Equity Research Analyst - Long-Short

Raj S, CA, CFA

Equity Bottom-Up

<ul>
<li>
Market position: Delta is a leading AI data-center PSU supplier, with estimated 50%+ share, giving it direct exposure as AI racks require more power per rack.</li>
<li>
Product cycle: PSU upgrades from 5.5kW to 12kW and 30-36kW drive higher ASP per watt, more power-shelf content and margin expansion.</li>
<li>
Valuation: Our base case is consensus PSU growth; the upside case where Delta captures DC/DC and 800VDC power-rack content content can lead to &lt;100% upside over near to medium term.</li>
</ul>



Market position: Delta is a leading AI data-center PSU supplier, with estimated 50%+ share, giving it direct exposure as AI racks require more power per rack.

Product cycle: PSU upgrades from 5.5kW to 12kW and 30-36kW drive higher ASP per watt, more power-shelf content and margin expansion.

Valuation: Our base case is consensus PSU growth; the upside case where Delta captures DC/DC and 800VDC power-rack content content can lead to &lt;100% upside over near to medium term.


Delta Electronics (2308 TT) - AI Power Architecture Upgrade

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

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

Krn Heat Exchanger and Refrigeration / Equity Bottom-Up

Krn Heat Exchanger and Refrigeration (KRN IN)

<ul>
<li>KRN delivered FY26 consolidated revenue: Rs. 600 crore, up 40% YoY, EBITDAgrew nearly 60%. The new Plant II is now fully operational after months of parallel construction.</li>
<li>
Plant II is 6X the capacity of original facility. With ramp up to 80% in FY28 represents sharpest growth curve. Revenue runway stretches to Rs. 2,850 crore at full utilization</li>
<li>
Four catalysts FY27: Plant II, Bus AC scale-up, doubling exports and PLI plus RIPS incentives. This is the year KRN stops being small-cap story and starts becoming mid-cap compounder</li>
</ul>


KRN delivered FY26 consolidated revenue: Rs. 600 crore, up 40% YoY, EBITDAgrew nearly 60%. The new Plant II is now fully operational after months of parallel construction.

Plant II is 6X the capacity of original facility. With ramp up to 80% in FY28 represents sharpest growth curve. Revenue runway stretches to Rs. 2,850 crore at full utilization

Four catalysts FY27: Plant II, Bus AC scale-up, doubling exports and PLI plus RIPS incentives. This is the year KRN stops being small-cap story and starts becoming mid-cap compounder


KRN Heat Exchanger: The HVAC Play in India

Equity & Credit Research

Duncan Chan

Contemporary Amperex Technology / Equity Bottom-Up

Contemporary Amperex Technology (CATL-SR SP)

<ul>
<li>The market still largely values <a href="https://www.smartkarma.com/entities/contemporary-amperex-technology-co-limited-shs-unsp-singapore-depositary-receipt-repr-1-30-sh" target="_blank" data-smartkarma-citation="entities:48890:1" rel="noopener">Contemporary Amperex Technology (CATL-SR SP)</a> as a cyclical EV battery manufacturer, underestimating how AI-driven electricity demand shifts value toward storage integration and electricity infrastructure.</li>
<li>The VNET-related investment is unlikely to materially affect near-term earnings, but signals CATL positioning around AI-linked electricity infrastructure, storage integration and localized power resilience systems.</li>
<li>We remain constructive on CATL, with 12-month valuation outcomes ranging from HK$490 to HK$860+, depending on whether ESS achieves infrastructure-quality earnings, while our base-case valuation remains HK$720-750.</li>
</ul>


The market still largely values Contemporary Amperex Technology (CATL-SR SP) as a cyclical EV battery manufacturer, underestimating how AI-driven electricity demand shifts value toward storage integration and electricity infrastructure.
The VNET-related investment is unlikely to materially affect near-term earnings, but signals CATL positioning around AI-linked electricity infrastructure, storage integration and localized power resilience systems.
We remain constructive on CATL, with 12-month valuation outcomes ranging from HK$490 to HK$860+, depending on whether ESS achieves infrastructure-quality earnings, while our base-case valuation remains HK$720-750.


