OLAM SP
Re-org catalyst, capital returns re-activated, earnings base stabilising
KEY INSIGHTS #1
Event-driven value unlock, re-organisation milestones drive the tape.
The re-organisation plan remains the primary driver, including the proposed sale of the remaining 64.57% stake in Olam Agri with estimated gross cash proceeds of US$2.58B (including Tranche 2 call or put mechanics). Any concrete timetable updates or completion steps tend to compress the holdco discount quickly.
KEY INSIGHTS #2
Leadership transition can sharpen execution focus.
The founder CEO and CFO are stepping down to focus on Olam Agri, with leadership changes at chairman and CFO roles. A cleaner leadership structure and clearer accountability can help investor confidence on deal execution and capital return sequencing.
CICT SP
Paragon catalyst, resilient occupancies, and a clearer rates carry setup
KEY INSIGHTS #1
Paragon and Asia Square 2 reshape the portfolio and refresh the narrative.
CICT announced a major capital recycling and redeployment move, selling Asia Square Tower 2 and acquiring Paragon. This is a tangible event hook because it shifts the market focus from steady, mature cashflows to visible value creation and portfolio upgrade potential, particularly around Orchard retail and integrated assets.
KEY INSIGHTS #2
Occupancies stay high, so you get paid to wait while catalysts land.
FY2025 headline PATMI was slightly lower, but operating PATMI rose 16%. This is an important signal that recurring operations and underlying profitability are improving even if valuation and fair value lines introduce noise.
1081 HK
Offshore wind leverage with Europe scale, but it is an IPO tape trade first
KEY INSIGHTS #1
Europe offshore wind capex is re-accelerating, and foundations are a bottleneck segment.
Offshore wind build plans in Europe are back in focus as energy security and decarbonisation targets collide with grid and permitting realities. Foundations are a capacity bottleneck and the company positions itself as a scale supplier. Dajin states it ranked as Europe’s largest offshore wind foundation supplier by monopile sales value in 1H25, citing Frost and Sullivan, which is the core industry angle that can support valuation rerating if Europe order conversion stays visible.
KEY INSIGHTS #2
IPO proceeds are explicitly geared to “deep-sea plus Europe”, which can change the earnings slope.
Management guides proceeds use toward capacity and capability rather than balance-sheet patching. Reuters notes 55% of proceeds are earmarked for enhancing deep-sea wind power services and 20% for building a European assembly operation, with the remainder for R&D, overseas expansion and working capital. This is a clear capex roadmap that can support higher content, shorter delivery cycles and stronger customer stickiness in Europe, which should matter more than near-term spot order volatility.
1038 HK
UKPN monetisation unlock, regulated cashflows, dividend carry
KEY INSIGHTS #1
UK Power Networks sale crystallises value and resets capital optionality.
Engie agreed to buy UK Power Networks from CKI for £10.5B, with CKI expecting a gain of about HK$14.5B. Closing is expected by mid 2026. A clean monetisation event like this typically tightens the holdco discount and brings capital deployment and shareholder return into focus.
KEY INSIGHTS #2
Regulated asset base and inflation linked revenues keep the earnings floor high.
CKI remains a portfolio of essential networks and utilities, so earnings quality is driven more by regulatory resets, allowed returns, and asset base growth than by macro swings. In this tape, the market tends to pay for durability and dividend reliability, which CKI has built over decades.
NVTS US
GaN / SiC power semiconductor play for 800V AI data centres
KEY INSIGHTS #1
Nvidia MGX collaboration validates Navitas’ AI data centre power roadmap.
Navitas is positioned as an upstream supplier of next-generation GaN and SiC power semiconductors for AI data centres. Its collaboration with the Nvidia MGX ecosystem is a key validation point, with Navitas showcasing an 800V-to-6V DC-DC power delivery board at COMPUTEX 2026 that removes the traditional 48V intermediate bus converter stage, targeting 97.5% peak efficiency, 1MHz switching frequency, and 2,100W/in³ power density.
KEY INSIGHTS #2
800VDC AI infrastructure supports GaN / SiC adoption.
The industry is moving toward higher-voltage, higher-efficiency AI data centre power architectures as rack power density rises. IDTechEx expects the power electronics market to exceed US$65bn by 2036, with growing adoption of GaN and SiC in data centres, especially for power supply units and point-of-load conversion. This directly supports Navitas, as its GaNFast and GeneSiC products are designed to improve conversion efficiency, reduce heat loss and enable smaller, denser AI power systems.
VICR US
High-density AI power delivery play leveraged to next-generation server architectures
KEY INSIGHTS #1
Proprietary power architecture gaining validation.
Vicor is positioned as a specialist in high-density power delivery for AI servers, where its technologies help reduce power loss, improve current density and manage heat near GPUs and ASICs. This advantage is being validated commercially, as Vicor recently raised its 2Q26 revenue guidance from US$126mn to US$142mn, citing higher product revenue and royalties from a new patent licensee of its power system technology.
KEY INSIGHTS #2
AI servers are making power delivery a critical bottleneck.
With AI chips consuming more power, traditional server power architectures are less efficient and harder to cool. According to Reuters, data centre electricity consumption could double to around 945TWh by 2030, with AI’s share rising to about 40% of the total, increasing the need for higher-efficiency power conversion and thermal management. This supports demand for companies like Vicor, whose solutions help deliver more power closer to the processor with lower losses and better density.
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