In this briefing: Jersey Electricity — Delivering resilience through strategic investment Sustainable Investing Surveyor : Focus on Montauk Renewables, Inc. (MNTK) - 23 March 2026 ENN Energy (2688 HK): The Waiting Game Last Week In Event SPACE: TEPCO, Swire, Mitsui O.S.K. Lines. CK Hutchison Primer: CESC Ltd (CESC IN) - Mar 2026 1. Jersey Electricity — Delivering resilience through strategic investment Jersey Electricity (JEL) reached key milestones in FY25 on three major initiatives central to its long-term strategy of investing in resilience. The company’s £120m capex programme (the ‘Big Upgrade’) aimed at modernising and reinforcing Jersey’s electricity network remains on schedule, replacing ageing assets, increasing capacity and preparing the grid for an all-electric future. The £30m La Collette Resilience Programme continued to enhance on-island backup generation, improving the resilience of Jersey’s energy supply, and the commissioning of the St Clements solar farm in spring 2025 marked the island’s first utility-scale renewable generation project.

In this briefing: Sustainable Investing Surveyor : Focus on Montauk Renewables, Inc. (MNTK) - 23 March 2026 ENN Energy (2688 HK): The Waiting Game Last Week In Event SPACE: TEPCO, Swire, Mitsui O.S.K. Lines. CK Hutchison Primer: CESC Ltd (CESC IN) - Mar 2026 Can Southern Company Protect Rates While Scaling For 75 Gigawatts Of Interest? 1. Sustainable Investing Surveyor : Focus on Montauk Renewables, Inc. (MNTK) - 23 March 2026 The domestic US energy storage industry has reached a milestone, now capable of supplying 100% of US projects with American-made systems, a move expected to create 350,000 jobs by 2030. Conversely, automakers are pivoting toward hybrids and PHEVs to navigate charging infrastructure gaps and consumer price sensitivity. This pragmatic approach mirrors the conflict in Louisiana, where local groups are battling carbon capture expansion over land and safety concerns. 2. ENN Energy (2688 HK): The Waiting Game Almost a year in, ENN Natural Gas (600803 CH) has yet to satisfy the precondition for its ENN Energy (2688 HK) offer.

In this briefing: Pan-Asia Alpha Signals: Korea & Taiwan Dominate, India Underperformance Deepens India Top Longs APAC Healthcare Weekly (March 22) – Hengrui, Microport Neuro, Celltrion, Samsung Bio, Sun Pharma The GLP-1 Super-Cycle: Deconstructing India’s 2026 Patent Cliff and Alpha Generators Primer: CESC Ltd (CESC IN) - Mar 2026 1. Pan-Asia Alpha Signals: Korea & Taiwan Dominate, India Underperformance Deepens Decay Analysis : Compared Long IR vs. Short IR to spot momentum acceleration (Taiwan +1.9, Korea +0.9) versus alpha erosion (India -1.5, Comm Svcs -1.2). Leaders/Laggards Analysis : Short IR values identified performance leaders (Korea at 3.0, Taiwan at 2.7) and laggards (India at -3.1, Comm Svcs at -1.9). India/China A/Real Estate remain chronic underperformers. Tactical Tilts : favor high-momentum, tech-heavy markets, avoid deteriorating sectors / regions. 2. India Top Longs Structural tailwinds across electrification, transmission, data centers, and specialty pharma remain intact, but these are now consensus trades with expectations fully embedded in earnings and multiples.

In this briefing: ENN Energy (2688 HK): The Waiting Game Last Week In Event SPACE: TEPCO, Swire, Mitsui O.S.K. Lines. CK Hutchison Primer: CESC Ltd (CESC IN) - Mar 2026 Can Southern Company Protect Rates While Scaling For 75 Gigawatts Of Interest? Constellation Energy Group Is Positioning Nuclear as the Backbone for Data Centers—Is a New Energy Supercycle Forming? 1. ENN Energy (2688 HK): The Waiting Game Almost a year in, ENN Natural Gas (600803 CH) has yet to satisfy the precondition for its ENN Energy (2688 HK) offer. The remaining precondition is CSRC and HKEx approvals. CSRC approval should be forthcoming and is likely taking some time due to deal complexity and the imminent release of the 2025 results. The appraised offer was based on an AH discount of 11%, which warrants caution. However, at the last close, the implied AH discount was 48%, suggesting a favourable risk/reward profile. 2. Last Week In Event SPACE: TEPCO, Swire, Mitsui O.S.K. Lines. CK Hutchison The Tokyo Electric Power (TEPCO) (9501 JP) trade is to short or long-sell into exuberance.

In this briefing: India Top Longs APAC Healthcare Weekly (March 22) – Hengrui, Microport Neuro, Celltrion, Samsung Bio, Sun Pharma The GLP-1 Super-Cycle: Deconstructing India’s 2026 Patent Cliff and Alpha Generators Primer: CESC Ltd (CESC IN) - Mar 2026 Aequitas: Truhome Finance Limited Pre-IPO Tearsheet 1. India Top Longs Structural tailwinds across electrification, transmission, data centers, and specialty pharma remain intact, but these are now consensus trades with expectations fully embedded in earnings and multiples. Our long basket—ABB India, Hitachi Energy India, Cummins India, and Sun Pharma—represents high-quality proxies where delivery, not discovery, will drive relative outperformance If markets turn, these businesses remain best positioned given strong balance sheets, visible demand, and execution track record—making them relative winners even in a tougher environment. 2. APAC Healthcare Weekly (March 22) – Hengrui, Microport Neuro, Celltrion, Samsung Bio, Sun Pharma Hengrui Pharma received indication expansion approval for trastuzumab rezetecan in China.

