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.

Equity Bottom-Up

Ceres Power Holdings’ innovative technology uses electrolysis to produce green hydrogen and solid oxide fuel cells to generate power. In a year where it moved to the Main Market of the London Stock Exchange, it recorded revenue growth of 13% and gross margin expansion to 61% (the highest in the sector, according to management), but is yet to record an operating profit (FY23 operating loss of £59.4m versus £54.0m in FY22). Ceres continued its strategy to drive innovation and technology across solid oxide fuel cells (SOFC) and hydrogen electrolysers (SOEC), increasing its R&D spending by 11% y-o-y to £54m (FY22: £48.5m). Management guides for FY24 revenue to be double that achieved in FY23, based on existing contacts. Net cash, including short term investments, was £140m at the end of FY23.

Ceres Power Holdings’ innovative technology uses electrolysis to produce green hydrogen and solid oxide fuel cells to generate power. In a year where it moved to the Main Market of the London Stock Exchange, it recorded revenue growth of 13% and gross margin expansion to 61% (the highest in the sector, according to management), but is yet to record an operating profit (FY23 operating loss of £59.4m versus £54.0m in FY22). Ceres continued its strategy to drive innovation and technology across solid oxide fuel cells (SOFC) and hydrogen electrolysers (SOEC), increasing its R&D spending by 11% y-o-y to £54m (FY22: £48.5m). Management guides for FY24 revenue to be double that achieved in FY23, based on existing contacts. Net cash, including short term investments, was £140m at the end of FY23.

Ceres Power Holdings - Strategic partnerships powering growth

US-EU Index Rebalances / Quantitative Researcher, Ortex

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

Ortex

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/alliance-witan-plc" target="_blank" data-smartkarma-citation="entities:44039:1" rel="noopener">Alliance Witan (ALW LN)</a> is the main candidate for addition in Top 100 (footsie 100) replacing <a href="https://www.smartkarma.com/entities/vistry-group-plc" target="_blank" data-smartkarma-citation="entities:21858:1" rel="noopener">Vistry Group (VTY LN)</a> whose price recently plummeted more than 50%.</li>
<li>
<a href="https://www.smartkarma.com/entities/st-james-s-place-plc" target="_blank" data-smartkarma-citation="entities:22168:1" rel="noopener">St James's Place (STJ LN)</a> is the next candidate for addition in Top 100 replacing <a href="https://www.smartkarma.com/entities/frasers-group-plc" target="_blank" data-smartkarma-citation="entities:22158:1" rel="noopener">Frasers Group (FRAS LN)</a> with both stocks being extremely close to the entry-exit rank.</li>
<li>
<a href="https://www.smartkarma.com/entities/metro-bank-plc" target="_blank" data-smartkarma-citation="entities:25601:1" rel="noopener">Metro Bank (MTRO LN)</a> and <a href="https://www.smartkarma.com/entities/diversified-energy-co-plc" target="_blank" data-smartkarma-citation="entities:41329:1" rel="noopener">Diversified Energy (DEC LN)</a> are the top two addition candidates for Next 250 (footsie 250), replacing <a href="https://www.smartkarma.com/entities/pz-cussons-plc" target="_blank" data-smartkarma-citation="entities:22102:1" rel="noopener">PZ Cussons (PZC LN)</a> and <a href="https://www.smartkarma.com/entities/close-brothers-group-plc" target="_blank" data-smartkarma-citation="entities:21866:1" rel="noopener">Close Brothers (CBG LN)</a>.</li>
</ul>



Alliance Witan (ALW LN) is the main candidate for addition in Top 100 (footsie 100) replacing Vistry Group (VTY LN) whose price recently plummeted more than 50%.

St James's Place (STJ LN) is the next candidate for addition in Top 100 replacing Frasers Group (FRAS LN) with both stocks being extremely close to the entry-exit rank.

