ASEAN countries (ex-Malaysia) are projecting to add a combined ~60GW inincremental renewable power (RE) capacity by 2030, more than doubling currentinstalled capacity. Solar, wind and biomass capacity, accounting for just ~20%of current RE capacity (hydro is ~70%), is set to quadruple from ~11GW in2020 to ~45GW in 2030. Vietnam has emerged as the most favored countryamong listed utilities’ plans for RE expansion, followed by the Philippines andThailand. We believe BGRIM (OW) and GULF (N) are well positioned to leadthe trend due to their established foothold in Vietnam, execution track record, andaccess to cheap capital; ACEN (Not Covered) is also one of the largest players inthe region. Investors have rewarded their growing RE exposure and absence ofcoal-fired exposure (planned disposal for ACEN) with strong share priceperformance since 2019 (~7x for ACEN; ~2x for GULF & BGRIM; MSCIASEAN -4%). We expect new RE investments to act as positive catalysts foroutperformance and sustained premium valuations. We identify GPSC (OW) –which has the backing of its parentco PTT and a ~8GW RE target by 2030 – andEGCO (N) – with its previous M&A track-record – as potential dark-horses in the RE expansion race.