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While we are waiting for some news form India I thought i would post this article which is interesting.

MEA and MWA, both state-owned enterprises responsible for vital infrastructure, including electricity and water distribution in Bangkok, Nontaburi, and Samut Prakan under the directive of the Ministry

of Interior, have embarked on collaborative efforts to elevate service standards and maximise utility for the public. Today's MoU signing signifies our commitment to advancing technology in our services..............

establishment of Smart Meters to measure electricity and water consumption

units, enabling online control and management."......, a digital platform

supporting electricity and water consumers for seamless service access.."

Would this require a unified Head End System ?

https://www.bangkokpost.com/thailand/pr/2650773/mea-and-mwa-join-forces-for-technological-advancements

There are a few articles like the one below that give a good idea of the direction that Silicon Labs and the Wi-Sun Mesh technology are looking to embrace across the world, and are using India as their showcase model.

"Abhijit Grewal, Senior Marketing Director Smart Cities at Silicon Labs, about the company’s work with the International Institute of Information Technology in Hyderabad, India, and the role of Wi-SUN mesh technology in supporting its Smart City Living Lab project.".....

"What is the next stage of the project?

Coinciding with the launch of our new FG28 dual band SoC, the Living Lab will begin adding low power (LFN) nodes alongside their existing streetlights that are utilizing our FG25 platform. The FG28 based nodes will showcase the simplicity of adding battery powered nodes to an existing Wi-SUN network. This would translate to adding devices like battery powered water, gas meters and environmental sensors to the backbone of a network formed by line powered electric meters. The addition of these types of devices will help drive more effective total resource management to smart cities.

How important is India in driving innovation in wireless solutions for smart cities?

India is a critical market in proving out the viability of the smart city in developing countries. The success of wireless technology in this emerging market will have worldwide impact as more emerging markets look to modernize their infrastructure and meet the growing demand for interconnected and intelligent devices in urban and municipal settings."

https://wi-sun.org/blog/smart-city-living-lab/

I agree that the SP is most likely effected by the thought of more funding required sometime soon. However, if you look at the five year graph, just a snap shot of sp in November each year you will see that its not just company performance that effects the share price.

Nov 21 a high 37p

Nov 22 a high of 16p

Nov 23 a high of 12 p

Today 6p

Today, Feb 24 a share price of just 6p with all the progress that has been made , but again with a likely funding required you could argue that this share has done nothing but loose value for the past three years, let alone past three months and at whatever price you chose to buy - even with all the good prospects and news .

Alternatively, the years before 2021 where the opposite and the SP went up approx. 700 % !

Just goes to show what a game AIM is, and IMO when the time comes when the small caps come back from the dead and into focus again, specific shares like MKA will be some of the first to be rewarded, but IMO todays prices have less to do with company's performances etc and more to do with the present day Zeitgeist in the small caps market . Its a case of that old saying..... buy and hold. I am more comfortable buying and holding down here at 6p than at any other time in past three years.

Excellent report LT. Thank you for posting it.

Always good to read about a partner such as Silicon Labs who are obviously excited about the future collaboration between the two company's products. GL Vas

Budget Speech 2024: Huge rollout of smart prepaid meters in store

https://www.thesouthafrican.com/news/budget-speech-huge-rollout-for-smart-prepaid-meters/

this article discusses how ****stan and brazil etc are moving towards smart meters and smart infrastructures.

interesting quote under ****stan's future rollout

"advanced economies and even our neighboring countries are using pre-paid metering systems, providing valuable case studies for their implementation."

https://www.brecorder.com/news/40286935/building-advanced-metering-infrastructures

Is in the news at the moment.

Would be great to get a second chance here.

Today announcement has the State Minister for Power, Energy and Mineral Resources Nasrul Hamid stating

" 100 percent prepaid gas meters will be installed within the next four years" which would take us to 2027/ 8 , which is exactly ten years form Cyan's original contract start date. Must be a coincidence.

https://www.bssnews.net/news/174043

Morning LT , ITT and All

Article 16 and 17 - covers the confidentiality expected between Utility, AMISP and Sub contractor.

And from my limited experience it reads to me like Cyan do not want to be the first to release any information about an award - and should wait until made public by utility / customer or AMISP.

https://www.nsgm.gov.in/sites/default/files/AMISP-Contract-January-2021.pdf

I think the big question on everyone minds is how long do we need to wait until the contracts start to filter down to the sub contractors...such as Cyan.

LT in October 23 i think posted that he had read in a Cyan presentation or similar a good twelve months earlier that the process could take up to six months depending on the number of subcontractors, and probably many other variables.

If this still stands as correct then March onwards should be the start of an increase in awards , as long as Cyan are successful as predicted and hoped then the RNS should be much a more common event .

The three year chart ( that did not have this 250 m meter near term opportunity) but confirms that in the past 10 p/ 11p was the low and turned out a good time to invest in Cyan.

The only difference today is we are now near the lows of 11p again yet we have the possibility of millions of meter awards in a relatively short period of time ...........which should push through the highs of the three year graph and set a new path for Cyan.

I still cant find any published evidence of awards going to competitors / other subcontractors in India .( which will happen) ..so looks to me like a news blackout until all awards are made.

Equipped with the latest Supervisory Control and Data Acquisition (SCADA) system powered by India’s first fully functional Advanced Distribution Management System (ADMS)

https://www.tndindia.com/adani-electricity-inaugurates-network-operations-centre-in-mumbai/

Same with me really, just that i notice that hidden in the Cyan blurb in their annual reports is this paragraph regarding Oracle and SAP.

