Serbian Utilities Defensive Blue Chips

BDO Unibank

Market Cap: ₱658.9b

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

Shizuoka Financial GroupInc

Market Cap: JP¥1.7t

Provides various banking products and services.

Indus Towers

Market Cap: ₹1.0t

A telecom infrastructure company, engages in the operation and maintenance of wireless communication towers and related infrastructures for various telecom service providers in India, Nigeria, Uganda, and Zambia.

Suzhou Everbright Photonics

Market Cap: CN¥72.0b

Engages in the research, development, packaging, and sale of optoelectronic devices and systems in China and internationally.

Safaricom

Market Cap: KSh1.4t

Provides telecommunication services in Kenya and Ethiopia.

Encompass Health

Market Cap: US$10.6b

Operates inpatient rehabilitation hospitals in the United States and Puerto Rico.

Henan Shijia Photons Technology

Market Cap: CN¥71.7b

Henan Shijia Photons Technology Co., Ltd.

KINGSEMI

Market Cap: CN¥71.6b

Engages in the research and development, production, sales, and service provision of semiconductor fabrication equipment in China and internationally.

Manila Electric

Market Cap: ₱648.1b

Manila Electric Company holds a congressional franchise to construct, operate, and maintain an electric distribution system in the Philippines.

TIM

Market Cap: R$54.5b

Engages in the telecommunications sector in Brazil.

Marks and Spencer Group

Market Cap: UK£7.9b

Operates various retail stores.

Alpha Bank

Market Cap: €9.2b

Provides various banking and financial products and services in Greece and internationally.

Sichuan Chuantou EnergyLtd

Market Cap: CN¥71.1b

Engages in the clean energy business in China.

Centrica

Market Cap: UK£7.8b

Operates as an integrated energy company in the United Kingdom, Ireland, Scandinavia, North America, and internationally.

United Spirits

Market Cap: ₹989.3b

Manufactures, sells, and distributes alcoholic beverages and other allied spirits in India and internationally.

Globalstar

Market Cap: US$10.4b

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

JoulWatt Technology

Market Cap: CN¥70.3b

Engages in the research and development, and sale of analog integrated circuits in China.

Allegro MicroSystems

Market Cap: US$10.3b

Designs, develops, manufactures, and markets sensor integrated circuits (ICs) and application-specific power ICs for sensing, motion control, and power management functions of complex electromechanical or power conversion systems.

Yangzhou Yangjie Electronic Technology

Market Cap: CN¥69.9b

Yangzhou Yangjie Electronic Technology Co., Ltd.

Budweiser Brewing Company APAC

Market Cap: HK$80.6b

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

China Zheshang Bank

Market Cap: HK$80.5b

Provides corporate and retail banking services in Mainland China.

Novatek Microelectronics

Market Cap: NT$327.4b

A fabless chip design company, designs, develops and sells a range of display driver integrated circuits (IC) and system-on-a-chip (SoC) solutions in Taiwan, Asia, and internationally.

SD Guthrie Berhad

Market Cap: RM 41.8b

Operates as an integrated plantations company in Malaysia and internationally.

OGE Energy

Market Cap: US$10.2b

Through its subsidiaries, generates, transmits, distributes, and sells electric energy in the United States.

Zions Bancorporation National Association

Market Cap: US$10.2b

Provides various banking products and related services primarily in the states of Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming.

Silicon Motion Technology

Market Cap: US$10.2b

Designs, develops, and markets NAND flash controllers for solid-state storage devices and related devices in China, Japan, Singapore, Taiwan, Korea, the United States, and internationally.

CPFL Energia

Market Cap: R$52.6b

Through its subsidiaries, operates as an energy company in Brazil.

Beazley

Market Cap: UK£7.6b

Through its subsidiaries, provides risk insurance and reinsurance solutions in the United States, the United Kingdom, and rest of Europe.

Chongqing Rural Commercial Bank

Market Cap: HK$79.6b

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

Shree Cement

Market Cap: ₹965.7b

Engages in the manufacture and sale of cement and clinker in India and internationally.

Unigroup Guoxin Microelectronics

Market Cap: CN¥68.7b

Unigroup Guoxin Microelectronics Co., Ltd.

Vietnam Commercial Bank for Industry and Trade

Market Cap: ₫265.2t

Provides various banking products and services in Vietnam and internationally.

Mowi

Market Cap: NOK 99.0b

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

Busy Ming Group

Market Cap: HK$78.9b

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

Old National Bancorp

Market Cap: US$10.0b

Operates as the bank holding company for Old National Bank that provides consumer and commercial banking services in the United States.

Circuit Fabology Microelectronics Equipment

Market Cap: CN¥68.1b

Circuit Fabology Microelectronics Equipment Co., Ltd.