Daily Brief Utilities: Sembcorp Industries, Engie SA, RelyEZ Energy Storage Technology and more

• The sharp reduction in market cap over the last few months could lead to Sembcorp Industries (SCI SP)‘s deletion from a global index in August. 
• Passive trackers are estimated to sell 55.4m shares (US$243m; 6.2x ADV) at the close of trading on 31 August.
• Positioning indicates shorts in the stock and there could be short covering following the announcement of the index deletion followed by more covering as passives sell.

• Société Générale and Engie lead our current addition screen, while Nokia/E.ON remains a live race: just 1.9% relative performance separates the two ahead of the 31 August cut-off.
• The flow numbers favour the addition side: estimated ETF buying reaches ~7x ADV for Engie and 6.3x for E.ON, compared with 2–3x ADV selling for the main deletion candidates.
• We favour the addition side: Engie offers the strongest prospective flow/liquidity setup, while E.ON becomes particularly interesting if it overtakes Nokia; we are more cautious on pre-positioning deletion shorts.

• RelyEZ Energy Storage Technology Co., Ltd. is a leading integrated ESS solutions provider in China, ranking 10th by shipment volume and 4th by newly installed capacity in 2025.
• Total revenue increased from RMB434.6 million in 2023 to RMB1,867.6 million in 2025, with a 6.8 GWh total production capacity.
• Revenue was RMB1,867,611 in 2025, with gross profit of RMB300,609 and profit before tax of RMB174,937.

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• RelyEZ Energy Storage Technology is a rapidly growing, integrated energy storage system (ESS) solutions provider in China, with a strong focus on full-lifecycle services for energy storage projects. The company is in the process of listing on the Hong Kong Stock Exchange.
• The company has demonstrated significant growth in revenue and net profit, driven by the booming demand for energy storage solutions in China and its expanding global footprint. Its revenue reached RMB 1.144 billion in 2024, with a net profit of RMB 96.265 million.
• RelyEZ is well-positioned to capitalize on the global energy transition, with a strong project pipeline, a focus on technological innovation, and strategic partnerships to expand its presence in key international markets, including Europe, Africa, and the Americas.

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