Brief Utlilities: GEG - Towards sustainable growth and more
In this briefing: GEG - Towards sustainable growth Mercury Bursting With Energy—3Q26 Op Stats Indonesia: Passives Could Sell BREN and DSSA in May and Go Away Primer: Gujarat Gas Ltd (GUJGA IN) - Apr 2026 Primer: Gujarat State Petronet (GUJS IN) - Apr 2026 1. GEG - Towards sustainable growth GEG's power output in Q4/2025 is estimated at 343 million kWh (+2% YoY, -12% QoQ). Of which, the hydropower’s output rose by 19% YoY thanks to favorable hydrological conditions. While wind and solar power generation decreased by 5% and 13% YoY, respectively, due to weaker radiation conditions and wind speed compared to Q4/2024. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below. 2. Mercury Bursting With Energy—3Q26 Op Stats The FY26 EBITDAF guidance upgrade that we thought Mercury (MCY) might make at its 1H26 result has come through. With its storage lake effectively full, when it is usually at a seasonal low, MCY is well positioned to continue its strong momentum through 4Q26 and into FY27.
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Brief Utlilities: Mercury Bursting With Energy—3Q26 Op Stats and more
In this briefing: Mercury Bursting With Energy—3Q26 Op Stats Indonesia: Passives Could Sell BREN and DSSA in May and Go Away Primer: Gujarat Gas Ltd (GUJGA IN) - Apr 2026 Primer: Gujarat State Petronet (GUJS IN) - Apr 2026 Meridian Energy Catching Up to Expectations — 3Q26 Op Stats 1. Mercury Bursting With Energy—3Q26 Op Stats The FY26 EBITDAF guidance upgrade that we thought Mercury (MCY) might make at its 1H26 result has come through. With its storage lake effectively full, when it is usually at a seasonal low, MCY is well positioned to continue its strong momentum through 4Q26 and into FY27. We have lifted our target price +10cps. 2. Indonesia: Passives Could Sell BREN and DSSA in May and Go Away On 2 April, Barito Renewables Energy (BREN IJ) and Dian Swastatika Sentosa (DSSA IJ) were added to the IDX's High Shareholding Concentration (HSC) list. That designation should lead to both stocks being deleted from a global index at the May rebalance. There is a lot to sell in both stocks, and the recent rally could be cut short.
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Brief Utlilities: Indonesia: Passives Could Sell BREN and DSSA in May and Go Away and more
In this briefing: Indonesia: Passives Could Sell BREN and DSSA in May and Go Away Primer: Gujarat Gas Ltd (GUJGA IN) - Apr 2026 Primer: Gujarat State Petronet (GUJS IN) - Apr 2026 Meridian Energy Catching Up to Expectations — 3Q26 Op Stats Primer: China Gas Holdings (384 HK) - Apr 2026 1. Indonesia: Passives Could Sell BREN and DSSA in May and Go Away On 2 April, Barito Renewables Energy (BREN IJ) and Dian Swastatika Sentosa (DSSA IJ) were added to the IDX's High Shareholding Concentration (HSC) list. That designation should lead to both stocks being deleted from a global index at the May rebalance. There is a lot to sell in both stocks, and the recent rally could be cut short. The other question is who steps in to buy when passives sell. 2. Primer: Gujarat Gas Ltd (GUJGA IN) - Apr 2026 Largest City Gas Distribution (CGD) Player in India: Gujarat Gas is the leading CGD company in India by sales volume, with a significant presence across 44 districts in six states and one union territory.