In this briefing: APAC Healthcare Weekly (March 22) – Hengrui, Microport Neuro, Celltrion, Samsung Bio, Sun Pharma The GLP-1 Super-Cycle: Deconstructing India’s 2026 Patent Cliff and Alpha Generators Primer: CESC Ltd (CESC IN) - Mar 2026 Aequitas: Truhome Finance Limited Pre-IPO Tearsheet Aequitas: CMPDI Ltd IPO - Asset-Light Mining Consultancy with Strong Parentage, Priced In Line 1. APAC Healthcare Weekly (March 22) – Hengrui, Microport Neuro, Celltrion, Samsung Bio, Sun Pharma Hengrui Pharma received indication expansion approval for trastuzumab rezetecan in China. MicroPort NeuroScientific’s Apollo Dream Rapamycin Target Eluting Stent has been granted the Breakthrough Device Designation by the FDA. Celltrion signed KRW375B CMO agreement with a global pharmaceutical company for the supply of drug substance. Samsung Bioepis entered global commercialization agreement with Sandoz for five biosimilar candidates under development. FDA accepted Sun Pharma’s indication expansion application for Ilumya for active psoriatic arthritis.

In this briefing: Last Week In Event SPACE: TEPCO, Swire, Mitsui O.S.K. Lines. CK Hutchison Primer: CESC Ltd (CESC IN) - Mar 2026 Can Southern Company Protect Rates While Scaling For 75 Gigawatts Of Interest? Constellation Energy Group Is Positioning Nuclear as the Backbone for Data Centers—Is a New Energy Supercycle Forming? Vistra Secures Massive Hyperscaler Power Deals With Meta and Amazon That Could Transform Its Revenue Stability! 1. Last Week In Event SPACE: TEPCO, Swire, Mitsui O.S.K. Lines. CK Hutchison The Tokyo Electric Power (TEPCO) (9501 JP) trade is to short or long-sell into exuberance. Shorts should wait until the pump exhausts itself (or appears to). At 0.34x forward P/B, Swire Pacific (19 HK) is cheap. Swire Properties (1972 HK) at 0.33x is also inexpensive. But HK IP drags. Ger exposure to the stub. Elliott sees Mitsui O.S.K. Lines (9104 JP) as undervalued. Best to be long than short on an outright basis, but there is not a lot of detail out there yet. 2. Primer: CESC Ltd (CESC IN) - Mar 2026 CESC is a fully integrated power utility with a monopolistic position in the lucrative Kolkata and Howrah regions, providing a stable and regulated revenue base.

In this briefing: The GLP-1 Super-Cycle: Deconstructing India’s 2026 Patent Cliff and Alpha Generators Primer: CESC Ltd (CESC IN) - Mar 2026 Aequitas: Truhome Finance Limited Pre-IPO Tearsheet Aequitas: CMPDI Ltd IPO - Asset-Light Mining Consultancy with Strong Parentage, Priced In Line LG Electronics India: Demand Recovery Underway. Maintain ADD 1. The GLP-1 Super-Cycle: Deconstructing India’s 2026 Patent Cliff and Alpha Generators On 20th March 2026, the critical patent for Semaglutide expires in India, decisively ending the innovator's legal monopoly and enabling highly affordable generic versions. This triggers a massive seventy percent retail price drop in India, exponentially expanding affordable access to millions suffering from prevalent obesity and diabetes. Vertically integrated formulators like Sun Pharma and specialized API manufacturers like Divis Laboratories capture maximum alpha through scaled volumes and zero customer acquisition costs. 2. Primer: CESC Ltd (CESC IN) - Mar 2026 CESC is a fully integrated power utility with a monopolistic position in the lucrative Kolkata and Howrah regions, providing a stable and regulated revenue base.

In this briefing: PayPay (PAYP) Post-IPO and Payment Companies Update Primer: Advanced Info Service (ADVANC TB) - Mar 2026 Asia Real Estate Tracker (20-Mar-2026): Elliott urges Mitsui OSK Lines to unlock value. Picton Property Income — Leasing and strategic update Primer: CESC Ltd (CESC IN) - Mar 2026 1. PayPay (PAYP) Post-IPO and Payment Companies Update We add PayPay to our coverage and to our payments company buy list for its GARP qualities We also add Klarna to the buy list, for its deep value credentials across the broader peer group, and also fro its improving EBITDA margin We keep Affirm on the sell list, creating an effective pairs trade in the BNPL space with a buy on Klarna and a sell on Affirm 2. Primer: Advanced Info Service (ADVANC TB) - Mar 2026 Market Leader with Strong Financials: Advanced Info Service (ADVANC) is Thailand's leading mobile operator, demonstrating a robust growth trajectory with a 3-year net income CAGR of 22.56% and significant margin expansion, underscoring strong operational efficiency.