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ML Rural Crafts Laboratory News

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20 From Water into Utilities Sector 5

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32 Heating, Water, Electrics Installation and Repair 5

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Craft News
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October 10, 2019
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Top Longs Based on Momentum

9c7
tickernamecountrysectorPeriodChange
958HUANENG RENEWABLES CORPORATION CORChinaUtilities35.71
PAMPAMPA ENERGIA ADR REPSG SAArgentinaUtilities29.12
PAMPAMPA ENERGIA ADR REPSG SAArgentinaUtilities29.12
ENELAMENEL AMERICAS SAChileUtilities18.75
ENELAMENEL AMERICAS SAChileUtilities18.75
IRAOINTER RAO EESRussian FederationUtilities16.67
GULF.RGULF ENERGY DEVELOPMENT PCL NON-VOThailandUtilities9.28
PGEPGE POLSKA GRUPA ENERGETYCZNA SAPolandUtilities8.76
1083TOWNGAS CHINA LTDChinaUtilities8.70
SSESSE PLCUnited KingdomUtilities8.06

Top Shorts Based on Momentum

9b6
tickernamecountrysectorPeriodChange
ELET3CENTRAIS ELETR BRAS-ELETROBRASBrazilUtilities-20.68
ELET3CENTRAIS ELETR BRAS-ELETROBRASBrazilUtilities-20.68
ELET6CENTRAIS ELETR BRAS-ELETROBRAS SERBrazilUtilities-18.49
902HUANENG POWER INTERNATIONAL INC HChinaUtilities-16.36
836CHINA RESOURCES POWER LTDChinaUtilities-10.61
2688ENN ENERGY HOLDINGS LTDChinaUtilities-9.19
2688ENN ENERGY HOLDINGS LTDChinaUtilities-9.19
991DATANG INTERNATIONAL POWER GENERATChinaUtilities-9.09
9503KANSAI ELECTRIC POWER INCJapanUtilities-6.98
SEVSUEZ SAFranceUtilities-6.81
355
MLIndexnameytd1monthFy1PE
DJUSUTT Index Dow JonesDJ US UtilitiesTr20.472.6919.6
MXEF Index MSCIMSCI EM6.325.8611.4

Commodities YTD Performance

1f40
NameUnitsKeyLastPriceCurrencyYTDChange USDpct1month
NickelUSD/MTNickel17555USD59.373.42
Palladium SpotUSD/t oz.Palladium1672.06USD33.245.09
Silver (Comex)USD/t oz.Silver17.77USD19.10-1.33
Gold SpotUSD/t oz.Gold1505.17USD18.21-0.20
Brent Crude (ICE)USD/bbl.Oil58.13USD15.75-9.53
Ethanol (CBOT)USD/gal.Ethanol1.44USD13.395.11
Rough Rice (CBOT)USD/cwtRough Rice11.90USD13.33-3.72
Platinum SpotUSD/t oz.Platinum891.93USD12.40-4.68
Lean Hogs (CME)USd/lb.Lean Hogs0.674USD11.770.07
Lumber (CME)USD/1000 board feetLumber362.00USD6.97-6.00
Cocoa (ICE)USD/MTCocoa2448.00USD5.751.83
Corn (CBOT)USd/bu.Corn3.955USD4.707.40
Oats (CBOT)USd/bu.Oats2.8475USD3.261.97
Soybean (CBOT)USd/bu.Soybean9.2225USD2.813.97
Sugar #11 (ICE)USd/lb.Sugar0.1246USD0.482.89
Feeder Cattle (CME)USd/lb.Feeder Cattle1.4125USD-2.952.54
Wheat (CBOT)USd/bu.Wheat5.01USD-3.002.87
Copper (Comex)USd/lb.Copper2.5705USD-3.15-1.72
Canola (ICE)CAD/MTCanola465.30CAD-3.762.35
Rubber (Tokyo)JPY/kgRubber158.50JPY-5.60-7.09
Coffee 'C' (ICE)USd/lb.Coffee0.9570000000000001USD-6.36-4.49
3Mo Zinc (LME)USD/MT3Mo Zinc2298.00USD-7.11-2.17
3Mo Aluminum (LME)USD/MT3Mo Aluminum1751.50USD-7.47-2.26
Live Cattle (CME)USd/lb.Live Cattle1.1085USD-9.725.24
Cocking CoalCNY/MTCocking Coal1260CNY-10.06-6.67
SteelUSD/MTSteel407USD-12.47-2.16
3Mo Tin (LME)USD/MT3Mo Tin16395.00USD-15. 3ed 38-2.70
Cotton #2 (ICE)USd/lb.Cotton0.6115999999999999USD-15.700.81
Orange Juice (ICE)USd/lb.Orange Juice1.023USD-20.052.40
Natural Gas (Nymex)USD/MMBtuNatural Gas2.29USD-35.67-13.26

