Global Utilities Undervalued over 20% based on DCF

Harbin Hatou InvestmentLtd

Market Cap: CN¥14.6b

Engages in thermal power and securities business in the People’s Republic of China.

Luenmei QuantumLtd

Market Cap: CN¥14.5b

Engages in the provision of comprehensive energy services in China.

National Central Cooling Company PJSC

Market Cap: د.إ7.7b

Supplies chilled water in the United Arab Emirates, Saudi Arabia, Egypt, Oman, Bahrain, India, and internationally.

Promigas E.S.P

Market Cap: Col$7.5t

Engages in the exploitation, exploration, purchase, storage, transportation, packaging, distribution, trade, and sale of natural gas, electric energy, and hydrocarbons and derivatives derived from oil, coal, and other fuels in Colombia.

Nippon Gas

Market Cap: JP¥314.9b

Engages in the supply and sale of LP gas and natural gas in Japan.

Électricite de Strasbourg Société Anonyme

Market Cap: €1.6b

Engages in the supply of electricity and natural gas to individuals, businesses, and local authorities in France.

Luz del SurA

Market Cap: S/6.3b

Engages in the generation, transmission, and distribution of electricity in Peru.

Empresa Eléctrica Pehuenche

Market Cap: CL$1.6t

Engages in the electrical energy, transmission, distribution, and supply of electrical energy in Chile.

CNTEE Transelectrica

Market Cap: RON 6.9b

CNTEE Transelectrica SA acts as a transmission and system operator of the national power system.

Telecom Plus

Market Cap: UK£1.1b

Provides utility services in the United Kingdom.

China Datang Corporation Renewable Power

Market Cap: HK$10.9b

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

Shandong Hi-Speed Holdings Group

Market Cap: HK$8.2b

An investment holding company, operates photovoltaic and wind power plants in the People’s Republic of China.

China Water Affairs Group

Market Cap: HK$8.0b

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

Admie Holding

Market Cap: €700.0m

Operates, controls, maintains, and develops an electricity transmission system for the supply of electricity in Greece.

Phoenix Power Company SAOG

Market Cap: ر.ع315.9m

Owns, designs, develops, constructs, operates, maintains, finances, and insures power generating stations, associated gas interconnection facilities, and other related infrastructure in the Sultanate of Oman.

Engie Energía Perú

Market Cap: S/2.7b

Engages in the electricity generation, transmission, and distribution activities in Peru.

Cikarang Listrindo

Market Cap: Rp11.7t

Engages in the generation, transmission, and distribution of electricity in Indonesia.

Sichuan Xichang Electric PowerLtd

Market Cap: CN¥4.6b

Engages in generation, supply, distribution, and sale of hydropower in Liangshan prefecture, Sichuan province, China.

Zheneng Jinjiang Environment Holding

Market Cap: S$860.5m

Engages in the generation and sale of electricity and steam in the People’s Republic of China.

Akfen Yenilenebilir Enerji

Market Cap: ₺26.7b

Generates and sells electricity from renewable sources in Turkey.

CK Power

Market Cap: ฿18.7b

Through its subsidiaries, generates and sells electricity and steam in Thailand and Lao People’s Democratic Republic.

Saibu Gas HoldingsLtd

Market Cap: JP¥91.9b

Produces, supplies, and sells natural gas in Japan.

Xinjiang East Universe GasLtd

Market Cap: CN¥3.7b

Engages in the natural gas sales, natural gas facility equipment installation, and natural gas heating businesses.

Litgrid

Market Cap: €445.8m

Engages in the electricity transmission and related services in Lithuania and internationally.

Hunan Chendian International Developmentco.ltd

Market Cap: CN¥3.5b

Engages in the production and supply of power and heat in China and internationally.

Naturgy BAN

Market Cap: AR$682.0b

Engages in natural gas distribution business.

Jordan Electric Power

Market Cap: د.أ344.8m

Engages in the electricity distribution business in Jordan.

Aydem Yenilenebilir Enerji

Market Cap: ₺21.4b

Engages in renewable energy generation in Turkey.

eREXLtd

Market Cap: JP¥74.3b

Engages in the electric power business in Japan and internationally.

Xinjiang Torch Gas

Market Cap: CN¥3.0b

Operates as a gas service company in China.

Yü Group

Market Cap: UK£306.8m

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

Vinh Son - Song Hinh Hydropower

Market Cap: ₫10.2t

Provides electricity services in Vietnam.

SIIC Environment Holdings

Market Cap: S$471.3m

An investment holding company, engages in the wastewater treatment, water supply, sludge treatment, solid waste incineration, and other environment related businesses primarily in the People's Republic of China.

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.

J&V Energy Technology

Market Cap: NT$10.9b

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

Tianjin Development Holdings

Market Cap: HK$2.6b

Through its subsidiaries, supplies water, heat, thermal power, and electricity to industrial, commercial, and residential customers in the People’s Republic of China.