Belgian Telecom Defensive Blue Chips

Busy Ming Group

Market Cap: HK$89.2b

Through its subsidiaries, operates as a food and beverage retailer in China.

Popular

Market Cap: US$11.3b

Through its subsidiaries, provides various retail, mortgage, and commercial banking services for individuals and businesses in Puerto Rico, the United States, the British Virgin Islands, the Caribbean, and Latin America.

Bank of Chengdu

Market Cap: CN¥76.4b

Provides various banking products and services in China.

Maplebear

Market Cap: US$11.3b

Maplebear Inc., doing business as Instacart, operates as a technology and enablement partner for the grocery industry in the United States and internationally.

Turkiye Garanti Bankasi

Market Cap: ₺541.8b

Provides various banking products and services in Turkey.

Mowi

Market Cap: NOK 106.1b

A seafood company, produces and sells Atlantic salmon products worldwide.

Sanlam

Market Cap: R181.5b

Provides various financial services in South Africa, Pan-Africa, Asia, and internationally.

Ingenic SemiconductorLtd

Market Cap: CN¥75.2b

Engages in the research and development, design, and sale of integrated circuit chip products in China and internationally.

SD Guthrie Berhad

Market Cap: RM 45.2b

Operates as an integrated plantations company in Malaysia and internationally.

Tata Consumer Products

Market Cap: ₹1.1t

Manufactures, distributes, and trades in food products in India, the United States, the United Kingdom, and internationally.

Safaricom

Market Cap: KSh1.4t

Provides telecommunication services in Kenya and Ethiopia.

Molina Healthcare

Market Cap: US$11.1b

Provides managed healthcare services to low-income families and individuals under the Medicaid and Medicare programs and through the state insurance marketplaces in the United States.

China Zheshang Bank

Market Cap: HK$86.4b

Provides corporate and retail banking services in Mainland China.

Konfoong Materials International

Market Cap: CN¥74.2b

Konfoong Materials International Co., Ltd.

Bangkok Bank

Market Cap: ฿362.7b

Provides various commercial banking products and services in Thailand and internationally.

Guangdong Haid Group

Market Cap: CN¥74.0b

Research, develops, designs, produces, sells, and services animal feed products in China and internationally.

Wintrust Financial

Market Cap: US$11.0b

A financial holding company, provides community-oriented, personal, and commercial banking services in the United States.

Rambus

Market Cap: US$10.9b

Manufactures and sells semiconductor products in the United States, South Korea, Singapore, and internationally.

Sichuan Chuantou EnergyLtd

Market Cap: CN¥73.7b

Engages in the clean energy business in China.

BDO Unibank

Market Cap: ₱671.7b

Provides various banking products and services to individuals and corporations in the Philippines and internationally.

Glaukos

Market Cap: US$10.9b

An ophthalmic pharmaceutical and medical technology company, develops therapies for the treatment of glaucoma, corneal disorders, and retinal diseases in the United States and internationally.

SouthState Bank

Market Cap: US$10.8b

Operates as the bank holding company for SouthState Bank, National Association that provides a range of banking services and products to individuals and companies in the United States.

Ambuja Cements

Market Cap: ₹1.0t

Manufactures, markets, and sells cement and related products to individual home builders, developers, institutional clients, masons, contractors, architects, and construction professionals in India.

Discovery

Market Cap: R174.3b

Provides various insurance products and services primarily in South Africa and the United Kingdom.

Unicaja Banco

Market Cap: €9.3b

Engages in the retail banking business in Spain.

Budweiser Brewing Company APAC

Market Cap: HK$84.2b

An investment holding company, engages in brewing and distribution of beer in South Korea, Japan, New Zealand, China, India, Vietnam, Southeast Asia, and internationally.

Henan Shijia Photons Technology

Market Cap: CN¥72.3b

Henan Shijia Photons Technology Co., Ltd.

Dairibord Holdings

Market Cap: US$1.4b

Manufactures, processes, markets, and distributes milk, food, and beverage products in Zimbabwe.

Ryan Specialty Holdings

Market Cap: US$10.7b

Operates as a service provider of specialty products and solutions for insurance brokers, agents, and carriers in the United States, Canada, the United Kingdom, rest of Europe, India, Singapore, and internationally.

Marks and Spencer Group

Market Cap: UK£7.9b

Operates various retail stores.

Globalstar

Market Cap: US$10.7b

Provides mobile satellite services in the United States, Canada, Europe, Central and South America, and internationally.

YTL Power International Berhad

Market Cap: RM 43.1b

An investment holding company, provides electricity, clean water, sewerage system, and telecommunication services in Malaysia, Singapore, the United Kingdom, and internationally.

Commercial Bank for Investment and Development of Vietnam

Market Cap: ₫279.2t

Provides various banking products and services in Vietnam and internationally.

Quebecor

Market Cap: CA$14.7b

Engages in the telecommunications, media, and sports and entertainment businesses in Canada.

Chongqing Rural Commercial Bank

Market Cap: HK$83.1b

Provides banking and related financial services in the People’s Republic of China.

Darling Ingredients

Market Cap: US$10.6b

Develops, produces, and sells sustainable natural ingredients from edible and inedible bio-nutrients in North America, Europe, China, South America, and internationally.