Metro Bank (MTRO LN) and Diversified Energy (DEC LN) are the top two addition candidates for Next 250 (footsie 250), replacing PZ Cussons (PZC LN) and Close Brothers (CBG LN).


FOOTSIE UK December 2024 Forecasts: ALW and STJ for Top 100; MTRO and DEC for Next 250

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

<ul>
<li>In this insight, we take a look at the potential ADDs and DELs for the F100 and F250 indices during the December 2024 index rebal event.</li>
<li>Separately, we see multiple M&amp;A-related intra-review changes in the next few months.</li>
<li>There could also be more regular changes during the December 2024 rebalanced event</li>
</ul>


In this insight, we take a look at the potential ADDs and DELs for the F100 and F250 indices during the December 2024 index rebal event.
Separately, we see multiple M&amp;A-related intra-review changes in the next few months.
There could also be more regular changes during the December 2024 rebalanced event


Quiddity Leaderboard F100/F250 Dec 24: Thoughts Deliveroo and Coca-Cola; More Intra-Review Changes

<ul>
<li>The F100 and F250 December 2023 index changes are likely to be announced after the close on Wednesday 29th December 2023.</li>
<li>In this insight, we take a look at the potential index changes for F100 and F250 based on rankings as of 27th November 2023.</li>
<li>There could be one change for the F100 index and six separate changes for the F250 index. Some names lurking close to the border can still make it.</li>
</ul>


The F100 and F250 December 2023 index changes are likely to be announced after the close on Wednesday 29th December 2023.
In this insight, we take a look at the potential index changes for F100 and F250 based on rankings as of 27th November 2023.
There could be one change for the F100 index and six separate changes for the F250 index. Some names lurking close to the border can still make it.


Quiddity Leaderboard F100/​​​250 Dec 23: Final Expectations; Two Trading Days for Announcement

China Specialist, Auto and Industrial Specialist

Victoria Li

Weichai Power Co Ltd H / Equity Bottom-Up

Weichai Power, China's largest independent Diesel engine producer, has been looking for a new core business to survive in long term downward trend of its current core business (Diesel engine for commercial vehicle and construction machines) since 2012 when it acquired 25% stake of <a href="https://www.smartkarma.com/entities/21659" target="_blank" data-smartkarma-citation="entities:21659:1">KION Group AG (KGX GR)</a>. By now Weichai owns KION (materials handling equipment), Dematics (integrated automated supply chain technology, directly own ed by KION),  <a href="https://www.smartkarma.com/entities/19412" target="_blank" data-smartkarma-citation="entities:19412:1">Power Solutions International (PSIX US)</a> (cleantech engine). It also has stakes in <a href="https://www.smartkarma.com/entities/25813" target="_blank" data-smartkarma-citation="entities:25813:1">Ballard Power Systems (BLDP CN)</a> (PEM fuel cell products), <a href="https://www.smartkarma.com/entities/23438" target="_blank" data-smartkarma-citation="entities:23438:1">Ceres Power Holdings (CWR LN)</a> (fuel cell technology and engineering). Lately, Weichai entered into an agreement with Westport Fuel System (WPRT.US) to develop and commercialise HPDI 2.0.It seems Weichai decides to put its chip on fuel cell and low-emission engines. However, our analysis shows all the above investment would not be enough to secure Weichai's market outlook in the next 5-10 years. This note focus on an evaluation of Weichai's technology choices on a 5-10 year time horizon. We will discuss the company's 12-months view in another note.

