Global Utilities Undervalued based on future growth

Korea Electric Power

Market Cap: ₩37.4t

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

China Longyuan Power Group

Market Cap: HK$112.3b

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

AES

Market Cap: US$10.8b

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

Grupo Energía Bogotá E.S.P

Market Cap: Col$30.7t

Operates in the electric energy and natural gas sectors in Colombia, Peru, Guatemala, and Brazil.

Huadian Power International

Market Cap: CN¥54.8b

Engages in the sale of power fand thermal products in the People’s Republic of China.

China Power International Development

Market Cap: HK$40.3b

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$7.2t

Operates as an integrated power company in Argentina.

Enel Generación Chile

Market Cap: CL$4.1t

Engages in the generation, transmission, and distribution of energy in Chile.

ENEA

Market Cap: zł11.1b

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

Green Development Electricity Group of Tianjin

Market Cap: CN¥17.4b

Green Development Electricity Group of Tianjin Co., Ltd.

Beijing Jingneng Clean Energy

Market Cap: HK$19.2b

Generates gas-fired power and heat energy, wind power, photovoltaic power, and hydropower in Mainland China and internationally.

Electricity Generating

Market Cap: ฿61.9b

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 Datang Corporation Renewable Power

Market Cap: HK$15.2b

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

ACME Solar Holdings

Market Cap: ₹136.8b

A solar independent power producing company, engages in developing, building, owning, operating, and maintaining utility scale grid connected solar power projects in India.

Banpu Power

Market Cap: ฿34.4b

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

Citicore Renewable Energy

Market Cap: ₱50.8b

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

HD Renewable Energy

Market Cap: NT$16.6b

Engages in the development of solar power generation systems, engineering construction, and maintenances in Taiwan.

J&V Energy Technology

Market Cap: NT$14.4b

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

Elmera Group

Market Cap: NOK 4.3b

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

Binh Duong Water - Environment Corporation -

Market Cap: ₫10.2t

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

Tian Lun Gas Holdings

Market Cap: HK$2.8b

Engages in the transportation, distribution, and sale of natural gas and compressed natural gas through its gas pipeline connections in the People’ Republic of China.

Galata Wind Enerji

Market Cap: ₺14.5b

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

Concord New Energy Group

Market Cap: HK$2.5b

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

Rojana Industrial Park

Market Cap: ฿9.3b

Engages in the manufacture and sale of electricity from solar cell system in Thailand.

Gujarat Industries Power

Market Cap: ₹21.9b

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

Foxwell Power

Market Cap: NT$6.4b

Engages in renewable energy power sales, energy conservation, energy storage system auxiliary services, and engineering services in Taiwan.

Binhai Investment

Market Cap: HK$1.6b

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

Pha Lai Thermal Power

Market Cap: ₫3.2t

Engages in the generation and sale of electricity business from thermal and natural coal fuel in Vietnam.

Sermsang Power Corporation

Market Cap: ฿3.9b

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

Wasco Greenergy Berhad

Market Cap: RM 327.5m

Operates biomass and steam energy plants in Bursa Malaysia.

Iniziative Bresciane

Market Cap: €64.8m

Engages in the design, construction, and management of medium and small-sized hydroelectric plants in Italy.

ABO Energy GmbH KGaA

Market Cap: €62.7m

Develops renewable energy projects in Germany and internationally.

Ecosuntek

Market Cap: €43.5m

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

EF-ON

Market Cap: JP¥7.8b

Operates as an energy service company in Japan.

Westbridge Renewable Energy

Market Cap: CA$48.0m

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

Tonking New Energy Group Holdings

Market Cap: HK$195.1m

An investment holding company, engages in the renewable energy business in the People’s Republic of China.