WHA Utilities and Power Public Company LimitedWHAUP
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Phillip maintains Buy rating on WHAUP with a 9.45 baht target price, forecasting 9M26 normalised profit up 25.3% year-on-year.
Impact on assets 1
Climate Adaptation & Water
WHA Utilities and Power Public Company LimitedTheme Impact 1
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United Kingdom▼
Pennon Group Fair Value Cut to £5.32 as Deutsche Bank Downgrades to Hold
Analysts trimmed Pennon Group's fair value estimate to about £5.32 from £5.77, a roughly 8% reduction, with published price targets now clustered in a tighter £3.80 to £4.38 range. Deutsche Bank shifted the stock to Hold from Buy with a £3.80 target, while RBC Capital rates it Sector Perform with a reduced £4.00 target, citing a challenging outlook across AMP8 and execution and regulatory pressures. Citi maintains a Buy rating with a £4.38 price target, pointing to the company's regulated asset base and income profile. The updated assumptions also trimmed projected revenue growth to about 5.14% from about 5.22%, eased the net profit margin to about 8.86% from about 9.03%, and lowered the future P/E to about 23.5x from about 24.9x, while the discount rate was effectively unchanged at 7.562%.
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Climate Adaptation & Water › Regulated Water & Wastewater Utilities ▼Regulation
PNN.LSE · Capital · Negative Deutsche Bank downgraded Pennon to Hold and analysts cut its fair value and price targets on AMP8 and regulatory pressures.
DBK.XETRA · Capital · Neutral Deutsche Bank is named as the downgrading analyst, but the news is about Pennon, not Deutsche Bank itself.
United States▲
Kentucky American Water Closes $1.4 Million Black Mountain Utility District Acquisition
Kentucky American Water has completed its acquisition of the Black Mountain Utility District water system and wastewater service in Harlan County, Kentucky, for $1.4 million. The newly acquired system serves over 4,300 water customer connections and six wastewater customer connections, and Kentucky American Water is welcoming 10 employees who previously provided water service to those customers. The water service acquisition was approved by the Kentucky Public Service Commission on July 10, 2026, and the wastewater service acquisition was approved on September 21, 2026. Kentucky American Water said it is committed to investing more than $20.9 million in improvements to the water system over the next five years, including replacing water meters within the first year, safety and security enhancements, and pump station improvements. The company recently worked with Black Mountain Utility District and local emergency management officials on response and recovery after devastating flooding in Harlan County, helping restore water service for approximately 200 homes.
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Climate Adaptation & Water › Water Utilities & Infrastructure ▲Capital
Climate Adaptation & Water › Regulated Water & Wastewater Utilities ▲Capital
Climate Adaptation & Water › Pipe, Stormwater & Smart Metering ▲Capital
Kentucky American Water Company · Capital · Positive Kentucky American Water completed the $1.4M Black Mountain Utility District acquisition and plans $20.9M in system improvements.
AWK · Capital · Positive American Water Works' subsidiary Kentucky American Water closed a $1.4M acquisition of Black Mountain Utility District, expanding its customer base.
United States▲
Essential Utilities Upgraded to Zacks Rank #2 Buy on Rising Estimates
Essential Utilities has been upgraded to a Zacks Rank #2 (Buy), a rating driven by an upward trend in earnings estimates. The upgrade places the water utility in the top 20% of the more than 4,000 stocks covered by the Zacks Rank system in terms of estimate revisions. Essential Utilities is expected to earn $2.22 per share for the fiscal year ending December 2026, representing no year-over-year change, while the Zacks Consensus Estimate for the company has risen 0.2% over the past three months. The Zacks Rank system classifies stocks from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), with Zacks Rank #1 stocks generating an average annual return of +25% since 1988. The upgrade reflects an improving earnings outlook that could have a favorable impact on the stock price.