Weichai Power, China's largest independent Diesel engine producer, has been looking for a new core business to survive in long term downward trend of its current core business (Diesel engine for commercial vehicle and construction machines) since 2012 when it acquired 25% stake of KION Group AG (KGX GR). By now Weichai owns KION (materials handling equipment), Dematics (integrated automated supply chain technology, directly own ed by KION),  Power Solutions International (PSIX US) (cleantech engine). It also has stakes in Ballard Power Systems (BLDP CN) (PEM fuel cell products), Ceres Power Holdings (CWR LN) (fuel cell technology and engineering). Lately, Weichai entered into an agreement with Westport Fuel System (WPRT.US) to develop and commercialise HPDI 2.0.It seems Weichai decides to put its chip on fuel cell and low-emission engines. However, our analysis shows all the above investment would not be enough to secure Weichai's market outlook in the next 5-10 years. This note focus on an evaluation of Weichai's technology choices on a 5-10 year time horizon. We will discuss the company's 12-months view in another note.   

Weichai Power(2338.HK)： Fuel Cell Not the Answer (Yet), More Boldness Needed on All-Electric

United Kingdom

Ceres Power Holdings plc engages in the development and commercialization of fuel cell technology in the United Kingdom, Asia, and Europe. The company offers Ceres Steel Cell, a fuel cell technology that converts natural gas or hydrogen directly into electrical power. It provides its products for use in the distributed energy products for home and business customers. Ceres Power Holdings plc was founded in 2001 and is based in Horsham, the United Kingdom.

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Ceres Power Holdings (CWR LN)

Ceres Power Holdings - Strategic partnerships powering growth

Ceres Power Holdings’ innovative technology uses electrolysis to produce green hydrogen and solid oxide fuel cells to generate power. In a year...

Edison Investment Research

FOOTSIE UK December 2024 Forecasts: ALW and STJ for Top 100; MTRO and DEC for Next 250

Alliance Witan (ALW) and St James's Place (STJ) are the current forecasted additions to the UK's Top 100 index (footsie 100) replacing Vistry...

Dimitris Ioannidis

Quiddity Leaderboard F100/F250 Dec 24: Thoughts Deliveroo and Coca-Cola; More Intra-Review Changes

Deliveroo could get into F250 in December 2024 while Coca-Cola might have to wait until March 2025 to get into F100 due to a minimum listing period...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard F100/250 Dec 23: Final Expectations; Two Trading Days for Announcement

Today is the base date for the December 2023 review. The index changes for the December 2023 review will be decided based on full market cap...

Janaghan Jeyakumar, CFA

Weichai Power(2338.HK)： Fuel Cell Not the Answer (Yet), More Boldness Needed on All-Electric

Weichai Power, China's largest independent Diesel engine producer, has been looking for a new core business to survive in long term downward trend...

Victoria Li

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Ceres Power Holdings - Strategic partnerships powering growth

Ceres Power Holdings’ innovative technology uses electrolysis to produce green hydrogen and solid oxide fuel cells to generate power. In a year...

Edison Investment Research

FOOTSIE UK December 2024 Forecasts: ALW and STJ for Top 100; MTRO and DEC for Next 250

​Alliance Witan (ALW) and St James's Place (STJ) are the current forecasted additions to the UK's Top 100 index (footsie 100) replacing Vistry...

Dimitris Ioannidis

Quiddity Leaderboard F100/F250 Dec 24: Thoughts Deliveroo and Coca-Cola; More Intra-Review Changes

Deliveroo could get into F250 in December 2024 while Coca-Cola might have to wait until March 2025 to get into F100 due to a minimum listing period...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard F100/​​​250 Dec 23: Final Expectations; Two Trading Days for Announcement

Today is the base date for the December 2023 review. The index changes for the December 2023 review will be decided based on full market cap...

Janaghan Jeyakumar, CFA

Weichai Power(2338.HK)： Fuel Cell Not the Answer (Yet), More Boldness Needed on All-Electric

Weichai Power, China's largest independent Diesel engine producer, has been looking for a new core business to survive in long term downward trend...

Victoria Li

Alliance Witan (ALW) and St James's Place (STJ) are the current forecasted additions to the UK's Top 100 index (footsie 100) replacing Vistry...

Quiddity Leaderboard F100/250 Dec 23: Final Expectations; Two Trading Days for Announcement