Global Utilities Undervalued based on future growth

Korea Electric Power

Market Cap: ₩32.1t

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$107.4b

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

China Resources Power Holdings

Market Cap: HK$92.1b

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$9.8b

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

Public Power

Market Cap: €6.2b

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

Grupo Energía Bogotá E.S.P

Market Cap: Col$27.4t

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

China Power International Development

Market Cap: HK$42.7b

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: zł10.3b

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

Beijing Jingneng Clean Energy

Market Cap: HK$19.4b

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

Enerjisa Enerji

Market Cap: ₺104.6b

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

China Green Electricity Investment of Tianjin

Market Cap: CN¥17.2b

China Green Electricity Investment of Tianjin Co., Ltd.

China Datang Corporation Renewable Power

Market Cap: HK$15.9b

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

Electricity Generating

Market Cap: ฿62.1b

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¥13.4b

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.

Scatec

Market Cap: NOK 16.5b

Provides renewable energy solutions worldwide.

Xinjiang Xintai Natural Gas

Market Cap: CN¥11.3b

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

ACME Solar Holdings

Market Cap: ₹139.7b

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

NYOCOR

Market Cap: CN¥10.4b

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

PetroVietnam Power Corporation - JSC

Market Cap: ₫33.4t

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

China Water Affairs Group

Market Cap: HK$8.8b

An investment holding company, engages in the water supply, environmental protection, and property businesses in the People’s Republic of China.

Inversiones Aguas Metropolitanas

Market Cap: CL$1.0t

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

Citicore Renewable Energy

Market Cap: ₱47.2b

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

Cikarang Listrindo

Market Cap: Rp11.0t

Operates power generating facilities in Indonesia.

Top Resource Energy

Market Cap: CN¥4.6b

Engages in the trading and sale of natural gas, pipeline transportation, urban gas transmission and distribution, gas engineering design, and technical services.

HD Renewable Energy

Market Cap: NT$14.1b

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

J&V Energy Technology

Market Cap: NT$12.8b

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

Elmera Group

Market Cap: NOK 4.1b

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: ₫10.1t

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.

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.

Galata Wind Enerji

Market Cap: ₺12.9b

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

Rojana Industrial Park

Market Cap: ฿8.9b

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

Foxwell Power

Market Cap: NT$7.0b

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