Country USD Yields Ordered By YTD Yield Change

1f40
countryYieldYieldChange
Argentina21.0915.27
Jamaica14.508.35
Zambia14.608.20
Lebanon15.538.15
Switzerland10.403.26
Tunisia8.542.75
Israel7.391.94
Sri Lanka6.551.50
Turkey6.791.28
Kazakhstan6.021.25
Ecuador7.590.72
Gabon6.730.68
China5.530.67
Iraq6.860.47
Oman5.310.36
Nigeria6.180.36
Angola7.280.30
Senegal5.810.29
Cote D'Ivoire (Ivory Coast)5.980.28
United States5.600.27
Costa Rica6.310.20
Bolivia5.180.20
Egypt6.200.17
India4.730.13
Ethiopia5.820.01
Ghana6.08-0.01
Pakistan6.25-0.07
Kenya5.53-0.16
South Africa4.81-0.19
El Salvador6.28-0.24
Dominican Republic4.67-0.26
Mexico4.28-0.31
Italy3.63-0.32
Slovak Republic2.12-0.36
Mongolia5.06-0.36
Jordan5.81-0.37
Trinidad and Tobago3.78-0.39
Ukraine6.53-0.40
Macau4.61-0.42
Panama3.78-0.50
Lithuania1.96-0.51
Romania2.80-0.53
Hong Kong3.42-0.55
Morocco3.37-0.58
Uruguay3.12-0.59
Singapore3.41-0.62
Paraguay4.53-0.63
Indonesia3.31-0.67
Kuwait3.17-0.67
Chile3.65-0.69
Canada4.98-0.69
Malaysia2.96-0.70
Hungary2.54-0.71
Saudi Arabia3.98-0.72
Serbia2.41-0.75
Peru3.35-0.76
Russian Federation3.71-0.77
Poland1.97-0.77
Guatemala3.95-0.78
Finland3.26-0.78
United Arab Emirates3.33-0.79
Australia3.88-0.82
Taiwan2.60-0.85
Ireland3.54-0.87
Belgium4.53-0.87
Azerbaijan3.85-0.91
Philippines2.51-0.91
Vietnam2.79-0.93
Colombia3.61-0.96
United Kingdom3.82-1.01
Croatia (Hrvatska)2.31-1.03
Qatar2.83-1.05
Thailand3.00-1.07
Netherlands3.77-1.08
Brazil3.95-1.10
Korea (South)2.71-1.11
Sweden2.79-1.25
Bahrain4.89-1.42
France4.92-1.76
Luxembourg6.40-3.28
Venezuela0.00-53.30

Utilities Regional Performance Last Month

733
SubindustryEuropeEMUGEMWorld
Utilities: Electric Utilities-1.52-1.51-0.85-0.99
Utilities: Gas Utilities-1.47-1.471.24-1.13
Utilities Sector-1.84-1.81-0.02-1.21
Utilities Industry Group-1.84-1.81-0.02-1.21
Utilities: Water Utilities-3.410.001.35-1.44
Utilities: Multi-Utilities-1.93-2.020.73-1.59
Utilities: Independent Power & Renewable Electricity Producers-8.35-8.35-0.40-1.89

Utilities Regional Performance YTD

741
SubindustryEuropeEMUGEMWorld
Utilities: Water Utilities7.890.0012.1624.47
Utilities: Electric Utilities19.9319.44-1.8617.53
Utilities Sector13.8716.191.0216.03
Utilities Industry Group13.8716.191.0216.03
Utilities: Multi-Utilities7.2512.83-14.0615.37
Utilities: Independent Power & Renewable Electricity Producers16.3716.370.9210.24
Utilities: Gas Utilities2.662.662.836.55

Utilities Performance in Various Countries Last Month

bc5
countryPeriodChange
Argentina29.12
Russian Federation16.67
Poland8.76
Colombia5.84
Chile5.62
Germany5.46
Finland4.40
Portugal4.22
United Kingdom3.43
Mexico3.33
Canada2.76
United States2.31
Bangladesh2.08
Thailand2.01
Qatar1.93
Korea (South)1.61
Australia1.61
Japan0.93
Italy0.70
France0.57
Romania0.38
Indonesia0.00
Hong Kong0.00
India-0.30
Vietnam-0.35
Saudi Arabia-0.55
Czech Republic-0.91
Philippines-0.91
Spain-0.91
Malaysia-1.28
China-2.34
Brazil-7.56