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Brief India: CHARTING COURSE: Oil Price Discovery Moves West & Another FOMO Rally (April 20) and more
In this briefing: CHARTING COURSE: Oil Price Discovery Moves West & Another FOMO Rally (April 20) Asian Equities: Headline Indices Back to Pre-War, but Not All Markets or Sectors Are Aequitas: Juniper Green Energy Pre-IPO - Execution-Led Growth but Risks Remain Walker’s Weekly: Dr. Jim's Summary of Key Global Macro Developments - 17 April 2026 Primer: Gujarat Gas Ltd (GUJGA IN) - Apr 2026 1. CHARTING COURSE: Oil Price Discovery Moves West & Another FOMO Rally (April 20) As over 100 oil tankers head to the US coast, the prices of physical and contract oil are beginning to converge below $100 bbl. Even if the Strait of Hormuz opens soon, it will take many months to normalize the flow of ships transiting in and out of the Gulf. The unusual rally in the S&P this month appears to be a mix of FOMO and chasing the Mag-7 stocks. 2. Asian Equities: Headline Indices Back to Pre-War, but Not All Markets or Sectors Are Asian headline indices are almost at pre-war levels. However, Philippines, Indonesia, Thailand and Korea are significantly below and Taiwan significantly above the pre-war peaks.
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Brief India: Asian Equities: Headline Indices Back to Pre-War, but Not All Markets or Sectors Are and more
In this briefing: Asian Equities: Headline Indices Back to Pre-War, but Not All Markets or Sectors Are Aequitas: Juniper Green Energy Pre-IPO - Execution-Led Growth but Risks Remain Walker’s Weekly: Dr. Jim's Summary of Key Global Macro Developments - 17 April 2026 Primer: Gujarat Gas Ltd (GUJGA IN) - Apr 2026 Primer: Gujarat State Petronet (GUJS IN) - Apr 2026 1. Asian Equities: Headline Indices Back to Pre-War, but Not All Markets or Sectors Are Asian headline indices are almost at pre-war levels. However, Philippines, Indonesia, Thailand and Korea are significantly below and Taiwan significantly above the pre-war peaks. Hong Kong, Singapore are at parity. Utilities, consumer services, consumer durables are prominent decliners. Industrials, health tech (pharmaceuticals), process industries and technology are above pre-war levels. The market seems concerned about fuel and industrial input shortage. After this relative valuation churn, Korea, Indonesia and Philippines appear the cheapest on PE vs EPS growth and P/BV vs ROE.
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Brief India: Aequitas: Juniper Green Energy Pre-IPO - Execution-Led Growth but Risks Remain and more
In this briefing: Aequitas: Juniper Green Energy Pre-IPO - Execution-Led Growth but Risks Remain Walker’s Weekly: Dr. Jim's Summary of Key Global Macro Developments - 17 April 2026 Primer: Gujarat Gas Ltd (GUJGA IN) - Apr 2026 Primer: Gujarat State Petronet (GUJS IN) - Apr 2026 PhonePe IPO: Key Takeaways from Founder’s Media Interactions 1. Aequitas: Juniper Green Energy Pre-IPO - Execution-Led Growth but Risks Remain Juniper Green Energy Ltd (1831458D IN) is looking to raise around US$350m in its upcoming India IPO. Juniper Green Energy Limited (JGEL) is an independent power producer (IPP) engaged in the development, construction, operation, and maintenance of utility-scale renewable energy projects. In this note, we look at the firm’s past performance. 2. Walker’s Weekly: Dr. Jim's Summary of Key Global Macro Developments - 17 April 2026 Given the geographic location, India is probably going to be the first country in the region to yield data that look as if they're affected by what is going on in the Middle East.
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Brief Equities Bottom-Up: Primer: Sky Perfect Jsat (9412 JP) - Apr 2026 and more
In this briefing: Primer: Sky Perfect Jsat (9412 JP) - Apr 2026 Primer: ANZ Group Holdings (ANZ AU) - Apr 2026 Primer: Sun Art Retail (6808 HK) - Apr 2026 Primer: Ahnlab Inc (053800 KS) - Apr 2026 Primer: Gujarat Gas Ltd (GUJGA IN) - Apr 2026 1. Primer: Sky Perfect Jsat (9412 JP) - Apr 2026 Sky Perfect Jsat is strategically pivoting from its mature, slow-growth Media Business to its high-potential Space Business, which now accounts for approximately 90% of operating income. The Space Business is well-positioned to capitalize on growing demand for satellite communications in government, disaster preparedness, and global mobility (maritime and aviation), with the company holding a dominant position in the Japanese market. While the traditional pay-TV Media Business faces headwinds from cord-cutting and competition from streaming services, the company is focused on operational efficiency and transitioning subscribers to fiber optic and OTT platforms to stabilize revenue. This content is AI-generated and displayed for general informational purposes only.
