Global Undervalued Small Caps

Security Bank

Market Cap: ₱52.4b

Provides banking and financial products and services to wholesale and retail clients in the Philippines.

Indegene

Market Cap: ₹113.2b

Operates as a digital-first life sciences commercialization company in India, the United States, Europe, and internationally.

Vikram Solar

Market Cap: ₹60.3b

Manufactures and sells solar photovoltaic modules/systems in India and internationally.

Fauji Cement

Market Cap: PK₨111.1b

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

Inspur Digital Enterprise Technology

Market Cap: HK$4.3b

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.

Universal Store Holdings

Market Cap: AU$616.8m

Engages in the retail operations in the fashion market in Australia.

Grupa Pracuj

Market Cap: zł2.8b

Operates HR technology platform in Poland, Ukraine, and Germany.

Bilia

Market Cap: SEK 11.5b

Operates as a full-service supplier for car ownership in Sweden, Norway, Luxemburg, and Belgium.

SILICON2

Market Cap: ₩2.2t

Engages in the distribution of cosmetics products worldwide.

Future

Market Cap: JP¥145.8b

Provides IT consulting and services primarily in Japan.

Converge Information and Communications Technology Solutions

Market Cap: ₱100.7b

Converge Information and Communications Technology Solutions, Inc.

NSL Foods

Market Cap: ฿7.0b

Engages in the manufacture and distribution of bakery and snack products in Thailand.

Tristel

Market Cap: UK£184.5m

Develops, manufactures, and sells infection prevention products in the United Kingdom, Australia, Germany, Western Europe, and internationally.

Altea Green Power

Market Cap: €128.0m

Supplies and manages renewable energy plants in Italy and the United States.

Tokai Carbon

Market Cap: JP¥209.5b

Manufactures and sells carbon-related products and services in Japan.

CellaVision

Market Cap: SEK 3.6b

Develops and sells instruments, software, and reagents for blood and body fluids analysis in Sweden and internationally.

FRP Advisory Group

Market Cap: UK£279.0m

Provides business advisory services to companies, lenders, investors, individuals, and other stakeholders in the United Kingdom.

Construtora Tenda

Market Cap: R$3.5b

Operates as a construction company in Brazil.

FirstSun Capital Bancorp

Market Cap: US$1.0b

Operates as the bank holding company for Sunflower Bank, National Association that provides commercial and consumer banking and financial services to small and medium-sized companies in Texas, Kansas, Colorado, New Mexico, Arizona, California, and Washington.

Trisul

Market Cap: R$1.7b

Engages in the construction and development of real estate properties in Brazil.

United Electronics

Market Cap: ر.س6.1b

Engages in the wholesale and retail trade of electric appliances, electronic gadgets, computers and their spare parts and accessories, furniture, and office equipment and tools in the Kingdom of Saudi Arabia and internationally.

North East Rubber

Market Cap: ฿8.5b

Manufactures and sells rubber products in Thailand.

Boozt

Market Cap: SEK 5.4b

Sells fashion, apparel, shoes, accessories, kids, home, sports, and beauty products online.

Telecom Plus

Market Cap: UK£1.1b

Provides utility services in the United Kingdom.

Nagarro

Market Cap: €657.4m

Provides digital product engineering and technology solutions in Germany, the United States of America, and internationally.

Voxel

Market Cap: zł1.4b

Provides medical services in Poland.

Hacksaw

Market Cap: SEK 16.6b

Operates as a B2B technology platform and game development company in Sweden and Czech Republic.

Gibraltar Industries

Market Cap: US$1.3b

Manufactures and provides products and services for the residential, agtech, and infrastructure markets in the United States and internationally.

Grupo SBF

Market Cap: R$2.6b

Grupo SBF S.A. retails and wholesales sports and leisure products in Brazil.

ASROCK Incorporation

Market Cap: NT$26.3b

Designs, develops, and sells motherboards in Asia, Europe, America, and internationally.

Morimatsu International Holdings

Market Cap: HK$11.7b

Designs, manufactures, installs, operates, and maintains core equipment, process systems, and solutions primarily for chemical reactions, biological reactions, and polymerization.

Eternal Beauty Holdings

Market Cap: HK$2.7b

An investment holding company, engages in the retail, wholesale, and distribution of perfumes, skincare products, color cosmetics, personal care products, eyewear, and home fragrances in China, including Hong Kong and Macau.

Xiaocaiyuan International Holding

Market Cap: HK$9.4b

An investment holding company, engages in the restaurant business in the People’s Republic of China.

Deepak Fertilisers And Petrochemicals

Market Cap: ₹119.2b

Engages in the manufacture, trade, and sale of bulk chemicals in India.

Hugel

Market Cap: ₩2.5t

Develops and manufactures biopharmaceuticals in South Korea and internationally.

Tracsis

Market Cap: UK£101.2m

Engages in the provision of software, hardware, data analytics and geographic information systems, and services in the United Kingdom, Ireland, rest of Europe, Europe, North America, and internationally.