Utilities Valuation and Growth in Various Countries (Simple Averages)

11e5
CountryPEFy0PEFy12019Growth
FINLAND0.000.00121.81
CHINA15.589.9163.08
AUSTRIA29.7928.7755.18
JAPAN13.727.8853.17
CZECH0.0015.1728.80
CHILE9.816.0722.82
MALAYSIA18.4714.0720.57
BRITAIN11.8015.226.10
UNITED STATES16.5916.435.27
PHILIPPINES12.946.135.07
THAILAND15.5316.994.08
FRANCE13.8513.194.08
HONG KONG16.3518.773.18
ITALY8.279.912.24
GERMANY14.2518.931.81
COLOMBIA5.086.120.27
ROMANIA0.000.000.00
CANADA13.1913.34-0.19
SPAIN7.397.78-1.23
NEW ZEALAND0.000.00-1.70
SOUTH KOREA3.973.33-2.41
PORTUGAL0.0016.08-5.92
INDIA4.236.18-6.45
RUSSIA2.932.87-13.90
INDONESIA11.236.22-15.45
BRAZIL6.329.10-17.01
AUSTRALIA14.5014.83-25.74
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    Link to Utilities Macro Page 37

    Utilities sector trades at 2019 simple average 13 PE Fy1 of 12.9 x a and 2020 13 PE Fy2 of 11.1 x 37

    Utilities sector trades at 2019 simple average 16 EV/EBITDA of 7.4 x a and 2020 15 EV/EBITDA of 6.9 x 44

    In terms of Dividend yield Utilities sector trades at 2019 12 Yield of 4.5 % a and 2020 50 Dividend Yield of 5.1 %

    On ROE basis Utilities sector trades at 2019 1a ROE of 9.9 % and 2020 49 ROE of 10.1 %

    Utilities subindustries by 2019 EBITDA Margin %

    36e
    Industry2019 EBITDA Margin
    Renewable Electricity60.5
    Water Utilities48.2
    Multi-Utilities25.3
    Independent Power Producers &33.6
    Utilities35.5
    Electric Utilities25.9
    Gas Utilities26.6

    Utilities most profitable companies by 2019 EBITDA Margin %

    9f2
    Industrycompany2019 EBITDA Margin
    Electric UtilitiesPower Grid Corp of India Ltd93.8
    Renewable ElectricityHuaneng Renewables Corp Ltd87.4
    Electric UtilitiesRed Electrica Corp SA78.3
    Renewable ElectricityEDP Renovaveis SA78.3
    Electric UtilitiesTransmissora Alianca de Energia Eletrica SA77.9
    Renewable ElectricityTerraForm Power Inc75.2
    Electric UtilitiesTerna Rete Elettrica Nazionale SpA75.0
    Renewable ElectricityPattern Energy Group Inc68.9
    Gas UtilitiesPetronas Gas Bhd65.6
    Electric UtilitiesInterconexion Electrica SA ESP65.1
    Gas UtilitiesAPA Group64.9
    Renewable ElectricityChina Longyuan Power Group Corp Ltd64.5
    Renewable ElectricityEnel Green Power SpA60.8
    Water UtilitiesAguas Andinas SA58.6
    Renewable ElectricityEnergy Development Corp57.0

    Companies in Utilities By Market Share %

    665
    companymarketshare
    Enel SpA5.9
    Electricite de France SA5.5
    Engie SA4.9
    Tokyo Electric Power Co Holdings Inc3.9
    Korea Electric Power Corp3.7
    Iberdrola SA2.8
    Centrica PLC2.7
    Exelon Corp2.4
    E.ON SE2.4
    Veolia Environnement SA2.1
    Kansai Electric Power Co Inc/The2.0
    Gas Natural SDG SA2.0
    Chubu Electric Power Co Inc1.9
    Huaneng Power International Inc1.7
    Duke Energy Corp1.7

    Countries Market Share in Utilities %

    57c
    countrymarketshare
    UNITED STATES24.0
    FRANCE13.9
    JAPAN11.8
    RUSSIA6.8
    ITALY6.2
    SOUTH KOREA5.4
    SPAIN5.1
    CHINA3.7
    BRITAIN3.5
    GERMANY3.4
    BRAZIL3.1
    HONG KONG2.9
    INDIA2.3
    CHILE1.5
    MALAYSIA1.4
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    Largest Companies in Utilities by Market Capitalisation mn$

