Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Beginning December 2024, a consortium comprising CPP, ADIA, Sumant Sinha, and Masdar, thrice bid for <strong><a href="https://www.smartkarma.com/entities/renew-energy-global-plc-class-a" target="_blank" data-smartkarma-citation="entities:37038:1" rel="noopener">ReNew Energy Global (RNW US)</a></strong>, before mysteriously walking away in December 2025.</li>
<li>On the 29th May, CPP and Sumant Sinha, collectively holding ~50%, returned with a US$6.75/share NBIO, then bumping to US$7.02/share. The prior consortium had bid up to US$8.15/share.</li>
<li>Terms appeared underwhelming. (Not?) Surprisingly Renew Energy opted to enter into a "definitive transaction agreement". Form 6-K has been issued. The IFA says fair. No EGM date currently tabled.</li>
</ul>


Beginning December 2024, a consortium comprising CPP, ADIA, Sumant Sinha, and Masdar, thrice bid for ReNew Energy Global (RNW US), before mysteriously walking away in December 2025.
On the 29th May, CPP and Sumant Sinha, collectively holding ~50%, returned with a US$6.75/share NBIO, then bumping to US$7.02/share. The prior consortium had bid up to US$8.15/share.
Terms appeared underwhelming. (Not?) Surprisingly Renew Energy opted to enter into a "definitive transaction agreement". Form 6-K has been issued. The IFA says fair. No EGM date currently tabled.


ReNew Energy (RNW US): Tight Spread As IFA, Key Shareholders, And SC Support Terms

Global Materials | Industrials | Commodities

Rahul Jain

Thematic (Sector/Industry)

<ul>
<li>Structural Asia theme: AI-driven power demand, decarbonisation realism, and energy security are reviving nuclear across Asia’s value chain, with clearer cost and execution advantages versus the West.</li>
<li>Top equity plays: Kazatomprom anchors uranium scarcity; Mitsubishi Heavy offers quality equipment exposure; Doosan Enerbility provides high-beta EPC leverage as capex and SMRs scale.</li>
<li>• Selective risk framework: China drives volume but limited alpha; Japan offers execution-led equipment and restart upside; utilities and ETFs serve as stabilisers, not primary alpha drivers.</li>
</ul>


Structural Asia theme: AI-driven power demand, decarbonisation realism, and energy security are reviving nuclear across Asia’s value chain, with clearer cost and execution advantages versus the West.
Top equity plays: Kazatomprom anchors uranium scarcity; Mitsubishi Heavy offers quality equipment exposure; Doosan Enerbility provides high-beta EPC leverage as capex and SMRs scale.
• Selective risk framework: China drives volume but limited alpha; Japan offers execution-led equipment and restart upside; utilities and ETFs serve as stabilisers, not primary alpha drivers.


Asia’s Nuclear Revival: Structural Upside Across the Energy Value Chain

<ul>
<li>Japan targets nuclear at 20–22% of power by 2030 under its GX Basic Policy, alongside a major renewables push.</li>
<li>Electricity demand set to rise 35–50% by 2050, with data centers tripling consumption by 2034.</li>
<li>Leaders: MHI (~10% nuclear revenue) and IHI (~5%) stand out as equipment winners; Kansai, Kyushu add steady utility exposure.</li>
</ul>


Japan targets nuclear at 20–22% of power by 2030 under its GX Basic Policy, alongside a major renewables push.
Electricity demand set to rise 35–50% by 2050, with data centers tripling consumption by 2034.
Leaders: MHI (~10% nuclear revenue) and IHI (~5%) stand out as equipment winners; Kansai, Kyushu add steady utility exposure.


Japan’s Nuclear Reset: Core Equipment Plays and Utility Options

Japan Specialist

Mark Chadwick

<ul>
<li>Japanese equities reversed early gains to close lower on the week (Nikkei -0.8%, Topix -0.4%) after breaching the 40,000 level on Monday</li>
<li>Trade friction is re-emerging as a key geopolitical overhang ahead of the July 9 tariff deadline</li>
<li>Yaskawa’s profit guidance cut (FY26 OP -14% YoY to ¥43bn vs prior +20%) signals subdued industrial capex ahead, with tariff policy weighing on visibility in FA demand</li>
</ul>