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Brief Equities Bottom-Up: Primer: Sun Art Retail (6808 HK) - Apr 2026 and more
In this briefing: Primer: Sun Art Retail (6808 HK) - Apr 2026 Primer: Ahnlab Inc (053800 KS) - Apr 2026 Primer: Gujarat Gas Ltd (GUJGA IN) - Apr 2026 Primer: Wacoal Holdings (3591 JP) - Apr 2026 Primer: Sun Car Insurance Agency Co., Ltd. (1879 HK) - Apr 2026 1. Primer: Sun Art Retail (6808 HK) - Apr 2026 Sun Art Retail is undergoing a significant operational turnaround, marked by a return to profitability in FY2025 after a substantial loss, despite a multi-year trend of declining revenues. The company's ownership has transitioned from Alibaba to private equity firm DCP Capital, signaling a strategic shift to refocus on core retail principles, operational efficiency, and a multi-format store strategy. While facing intense competition from online platforms and new retail formats, the company offers a compelling value proposition based on its low valuation multiples (P/B, EV/Sales) and a very high dividend yield, though this is set against a backdrop of high operational uncertainty and structural industry headwinds.
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Brief India: Walker’s Weekly: Dr. Jim's Summary of Key Global Macro Developments - 17 April 2026 and more
In this briefing: Walker’s Weekly: Dr. Jim's Summary of Key Global Macro Developments - 17 April 2026 Primer: Gujarat Gas Ltd (GUJGA IN) - Apr 2026 Primer: Gujarat State Petronet (GUJS IN) - Apr 2026 PhonePe IPO: Key Takeaways from Founder’s Media Interactions APAC Healthcare Weekly (April 19) – Fosun Pharma, Remegen, Daiichi Sankyo, Astellas Pharma, Telix 1. Walker’s Weekly: Dr. Jim's Summary of Key Global Macro Developments - 17 April 2026 Given the geographic location, India is probably going to be the first country in the region to yield data that look as if they're affected by what is going on in the Middle East. Wholesale prices were 3.9% year on year in March, from about 2.3% in the previous month. That represents a 1.5% month on month gain, a significant jump. We obviously can expect the same coming through from different countries around the region. China released 1Q GDP figures, with real GDP growth up 5.0% YoY and nominal GDP growth at 4.8%. That's a small margin of difference between the real GDP numbers and the nominal GDP numbers.
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Brief Equities Bottom-Up: Primer: Ahnlab Inc (053800 KS) - Apr 2026 and more
In this briefing: Primer: Ahnlab Inc (053800 KS) - Apr 2026 Primer: Gujarat Gas Ltd (GUJGA IN) - Apr 2026 Primer: Wacoal Holdings (3591 JP) - Apr 2026 Primer: Sun Car Insurance Agency Co., Ltd. (1879 HK) - Apr 2026 Primer: Gujarat State Petronet (GUJS IN) - Apr 2026 1. Primer: Ahnlab Inc (053800 KS) - Apr 2026 Ahnlab holds a dominant position in the South Korean cybersecurity market, benefiting from strong brand recognition and established relationships with government and public sector entities. The company is facing significant challenges from global competitors, particularly in high-growth areas like cloud security and AI-driven threat detection, where it is perceived to be lagging. Ahnlab's future growth is contingent on its strategic shift towards AI-centric solutions and successful expansion into international markets to reduce its heavy reliance on the mature domestic market. This content is AI-generated and displayed for general informational purposes only. Please verify independently before use. 2.
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