Global Utilities Undervalued based on future growth

Korea Electric Power

Market Cap: ₩23.6t

An integrated electric utility company, engages in the generation, transmission, and distribution of electricity in South Korea and internationally.

Huaneng Power International

Market Cap: HK$120.3b

Generates and sells electric power to the regional or provincial grid companies in the People’s Republic of China and internationally.

China Resources Power Holdings

Market Cap: HK$95.3b

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

AES

Market Cap: US$9.2b

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

Huadian Power International

Market Cap: HK$66.1b

Engages in the generation and sale of electricity, heat, and coal to power grid companies in the People’s Republic of China.

National Fuel Gas

Market Cap: US$8.0b

Operates as a diversified energy company.

Public Power

Market Cap: €5.0b

Generates, transmits, and distributes electricity in Greece, Romania, Bulgaria, and North Macedonia.

China Power International Development

Market Cap: HK$43.2b

An investment holding company, develops, constructs, owns, operates, and manages power plants in the People’s Republic of China and internationally.

Pampa Energía

Market Cap: AR$4.8t

Operates as an integrated power company in Argentina.

China Datang Corporation Renewable Power

Market Cap: HK$18.0b

Engages in the investment, development, construction, and management of wind power and other renewable energy sources in the People's Republic of China.

Xinjiang Xintai Natural Gas

Market Cap: CN¥12.3b

Xinjiang Xintai Natural Gas Co., Ltd. transmits, distributes, and sells natural gas in China.

Manila Water Company

Market Cap: ₱97.4b

Provides water treatment and distribution, sewerage, and sanitation services in the Philippines, Indonesia, Vietnam, Thailand, and the Kingdom of Saudi Arabia.

Jiaze Renewables

Market Cap: CN¥11.3b

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

Guangdong Baolihua New Energy Stock

Market Cap: CN¥10.2b

Guangdong Baolihua New Energy Stock Co., Ltd.

Central Puerto

Market Cap: AR$1.9t

Engages in the electric power generation activities in Argentina.

Inversiones Aguas Metropolitanas

Market Cap: CL$910.0b

Through its subsidiaries, engages in the sanitation business in Chile.

Aygaz

Market Cap: ₺38.9b

Aygaz A.S. purchases liquid petroleum gas (LPG) to retailers for distribution to customers in Turkey.

Citicore Renewable Energy

Market Cap: ₱48.0b

Operates as a renewable energy developer through solar, run-of-river hydro, and wind energy platforms in Philippines.

Banpu Power

Market Cap: ฿25.4b

Engages in the generation and distribution of thermal and renewable power in Thailand, Laos, China, Japan, Vietnam, Indonesia, Australia, and the United States.

HD Renewable Energy

Market Cap: NT$18.1b

Engages in the power development, engineering, and trading in Taiwan, Japan, Australia, and the Philippines.

China Everbright Water

Market Cap: S$715.2m

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

J&V Energy Technology

Market Cap: NT$16.2b

Engages in the development, investment, maintenance, and management of renewable energy plants in Taiwan.

Concord New Energy Group

Market Cap: HK$3.1b

An investment holding company, engages in the generation of power in the People’s Republic of China and internationally.

Binh Duong Water - Environment Corporation -

Market Cap: ₫10.6t

Engages in the production and supply of treated water; and the waste treatment and waste-water treatment activities in Vietnam.

ABO Energy GmbH KGaA

Market Cap: €332.9m

Develops renewable energy projects in Germany and internationally.

Elmera Group

Market Cap: NOK 3.7b

Engages in the purchase, sale, and portfolio management of electrical power to households, private and public companies, and municipalities in Norway, Sweden, and Finland.

Galata Wind Enerji

Market Cap: ₺12.8b

Engages in generation and sale of electricity from renewable energy in Turkey.

SGC EnergyLtd

Market Cap: ₩342.9b

Produces and sells electricity in South Korea.

Foxwell Power

Market Cap: NT$6.5b

Foxwell Power Co., Ltd engages in the construction of energy storage systems.

Binhai Investment

Market Cap: HK$1.6b

An investment holding company, operates in gas business in the People’s Republic of China.

Kencana Energi Lestari

Market Cap: Rp3.0t

Operates as a renewable energy company in Indonesia.

Arise

Market Cap: SEK 1.3b

Operates in the renewable energy sector.

Pha Lai Thermal Power

Market Cap: ₫3.5t

Engages in the generation and sale of electricity in Vietnam.

IRM Energy

Market Cap: ₹11.3b

A city gas distribution company, engages in the laying, building, operating, and expanding of city and local natural gas distribution networks in India.

EF-ON

Market Cap: JP¥9.1b

Operates as an energy service company in Japan.

Ecosuntek

Market Cap: €43.6m

Engages in the photovoltaic electricity generation activities in Italy and internationally.