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September 24, 2018
24

Top Longs Based on Momentum

9c8
tickernamecountrysectorPeriodChange
GASPETROVIETNAM GAS CORPVietnamUtilities27.11
PGASPERUSAHAAN GAS NEGARA (PERSERO) ORIndonesiaUtilities16.67
PCGPG&E CORPUnited StatesUtilities10.90
392BEIJING ENTERPRISES HOLDINGS LTDChinaUtilities10.55
CNACENTRICA PLCUnited KingdomUtilities7.03
CEPUCENTRAL PUERTO ADR REPRESENTING SArgentinaUtilities6.88
SEVSUEZ SAFranceUtilities6.04
9503KANSAI ELECTRIC POWER INCJapanUtilities5.80
EGCO.RELECTRICITY GENERATING NON-VOTINGThailandUtilities5.62
9506TOHOKU ELECTRIC POWER INCJapanUtilities4.59

Top Shorts Based on Momentum

9d4
tickernamecountrysectorPeriodChange
384CHINA GAS HOLDINGS LTDChinaUtilities-24.56
384CHINA GAS HOLDINGS LTDChinaUtilities-24.56
EDNEDENOR ADR REPSTG SA CLASS BArgentinaUtilities-20.25
CMIG4CIA ENERGETICA DE MINAS GERAIS PREBrazilUtilities-19.44
CMIG4CIA ENERGETICA DE MINAS GERAIS PREBrazilUtilities-19.44
958HUANENG RENEWABLES CORP LTDChinaUtilities-18.92
ELET3CENTRAIS ELETR BRAS-ELETROBRASBrazilUtilities-18.52
ELET3CENTRAIS ELETR BRAS-ELETROBRASBrazilUtilities-18.52
ENBR3ENERGIAS DO BRASIL SABrazilUtilities-18.06
1071HUADIAN POWER INTERNATIONAL CORP LChinaUtilities-17.39
357
MLIndexnameytd1monthFy1PE
DJUSUTT Index Dow JonesDJ US UtilitiesTr5.662.4517.0
MXEF Index MSCIMSCI EM-11.62-3.7110.7

Commodities YTD Performance

1f40
NameUnitsKeyLastPriceCurrencyYTDChange USDpct1month
Cocking CoalCNY/MTCocking Coal1334CNY28.27-4.17
Brent Crude (ICE)USD/bbl.Oil79.70USD19.922.49
Wheat (CBOT)USd/bu.Wheat5.2025USD18.247.60
Cocoa (ICE)USD/MTCocoa2195.00USD13.55-10.44
Feeder Cattle (CME)USd/lb.Feeder Cattle1.5773USD8.417.43
Orange Juice (ICE)USd/lb.Orange Juice1.466USD7.64-8.63
Oats (CBOT)USd/bu.Oats2.49USD7.104.84
Cotton #2 (ICE)USd/lb.Cotton0.7896USD1.96-5.49
NickelUSD/MTNickel12465USD1.76-15.18
Canola (ICE)CAD/MTCanola486.30CAD-0.84-4.72
SteelUSD/MTSteel516USD-1.71-6.27
Corn (CBOT)USd/bu.Corn3.4525USD-3.43-2.54
Natural Gas (Nymex)USD/MMBtuNatural Gas2.91USD-3.64-1.36
Live Cattle (CME)USd/lb.Live Cattle1.1798USD-3.8913.74
Palladium SpotUSD/t oz.Palladium1039.45USD-4.726.04
3Mo Tin (LME)USD/MT3Mo Tin18870.00USD-5.77-7.61
Ethanol (CBOT)USD/gal.Ethanol1.25USD-8.09-12.59
Gold SpotUSD/t oz.Gold1205.34USD-8.12-7.36
3Mo Aluminum (LME)USD/MT3Mo Aluminum2026.00USD-10.67-10.95
Platinum SpotUSD/t oz.Platinum824.48USD-12.22-9.14
Soybean (CBOT)USd/bu.Soybean8.265USD-14.42-6.45
Rough Rice (CBOT)USD/cwtRough Rice9.98USD-15.14-11.05
Copper (Comex)USd/lb.Copper2.7405USD-16.26-9.96
Silver (Comex)USD/t oz.Silver14.36USD-16.41-12.71
Rubber (Tokyo)JPY/kgRubber169.70JPY-18.02-2.69
Lean Hogs (CME)USd/lb.Lean Hogs0.579USD-18.83-23.53
Lumber (CME)USD/1000 board feetLumber347.20USD-22.90-35.80
Sugar #11 (ICE)USd/lb.Sugar0.1164USD-23.92-4.98
Coffee 'C' (ICE)USd/lb.Coffee0.9670000000000001USD-25.41-16.46
3Mo Zinc (LME)USD/MT3Mo Zinc2434.00USD-26.66-21.20