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Climate Adaptation & Water › Regulated Water & Wastewater Utilities ▲Capital
Climate Adaptation & Water › Water Utilities & Infrastructure ▲Capital
United States▲
American Water Names Brad Nielsen Future President of Pennsylvania Unit
American Water announced that Brad Nielsen will become President of Pennsylvania American Water once its proposed merger with Essential Utilities closes. Nielsen, currently President of Iowa American Water since July 2024, will lead all operations in Pennsylvania and report to Justin Ladner, who will serve as Senior Vice President, State Operations, for Pennsylvania, Missouri and Illinois. Nielsen joined Iowa American Water in 2019 as Vice President of Operations, overseeing a team of 80 employees serving approximately 225,000 people, and brings more than 20 years of operations and leadership experience, including 17 years at Aramark Uniform Services. The all-stock merger, announced October 27, 2025, will create a combined company serving more than 4.7 million water and wastewater customer connections and more than 740,000 gas customer connections, operating under the American Water name and headquartered in Camden, New Jersey. The merger is expected to close by the end of the first quarter of 2027, subject to customary closing conditions including approval from the remaining applicable public utility commissions.
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Climate Adaptation & Water › Regulated Water & Wastewater Utilities ▲Competition
Climate Adaptation & Water › Water Utilities & Infrastructure ▲Competition
AWK · Regulation · Neutral American Water names a future Pennsylvania unit president contingent on its merger with Essential Utilities closing, which still needs public utility commission approvals.
WTRG · Regulation · Neutral Essential Utilities' all-stock merger with American Water is progressing with leadership appointments, but remains subject to remaining public utility commission approvals.
United Kingdom▼impact 4
Pennon Seeks £550m Cash Injection After South West Water Parasite Outbreak
Pennon Group is seeking £550m from shareholders as its chief executive tries to turn around South West Water following a parasite scandal. The owner of South West Water said it would cut its dividend and ask investors for more cash to fund a £3.6bn investment in its pipes and services, sending Pennon shares down nearly 19pc on Tuesday. The supplier was at the centre of a contaminated water outbreak in 2024 that forced it to warn 17,000 households in Devon about the presence of a parasite that can cause diarrhoea. Chief executive Keith Haslett said the £550m would come from selling new shares to existing investors so the company could put in more investment where its assets need it most, and Pennon said the plan was £1bn more than required under the terms of a 2024 review by regulator Ofwat. Pennon also said it would reduce dividend payments from £138m in its 2026 financial year to around £125m in 2027, continue using debt funding and proposed the sale of its renewable energy investment vehicle Pennon Power to cut debt.
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Climate Adaptation & Water › Regulated Water & Wastewater Utilities ▼Capital
Climate Adaptation & Water › Water Utilities & Infrastructure ▼Capital
Climate Adaptation & Water › Pipe, Stormwater & Smart Metering ▲Capital
South West Water · Capital · Negative South West Water's parent Pennon seeks a £550m emergency equity raise, cuts its dividend, and plans asset sales after the 2024 parasite contamination scandal.
United KingdomPennon to raise £550 million in rights issue, rebase dividend for water upgrade
Pennon Group said on Wednesday it would raise about £550 million through a fully underwritten rights issue and cut its dividend as its new CEO launched an overhaul of the water utility's operations and stepped up investment. The total dividend for the 2026/2027 financial year will be cut to approximately £125 million from £138 million for 2025/2026, with the lower payout applying to both the interim and final dividends, and after accounting for the cut, the rights issue and a bonus factor, Pennon put the implied underlying reduction in dividend per share at approximately 30%, leaving an expected dividend of around 18 pence per share. The rights issue, launched on Wednesday, will fund more investment in the regulated water businesses and supports about £1 billion of additional investment, with full terms in a separate announcement and an international offering circular published the same day. Capital investment in the regulated water businesses over AMP8 is now expected to be approximately £3.6 billion, around £1 billion more than Pennon's original plan based on the AMP8 Final Determination, and the total investment programme is expected to deliver RCV growth of over 40% across AMP8, up from the 34% set at the start of the period. In a draft decision on Ofwat's 2026 cost change process, the regulator provisionally allowed £230 million, or £190 million in 2022/23 prices, which is 76% of the amount Pennon requested, and Pennon estimates it will make around £170 million of further investment through the 2027 and 2028 cost change processes, subject to Ofwat approval, targeting total additional RCV from cost change of £400 million.
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Climate Adaptation & Water › Water Utilities & Infrastructure ▲Capital
Climate Adaptation & Water › Regulated Water & Wastewater Utilities Capital
PNN.LSE · Capital · Negative Pennon launches a £550m rights issue and rebases its dividend ~30% lower to fund higher AMP8 investment.
PNN.LSE · Regulation · Neutral Ofwat's draft cost change decision provisionally allows only 76% of Pennon's requested £230m, with further investment subject to approval.