Moroccan Utilities Defensive Blue Chips

East West Bancorp

Market Cap: US$17.7b

Operates as the bank holding company for East West Bank that provides a range of personal and commercial banking services to businesses and individuals in the United States.

Skyverse Technology

Market Cap: CN¥120.1b

Manufactures and sells quality control equipment to enterprises involved in the front-end integrated circuit processes and packaging in China and internationally.

Saudi Awwal Bank

Market Cap: ر.س66.3b

Provides banking and financial services in the Kingdom of Saudi Arabia.

Nexchip Semiconductor (China)

Market Cap: CN¥119.6b

Engages in the research, development, production, and sale of integrated circuit related products in China and internationally.

Varun Beverages

Market Cap: ₹1.7t

Manufactures, bottles, sells, and distributes beverages under the PepsiCo brands in India, Sri Lanka, Nepal, Zambia, Morocco, Zimbabwe, the Democratic Republic of Congo, Mozambique, South Africa, Lesotho, Eswatini, Namibia, and Botswana.

Tenet Healthcare

Market Cap: US$17.5b

Operates as a diversified healthcare services company in the United States.

Elia Group

Market Cap: €15.3b

Develops and operates as a transmission system operator in Belgium and Germany.

E.SUN Financial Holding Company

Market Cap: NT$557.2b

Offers various financial banking products and services in Taiwan.

Mizrahi Tefahot Bank

Market Cap: ₪52.1b

Provides various banking services in Israel and internationally.

Amkor Technology

Market Cap: US$17.3b

Provides outsourced semiconductor packaging and test services in the United States, Japan, Europe, and the Asia Pacific.

Luzhou LaojiaoLtd

Market Cap: CN¥115.1b

Produces and sells alcoholic products in China and internationally.

Zimmer Biomet Holdings

Market Cap: US$16.9b

Operates as a medical technology company worldwide.

National Silicon Industry Group

Market Cap: CN¥114.4b

National Silicon Industry Group Co., Ltd.

China Resources Microelectronics

Market Cap: CN¥114.3b

Engages in the manufacture and sale of semiconductors in China and internationally.

Airtel Africa

Market Cap: UK£12.5b

Provides telecommunications and mobile money services in Nigeria, East Africa, and Francophone Africa.

Hua Nan Financial Holdings

Market Cap: NT$532.3b

Provides financial services in Taiwan and internationally.

Puya Semiconductor (Shanghai)

Market Cap: CN¥112.5b

Engages in research, development, design, and sale of non-volatile memory chips and memory-based derivative chips in China and internationally.

Krung Thai Bank

Market Cap: ฿548.6b

Engages in commercial banking business in Thailand and internationally.

Bank of Hangzhou

Market Cap: CN¥111.2b

Provides various banking products and services in China.

Bank Polska Kasa Opieki

Market Cap: zł61.2b

A commercial bank, provides banking products and services to retail and corporate clients in Poland.

Beijing E-Town Semiconductor Technology

Market Cap: CN¥110.6b

Beijing E-Town Semiconductor Technology Co., Ltd.

Kokusai Electric

Market Cap: JP¥2.6t

Engages in the development, manufacture, sale, repair, and maintenance of semiconductor manufacturing equipment worldwide.

National Bank of Greece

Market Cap: €14.1b

Provides banking, financial products, and services primarily in Greece, Cyprus, North Macedonia, Romania, Bulgaria, Luxembourg, the Netherlands, and the United Kingdom, and internationally.

Kasikornbank

Market Cap: ฿538.4b

Provides commercial banking products and services in Thailand and internationally.

Emirates Islamic Bank PJSC

Market Cap: د.إ58.9b

Provides banking products and services financing and investing instruments in the United Arab Emirates and internationally.

Beijing YanDong MicroElectronic

Market Cap: CN¥108.9b

Beijing YanDong MicroElectronic Co., Ltd.

Bank of Beijing

Market Cap: CN¥108.7b

Provides various banking services to individuals and corporates in China.

Hua Xia Bank

Market Cap: CN¥108.1b

Provides commercial banking services in China and Hong Kong.

mBank

Market Cap: zł59.7b

Provides various banking and financial services in Poland, the Czech Republic, Slovakia, and internationally.

SDIC Power Holdings

Market Cap: CN¥108.0b

Engages in the electricity generation business in China.

SiTime

Market Cap: US$15.9b

Engages in the design, development, and sale of silicon timing systems solutions in Hong Kong, Taiwan, the United States, Singapore, and internationally.

FinecoBank Banca Fineco

Market Cap: €13.8b

Provides banking, credit, trading and investment services in Italy.

Phison Electronics

Market Cap: NT$506.3b

Designs, manufactures, and sells flash memory controllers and peripheral system applications in Asia, the United States, Europe, Australia, and internationally.

BAWAG Group

Market Cap: €13.8b

Operates as a holding company for BAWAG P.S.K.

ING Bank Slaski

Market Cap: zł59.0b

Provides various banking products and services for retail clients and businesses in Poland.

Powszechny Zaklad Ubezpieczen

Market Cap: zł58.9b

Provides life and non-life insurance products and services in Poland, the Baltic States, and Ukraine.