External broker reports(aggregated public sources), ABN AMRO

ABN AMRO

External broker reports(aggregated public sources)

ABN AMRO is a personal bank in the digital age. A bank committed to playing a serious role in society. This digital age helps us to bring banking ever closer to our clients and what they need. Our areas of focus are inclusion, sustainability, social entrepreneurship, innovation, daily banking and more. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Macroeconomics

<ul><li>The build-up of an infrastructure for hydrogen seems to closely follow the dynamics around supply and demand for hydrogen</li><li>Given that everything points to Europe not being able to meet its 2030 targets for hydrogen supply, also creating a hydrogen-fit transportation network seems to be running behind schedule</li><li>This, however, reduces the risks that TSO/DSOs are prematurely repurposing or decommissioning their pipelines</li></ul><p><em>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.</em></p>

The build-up of an infrastructure for hydrogen seems to closely follow the dynamics around supply and demand for hydrogenGiven that everything points to Europe not being able to meet its 2030 targets for hydrogen supply, also creating a hydrogen-fit transportation network seems to be running behind scheduleThis, however, reduces the risks that TSO/DSOs are prematurely repurposing or decommissioning their pipelinesContent 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.

ESG Strategist -Which gas network operators are better prepared for the hydrogen transition?

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

Enagas SA imports, stores, and transports natural gas. The Company imports liquid natural gas on methane carriers and operates regasification plants in Barcelona, Huelva, and Cartagena. Enagas also receives natural gas through pipelines over the Pyrenees Mountains and across the Strait of Gibraltar. The Company transports gas throughout Spain through its high-pressure pipelines.

<ul>
<li>Enagás achieved a 27% debt reduction post-Tallgrass sale, enhancing financial structure and boosting net profit guidance to over €280 million for 2024.</li>
<li>Regulatory updates may increase gas transport returns post-2026; expected financial returns could rise to 7% amid current interest rate conditions.</li>
<li>Enagás is investing in green hydrogen projects like H2Med, aligning with decarbonization goals and creating substantial growth potential.</li>
</ul>


Enagás achieved a 27% debt reduction post-Tallgrass sale, enhancing financial structure and boosting net profit guidance to over €280 million for 2024.
Regulatory updates may increase gas transport returns post-2026; expected financial returns could rise to 7% amid current interest rate conditions.
Enagás is investing in green hydrogen projects like H2Med, aligning with decarbonization goals and creating substantial growth potential.


External broker reports(aggregated public sources), Euroz Limited

Euroz Hartleys

Euroz Limited

A Western Australian diversified financial services company focused on providing financial services solutions to Institutional, Corporate & Private Clients. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Hazer Group Limited operates as the commercialization company for the development of the Hazer Process, a hydrogen and graphite production process developed by researchers at the University of Western Australia. The Company operates out of Nedlands, Western Australia.

<div><div><div><div><ul><li>HZR is a Perth based clean technology development company with proprietary hydrogen (and graphite) synthesis technology (using methane as a primary feedstock and iron ore as an inexpensive catalyst).</li><li>HZR appointed MD/CEO Glenn Corrie (prev. Sino Gas MD) in Q2CY23 bringing a greater commercial focus.</li><li>The Hazer process has simplistically been a concept since 2007, however, now on the precipice of demonstrating its credentials given the advanced stage of commercial readiness (TRL7 of 9).</li></ul></div></div></div></div><p><em>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.</em></p>

HZR is a Perth based clean technology development company with proprietary hydrogen (and graphite) synthesis technology (using methane as a primary feedstock and iron ore as an inexpensive catalyst).HZR appointed MD/CEO Glenn Corrie (prev. Sino Gas MD) in Q2CY23 bringing a greater commercial focus.The Hazer process has simplistically been a concept since 2007, however, now on the precipice of demonstrating its credentials given the advanced stage of commercial readiness (TRL7 of 9).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.

Hazer Group Limited - HZR: Hydrogen/Decarbonisation Tech on the Cusp of Commercialisation

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>Green hydrogen / In Depth: Why making green hydrogen is keeping producers in the red</li><li>Swap /: Three things to know about PBOC’s new swap facility to boost stocks</li><li>Monetary /: PBOC and Finance Ministry join forces to add bond trading to monetary policy toolbox</li></ul>

Green hydrogen / In Depth: Why making green hydrogen is keeping producers in the redSwap /: Three things to know about PBOC’s new swap facility to boost stocksMonetary /: PBOC and Finance Ministry join forces to add bond trading to monetary policy toolbox

CX Daily: Why Making Green Hydrogen Is Keeping Producers in the Red 

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

A leading supplier of integrated solutions for the whole industrial chain of hydrogen energy equipment in China.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jiangsu-guofu" target="_blank" data-smartkarma-citation="entities:44005:1" rel="noopener">Jiangsu Guofu (1628452D CH)</a> is looking to raise about US$500m in its upcoming Hong Kong IPO. The deal will be run by Haitong International, CLSA, CCB International and China Securities.</li>
<li>Jiangsu Guofu is a leading hydrogen energy storage and transport equipment manufacturer in China.</li>
<li>It develops and manufactures hydrogen energy core equipment used in the entire industrial value chain of hydrogen energy, consisting of production, storage, transportation, refueling and use.</li>
</ul>



Jiangsu Guofu (1628452D CH) is looking to raise about US$500m in its upcoming Hong Kong IPO. The deal will be run by Haitong International, CLSA, CCB International and China Securities.
Jiangsu Guofu is a leading hydrogen energy storage and transport equipment manufacturer in China.
It develops and manufactures hydrogen energy core equipment used in the entire industrial value chain of hydrogen energy, consisting of production, storage, transportation, refueling and use.
