Since our last update, Scatec’s shares have gone from trading at a discount to NAV to trading at a modest premium. While there have been no obvious catalysts for the recent rally, we believe a combination of 1) a positive outlook for the Philippines and 2) good momentum in its project backlog have contributed to the strong performance. We believe the string of positive surprises from the Philippines will continue in Q2 and into H2 on the back of good hydrology and high prices in the ancillary se ....