    16fb
    TickerCompanyCountryIndustrySubIndustryMarketCapUSDmn
    NEE USNextEra Energy IncUNITED STATESUtilitiesElectric Utilities114055.0
    ENEL IMEnel SpAITALYUtilitiesElectric Utilities75548.9
    DUK USDuke Energy CorpUNITED STATESUtilitiesElectric Utilities69967.6
    D USDominion Energy IncUNITED STATESUtilitiesMulti-Utilities65347.5
    IBE SMIberdrola SASPAINUtilitiesElectric Utilities65031.9
    SO USSouthern Co/TheUNITED STATESUtilitiesElectric Utilities64978.4
    EXC USExelon CorpUNITED STATESUtilitiesElectric Utilities46470.4
    AEP USAmerican Electric Power Co IncUNITED STATESUtilitiesElectric Utilities45863.7
    SRE USSempra EnergyUNITED STATESUtilitiesMulti-Utilities40240.0
    XEL USXcel Energy IncUNITED STATESUtilitiesElectric Utilities32919.5
    3 HKHong Kong & China Gas Co LtdHONG KONGUtilitiesGas Utilities32277.7
    EDF FPElectricite de France SAFRANCEUtilitiesElectric Utilities31572.6
    PEG USPublic Service Enterprise Group IncUNITED STATESUtilitiesMulti-Utilities31132.0
    ED USConsolidated Edison IncUNITED STATESUtilitiesMulti-Utilities31009.0
    WEC USWEC Energy Group IncUNITED STATESUtilitiesMulti-Utilities29931.7
    EIX USEdison InternationalUNITED STATESUtilitiesElectric Utilities26641.9
    FE USFirstEnergy CorpUNITED STATESUtilitiesElectric Utilities25822.2
    2 HKCLP Holdings LtdHONG KONGUtilitiesElectric Utilities25636.8
    EOAN GRE.ON SEGERMANYUtilitiesMulti-Utilities25511.4
    DTE USDTE Energy CoUNITED STATESUtilitiesMulti-Utilities23803.6

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

    125e
    CountryIndustrySubIndustryNumber of companiesMarketCapUSDmn
    SOUTH KOREAUtilitiesElectric Utilities113766.9
    SOUTH KOREAUtilitiesGas Utilities13015.9
    HONG KONGUtilitiesGas Utilities364559.2
    CHINAUtilitiesGas Utilities111950.0
    HONG KONGUtilitiesWater Utilities113451.7
    HONG KONGUtilitiesElectric Utilities125636.8
    HONG KONGUtilitiesIndependent Power Producers &15807.3
    CHINAUtilitiesIndependent Power Producers &217125.7
    CHINAUtilitiesRenewable Electricity28279.7
    JAPANUtilitiesElectric Utilities644871.0
    JAPANUtilitiesIndependent Power Producers &14318.6
    UNITED STATESUtilitiesMulti-Utilities13289833.9
    UNITED STATESUtilitiesElectric Utilities15501312.8
    UNITED STATESUtilitiesIndependent Power Producers &320122.0
    CHILEUtilitiesIndependent Power Producers &35057.8
    AUSTRALIAUtilitiesMulti-Utilities18439.8
    CHILEUtilitiesWater Utilities13176.8
    RUSSIAUtilitiesElectric Utilities2129735.2
    PHILIPPINESUtilitiesIndependent Power Producers &15297.9
    AUSTRALIAUtilitiesGas Utilities18971.8

    Top Companies Utilities by Dividend Yield

    691
    TickerCompanyCountryIndustrySubIndustryDividendYld_fy1
    HYDR LIRusHydro PJSCRUSSIAUtilitiesElectric Utilities89.6
    HYDR RMRusHydro PJSCRUSSIAUtilitiesElectric Utilities89.4
    ENRU RMENEL RUSSIA PJSCRUSSIAUtilitiesElectric Utilities16.7
    MRKP RMIDGC of Centre and Volga Region PJSCRUSSIAUtilitiesElectric Utilities14.2
    UPRO RMUniproRussiaUtilitiesUtilities10.2

    Cheapest Companies in Utilities on FY1 PE

    aff
    TickerCompanyCountryIndustrySubIndustryPE_fy1
    RPWR INReliance Power LtdINDIAUtilitiesIndependent Power Producers &0.7
    RSTI RMROSSETI PJSCRUSSIAUtilitiesElectric Utilities2.0
    9501 JPTokyo Electric Power Co Holdings IncJAPANUtilitiesElectric Utilities2.7
    MRKP RMIDGC of Centre and Volga Region PJSCRUSSIAUtilitiesElectric Utilities2.9
    PCG USPG&E CorpUNITED STATESUtilitiesElectric Utilities2.9
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