Japanese equities reversed early gains to close lower on the week (Nikkei -0.8%, Topix -0.4%) after breaching the 40,000 level on Monday
Trade friction is re-emerging as a key geopolitical overhang ahead of the July 9 tariff deadline
Yaskawa’s profit guidance cut (FY26 OP -14% YoY to ¥43bn vs prior +20%) signals subdued industrial capex ahead, with tariff policy weighing on visibility in FA demand


Japan Strategy Weekly | Positioning Caution Ahead of Tariff Risk

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

<ul>
<li>Big move higher for oil set to spike the JP oil major Inpex although the refiners have large outstanding short interests and may squeeze</li>
<li>The higher oil price is negative for Japan’s utilities which have yet to restart reactors and are dependent on oil/gas imports to fuel their thermal generation</li>
<li>Details are limited on a potential Seven Bank stake sale by 7&amp;I, but there should be room for upside as shorts continue to cover</li>
</ul>


Big move higher for oil set to spike the JP oil major Inpex although the refiners have large outstanding short interests and may squeeze
The higher oil price is negative for Japan’s utilities which have yet to restart reactors and are dependent on oil/gas imports to fuel their thermal generation
Details are limited on a potential Seven Bank stake sale by 7&amp;I, but there should be room for upside as shorts continue to cover


Japan Morning Connection: Spike in Oil Positive for Inpex and Refiners

Japan

Tokyo Electric Power Company, Incorporated generates, transmits, and distributes electricity.  The Company uses hydroelectric, thermal, and nuclear power sources.  Tokyo Electric Power distributes electricity in the Kanto area, which includes the Tokyo metro area, Kanagawa, Chiba, and Saitama prefectures.

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Tokyo Electric Power (TEPCO) (9501 JP)

ReNew Energy (RNW US): Tight Spread As IFA, Key Shareholders, And SC Support Terms

The Special Committee and the IFA are supportive. Shareholders with 51% (incl. Jera) of the Scheme vote are also supportive. The risk is the timing...

David Blennerhassett

Asia’s Nuclear Revival: Structural Upside Across the Energy Value Chain

AI-driven power demand, decarbonisation, and energy security are boosting nuclear in Asia, with Kazatomprom, Mitsubishi Heavy, and Doosan...

Rahul Jain

Japan’s Nuclear Reset: Core Equipment Plays and Utility Options

Japan aims for 20-22% nuclear power by 2030, alongside a renewables push. Electricity demand to rise significantly by 2050, with data centers...

Rahul Jain

Japan Strategy Weekly | Positioning Caution Ahead of Tariff Risk

Japanese equities fell for the week after reaching a milestone, trade tensions resurface before tariff deadline, Yaskawa's profit cut hints at...

Mark Chadwick

Japan Morning Connection: Spike in Oil Positive for Inpex and Refiners

Surge in oil may squeeze refiners with short interests. Negative for Japanese utilities yet to restart reactors. Potential upside for Seven Bank as...

Andrew Jackson

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ReNew Energy (RNW US): Tight Spread As IFA, Key Shareholders, And SC Support Terms

The Special Committee and the IFA are supportive. Shareholders with 51% (incl. Jera) of the Scheme vote are also supportive. The risk is the timing...

David Blennerhassett

Asia’s Nuclear Revival: Structural Upside Across the Energy Value Chain

​AI-driven power demand, decarbonisation, and energy security are boosting nuclear in Asia, with Kazatomprom, Mitsubishi Heavy, and Doosan...

Rahul Jain

Japan’s Nuclear Reset: Core Equipment Plays and Utility Options

​Japan aims for 20-22% nuclear power by 2030, alongside a renewables push. Electricity demand to rise significantly by 2050, with data centers...

Rahul Jain

Japan Strategy Weekly | Positioning Caution Ahead of Tariff Risk

​Japanese equities fell for the week after reaching a milestone, trade tensions resurface before tariff deadline, Yaskawa's profit cut hints at...

Mark Chadwick

Japan Morning Connection: Spike in Oil Positive for Inpex and Refiners

Surge in oil may squeeze refiners with short interests. Negative for Japanese utilities yet to restart reactors. Potential upside for Seven Bank as...

Andrew Jackson

AI-driven power demand, decarbonisation, and energy security are boosting nuclear in Asia, with Kazatomprom, Mitsubishi Heavy, and Doosan...

Japan aims for 20-22% nuclear power by 2030, alongside a renewables push. Electricity demand to rise significantly by 2050, with data centers...

Japanese equities fell for the week after reaching a milestone, trade tensions resurface before tariff deadline, Yaskawa's profit cut hints at...