CESC.NSE

CESC Ltd.

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.