Global Utilities Undervalued based on future growth

Saudi Energy

Market Cap: ر.س71.5b

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

Korea Electric Power

Market Cap: ₩26.6t

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

China Longyuan Power Group

Market Cap: HK$122.8b

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

ENN Natural Gas

Market Cap: CN¥54.5b

Engages in the natural gas business in China and internationally.

Aboitiz Power

Market Cap: ₱317.1b

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

Pampa Energía

Market Cap: AR$7.1t

Operates as an integrated power company in Argentina.

Aboitiz Equity Ventures

Market Cap: ₱180.5b

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: zł10.3b

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

Power and Water Utility Company for Jubail and Yanbu

Market Cap: ر.س9.7b

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

Colbún

Market Cap: CL$2.3t

Operates as an electric energy generating company.

ReNew Energy Global

Market Cap: US$2.3b

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

Aksa Enerji Üretim

Market Cap: ₺100.6b

An independent power producer, produces and sells electricity in Turkey, Asia, and Africa.

Perusahaan Gas Negara (Persero)

Market Cap: Rp38.2t

Engages in the transmission and distribution of natural gas in Indonesia.

Korea Gas

Market Cap: ₩3.2t

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.

Jiaze Renewables

Market Cap: CN¥14.0b

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.

PetroVietnam Power Corporation - JSC

Market Cap: ₫42.6t

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

China Datang Corporation Renewable Power

Market Cap: HK$11.0b

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

Hokkaido Electric Power Company

Market Cap: JP¥195.2b

Generates, transmits, and distributes electricity in Japan.

Cox ABG Group

Market Cap: €1.0b

Operates as an integrated utility of water and energy company in South America, Mexico, Europe, Africa, Spain, Latin America, and internationally.

Admie Holding

Market Cap: €966.5m

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

Aygaz

Market Cap: ₺49.9b

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

China Water Affairs Group

Market Cap: HK$7.6b

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

First Gen

Market Cap: ₱57.3b

Engages in the power generation business in the Philippines.

Akfen Yenilenebilir Enerji

Market Cap: ₺30.7b

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.

Concord New Energy Group

Market Cap: HK$3.4b

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.

Yü Group

Market Cap: UK£305.1m

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

Binh Duong Water - Environment Corporation -

Market Cap: ₫9.7t

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

Shandong Hi-Speed New Energy Group

Market Cap: HK$2.8b

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.

GreenTech Environmental

Market Cap: CN¥1.8b

Engages in the water treatment and waste-to-resources projects in the People’s Republic of China.

China Everbright Greentech

Market Cap: HK$1.7b

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: ₫5.0t

Produces, transmits, and distributes electricity in Vietnam.

Sermsang Power Corporation

Market Cap: ฿4.7b

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

Pha Lai Thermal Power

Market Cap: ₫3.1t

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

Wasco Greenergy Berhad

Market Cap: RM 200.0m

Operates biomass and steam energy plants in Bursa Malaysia.