Global Utilities Potentially Undervalued Companies

Shandong Hi-Speed New Energy Group

Market Cap: HK$4.6b

Engages in investment, development, construction, operation, and management of photovoltaic power, wind power, and clean heat supply service businesses in the People’s Republic of China.

Gujarat Industries Power

Market Cap: ₹29.4b

Engages in the generation, transmission, and distribution of electricity to power purchasing companies in India.

Grandtop Yongxing GroupLtd

Market Cap: CN¥14.2b

Engages in the waste incineration power generation business in China.

China Gas Holdings

Market Cap: HK$42.7b

An investment holding company, operates as an energy supplier and service provider in the People’s Republic of China.

Harbin Hatou InvestmentLtd

Market Cap: CN¥15.1b

Produces and supplies heat and thermal power in the People’s Republic of China.

Veolia Environnement

Market Cap: €20.6b

Designs and provides water, waste, and energy management solutions.

Kyungdong City Gas

Market Cap: ₩122.2b

Engages in the manufacture and supply of liquefied natural gas through a network of pipelines.

Zhongshan Public Utilities GroupLtd

Market Cap: CN¥14.0b

Engages in the environmental water, solid waste, new energy, engineering construction, and auxiliary businesses in China and internationally.

Thac Mo Hydro Power

Market Cap: ₫4.3t

Generates and supplies hydro power in Vietnam.

Sermsang Power Corporation

Market Cap: ฿4.9b

Operates in the renewable energy business in Thailand, Japan, Vietnam, Mongolia, and Indonesia.

CLP Holdings

Market Cap: HK$165.5b

An investment holding company, engages in the generation, retail, transmission, and distribution of electricity in Hong Kong, Mainland China, India, Thailand, Taiwan, and Australia.

China Gas Holdings

Market Cap: HK$42.7b

An investment holding company, operates as an energy supplier and service provider in the People’s Republic of China.

NYOCOR

Market Cap: CN¥11.2b

Engages in the development, investment, construction, and operation of new energy power projects in China.

NYOCOR

Market Cap: CN¥11.2b

Engages in the development, investment, construction, and operation of new energy power projects in China.

Jiaze Renewables

Market Cap: CN¥12.0b

Engages in the development, construction, sale, operation, and maintenance of new energy power stations in China.

An Hui Wenergy

Market Cap: CN¥16.3b

Engages in the investment and operation of electricity, energy conservation, and related projects in China.

Fortis

Market Cap: €33.9b

Operates as an electric and gas utility company in Canada, the United States, and the Caribbean countries.

Veolia Environnement

Market Cap: €20.5b

Designs and provides water, waste, and energy management solutions.

Uniper

Market Cap: €15.0b

Operates as an energy company in Germany, the United Kingdom, Sweden, the rest of Europe, and internationally.

Osmosun

Market Cap: €14.4m

Provides water treatment solutions with the use of renewable energy in France and internationally.

Kyushu Electric Power Company

Market Cap: €715.7b

Engages in the power generation, transmission, distribution, and retail in Japan and internationally.

Terna

Market Cap: US$16.7b

Provides electricity transmission and dispatching services in Italy, other Euro-area countries, and internationally.

Telecom Plus

Market Cap: UK£1.5b

Provides utility services in the United Kingdom.

Solaria Energía y Medio Ambiente

Market Cap: €1.4b

Generates solar photovoltaic energy.

Tokyo Electric Power Company Holdings

Market Cap: €1.0t

Engages in the generation, transmission, distribution, and retail of electric power in Japan and internationally.

RWE

Market Cap: US$25.5b

Generates and supplies electricity from renewable and conventional sources in Germany, the United Kingdom, rest of Europe, North America, and internationally.

Pennon Group

Market Cap: UK£2.2b

Provides water and wastewater services in the United Kingdom.

Centrais Elétricas Brasileiras - Eletrobrás

Market Cap: €110.6b

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

Iren

Market Cap: €3.3b

Operates as a multi-utility company in Italy.

Italgas

Market Cap: €7.5b

Engages in the distribution of natural gas in Italy, Greece, and Other European Union countries.

OPG Power Ventures

Market Cap: €28.5m

Develops, owns, operates, and maintains private sector power projects in India.

SDIC Power Holdings

Market Cap: €106.4b

Engages in the electricity generation business in China.

TransAlta

Market Cap: €5.4b

Engages in the development, production, and sale of electric energy.

VERBUND

Market Cap: €20.9b

Generates, trades in, and sells electricity to energy exchange markets, traders, electric utilities and industrial companies, and household and commercial customers in Austria and internationally.

Empresa Distribuidora y Comercializadora Norte Sociedad Anónima

Market Cap: €1.1t

Engages in the distribution and sale of electricity in Argentina.

H2O America

Market Cap: US$1.7b

Through its subsidiaries, provides water utility and other related services in the United States.