Global Utilities Undervalued based on future growth

AXIA Energia

Market Cap: R$149.9b

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

Saudi Energy

Market Cap: ر.س70.6b

Generates, transmits, and distributes electricity in the Kingdom of Saudi Arabia.

Korea Electric Power

Market Cap: ₩21.2t

Engages in the generation, transmission, and distribution of electricity in South Korea and internationally.

China Longyuan Power Group

Market Cap: HK$115.2b

Engages in new energy power generation in the Chinese Mainland, Canada, South Africa, and Ukraine.

Aboitiz Power

Market Cap: ₱304.8b

Through its subsidiaries, engages in the power generation and distribution, and electricity retail businesses in the Philippines.

Pampa Energía

Market Cap: AR$7.2t

Operates as an integrated power company in Argentina.

Aboitiz Equity Ventures

Market Cap: ₱197.1b

Through its subsidiaries, engages in power, banking and financial services, food, infrastructure, land, and data science and artificial intelligence businesses in the Philippines and rest of Asia.

ENEA

Market Cap: zł10.1b

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

Colbún

Market Cap: CL$2.4t

Operates as an electric energy generating company.

Power and Water Utility Company for Jubail and Yanbu

Market Cap: ر.س9.4b

Engages in the provision of utility services to governmental, industrial, commercial, and residential customers.

ReNew Energy Global

Market Cap: US$2.2b

Engages in the generation of power through non-conventional and renewable energy sources in India.

Korea Gas

Market Cap: ₩3.0t

Engages in the exploration, development, production, import, and wholesale of liquefied natural gas (LNG), compressed natural gas, and natural gas in Korea, Australia, Iraq, Mozambique, and Myanmar.

Beijing Jingneng Clean Energy

Market Cap: HK$16.2b

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

Jiaze Renewables

Market Cap: CN¥13.4b

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

AB Ignitis grupe

Market Cap: €1.6b

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

Admie Holding

Market Cap: €1.6b

Engages in the production and supply of electricity transmission in Greece.

PetroVietnam Power Corporation - JSC

Market Cap: ₫42.0t

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

Hokkaido Electric Power Company

Market Cap: JP¥208.9b

Generates, transmits, and distributes electricity in Japan.

Aygaz

Market Cap: ₺57.2b

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

China Datang Corporation Renewable Power

Market Cap: HK$9.2b

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

Compañía de Transporte de Energía Eléctrica en Alta Tensión Transener

Market Cap: AR$1.6t

Compañía de Transporte de Energía Eléctrica en Alta Tensión Transener S.A.

Alkhorayef Water and Power Technologies

Market Cap: ر.س3.5b

Designs, constructs, operates, maintains, and manages water and wastewater projects in Saudi Arabia.

Akfen Yenilenebilir Enerji

Market Cap: ₺28.4b

Generates and sells electricity from renewable sources in Turkey.

China Everbright Water

Market Cap: S$643.7m

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

Yü Group

Market Cap: UK£313.7m

Through its subsidiaries, supplies energy and utility solutions primarily in the United Kingdom.

Binh Duong Water - Environment Corporation -

Market Cap: ₫9.5t

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

Concord New Energy Group

Market Cap: HK$2.7b

An investment holding company, engages in the power generation business in the People’s Republic of China, North America, Europe, Oceania, Southeast Asia, and internationally.

HD Renewable Energy

Market Cap: NT$11.0b

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

Shandong Hi-Speed New Energy Group

Market Cap: HK$2.6b

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.

Ecoener

Market Cap: €231.1m

Ecoener, S.A., though its subsidiaries, engages in the generation of renewable energy business in Spain, Honduras, Guatemala, Dominican Republic, Colombia, Panama, and internationally.

China Everbright Greentech

Market Cap: HK$1.6b

An investment holding company, engages in the design, construction, operation, and maintenance of integrated biomass and waste-to-energy projects in China.

Gia Lai Electricity

Market Cap: ₫4.6t

Produces, transmits, and distributes electricity in Vietnam.

Sermsang Power Corporation

Market Cap: ฿5.6b

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

Wasco Greenergy Berhad

Market Cap: RM 182.5m

Operates biomass and steam energy plants in Bursa Malaysia.

ABO Energy GmbH KGaA

Market Cap: €32.6m

Develops renewable energy projects in Germany and internationally.

Tonking New Energy Group Holdings

Market Cap: HK$181.6m

Engages in the renewable energy business in the People’s Republic of China.