Energy Security & Powering AI: Asia Pacific: On the Ground with C-Suites

Our first leg of energy and powering AI discussions with C-suites raises our conviction in an energy super-cycle, meaning significant upside risks to oil, chemical, and power margins as all markets tighten a lot more than the Street is building in. On the first leg of our energy security and powering AI trip, we met with power and energy companies in Thailand, which hosts amongst the largest energy hubs in Southeast Asia. YTD, Thai energy and power equities have outperformed the domestic market by 40ppt and the MSCI World Energy Index by 23ppt. The companies have invested ~US$113bn in the past decade and are key to global diesel markets, powering AI, and energy security for Southeast Asia and Japan. We met with integrated/power players, refiners and chemical players, and visited the gas power plant and fuel refinery in Eastern Thailand. Energy companies across segments will be expanding their commodity trading operations to protect against price volatility for LNG, oil and crude produc