Country USD Yields Ordered By YTD Yield Change

1f40
countryYieldYieldChange
Zambia12.125.90
Turkey10.945.58
Jamaica11.754.94
Lebanon11.794.53
Argentina9.613.93
Ecuador10.043.29
Tunisia8.772.98
Bermuda11.122.47
Russian Federation6.482.07
Sri Lanka6.912.05
Kenya7.611.92
Gabon7.951.90
India6.301.81
Ukraine8.491.70
Cote D'Ivoire (Ivory Coast)7.361.66
Senegal7.181.65
Italy6.591.61
Egypt7.281.50
South Africa6.291.39
China5.961.39
Nigeria7.251.38
Pakistan7.501.36
El Salvador7.601.27
Bahrain7.311.21
Ethiopia7.001.19
Iraq7.561.18
Mongolia6.601.18
Trinidad and Tobago5.271.11
Singapore5.111.08
Brazil6.781.06
Ghana7.111.06
Romania4.381.05
Jordan7.201.02
Dominican Republic5.831.00
Indonesia4.900.97
Belgium6.350.95
Australia5.650.95
Lithuania3.400.93
Serbia4.040.91
Morocco4.780.91
Hong Kong4.690.91
Oman5.640.90
Costa Rica6.880.86
Hungary4.010.85
Bolivia5.820.84
Chile5.170.83
Malaysia4.410.82
Macau5.850.82
Uruguay4.500.79
Kazakhstan5.510.79
Slovak Republic3.270.79
Netherlands5.120.78
Poland3.470.77
Kuwait4.360.76
Philippines4.080.74
Vietnam4.270.72
Peru4.810.71
Mexico5.180.68
Croatia (Hrvatska)3.900.67
Taiwan4.100.65
New Zealand5.720.65
Guatemala5.370.64
Qatar4.420.61
Panama4.700.59
Angola7.570.59
Paraguay5.740.58
Saudi Arabia5.290.58
Colombia5.010.54
Korea (South)4.150.54
United Arab Emirates4.810.53
Supranational4.100.53
Thailand4.600.53
Finland4.550.51
France7.140.47
Azerbaijan5.170.41
Sweden4.410.37
Canada6.380.30
United Kingdom5.800.30
Ireland5.420.26
United States5.660.24
Israel5.34-0.08
Germany4.98-0.16
Switzerland6.96-0.18
Venezuela5.66-1.55
Luxembourg7.39-2.09

Utilities Regional Performance Last Month

721
SubindustryEuropeEMUGEMWorld
Utilities: Independent Power & Renewable Electricity Producers1.231.230.002.65
Utilities: Electric Utilities2.984.360.471.05
Utilities Sector1.352.610.740.45
Utilities Industry Group1.352.610.740.45
Utilities: Gas Utilities3.533.532.270.36
Utilities: Multi-Utilities-0.26-0.23-3.03-0.71
Utilities: Water Utilities-4.990.000.61-1.57

