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June 13, 2018
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Top Longs Based on Momentum

9b3
tickernamecountrysectorPeriodChange
384CHINA GAS HOLDINGS LTDChinaUtilities25.28
384CHINA GAS HOLDINGS LTDChinaUtilities25.28
IRAOINTER RAO EESRussian FederationUtilities16.67
270GUANGDONG INVESTMENT LTDChinaUtilities12.18
270GUANGDONG INVESTMENT LTDChinaUtilities12.18
902HUANENG POWER INTERNATIONAL INC HChinaUtilities11.94
EDPENERGIAS DE PORT SAPortugalUtilities9.29
392BEIJING ENTERPRISES HOLDINGS LTDChinaUtilities8.71
1816CGN POWER LTD HChinaUtilities7.41
2688ENN ENERGY HOLDINGS LTDChinaUtilities7.05

Top Shorts Based on Momentum

9cb
tickernamecountrysectorPeriodChange
YTLYTL CORP. BHDMalaysiaUtilities-33.33
SBSP3COMPANHIA DE SANEAMENTO BASICO DEBrazilUtilities-29.25
SBSP3COMPANHIA DE SANEAMENTO BASICO DEBrazilUtilities-29.25
ELET6CENTRAIS ELETR BRAS-ELETROBRAS SERBrazilUtilities-23.02
ELET3CENTRAIS ELETR BRAS-ELETROBRASBrazilUtilities-22.64
EQTL3EQUATORIAL ENERGIA SABrazilUtilities-17.01
PHPCPHOENIX POWEROmanUtilities-13.89
PAMPAMPA ENERGIA ADR REPSG SAArgentinaUtilities-12.78
EDNEDENOR ADR REPSTG SA CLASS BArgentinaUtilities-12.75
015760KOREA ELECTRIC POWER CORPKorea (South)Utilities-12.51
357
MLIndexnameytd1monthFy1PE
MXEF Index MSCIMSCI EM-1.94-0.4611.0
DJUSUTT Index Dow JonesDJ US UtilitiesTr-2.410.2015.8

Commodities YTD Performance

1f40
NameUnitsKeyLastPriceCurrencyYTDChange USDpct1month
Lumber (CME)USD/1000 board feetLumber609.10USD35.2712.13
Cocking CoalCNY/MTCocking Coal1360CNY30.7722.52
Cocoa (ICE)USD/MTCocoa2517.00USD30.21-11.25
NickelUSD/MTNickel14870USD21.391.57
Orange Juice (ICE)USd/lb.Orange Juice1.6425USD20.5912.54
Wheat (CBOT)USd/bu.Wheat5.2575USD19.496.53
Cotton #2 (ICE)USd/lb.Cotton0.9057USD16.967.95
Brent Crude (ICE)USD/bbl.Oil76.32USD14.842.65
Lean Hogs (CME)USd/lb.Lean Hogs0.7943000000000001USD11.363.83
Corn (CBOT)USd/bu.Corn3.9625USD10.840.57
Ethanol (CBOT)USD/gal.Ethanol1.50USD10.290.67
Canola (ICE)CAD/MTCanola537.80CAD9.670.94
Soybean (CBOT)USd/bu.Soybean10.21USD5.72-0.99
SteelUSD/MTSteel555USD5.710.00
Oats (CBOT)USd/bu.Oats2.4225USD4.195.21
3Mo Tin (LME)USD/MT3Mo Tin20425.00USD2.00-5.98
3Mo Aluminum (LME)USD/MT3Mo Aluminum2275.00USD0.31-7.86
Feeder Cattle (CME)USd/lb.Feeder Cattle1.4487999999999999USD-0.43-1.32
Gold SpotUSD/t oz.Gold1301.15USD-0.81-1.87
Rough Rice (CBOT)USD/cwtRough Rice11.50USD-2.21-12.68
Platinum SpotUSD/t oz.Platinum907.44USD-3.39-0.45
Silver (Comex)USD/t oz.Silver16.45USD-4.25-1.20
Natural Gas (Nymex)USD/MMBtuNatural Gas2.88USD-4.643.60
Coffee 'C' (ICE)USd/lb.Coffee1.2195USD-5.942.52
3Mo Zinc (LME)USD/MT3Mo Zinc3089.00USD-6.93-4.44
Copper (Comex)USd/lb.Copper3.0435000000000003USD-7.00-3.43
Rubber (Tokyo)JPY/kgRubber191.50JPY-7.491.70
Palladium SpotUSD/t oz.Palladium980.26USD-10.14-0.58
Live Cattle (CME)USd/lb.Live Cattle1.014USD-17.39-3.96
Sugar #11 (ICE)USd/lb.Sugar0.1255USD-17.978.47

