External broker reports(aggregated public sources), Daishin Securities

Daishin Securities

External broker reports(aggregated public sources)

Founded in 1962, Daishin Securities is a leading financial services provider in Korea. Daishin securities does its best to provide high quality financial service and to satisfy the various needs of investors. 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

Korea Electric Power (KEPCO) / Equity Bottom-Up

Korea Electric Power Corporation (KEPCO) generates, transmits, and distributes electricity to South Korea for a variety of uses. The Company also builds and operates hydro-power, thermal-power, and nuclear power units in South Korea.

<ul><li>1Q25 OP forecast to beat consensus at W3.98tn (+206% YoY)</li><li>2025 OP forecast at W15.56tn (+86% YoY) on lower oil and thermal coal prices despite higher USD/KRW exchange rate</li><li>Appealing dividend payout (DPS W1,760, dividend yield 7.6%) amid ongoing financial structure improvement</li></ul>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.

1Q25 OP forecast to beat consensus at W3.98tn (+206% YoY)2025 OP forecast at W15.56tn (+86% YoY) on lower oil and thermal coal prices despite higher USD/KRW exchange rateAppealing dividend payout (DPS W1,760, dividend yield 7.6%) amid ongoing financial structure improvementContent 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.

KEPCO (015760 KS Apr 15, 2025) - Reliable Defensive Play

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Global Power Synergy Company Ltd / Equity Bottom-Up

Global Power Synergy Company Ltd. (GPSC) provides utilities services. The Company generates and distributes electricity, steam, and processed water. GPSC serves customers in Thailand.

Global Power Synergy Company Ltd (GPSC TB)

<ul><li>The key drivers and core profit for 1Q25E remain in line with the forecasts, and the core profit estimates for 2025-27E are maintained.</li><li>The 2-year core EPS is projected to grow at a CAGR of 4.6%, based on the assumption of a declining Ft rate, which reflects risks associated with the government’s policy objective of lowering electricity prices.</li><li>We maintain the 12-month fair value at Bt36.00 but downgrade our rating to Neutral (from Outperform) due to higher tactical risk, which is now raised to neutral (previously limited downside risk). </li></ul>

The key drivers and core profit for 1Q25E remain in line with the forecasts, and the core profit estimates for 2025-27E are maintained.The 2-year core EPS is projected to grow at a CAGR of 4.6%, based on the assumption of a declining Ft rate, which reflects risks associated with the government’s policy objective of lowering electricity prices.We maintain the 12-month fair value at Bt36.00 but downgrade our rating to Neutral (from Outperform) due to higher tactical risk, which is now raised to neutral (previously limited downside risk). 

Global Power Synergy - Key Factors and Core Profit in 1 Q2 5 E Remain Within Forecast Range

New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

Meridian Energy Ltd. operates as a state-owned electricity generator. The Company produces hydro-electric power and supplies electricity to residential, business, and rural customers. Meridian Energy provides services throughout New Zealand.

<ul><li>Earnings are tracking lower, leading to a material downward earnings revision and a short-term dividend reduction.</li><li>Historically low hydro inflows and weak wind volumes are the main drivers of the earnings downgrade.</li><li>MEL has been successful in lifting its pricing and progressing its development pipeline, supporting improved long-term earnings.</li></ul>

Earnings are tracking lower, leading to a material downward earnings revision and a short-term dividend reduction.Historically low hydro inflows and weak wind volumes are the main drivers of the earnings downgrade.MEL has been successful in lifting its pricing and progressing its development pipeline, supporting improved long-term earnings.

Meridian Energy - March 2025 Op Stats—Parched

Leading International Investment Research, Edison Investment Research

Edison Investment Research

Leading International Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Jersey Electricity PLC / Equity Bottom-Up

Jersey Electricity PLC generates, imports and distributes electricity. The Company is also involved in electrical appliance retailing, property management and building services contracting. Its other business interests include telecommunications and Internet data hosting.

Jersey Electricity (JEL) is bringing forward capital spending to boost resilience and improve the security of its supply. Our analysis indicates that the £180m capex plan over the next five years, which includes £120m for what is referred to as ‘The Big Upgrade’, is comfortably affordable given the current health of JEL’s balance sheet (gearing peaks at less than 30% in 2029) and should not require above-inflation retail price increases beyond 2025. JEL beat our expectations for FY24 earnings, and looks well hedged to price exposures for the next two years.

Jersey Electricity (JEL) is bringing forward capital spending to boost resilience and improve the security of its supply. Our analysis indicates that the £180m capex plan over the next five years, which includes £120m for what is referred to as ‘The Big Upgrade’, is comfortably affordable given the current health of JEL’s balance sheet (gearing peaks at less than 30% in 2029) and should not require above-inflation retail price increases beyond 2025. JEL beat our expectations for FY24 earnings, and looks well hedged to price exposures for the next two years.

Jersey Electricity — Investing in resilience

HK/China Equity Long-Short

Osbert Tang, CFA

ENN Energy Holdings Ltd. distributes natural gas in China.  The Company, through its subsidiaries, invests in, operates, and manages gas pipelines, and sells and distributes piped and bottled gas in China.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/enn-energy-holdings-ltd" target="_blank" data-smartkarma-citation="entities:316:1" rel="noopener">ENN Energy (2688 HK)</a> is not required to submit a merger control filing to the SAMR, suggesting it is making a step ahead in meeting the pre-conditions. </li>
<li>The use of onshore bank loans and cash balance as a refinancing source and consideration payment will lower financing costs, boosting the value of ENN Natural Gas H-share.</li>
<li>The current share price is 9.3 and 17.7% below the low-bound and high-bound of our estimated value range. It is also less vulnerable to the current tariff war.</li>
</ul>



ENN Energy (2688 HK) is not required to submit a merger control filing to the SAMR, suggesting it is making a step ahead in meeting the pre-conditions. 
The use of onshore bank loans and cash balance as a refinancing source and consideration payment will lower financing costs, boosting the value of ENN Natural Gas H-share.
The current share price is 9.3 and 17.7% below the low-bound and high-bound of our estimated value range. It is also less vulnerable to the current tariff war.


ENN Energy (2688 HK): Privatisation Progressing Well Ahead

Utilities
Insights in the Utilities Space

SSI Weekly Highlights: Tender Offers, Buyouts, Liquidations, and Strategic Acquisitions in Focus

Naturgy Energy Group plans a tender offer to repurchase 9% of shares at €26.50/share, with potential upside due to Spanish proration rules.

Special Situation Investments

Merger Arb Mondays (21 Apr) - ENN Energy, Canvest, OneConnect, Makino, Shibaura, Welcia, Topcon

We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan,...

Arun George

Manawa Energy - 4Q25 Op Stats—Trockenflaute

Manawa Energy's 4Q25 operating statistics closed out a difficult FY25 with continued low hydro inflows and calm conditions reducing hydro...

Forsyth Barr

Naturgy's Tender Offer: Exploring Spanish 'Odd-Lot' Priority and Potential €500 Upside for Shareholders

Naturgy plans to repurchase 9% of shares at €26.5/share, with a potential €1.5/share profit opportunity.

Special Situation Investments

Infratil - CDC—Confidence in Delivery and Contracts

Infratil and its largest investment, CDC, delivered a confident and upbeat investor day, highlighting strong fundamentals with significant new...

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