Utilities Regional Performance YTD

748
SubindustryEuropeEMUGEMWorld
Utilities: Independent Power & Renewable Electricity Producers-0.71-0.71-7.3015.23
Utilities: Gas Utilities20.5320.5314.0211.15
Utilities: Electric Utilities0.321.07-15.881.91
Utilities Sector-3.01-0.92-7.520.19
Utilities Industry Group-3.01-0.92-7.520.19
Utilities: Multi-Utilities-7.06-5.97-12.50-5.10
Utilities: Water Utilities-17.020.00-12.46-9.70

Utilities Performance in Various Countries Last Month

b73
countryPeriodChange
Vietnam27.11
Indonesia16.67
Hong Kong5.24
Bangladesh4.26
Romania4.03
Italy2.35
Finland1.52
Thailand1.40
Japan1.17
Mexico1.03
United States0.51
Spain0.11
United Kingdom0.04
Russian Federation0.00
India-0.55
Czech Republic-0.88
Canada-1.10
Qatar-1.64
France-2.47
Germany-2.97
Malaysia-4.08
Poland-4.14
Australia-4.84
Chile-6.17
Korea (South)-6.79
Argentina-7.01
China-7.52
Portugal-7.79
Philippines-8.75
Colombia-9.45
Brazil-15.75

Utilities Valuation and Growth in Various Countries (Simple Averages)

11ef
CountryPEFy0PEFy12018Growth
INDONESIA21.0012.0077.87
CHINA12.009.2557.18
BRAZIL7.718.8648.71
INDIA11.338.8929.38
SOUTH KOREA9.009.5029.37
AUSTRALIA31.0013.0027.52
FINLAND0.000.0023.24
CHILE11.339.1719.02
JAPAN12.5712.0017.66
ITALY13.5013.0015.37
PHILIPPINES14.0011.0015.29
HONG KONG16.0017.0014.66
MALAYSIA16.0015.758.79
SPAIN12.2518.008.72
BRITAIN16.0012.007.97
CANADA16.5015.005.84
UNITED STATES15.9713.703.84
PORTUGAL0.0014.003.23
NEW ZEALAND18.5018.002.15
ROMANIA0.000.000.00
FRANCE19.2513.00-1.58
THAILAND13.0015.00-1.97
RUSSIA2.832.50-6.05
GERMANY4.5013.50-7.75
AUSTRIA23.0028.00-10.76
CZECH0.0019.00-22.70
COLOMBIA5.000.00-49.96
f95
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    Valuation and Growth of Various Sectors in Utilities

    35
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    3d7
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    Link to Utilities Macro Page 37

    Utilities sector trades at 2018 simple average 13 PE Fy1 of 10.7 x a and 2018 12 PE Fy2 of 9.9 x 37

    Utilities sector trades at 2018 simple average 16 EV/EBITDA of 6.4 x a and 2018 15 EV/EBITDA of 6.1 x 44

    In terms of Dividend yield Utilities sector trades at 2018 12 Yield of 2.9 % a and 2018 1a Dividend Yield of 3.3 % 36

    On ROE basis Utilities sector trades at 2018 10 ROE of 9.3 % a and 2018 f ROE of 9.2 % 45