Therefore, regardless of whether cyan are working with oracle in one or both Utilities in Thailand - Oracle f definitely have the information at hand to use Cyan as a solution if they so needed.

Just another very weak connection really. GL Vas

Morning Tony.

For what its worth PEA and MEA are both working with Oracle for their MDM.

PEA announced Oct 2023

https://www.oracle.com/news/announcement/provincial-electricity-authority-powers-energy-consumption-insights-with-oracle-2023-10-30/

MEA announced in 2020

"Oracle to help it power its “Smart Metro Grid” project. In collaboration with Forth Corporation (Public) Co, Ltd. and YIP In Tsoi Co., Ltd., a Platinum level member of Oracle PartnerNetwork (OPN), the project aims to elevate the living standard for people living in Central Thailand (Bangkok, Nonthaburi, Pathumthani and Samutprakarn), by providing improved electricity services. By utilising Oracle Database, Middleware, Oracle SPARC servers and Oracle Utilities Software Solutions"

https://www.oracle.com/th/corporate/pressrelease/smart-metro-grid-platform-2020-01-17.html

Afternoon LT,

Probably not a coincidence that Thailand's National Carrier who are National Telecom (NT) announced in January 24 that they will be broadening their business horizons and will target Smart Meters in Thailand !

"The state-owned enterprise (NT) is positioning itself to join the smart meter project run by the Metropolitan Electricity Authority (MEA) and Provincial Electricity Authority (PEA), by offering them data communication services"....................

"NT’s new chairman, Nattapon Nattasomboon, confirmed that the company has approached MEA and PEA about their development guidelines for the smart meter project, expressing intent to optimise NT’s 700-megahertz spectrum network capacity to support the project."

Yesterdays news certainly fits in well with the narrative coming from Thailand.

https://thethaiger.com/news/business/national-telecom-targets-smart-meter-project-amid-anticipated-revenue-loss

Https://www.cnbctv18.com/market/hpl-electric-share-price-gains-order-supply-smart-meters-stock-reaction-19039891.htm

Many Thanks LT.

All i can say is its complicated !

I just find it interesting that at a time that the Indian government rollout the first phase of 100 million meters, so to tackle the biggest offenders /highest need , Cyan also announce that they are "involved " in 100 million meter units ...most of which in the early days would be still going through the sanctioning stages, and as you have said only today have hit and slightly increased on the 100 m meter actually awarded to the Amisps.

How come Cyan / hardman knew they had a 100m unit opportunity way back to March 22 last year, long before approx. 56 million meters where awarded / announced in July 23 ....Most of these smart meters Cyan were referring to must have been at the sanctioning stages and the Amisps not yet selected / or awarded. Just find it interesting.

The only other way to see it is that Cyan were referring to was that Cyan ( with partners) were involved in 100 million meter that at that time most had not yet been even sanctioned.

Cheers Vas

Morning LT,

Good to see an increase in monthly meter instalments, its going in the right direction at last.

Quote from Hardman & Co research note dated 21st March 2023

"CyanConnode is currently involved in Indian tenders for more than 100m meter endpoints, and its partners have already secured L1 preferred bidder status for c.30m incremental meters"

and

Quote from Cyan Interim Results 19th December 2023

"current tenders for more than 220 million Smart Meters have been sanctioned to the end of November 2023, with almost 100 million being awarded to prime bidders, typically Advanced Metering Infrastructure Service Providers (AMISPs)"

Are these 100 million meters awarded to AMIs , the same awarded a year ago this march?

Presently, Today we have approx. 222 million meters sanctioned with the number of Awarded smart meters increasing to 108,340,333, so far ( as you highlighted ).

Am i right in assuming that this 108 m meters awarded today to AMISPS s are the exact same meters awarded ( plus an increase of 8 million meters) back in March 23 ?

If this is so then Cyan , via its partners will have an opportunity in every single tender that has been so far awarded, 100m plus.

Is this how you understand it.

Cheers Vas.

https://www.lse.co.uk/rns/CYAN/interim-results-pxaf3k6ln68za2j.html

https://hardmanandco.com/research/corporate-research/acceleration-and-revenue-uplift-for-fy24-and-beyond/

Https://www.nsgm.gov.in/en/sm-stats-all

https://powermin.gov.in/en/content/national-smart-grid-missionnsgm-0

Https://www.businesstoday.in/latest/corporate/story/adani-row-up-discom-scraps-adani-groups-smart-meters-bid-worth-rs-5400-cr-369200-2023-02-06

Morning Lt, Thanks for the more detail write up in the EPR magazine.

They must be confident of at least a 50% share of the RF market in this rollout as they would not be declaring such numbers so openly IMO.as a time when the eight million installed meters currently installed will be seen as small fry compared to the new awards coming on stream.

Also , LT do you think they have included any hybrid smart meters in this 50% RF number, or will these stand alone as separate awards and therefore, quite possibly significantly increase this current win rate. GL Vas

Bihar's power transformation: State surpasses smart meters target; installs over 24 lakh in record time.

and the a article below the Bihar one is ..

"India to see investment of USD 67 billion in next 5-6 years in energy sector: PM Modi 6th February 2024

"Said on Tuesday that a major part of the proposed 11 crore budget pledged for infrastructure will be spent on the country's energy sector.

The PM, while addressing the second edition of India Energy Week in Goa, also mentioned that India’s gas sector will see an investment of about 67 billion dollars in the next 5–6 years."

Gas again, getting a mention every day now, only a year or so ago no one mentioned it.

https://www.newindianexpress.com/nation/2024/Feb/06/india-to-see-investment-of-usd-67-billion-in-next-5-6-years-in-energy-sector-pm-modi