Global Inefficient Market Opportunities

Tianli International Holdings

Market Cap: HK$3.9b

An investment holding company, provides education management and diversified services in China.

YSB

Market Cap: HK$3.8b

Develops digital pharmaceutical platform for pharmaceutical companies, distributors, vendors, pharmacies, and primary healthcare institutions in China.

Caledonia Mining

Market Cap: US$470.3m

Primarily operates a gold mine in Jersey.

BFF Bank

Market Cap: €385.7m

Engages in non-recourse factoring and credit management activities towards public administration bodies and private hospitals in Italy, Croatia, the Czech Republic, France, Greece, Poland, Portugal, Slovakia, and Spain.

Man Industries (India)

Market Cap: ₹41.7b

Manufactures, processes, sells, and trades in submerged arc-welded pipes and steel products in India.

Fauji Cement

Market Cap: PK₨122.9b

Engages in the manufacturing and selling of various types of cement in Pakistan.

H.G. Infra Engineering

Market Cap: ₹40.3b

Engages in the engineering, procurement, and construction (EPC) business in India.

PetroVietnam Transportation

Market Cap: ₫10.5t

Engages in maritime transportation services to the oil and gas industry in Vietnam and internationally.

Guangzhou Xiao Noodles Catering Management

Market Cap: HK$3.1b

Engages in the self-operated noodle restaurant and manages franchise operations in China and Hong Kong.

Calfrac Well Services

Market Cap: CA$534.2m

Provides specialized oilfield services in Canada, the United States, and Argentina.

UNID

Market Cap: ₩570.3b

Manufactures and sells potassium based chemical products in South Korea and internationally.

China Aircraft Leasing Group Holdings

Market Cap: HK$3.0b

An investment holding company, provides aircraft leasing services to airline companies in Mainland China and internationally.

AutoCanada

Market Cap: CA$512.4m

Through its subsidiaries, operates franchised automobile dealerships and related business.

Lippo Karawaci

Market Cap: Rp6.4t

Engages in real estate development, healthcare and lifestyle businesses in Indonesia.

HANDSOME

Market Cap: ₩553.0b

Manufactures and sells women’s apparel in Korea, China, and Europe.

Inspur Digital Enterprise Technology

Market Cap: HK$2.8b

An investment holding company, engages in management software development, cloud services, and sale of Internet of Things (IoT) solutions in the People’s Republic of China.

Ventura Offshore Holding

Market Cap: NOK 3.3b

A deep-water drilling contractor, provides offshore drilling services to the oil and gas industry in Brazil and internationally.

Next 15 Group

Market Cap: UK£239.7m

Next 15 Group plc, together with its subsidiaries, customer insight, customer delivery, customer engagement, and business transformation services in the United Kingdom, Africa, the United States, Europe, Middle East, and Africa.

Bonduelle

Market Cap: €276.3m

Engages in the provision of plant-based food in Europe and internationally.

Aurelia Metals

Market Cap: AU$448.8m

Engages in the exploration and production of mineral properties in Australia.

Winton Land

Market Cap: NZ$539.8m

Engages in the real estate business in New Zealand and Australia.

SIGA Technologies

Market Cap: US$318.1m

A commercial-stage pharmaceutical company, focuses on the health security market in the United States.

Aeris Resources

Market Cap: AU$437.0m

Explores, produces, and sells precious metals in Australia.

Organogenesis Holdings

Market Cap: US$310.0m

A regenerative medicine company, develops, manufactures, and commercializes products for the advanced wound care, and surgical and sports medicine markets in the United States.

Meeka Metals

Market Cap: AU$427.2m

Engages in the exploration and development of gold properties in Western Australia.

HWASHINLtd

Market Cap: ₩450.0b

Manufactures and sells automobile components.

ACCO Brands

Market Cap: US$303.5m

Designs, manufactures, and markets consumer, school, technology, and office products in the United States, Canada, Brazil, Mexico, Chile, Europe, the Middle East, Australia, New Zealand, and Asia.

Regina Miracle International (Holdings)

Market Cap: HK$2.3b

An investment holding company, designs, manufactures, and trades in a range of intimate wear and sports products.

Angler Gaming

Market Cap: €249.7m

Invests in companies that offer gaming services through the internet in Malta.

EFC (I)

Market Cap: ₹27.3b

Engages in real estate leasing business in India.

Capricorn Energy

Market Cap: UK£214.2m

An independent energy company, engages in the exploration, development, production, and sale of oil and gas worldwide.

Gulf Marine Services

Market Cap: UK£211.5m

Operates self-propelled self-elevating support vessels (SESVs) in the United Arab Emirates, the Kingdom of Saudi Arabia, Qatar, and Europe.

Zibuyu Group

Market Cap: HK$2.2b

An investment holding company, operates as a cross-border e-commerce company in China in North America, Asia, Europe, and internationally.

29Metals

Market Cap: AU$393.8m

Operates as a copper-focused base and precious metals mining company in Australia and Chile.

Mimaki Engineering

Market Cap: JP¥44.5b

Develops, manufactures, and sells computer devices and software in Japan and internationally.

Ontex Group

Market Cap: €237.6m

Develops, produces, and sells baby, feminine, and adult care products in Belgium, the United Kingdom, Italy, the United States, France, Poland, and internationally.