    Largest Companies in Utilities by Market Capitalisation mn$

    1682
    TickerCompanyCountryIndustrySubIndustryMarketCapUSDmn
    NEE USNextEra Energy IncUNITED STATESUtilitiesElectric Utilities74991.0
    ENEL IMEnel SpAITALYUtilitiesElectric Utilities63889.0
    DUK USDuke Energy CorpUNITED STATESUtilitiesElectric Utilities53344.0
    IBE SMIberdrola SASPAINUtilitiesElectric Utilities49631.0
    SO USSouthern Co/TheUNITED STATESUtilitiesElectric Utilities44369.0
    D USDominion Energy IncUNITED STATESUtilitiesMulti-Utilities43084.0
    EDF FPElectricite de France SAFRANCEUtilitiesElectric Utilities41735.0
    EXC USExelon CorpUNITED STATESUtilitiesElectric Utilities36437.0
    AEP USAmerican Electric Power Co IncUNITED STATESUtilitiesElectric Utilities32806.0
    SRE USSempra EnergyUNITED STATESUtilitiesMulti-Utilities29100.0
    3 HKHong Kong & China Gas Co LtdHONG KONGUtilitiesGas Utilities28866.0
    2 HKCLP Holdings LtdHONG KONGUtilitiesElectric Utilities25908.0
    PEG USPublic Service Enterprise Group IncUNITED STATESUtilitiesMulti-Utilities24955.0
    GAS SMGas Natural SDG SASPAINUtilitiesGas Utilities24685.0
    EOAN GRE.ON SEGERMANYUtilitiesMulti-Utilities24409.0
    ED USConsolidated Edison IncUNITED STATESUtilitiesMulti-Utilities23703.0
    TNB MKTenaga Nasional BhdMALAYSIAUtilitiesElectric Utilities23234.0
    PCG USPG&E CorpUNITED STATESUtilitiesElectric Utilities23024.0
    XEL USXcel Energy IncUNITED STATESUtilitiesElectric Utilities22391.0
    NTPC INNTPC LtdINDIAUtilitiesIndependent Power Producers &21592.0
    62

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

    125f
    CountryIndustrySubIndustryNumber of companiesMarketCapUSDmn
    SOUTH KOREAUtilitiesElectric Utilities120725.0
    SOUTH KOREAUtilitiesGas Utilities14275.0
    HONG KONGUtilitiesGas Utilities354580.0
    CHINAUtilitiesGas Utilities19450.0
    HONG KONGUtilitiesWater Utilities110060.0
    HONG KONGUtilitiesElectric Utilities125908.0
    HONG KONGUtilitiesIndependent Power Producers &18689.0
    CHINAUtilitiesIndependent Power Producers &222377.0
    CHINAUtilitiesRenewable Electricity211527.0
    JAPANUtilitiesElectric Utilities646267.0
    JAPANUtilitiesIndependent Power Producers &14747.0
    UNITED STATESUtilitiesMulti-Utilities13214350.0
    UNITED STATESUtilitiesElectric Utilities15375279.0
    UNITED STATESUtilitiesIndependent Power Producers &322490.0
    CHILEUtilitiesIndependent Power Producers &36826.0
    AUSTRALIAUtilitiesMulti-Utilities110549.0
    CHILEUtilitiesWater Utilities13980.0
    RUSSIAUtilitiesElectric Utilities2133981.0
    PHILIPPINESUtilitiesIndependent Power Producers &15326.0
    AUSTRALIAUtilitiesGas Utilities17203.0

    Top Companies Utilities by Dividend Yield

    6c5
    TickerCompanyCountryIndustrySubIndustryDividendYld_fy1
    CPFE3 BZCPFL Energia SABRAZILUtilitiesElectric Utilities12.0
    TAEE11 BZTransmissora Alianca de Energia Eletrica SABRAZILUtilitiesElectric Utilities10.0
    CPLE6 BZCia Paranaense de EnergiaBRAZILUtilitiesElectric Utilities9.0
    PEGI USPattern Energy Group IncUNITED STATESUtilitiesRenewable Electricity9.0
    CNA LNCentrica PLCBRITAINUtilitiesMulti-Utilities8.0

    Cheapest Companies in Utilities on FY1 PE

    6f6
    TickerCompanyCountryIndustrySubIndustryPE_fy1
    RSTI RMROSSETI PJSCRUSSIAUtilitiesElectric Utilities1.0
    9501 JPTokyo Electric Power Co Holdings IncJAPANUtilitiesElectric Utilities2.0
    FEES RMFederal Grid Co Unified Energy System PJSCRUSSIAUtilitiesElectric Utilities3.0
    FEES LIFederal Grid Co Unified Energy System PJSCRUSSIAUtilitiesElectric Utilities4.0
    MSNG RMMosenergo PJSCRUSSIAUtilitiesElectric Utilities4.0


    Earnings Relises and Dividends

    4c4
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