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January 5, 2018
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Top Longs Based on Momentum

98c
tickernamecountrysectorPeriodChange
YTLYTL CORP. BHDMalaysiaUtilities21.43
AESGENERAES GENER S.A.ChileUtilities17.86
ENELAMENEL AMERICAS SAChileUtilities15.79
ENELAMENEL AMERICAS SAChileUtilities15.79
COLBUNCOLBUN S.A.ChileUtilities15.00
COLBUNCOLBUN S.A.ChileUtilities15.00
YTLPYTL POWER INTERNATIONAL BHDMalaysiaUtilities14.29
YTLPYTL POWER INTERNATIONAL BHDMalaysiaUtilities14.29
AGUAS.AAGUAS ANDINAS SAChileUtilities13.79
AGUAS.AAGUAS ANDINAS SAChileUtilities13.79

Top Shorts Based on Momentum

97d
tickernamecountrysectorPeriodChange
EIXEDISON INTERNATIONALUnited StatesUtilities-22.32
PCGPG&E CORPUnited StatesUtilities-18.58
PPLPPL CORPUnited StatesUtilities-15.46
384CHINA GAS HOLDINGS LTDChinaUtilities-13.75
384CHINA GAS HOLDINGS LTDChinaUtilities-13.75
RWERWE AGGermanyUtilities-12.25
SRESEMPRA ENERGYUnited StatesUtilities-11.09
IENOVA*INFRAESTRUCTURA ENERGETICA NOVAMexicoUtilities-11.01
SCGSCANA CORPUnited StatesUtilities-9.05
GLOW.RGLOW ENERGY THB10(NVDR)ThailandUtilities-8.46
357
MLIndexnameytd1monthFy1PE
MXEF Index MSCIMSCI EM30.030.9112.2
DJUSUTT Index Dow JonesDJ US UtilitiesTr17.15-1.3218.7

Commodities YTD Performance

1f40
NameUnitsKeyLastPriceCurrencyYTDChange USDpct1month
Palladium SpotUSD/t oz.Palladium1090.93USD60.207.93
Lumber (CME)USD/1000 board feetLumber450.30USD42.23-1.12
3Mo Aluminum (LME)USD/MT3Mo Aluminum2268.00USD33.968.36
Copper (Comex)USd/lb.Copper3.2725USD30.616.11
3Mo Zinc (LME)USD/MT3Mo Zinc3319.00USD28.844.50
Rough Rice (CBOT)USD/cwtRough Rice11.76USD25.712.80
NickelUSD/MTNickel12250USD22.260.00
Brent Crude (ICE)USD/bbl.Oil66.46USD16.974.20
Gold SpotUSD/t oz.Gold1311.80USD14.322.03
Feeder Cattle (CME)USd/lb.Feeder Cattle1.455USD11.54-7.82
Cotton #2 (ICE)USd/lb.Cotton0.7744USD9.6112.44
Lean Hogs (CME)USd/lb.Lean Hogs0.7132999999999999USD7.8312.90
Silver (Comex)USD/t oz.Silver17.18USD7.450.94
SteelUSD/MTSteel525USD6.060.57
Wheat (CBOT)USd/bu.Wheat4.4USD4.640.00
Platinum SpotUSD/t oz.Platinum939.25USD4.000.28
Live Cattle (CME)USd/lb.Live Cattle1.2275USD3.150.22
Oats (CBOT)USd/bu.Oats2.325USD1.750.00
Corn (CBOT)USd/bu.Corn3.575USD0.000.00
Canola (ICE)CAD/MTCanola490.40CAD-1.29-4.96
Soybean (CBOT)USd/bu.Soybean9.6575USD-4.620.00
3Mo Tin (LME)USD/MT3Mo Tin20025.00USD-5.213.09
Coffee 'C' (ICE)USd/lb.Coffee1.2965USD-5.402.57
Cocoa (ICE)USD/MTCocoa1933.00USD-9.08-11.53
Cocking CoalCNY/MTCocking Coal1040CNY-12.01-22.04
Ethanol (CBOT)USD/gal.Ethanol1.36USD-15.32-5.56
Natural Gas (Nymex)USD/MMBtuNatural Gas3.02USD 3e5 -18.90-5.92
Rubber (Tokyo)JPY/kgRubber207.00JPY-20.993.97
Sugar #11 (ICE)USd/lb.Sugar0.153USD-21.582.82
Orange Juice (ICE)USd/lb.Orange Juice1.3619999999999999USD-31.25-15.32

