan Electric is seeking an A+H listing. In this note, we look at the company's business, its industry context and provide early valuation...

Ke Yan, CFA, FRM

GE Vernova T&D India:The Grid Supercycle Has a Listed Proxy with Data Center Export Opportunity

​FY26 net profit more than doubled to INR 1,233 Cr on revenue of INR 6,206 Cr, with record order backlog and India's grid modernization plan...

Sudarshan Bhandari

CG Power: How an Export Order Validates a Multi-Year Structural Opportunity in AI Infrastructure?

​CG Power secures $99.2 million order for data center transformers from US, with export bookings up 50% YoY and capacity set to triple by FY28 to...

Nimish Maheshwari

2026 High Conviction Idea - Capturing AI’s Energy Backbone: Eaton for Upside, Quanta for Defence

​Eaton and Quanta Services capitalize on AI-driven energy demand, covering grid expansion and data-center power use for diversified exposure and...

Mint Finance

MHI (7011): AI Power Demand and Gas-Turbine Supercycle Accelerate

​MHI benefits from long-term supercycles in AI-driven power generation and global defense rearmament, with a recent pullback providing a good re...

Mark Chadwick

FY26 net profit more than doubled to INR 1,233 Cr on revenue of INR 6,206 Cr, with record order backlog and India's grid modernization plan...

CG Power secures $99.2 million order for data center transformers from US, with export bookings up 50% YoY and capacity set to triple by FY28 to...

Eaton and Quanta Services capitalize on AI-driven energy demand, covering grid expansion and data-center power use for diversified exposure and...

MHI benefits from long-term supercycles in AI-driven power generation and global defense rearmament, with a recent pullback providing a good re...