Global Utilities Potentially Undervalued Companies

Hokkaido Electric Power Company

Market Cap: JP¥135.4b

Generates, transmits, and distributes electricity in Japan.

National Central Cooling Company PJSC

Market Cap: د.إ7.4b

Supplies chilled water in the United Arab Emirates and internationally.

Engie Energia Chile

Market Cap: CL$1.0t

Engages in the generation, transmission, and supply of electricity primarily in Chile.

TTW

Market Cap: €35.1b

Engages in the production and sale of treated water in Thailand.

China Resources Power Holdings

Market Cap: €94.3b

An investment holding company, invests in, develops, operates, and manages power plants and coal mines in the People’s Republic of China.

China Resources Gas Group

Market Cap: €50.8b

An investment holding company, engages in the sale of natural and liquefied gas, and connection of gas pipelines.

Neoenergia

Market Cap: €24.8b

Generates, transmits, distributes, trades in, and commercializes electric energy in Brazil.

China Longyuan Power Group

Market Cap: US$112.2b

Generates and sells wind, coal, and photovoltaic (PV) power in the Chinese Mainland, Canada, South Africa, and Ukraine.

ENEA

Market Cap: €7.0b

Generates, transmits, distributes, and trades in electricity in Poland.

Alerion Clean Power

Market Cap: €758.1m

Engages in the production of electricity through solar and wind power in Italy, Spain, the United Kingdom, Bulgaria, and Romania.

Westbridge Renewable Energy

Market Cap: €61.7m

Engages in the acquisition and development of solar photovoltaic (PV) projects in Canada, the United States, and Europe.

Romande Energie Holding

Market Cap: CHF 1.1b

Engages in the production, distribution, and marketing of electrical and thermal energy in Switzerland.

Centrais Elétricas Brasileiras - Eletrobrás

Market Cap: €74.6b

Through its subsidiaries, engages in the generation, transmission, and commercialization of electricity in Brazil.

Engie Brasil Energia

Market Cap: US$32.4b

Generates, sells, and trades in electrical energy in Brazil.

TAURON Polska Energia

Market Cap: zł8.6b

Through its subsidiaries, generates, distributes, and supplies electricity and heat in Poland.

Electricity Generating

Market Cap: ฿49.0b

Generates and sells electricity to government sector and industrial users primarily in Thailand, Laos, the Philippines, Indonesia, Australia, South Korea, Taiwan, and the United States.

China Water Affairs Group

Market Cap: €9.9b

An investment holding company, engages in the water supply, environmental protection, and property businesses in the People’s Republic of China.

Gunkul Engineering

Market Cap: ฿12.6b

Generates and sells renewable energy in Thailand, Japan, and Vietnam.

Transmissora Aliança de Energia Elétrica

Market Cap: R$11.9b

Engages in the implementation, operation, and maintenance of electric power transmission lines in Brazil.

Engie

Market Cap: €43.9b

Operates as an energy company, engages in the renewables and decentralized, low-carbon energy networks, and energy services businesses in France, Europe, North America, Asia, the Middle East, Oceania, South America, Africa, and internationally.

Companhia de Saneamento do Paraná - SANEPAR

Market Cap: R$8.4b

Provides sanitation services in Brazil.

Transmissora Aliança de Energia Elétrica

Market Cap: R$11.9b

Engages in the implementation, operation, and maintenance of electric power transmission lines in Brazil.

ISA Energía Brasil

Market Cap: R$17.2b

Engages in the electric transmission business in Brazil.

AES

Market Cap: US$7.3b

Operates as a power generation and utility company in the United States and internationally.

Fluence

Market Cap: AU$50.8m

Provides smart water and wastewater treatment solutions for the municipal, commercial, and industrial markets worldwide.

Origin Energy

Market Cap: AU$17.3b

An integrated energy company, engages in the exploration and production of natural gas, electricity generation, wholesale and retail sale of electricity and gas, and sale of liquefied natural gas in Australia and internationally.

Beijing Enterprises Holdings

Market Cap: HK$38.2b

An investment holding company, engages in the gas, water, environmental, brewery, and other businesses in Mainland China, Germany, and internationally.

China Everbright Water

Market Cap: S$658.0m

Engages in the water environment management business in Mainland China and Germany.

China Longyuan Power Group

Market Cap: HK$111.5b

Generates and sells wind, coal, and photovoltaic (PV) power in the Chinese Mainland, Canada, South Africa, and Ukraine.

Towngas Smart Energy

Market Cap: HK$12.2b

An investment holding company, sells piped gas, renewable energy, and other types of energy in the People’s Republic of China.

Beijing Enterprises Holdings

Market Cap: HK$38.2b

An investment holding company, engages in the gas, water, environmental, brewery, and other businesses in Mainland China, Germany, and internationally.

China Longyuan Power Group

Market Cap: CN¥111.5b

Generates and sells wind, coal, and photovoltaic (PV) power in the Chinese Mainland, Canada, South Africa, and Ukraine.

Wintime Energy GroupLtd

Market Cap: CN¥30.2b

An energy company, engages in the power, coal, petrochemical, and other industries in China.

Beijing Enterprises Holdings

Market Cap: HK$38.2b

An investment holding company, engages in the gas, water, environmental, brewery, and other businesses in Mainland China, Germany, and internationally.

China Resources Power Holdings

Market Cap: HK$96.4b

An investment holding company, invests in, develops, operates, and manages power plants and coal mines in the People’s Republic of China.

Ratch Group

Market Cap: €54.2b

An energy and infrastructure company, engages in the generation and sale of electricity and steam in Thailand, Australia, Singapore, Indonesia, and internationally.