Country USD Yields Ordered By YTD Yield Chance

1f40
countryYieldYieldChange
Hong Kong65.3452.24
Venezuela52.6428.85
Israel5.281.09
Lebanon7.010.12
Finland2.810.09
Canada7.660.08
United States5.750.07
France6.320.04
Oman4.950.02
Qatar3.59-0.04
Korea (South)3.95-0.06
Bahrain5.71-0.08
China4.10-0.16
Slovak Republic2.44-0.29
Netherlands4.34-0.33
Philippines3.26-0.35
Pakistan5.56-0.35
Japan3.47-0.35
Thailand3.06-0.40
New Zealand5.06-0.41
Jordan5.77-0.48
South Africa4.98-0.49
Kuwait4.06-0.49
Germany3.78-0.56
United Kingdom4.81-0.57
Peru3.62-0.60
Lithuania2.42-0.60
Chile4.53-0.60
United Arab Emirates4.01-0.61
Guatemala4.22-0.67
Russian Federation3.89-0.68
Poland2.70-0.71
Ireland5.64-0.74
Malaysia3.45-0.76
Taiwan3.37-0.77
Morocco3.66-0.78
Trinidad and Tobago4.63-0.79
Hungary3.15-0.86
Panama3.80-0.86
Colombia4.32-0.86
Indonesia3.86-0.88
Romania3.30-0.89
Azerbaijan4.73-0.93
Mexico4.34-0.95
Brazil5.49-0.98
Paraguay5.12-0.98
Turkey5.03-1.03
India4.07-1.04
Tunisia5.84-1.05
Croatia (Hrvatska)3.16-1.07
Costa Rica5.91-1.07
Cote D'Ivoire (Ivory Coast)5.52-1.14
Uruguay3.68-1.17
Vietnam3.54-1.27
Serbia3.14-1.34
Luxembourg9.87-1.40
Dominican Republic4.79-1.51
Kazakhstan4.14-1.58
Gabon6.09-1.65
El Salvador6.24-1.66
Sri Lanka4.80-1.69
Egypt4.76-1.73
Italy4.05-1.73
Senegal3.87-1.84
Jamaica6.76-1.99
Nigeria5.09-2.00
Argentina5.74-2.14
Ukraine6.53-2.17
Kenya5.66-2.18
Ethiopia5.76-2.26
Ghana6.01-2.33
Zambia6.73-2.37
Ecuador6.10-2.52
Iraq6.53-2.72
Mongolia5.36-2.96
Angola6.95-3.17

Utilities Regional Performance Last Month

728
SubindustryEuropeEMUGEMWorld
Utilities: Gas Utilities3.803.800.980.67
Utilities: Independent Power & Renewable Electricity Producers-0.58-0.581.020.16
Utilities Sector-0.070.090.99-0.48
Utilities Industry Group-0.070.090.99-0.48
Utilities: Electric Utilities-0.25-0.170.96-0.48
Utilities: Multi-Utilities0.040.20-1.07-0.62
Utilities: Water Utilities-0.970.001.62-1.85

Utilities Regional Performance YTD

740
SubindustryEuropeEMUGEMWorld
Utilities: Water Utilities2.430.0014.7912.32
Utilities: Multi-Utilities16.2640.02-9.9510.97
Utilities Sector18.7331.0514.429.93
Utilities Industry Group18.7331.0514.429.93
Utilities: Electric Utilities21.8726.0913.499.42
Utilities: Gas Utilities22.9622.9632.808.54
Utilities: Independent Power & Renewable Electricity Producers0.000.006.774.55

Utilities Performance in Various Countries Last Month

b6d
countryPeriodChange
Chile13.13
Malaysia9.74
Argentina7.34
Philippines5.92
Qatar5.81
Colombia3.70
Czech Republic3.14
Poland1.75
India1.23
Romania0.33
Portugal0.29
Oman0.00
Russian Federation0.00
Indonesia0.00
Australia-0.36
Canada-0.47
United Kingdom-0.50
Morocco-0.64
Spain-0.88
France-1.83
Korea (South)-2.26
Bangladesh-2.27
China-2.67
Brazil-3.62
Japan-3.87
Finland-4.62
Italy-5.08
Thailand-5.94
United States-6.42
Germany-9.51
Mexico-11.01

Utilities Valuation and Growth in Various Countries (Simple Averages)

ec6
CountryPEFy0PEFy12017Growth
GERMANY0.0012.9664.09
INDIA21.7510.5745.78
CANADA16.8117.2732.21
JAPAN9.6111.3024.96
AUSTRALIA0.0015.9522.81
INDONESIA11.6510.9521.34
ITALY16.9214.5417.40
SPAIN17.1815.4913.73
PORTUGAL0.0013.0710.68
BRAZIL5.9413.8210.33
RUSSIA5.996.696.51
FRANCE28.8221.396.47
HONG KONG17.0417.295.39
UNITED STATES16.0618.932.16
COLOMBIA11.650.000.00
CHINA12.0513.18-0.63
CHILE16.9718.55-0.70
PHILIPPINES17.4514.18-1.46
BRITAIN15.9614.58-6.33
MALAYSIA15.4815.39-11.34
CZECH0.0013.39-13.62
SOUTH KOREA6.3410.72-16.47
d72
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    Valuation and Growth of Various Sectors in Utilities

    35
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    Link to Utilities Macro Page

    Utilities sector trades at 2017 simple average 1d PE Fy1 of 15.7 x and 2018 4a PE Fy2 of 14.0 x

    Utilities sector trades at 2017 simple average 20 EV/EBITDA of 9.3 x and 2018 59 EV/EBITDA of 8.7 x

    In terms of Dividend yield Utilities sector trades at 2017 1c Yield of 3.7 % and 2018 50 Dividend Yield of 4.1 %