CATL: From Battery Supplier Toward Data Center Energy Infrastructure

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

<ul>
<li>A lesser known Hong Kong Listed play on the AI Server Memory Supercycle</li>
<li>One of three suppliers at scale to Samung, SK Hynix and Micron</li>
<li>The recent price breakout of the post IPO trading range indicates the rerating has started</li>
</ul>


A lesser known Hong Kong Listed play on the AI Server Memory Supercycle
One of three suppliers at scale to Samung, SK Hynix and Micron
The recent price breakout of the post IPO trading range indicates the rerating has started


Tactical Trading: A Hong Kong Play on the AI Server Memory Supercycle

Index Rebalance and Special Situations Coverage, Quiddity Advisors

Anjana Amarasuriya

Index Rebalance and Special Situations Coverage

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The ADDs/DELs for SP500, SP MidCap400, and SP SmallCap600 indices for the March 2026 index rebal event were announced after market close on Friday 6 March 2026. </li>
<li>There are 4 ADD/DELs for the SP 500, all of which will also be added to and deleted from the SP 500 Equal Weight and their corresponding Select Sector indices.</li>
<li>In this insight, we take a look at our final flow expectations for each of these confirmed index changes. We see $26bn of flows, one-way.</li>
</ul>


The ADDs/DELs for SP500, SP MidCap400, and SP SmallCap600 indices for the March 2026 index rebal event were announced after market close on Friday 6 March 2026. 
There are 4 ADD/DELs for the SP 500, all of which will also be added to and deleted from the SP 500 Equal Weight and their corresponding Select Sector indices.
In this insight, we take a look at our final flow expectations for each of these confirmed index changes. We see $26bn of flows, one-way.


Quiddity SP 500 Mar26 Results: Over US$26bn Total One-Way Flows

United States

Vertiv Holdings Co operates as a holding company. The Company, through its subsidiaries, provides electrical power equipment, thermal management, racks and enclosures, monitoring and management, tools, and other services. Vertiv Holdings serves data centers, communication networks, commercial, and industrial environments worldwide.

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Vertiv Holdings Co (VRT US)

Delta Electronics (2308 TT) - AI Power Architecture Upgrade

Delta leads AI data-center PSUs with 50%+ share; Nvidia’s power-architecture upgrade drives PSU ASP/mix expansion, while 800VDC power racks create...

Raj S, CA, CFA

KRN Heat Exchanger: The HVAC Play in India

KRN's FY26 revenue up 40%, EBITDA grew 60%. New Plant II fully operational, 6X capacity of original facility. FY27 catalysts set stage for mid-cap...

Nimish Maheshwari

CATL: From Battery Supplier Toward Data Center Energy Infrastructure

AI-driven electricity demand is shifting value toward storage integration and infrastructure economics, potentially changing how CATL’s earnings...

Duncan Chan

Tactical Trading: A Hong Kong Play on the AI Server Memory Supercycle

A less wellknown newly listed company in Hong Kong Hong Kong-listed benefiting from the AI Memory Supercycle. Recent price breakout signaling...

Rikki Malik

Quiddity SP 500 Mar26 Results: Over US$26bn Total One-Way Flows

The SP500/400/600 review results for March 2026 were announced Friday. We got 2 of the four SP500 ADDs correct (our model defaults to two changes)...

Anjana Amarasuriya

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52-week Range

Market Cap (USDm)

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Delta Electronics (2308 TT) - AI Power Architecture Upgrade

Delta leads AI data-center PSUs with 50%+ share; Nvidia’s power-architecture upgrade drives PSU ASP/mix expansion, while 800VDC power racks create...

Raj S, CA, CFA

KRN Heat Exchanger: The HVAC Play in India

​KRN's FY26 revenue up 40%, EBITDA grew 60%. New Plant II fully operational, 6X capacity of original facility. FY27 catalysts set stage for mid-cap...

Nimish Maheshwari

CATL: From Battery Supplier Toward Data Center Energy Infrastructure

AI-driven electricity demand is shifting value toward storage integration and infrastructure economics, potentially changing how CATL’s earnings...

Duncan Chan

Tactical Trading: A Hong Kong Play on the AI Server Memory Supercycle

​A less wellknown newly listed company in Hong Kong Hong Kong-listed benefiting from the AI Memory Supercycle. Recent price breakout signaling...

Rikki Malik

Quiddity SP 500 Mar26 Results: Over US$26bn Total One-Way Flows

The SP500/400/600 review results for March 2026 were announced Friday. We got 2 of the four SP500 ADDs correct (our model defaults to two changes)...

Anjana Amarasuriya

KRN's FY26 revenue up 40%, EBITDA grew 60%. New Plant II fully operational, 6X capacity of original facility. FY27 catalysts set stage for mid-cap...

A less wellknown newly listed company in Hong Kong Hong Kong-listed benefiting from the AI Memory Supercycle. Recent price breakout signaling...