Utilities Sector

• Citicore Renewable Energy (CREC PM) is looking to raise around US$120m in its Philippines IPO.
• Citicore Renewable Energy (CREC) is a pure-play renewable energy platform focused on developing and operating renewable energy projects in the Philippines.
• We looked at the firm’s past performance in an earlier note. In this note, we will share our thoughts on valuation.

• A Detailed understanding of Thermal cum Renewable Power house JSW Energy Ltd (JSW IN) Business and their ambitious target to achieve 10 GW by FY25.
• Strategy 2.O, where company is planning for 20GW by 2025, energy storage system.
• JSW Energy’s strategic acquisitions and focus on renewables enhance growth prospects, with a vision to become a leading renewable energy provider.

• Spruce announced 1Q24 earnings and hosted an analyst briefing with the company’s new CEO Chris Hayes.
• Spruce is a leading owner-operator in residential solar.
• The company has acquired 13 portfolios in the last four years and owns the cash flow from approximately 75,000 residential solar systems.

• TLNE reported Q1 results benefiting from its hedging program to offset the warmer winter in parts of the country. The Q1 results confirmed the commentary management had previously provided
• TLNE sold its power plants in Texas subsequent to the first quarter ending. This should remove a large portion of volatility from TLNE’s operations
• Spark spreads have continued to move in TLNE’s favor implying quarterly results this year could remain above expectations

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.

• ENN Energy
• ENN Natural Gas
• Indofood CBP Sukses
• West China Cement
• Wynn Macau Ltd

• Company focused on renewable energy projects in Latin America
• Plans to refinance debt, expand projects, and acquire small projects
• Goal of achieving 66% EBITDA growth by 2027, improving balance sheet, growing free cash flow, trading at an attractive valuation, and paying a dividend

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

COG’s FY 2023 results were acceptable in our view. Importantly, the audit issues resulting in the belated publication of results appear to be minor, with auditor PwC giving a clean audit opinion overall. Leverage was largely stable despite the soft earnings, thanks to debt reduction. In addition, we view positively that the guarantees provided to associate Shandong Shengli (which we classify under debt) have largely fallen away. COG’s liquidity is adequate, as the company is poised to refinance the bridge loan using a new syndicated loan facility.

We move our recommendation to “Buy” from “Hold” on the CHIOIL 4.7 ’26s.

• The ES50 Index is one of the most highly-tracked and followed indices in Europe and the annual index review takes place in September every year.
• This annual index rebal event usually results in some of the most significant index flow events in Europe every year, typically amounting to billions of dollars of flows.
• In this insight, we take a look the names leading the race to become ADDs/DELs for the upcoming index review in September 2024.

• While the market remains in consolidation/pullback mode and we are not out of the woods, it is possible that further downside is limited from here on the S&P 500
• Since late-February, we’ve discussed important gap support from 2/22/24 at 4983-5050 on the SPX, with bulls in control if above 4983. Selling last week has simply filled this gap
• 4920-4950 is now support near last week’s lows. Downgrade: Technology (XLK) to market weight. Upgrades: Manufacturing/Industrials (XLI) to overweight and Utilities (XLU) to market weight; individual stock buys highlighted.

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.

• Pertamina Geothermal Energy PT
• Vedanta Resources

Jersey Electricity (JEL) is intensifying its focus on energy security and electrification across Jersey by creating opportunities to accelerate growth. It successfully navigated the volatile wholesale power price environment in 2020–23, shielding its customer base from the worst inflationary pressures. However, from 2025, as older, more favourable hedges expire, this protection will diminish. Therefore, we have marginally reduced our earnings forecasts to account for the increased exposure to wholesale prices. Nonetheless, JEL remains well-positioned for continued growth, driven by decarbonisation and electrification over the long term.