Global Utilities Undervalued based on future growth

Korea Electric Power

Market Cap: ₩31.6t

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

Companhia de Saneamento Básico do Estado de São Paulo - SABESP

Market Cap: R$97.8b

Provides basic and environmental sanitation services in the São Paulo State, Brazil.

China Longyuan Power Group

Market Cap: HK$118.7b

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

AES

Market Cap: US$9.8b

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

National Fuel Gas

Market Cap: US$7.3b

Operates as a diversified energy company.

China Power International Development

Market Cap: HK$43.0b

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

Enel Generación Chile

Market Cap: CL$4.1t

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

Beijing Jingneng Clean Energy

Market Cap: HK$20.0b

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

China Green Electricity Investment of Tianjin

Market Cap: CN¥18.0b

China Green Electricity Investment of Tianjin Co., Ltd.

China Datang Corporation Renewable Power

Market Cap: HK$17.6b

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

Enerjisa Enerji

Market Cap: ₺89.9b

Engages in the provision of electricity distribution, retail sales, and customer solutions in Turkey.

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.

Jiaze Renewables

Market Cap: CN¥13.2b

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

AB Ignitis grupe

Market Cap: €1.5b

Engages in the generation and distribution of electricity and heat in Lithuania, Poland, Latvia, Finland, Estonia, and internationally.

Xinjiang Xintai Natural Gas

Market Cap: CN¥12.3b

Xinjiang Xintai Natural Gas Co., Ltd., together with its subsidiaries, transmits, distributes, sells, and installs natural gas in China.

ACME Solar Holdings

Market Cap: ₹152.6b

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

Scatec

Market Cap: NOK 16.3b

Provides renewable energy solutions worldwide.

NYOCOR

Market Cap: CN¥11.1b

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

PetroVietnam Power Corporation - JSC

Market Cap: ₫35.8t

Engages in the production and distribution of industrial and consumer electricity in Vietnam.

Banpu Power

Market Cap: ฿39.0b

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

Synergy Grid & Development Phils

Market Cap: ₱69.8b

Provides transmission services across Luzon, Visayas, and Mindanao, the Philippines.

Aygaz

Market Cap: ₺46.0b

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

Inversiones Aguas Metropolitanas

Market Cap: CL$997.5b

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

Citicore Renewable Energy

Market Cap: ₱46.3b

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

HD Renewable Energy

Market Cap: NT$14.2b

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

J&V Energy Technology

Market Cap: NT$12.9b

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

Binh Duong Water - Environment Corporation -

Market Cap: ₫10.4t

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$3.0b

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.

ABO Energy GmbH KGaA

Market Cap: €325.5m

Develops renewable energy projects in Germany and internationally.

Concord New Energy Group

Market Cap: HK$2.9b

An investment holding company, engages in the generation of power in the People’s Republic of China 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: ₺12.9b

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

Rojana Industrial Park

Market Cap: ฿8.8b

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

Foxwell Power

Market Cap: NT$6.4b

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

Binhai Investment

Market Cap: HK$1.5b

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

Pha Lai Thermal Power

Market Cap: ₫3.4t

Engages in the generation and sale of electricity bsuiness in Vietnam.