    On ROE basis Utilities sector trades at 2017 1b ROE of 11.4 % and 2018 55 ROE of 11.7 %

    Largest Companies in Utilities by Market Capitalisation mn$

    16f6
    TickerCompanyCountryIndustrySubIndustryMarketCapUSDmn
    NEE USNextEra Energy IncUNITED STATESUtilitiesElectric Utilities69976.9
    ENEL IMEnel SpAITALYUtilitiesElectric Utilities63421.7
    DUK USDuke Energy CorpUNITED STATESUtilitiesElectric Utilities61085.8
    IBE SMIberdrola SASPAINUtilitiesElectric Utilities52089.0
    D USDominion Energy IncUNITED STATESUtilitiesMulti-Utilities50237.4
    SO USSouthern Co/TheUNITED STATESUtilitiesElectric Utilities49533.9
    EXC USExelon CorpUNITED STATESUtilitiesElectric Utilities36368.1
    PCG USPG&E CorpUNITED STATESUtilitiesElectric Utilities35979.6
    AEP USAmerican Electric Power Co IncUNITED STATESUtilitiesElectric Utilities35958.5
    SRE USSempra EnergyUNITED STATESUtilitiesMulti-Utilities29712.5
    PPL USPPL CorpUNITED STATESUtilitiesElectric Utilities26598.5
    3 HKHong Kong & China Gas Co LtdHONG KONGUtilitiesGas Utilities26395.2
    EIX USEdison InternationalUNITED STATESUtilitiesElectric Utilities26306.0
    2 HKCLP Holdings LtdHONG KONGUtilitiesElectric Utilities26295.6
    ED USConsolidated Edison IncUNITED STATESUtilitiesMulti-Utilities26090.0
    XEL USXcel Energy IncUNITED STATESUtilitiesElectric Utilities25149.5
    EOAN GRE.ON SEGERMANYUtilitiesMulti-Utilities25042.7
    015760 KSKorea Electric Power CorpSOUTH KOREAUtilitiesElectric Utilities23225.8
    PEG USPublic Service Enterprise Group IncUNITED STATESUtilitiesMulti-Utilities23190.0
    NTPC INNTPC LtdINDIAUtilitiesIndependent Power Producers &21861.0

    Number of Companies in Utilities by Country by SubIndustry and Market Capitalisation mn$

    1257
    CountryIndustrySubIndustryNumber of companiesMarketCapUSDmn
    SOUTH KOREAUtilitiesElectric Utilities123225.8
    SOUTH KOREAUtilitiesGas Utilities13523.8
    HONG KONGUtilitiesGas Utilities347213.4
    CHINAUtilitiesGas Utilities17291.2
    HONG KONGUtilitiesWater Utilities19340.7
    HONG KONGUtilitiesElectric Utilities126295.6
    HONG KONGUtilitiesIndependent Power Producers &18966.6
    CHINAUtilitiesIndependent Power Producers &114276.3
    CHINAUtilitiesRenewable Electricity29599.2
    JAPANUtilitiesElectric Utilities536252.9
    UNITED STATESUtilitiesMulti-Utilities9206329.8
    UNITED STATESUtilitiesElectric Utilities13415059.7
    UNITED STATESUtilitiesIndependent Power Producers &17421.3
    CHILEUtilitiesIndependent Power Producers &27185.2
    AUSTRALIAUtilitiesMulti-Utilities112713.3
    CHILEUtilitiesWater Utilities13853.7
    PHILIPPINESUtilitiesIndependent Power Producers &15875.9
    AUSTRALIAUtilitiesGas Utilities17684.0
    UNITED STATESUtilitiesWater Utilities114574.6
    BRAZILUtilitiesRenewable Electricity11485.2

    Top Companies Utilities by Dividend Yield

    6b3
    TickerCompanyCountryIndustrySubIndustryDividendYld_fy1
    TAEE11 BZTransmissora Alianca de Energia Eletrica SABRAZILUtilitiesElectric Utilities9.5
    AESGENER CIAES Gener SACHILEUtilitiesIndependent Power Producers &7.7
    CEZ GRCEZ ASCZECHUtilitiesElectric Utilities7.4
    CPLE6 BZCia Paranaense de EnergiaBRAZILUtilitiesElectric Utilities7.2
    HYDR RMRusHydro PJSCRUSSIAUtilitiesElectric Utilities6.9

    Cheapest Companies in Utilities on FY1 PE

    6da
    TickerCompanyCountryIndustrySubIndustryPE_fy1
    015760 KSKorea Electric Power CorpSOUTH KOREAUtilitiesElectric Utilities6.2
    HYDR RMRusHydro PJSCRUSSIAUtilitiesElectric Utilities6.2
    958 HKHuaneng Renewables Corp LtdCHINAUtilitiesRenewable Electricity6.9
    CPLE6 BZCia Paranaense de EnergiaBRAZILUtilitiesElectric Utilities7.2
    IRAO RMInter RAO UES PJSCRUSSIAUtilitiesElectric Utilities7.2


    Earnings Relises and Dividends

    4c4
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