Country USD Yields Ordered By YTD Yield Change

1f40
countryYieldYieldChange
Jamaica10.964.00
Ecuador9.472.72
Zambia8.912.69
Lebanon9.292.03
Argentina7.691.93
Bahrain7.991.89
Turkey7.181.82
Tunisia7.541.75
Bermuda10.311.66
Italy5.981.53
Sri Lanka6.371.51
Pakistan7.641.50
Senegal7.021.50
Ethiopia7.141.33
Gabon7.361.31
India5.701.27
Russian Federation5.591.24
Belgium6.611.21
Cote D'Ivoire (Ivory Coast)6.871.16
China5.731.12
Lithuania3.581.11
Nigeria6.961.08
Serbia4.201.07
Dominican Republic5.891.06
Kenya6.751.06
Jordan7.251.06
Croatia (Hrvatska)4.251.05
Bolivia6.011.03
Romania4.361.02
Vietnam4.541.00
Ukraine7.700.98
Hungary4.110.95
Chile5.290.95
Trinidad and Tobago5.550.94
Supranational4.500.93
Ghana6.970.92
New Zealand6.000.92
Mexico5.430.91
Morocco4.860.91
El Salvador7.250.91
Indonesia4.890.91
Oman5.630.90
Macau5.910.88
Poland3.570.87
Peru4.880.86
Egypt6.630.85
Kuwait4.610.85
Brazil6.490.83
Malaysia4.420.82
Philippines4.160.82
Slovak Republic3.290.81
Panama4.920.80
Uruguay4.500.79
Hong Kong4.800.79
Colombia5.290.78
Kazakhstan5.480.77
Mongolia6.190.77
Singapore5.250.76
Taiwan4.200.75
Canada6.700.75
Qatar4.550.74
United Arab Emirates5.020.74
Costa Rica6.740.73
United Kingdom5.720.73
Guatemala5.410.68
South Africa5.540.67
Paraguay5.830.67
Netherlands5.000.65
Azerbaijan5.390.63
Iraq7.010.62
Thailand4.520.61
Australia5.290.59
Korea (South)4.340.58
Ireland5.590.58
Saudi Arabia5.250.55
Finland4.590.55
United States6.080.54
Sweden4.510.47
Israel5.860.44
France6.800.44
Angola7.350.37
Germany5.460.32
Switzerland7.300.16
Luxembourg8.35-1.61
Venezuela0.10-52.59

Utilities Regional Performance Last Month

72a
SubindustryEuropeEMUGEMWorld
Utilities: Multi-Utilities1.191.181.17-0.56
Utilities: Independent Power & Renewable Electricity Producers-6.03-6.03-2.74-0.60
Utilities: Gas Utilities2.222.221.13-1.56
Utilities Sector2.072.84-0.42-1.78
Utilities Industry Group2.072.84-0.42-1.78
Utilities: Electric Utilities3.314.34-0.20-2.45
Utilities: Water Utilities-0.750.00-0.40-2.68

Utilities Regional Performance YTD

748
SubindustryEuropeEMUGEMWorld
Utilities: Independent Power & Renewable Electricity Producers-4.68-4.681.6411.68
Utilities: Gas Utilities8.358.3520.517.54
Utilities: Electric Utilities-0.16-0.84-10.47-4.45
Utilities Sector-1.83-1.73-1.63-4.51
Utilities Industry Group-1.83-1.73-1.63-4.51
Utilities: Multi-Utilities-3.52-3.83-16.12-7.31
Utilities: Water Utilities-9.400.00-9.26-11.37

Utilities Performance in Various Countries Last Month

b79
countryPeriodChange
Portugal9.29
Russian Federation8.33
China8.23
Indonesia6.67
Finland4.26
Hong Kong2.13
Czech Republic0.82
Colombia-0.59
Philippines-0.94
Qatar-1.03
Australia-1.63
Japan-1.97
Thailand-2.50
United States-3.53
United Kingdom-3.87
Germany-4.25
France-4.41
Spain-4.52
Canada-4.68
India-4.91
Bangladesh-6.67
Korea (South)-6.77
Mexico-6.96
Romania-7.72
Poland-8.28
Chile-8.63
Italy-10.55
Malaysia-12.22
Argentina-12.76
Oman-13.89
Brazil-15.76

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
d33
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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 1c Yield of 2.9 % and 2018 50 Dividend Yield of 3.3 %

    On ROE basis Utilities sector trades at 2018 1a ROE of 9.3 % and 2018 54 ROE of 9.2 %

    Largest Companies in Utilities by Market Capitalisation mn$

    16e4
    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

    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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