Category

Utilities Sector

Mar 24
0

Daily Brief Utilities: Azure Power Global Ltd and more

By | Daily Briefs, Utilities Sector

In today’s briefing:

  • Azure Power: Audited Results Still Pending

Azure Power: Audited Results Still Pending

By BOS Research

  • This week it was reported that the release of Azure Power’s audited financial statements for FY2022 has been delayed again as appointed auditors Ernst & Young Mauritius have expressed an unwillingness to sign them off.
  • An external agency is said to be investigating the whistle-blower allegations and the auditors are said to be uncomfortable with signing off the statements.
  • Separately, the company recently released unaudited financials for two restricted groups – Azure Power Energy Limited and its restricted group entities, and Azure Power Solar Energy Private Limited and its restricted group entities.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free
Mar 14
0

Daily Brief Utilities: Adani Transmission and more

By | Daily Briefs, Utilities Sector

In today’s briefing:

  • Quiddity Leaderboard for BSE/​SENSEX Jun 23: NMDC Could Be a BSE 200 ADD

Quiddity Leaderboard for BSE/​SENSEX Jun 23: NMDC Could Be a BSE 200 ADD

By Janaghan Jeyakumar, CFA

  • In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, 100, 200, and 500 Indices in the June 2023 Rebalance.
  • The BSE AllCap March 2023 Rebalance results were announced and this changes the main universe from which SENSEX, BSE 100, and BSE 200 members are selected.
  • In this insight, we take a look at the recent updates to my expectations and the price and volume performance of the candidates.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free
Mar 03
0

Daily Brief Utilities: Adani Total Gas, Greenko Energy Holdings and more

By | Daily Briefs, Utilities Sector

In today’s briefing:

  • Adani Group: GQG Bets Big; MSCI Index Impacts
  • Greenko Energy Holdings: Stable Operating Performance; High but Manageable Leverage

Adani Group: GQG Bets Big; MSCI Index Impacts

By Brian Freitas

Greenko Energy Holdings: Stable Operating Performance; High but Manageable Leverage

By BOS Research

  • Greenko Energy Holdings (“Greenko”; “the company”) is one of the leading independent clean energy companies in India.
  • As of September 2022, the company had total operational capacity of about 5.3 gigawatts (GW) – excluding a stake in hydropower operator Teesta Urja Limited – across a diversified portfolio of renewable energy assets.
  • Wind energy contributes about 3.2GW of operational capacity, hydro contributes about 0.6GW and solar contributes about 1.5GW.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free
Mar 02
0

Daily Brief Utilities: China Everbright Water and more

By | Daily Briefs, Utilities Sector

In today’s briefing:

  • China Everbright Water (1857 HK): More to Look Forward

China Everbright Water (1857 HK): More to Look Forward

By Osbert Tang, CFA

  • Weaker 2H22 and FY22 earnings are primarily caused by disruption from the pandemic, and the 18.7% share price retreat since 2022 should have well factored in an unexciting year.
  • Recovery of construction revenue, rebound in margin, completion of pipeline projects, increase in water tariffs and faster receivable collections are the key positive factors to watch. 
  • China Everbright Water (1857 HK) will generate ROE of 9.8% and 10.3% for FY23 and FY24. Such return profile renders its 3.5x PER and 0.35x P/B for FY23 inexpensive. 

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free
Feb 20
0

Daily Brief Utilities: China Longyuan Power and more

By | Daily Briefs, Utilities Sector

In today’s briefing:

  • China Longyuan (916 HK): The Bull Story Should Continue

China Longyuan (916 HK): The Bull Story Should Continue

By Osbert Tang, CFA

  • The FY22 profit warning for China Longyuan Power (916 HK) reflected mostly items of one-off in nature and the weak result should be a matter of the past.
  • The Jan overall generation growth of 30.6% and wind power growth of 44.4% are very solid performance. With economic rebound and low comparison base, we expect growth to sustain.
  • Asset injection from CHN Energy and improvement in financial position through subsidy collection are positives, making its below 10x PERs for FY23 and FY24 attractive. 

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free
Feb 16
0

Daily Brief Utilities: HK Electric Investments and more

By | Daily Briefs, Utilities Sector

In today’s briefing:

  • HK Electric Investments (2638 HK): MSCI Deletion Could Mark a Bottom

HK Electric Investments (2638 HK): MSCI Deletion Could Mark a Bottom

By Brian Freitas

  • HK Electric Investments (2638 HK) will be deleted from the MSCI Hong Kong Index at the close on 28 February. This was largely expected.
  • We estimate passive MSCI trackers will need to sell 172.3m shares (US$111m; 19.1 days of ADV to trade). That is a lot. But there are pre-positions on the stock.
  • HK Electric Investments (2638 HK) has underperformed its peers and now trades at a lower price to book. There could be outperformance post the MSCI deletion.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free
Feb 15
0

Daily Brief Utilities: Adani Green Energy and more

By | Daily Briefs, Utilities Sector

In today’s briefing:

  • Adani Group: Upcoming & Potential Index Impacts

Adani Group: Upcoming & Potential Index Impacts

By Brian Freitas

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free
Feb 03
0

Daily Brief Utilities: China Longyuan Power and more

By | Daily Briefs, Utilities Sector

In today’s briefing:

  • China Longyuan Power (916 HK) – High Probability 22% Rally Confirmed at the January Close

China Longyuan Power (916 HK) – High Probability 22% Rally Confirmed at the January Close

By David Coloretti, CMT

  • At TMA we deliver high probability outcomes by focusing on our 3 pillars of technical analysis. •1) Response to key levels. •2) Price action. •3) Momentum confirmation.
  • January 2023 confirmed a high probability bullish outlook when all 3 pillars were definitively triggered. 
  • Monthly Relative Strength Index (RSI) has an incredible multi-year history of confirming large upswings in 916 HK. January completed the 5th such bullish confirmation since 2014. Multi-month target at 12.945. 

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free
Jan 29
0

Daily Brief Utilities: Adani Transmission and more

By | Daily Briefs, Utilities Sector

In today’s briefing:

  • Adani Group: Hindenburg Report Spurs MSCI to Invite Feedback

Adani Group: Hindenburg Report Spurs MSCI to Invite Feedback

By Brian Freitas

  • The Adani Group stocks have taken a dive following the Hindenburg Research report. Group market cap is down more than US$47bn with company promoters taking the biggest hit.
  • The Adani Enterprises FPO is almost certain to be undersubscribed. MSCI, in an unprecedented step, is monitoring publicly available information and is seeking feedback from the investment community.
  • We find that the real float of some Adani Group stocks is much lower than the headline numbers and there could be selling if MSCI lowers the FIF.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free
Jan 27
0

Daily Brief Utilities: SDIC Power Holdings and more

By | Daily Briefs, Utilities Sector

In today’s briefing:

  • Northbound Stock Connect Expansion: Updated Details

Northbound Stock Connect Expansion: Updated Details

By Brian Freitas

  • On 19 January, the HKEX clarified the liquidity criteria as well as treatment of Differentiated Voting Rights (DVR) stocks and the criteria for current Northbound stocks to become Sell-only.
  • We currently see 975 China A-shares becoming eligible for Northbound Stock Connect when the extension is implemented.
  • With the extension likely to be implemented in June, there will be additions to the MSCI China Index, FTSE All-World Index and FTSE All-Cap Index in August and September.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free