Research from ACF Equity Research, ACF Equity Research

ACF Equity Research

Research from ACF Equity Research

Accuracy | Clarity | Foresight

ACF was set up to improve the effectiveness of capital markets for smaller and mid-sized companies. The majority of jobs are created by smaller companies not global companies. If we can help improve companies use of capital markets more projects will be completed, more jobs created, more global GDP grown, which in turn helps create more resources for education, leading to equality and opportunity for those who are still oppressed by ignorance and poverty.

ACF Equity Research is an independent research house specialising in the highest specification independent equity research for corporate clients.

We deliver premium independent corporate sponsored equity research characterised by its accuracy, clarity and foresight based upon a fundamental valuation approach.

Our independent research is designed to educate our professional investor readers about your company, with an emphasis on clear and accurate explanations. Our mission is to improve company’s liquidity through credible equity research services, excellent international distribution and reliable access for investment managers.

We believe in the importance and value of clarity, the careful articulation of technical ideas, concepts and solutions.

Our team of analysts are independently minded individuals who believe in thoroughness, technical competence and clear punchy communications.

Equity Bottom-Up

LONGi Green Energy Technology / Equity Bottom-Up

LONGi Green Energy Technology Co., Ltd. develops, manufactures and sells silicon rods and silicon wafers. The Company's main products include 6 inch, 6.5 inch and 8 inch monocrystalline silicon rods and wafers.

LONGi Green Energy Technology (601012 CH)

<ul><li>Private cleantech is not short of capital; it is short of proof.</li><li>Climate-tech venture and growth funding reached US$26.1bn in 1H26A on one provider's count, yet deal numbers fell 25% and about a third of the money went to data centres.</li><li>We examine whether the main risk has moved from technology to commercial and legal diligence.</li></ul>

Private cleantech is not short of capital; it is short of proof.Climate-tech venture and growth funding reached US$26.1bn in 1H26A on one provider's count, yet deal numbers fell 25% and about a third of the money went to data centres.We examine whether the main risk has moved from technology to commercial and legal diligence.

LONGi Green Energy Technology Co., Ltd. - Cleantech Future Technologies Thematic 12102026

ICFG Limited provides technology-driven financial services primarily in emerging markets. The company specializes in microfinance, offering loans and investment products to businesses and individuals, and also engages in investment banking, AI and fintech solutions, and real estate development and management. ICFG Limited was incorporated in Guernsey on May 28, 2021, and its headquarters are in St Peter Port, Guernsey.

<ul>
<li>ICFG Limited (LSE: ICFG.L) reported 1H26A results on 15 Sep 26, beating our 1H26E estimates across every headline metric.</li>
<li>ICFG is a Mongolian-focused micro finance lender with emerging Central Asian operations (Kazakhstan, Kyrgyzstan, Uzbekistan).</li>
<li>ICFG’s principal asset is an 82.59% vs. 82.29% (31 Dec 25) interest in listed Invescore (MSE: INV), the largest non-bank financial institution (NBFI) in Mongolia with ~13% sector share.</li>
</ul>


ICFG Limited (LSE: ICFG.L) reported 1H26A results on 15 Sep 26, beating our 1H26E estimates across every headline metric.
ICFG is a Mongolian-focused micro finance lender with emerging Central Asian operations (Kazakhstan, Kyrgyzstan, Uzbekistan).
ICFG’s principal asset is an 82.59% vs. 82.29% (31 Dec 25) interest in listed Invescore (MSE: INV), the largest non-bank financial institution (NBFI) in Mongolia with ~13% sector share.


ICFG Post Results 1H16A Performance Analysis 17092026

<ul>
<li>ICFG Limited (LSE: ICFG.L) 1H26 results are due imminently; we publish our estimates and expectations below.</li>
<li>ICFG is a Mongolian-focused micro finance lender with emerging Central Asian operations (Kazakhstan, Kyrgyzstan, Uzbekistan).</li>
<li>ICFG’s principal asset is an 80.49% interest in listed Invescore (MSE: INV), the largest non-bank financial institution (NBFI) in Mongolia with ~13% sector share.</li>
</ul>


ICFG Limited (LSE: ICFG.L) 1H26 results are due imminently; we publish our estimates and expectations below.
ICFG is a Mongolian-focused micro finance lender with emerging Central Asian operations (Kazakhstan, Kyrgyzstan, Uzbekistan).
ICFG’s principal asset is an 80.49% interest in listed Invescore (MSE: INV), the largest non-bank financial institution (NBFI) in Mongolia with ~13% sector share.


ICFG Pre-Results 1H26E ACF Estimates & Forecasts 14092026

<ul>
<li>ICFG Limited (LSE: ICFG.L) is a Mongolian-focused micro finance lender with emerging Central Asian operations (Kazakhstan, Kyrgyzstan, Uzbekistan).</li>
<li>ICFG is a Guernsey-registered financial group that listed on the Main Market of the London Stock Exchange in February 2025 via a reverse takeover (RTO) of Fintech Asia Limited.</li>
<li>Its principal asset is an 80.49% interest in listed Invescore (MSE: INV), the largest non-bank financial institution (NBFI) in Mongolia with ~13% sector share.</li>
</ul>


ICFG Limited (LSE: ICFG.L) is a Mongolian-focused micro finance lender with emerging Central Asian operations (Kazakhstan, Kyrgyzstan, Uzbekistan).
ICFG is a Guernsey-registered financial group that listed on the Main Market of the London Stock Exchange in February 2025 via a reverse takeover (RTO) of Fintech Asia Limited.
Its principal asset is an 80.49% interest in listed Invescore (MSE: INV), the largest non-bank financial institution (NBFI) in Mongolia with ~13% sector share.


ICFG Limited Core Investment Case Central Asian Micro Finance 18082026

Quantum Data Energy develops and operates power generation projects in the United Kingdom, focusing on flexible small-scale power generation assets for the UK grid and AI datacentres. The company aims to provide scalable and reliable energy solutions, including gas-powered reserve power plants and future deployment of battery systems and green gas. Quantum Data Energy PLC was incorporated in 2020 and is based in London, United Kingdom.

<ul><li>Quantum Data Energy (QDE.L) announced, in an RNS Tuesday 02 June 26, the successful replacement of its auditor Crowe by auditor Parker Russell UK LLP.</li><li> The management team is completely focussed on completing the 31 Dec YE25 audit and will release a new timeline in due course in order that the temporary suspension of QDE’s shares can be reversed.</li><li>Crowe has not disclosed any s519 findings to justify its decision to resign and continues to act as auditor for QDE’s SPVs. We await he revised publication timeline and maintain our temporarily raised ‘uncertainty’ discount rate by 350bps to reflect elevated execution risk.</li></ul>

Quantum Data Energy (QDE.L) announced, in an RNS Tuesday 02 June 26, the successful replacement of its auditor Crowe by auditor Parker Russell UK LLP. The management team is completely focussed on completing the 31 Dec YE25 audit and will release a new timeline in due course in order that the temporary suspension of QDE’s shares can be reversed.Crowe has not disclosed any s519 findings to justify its decision to resign and continues to act as auditor for QDE’s SPVs. We await he revised publication timeline and maintain our temporarily raised ‘uncertainty’ discount rate by 350bps to reflect elevated execution risk.

Quantum Data Energy (QDE.L) Flash Note Parker Russell Puts Audit Back Underway 03062026

ACF Equity Research is an independent research house specialising in the highest specification independent equity research for corporate clients.

We deliver premium independent corporate sponsored equity research characterised by its accuracy, clarity and foresight based upon a fundamental valuation approach.

Our independent research is designed to educate readers, with an emphasis on clear and accurate explanations. Our mission is to improve company’s liquidity through credible equity research services, excellent international distribution and reliable access for investment managers.

We believe in the importance and value of clarity, the careful articulation of technical ideas, concepts and solutions.