Global Undervalued Small Caps

Guangdong Mingyang ElectricLtd

Market Cap: CN¥13.0b

Engages in the research, development, production, and sale of high/low voltage switchgear, transformer, and power transmission and distribution equipment in China.

Tennant

Market Cap: US$1.3b

Designs, manufactures, and markets floor cleaning equipment in the Americas, Europe, the Middle East, Africa, and the Asia Pacific.

Thryv Holdings

Market Cap: US$263.6m

Provides digital marketing solutions and cloud-based tools to the small-to-medium-sized businesses in the United States.

Future

Market Cap: JP¥175.8b

Provides IT consulting and services primarily in Japan.

Assetwise

Market Cap: ฿5.4b

Engages in property development and other real estate activities in Thailand.

Firan Technology Group

Market Cap: CA$290.8m

Manufactures and sells aerospace and defense electronic products and subsystems in Canada, the United States, and China.

Zevra Therapeutics

Market Cap: US$504.4m

A commercial-stage company, focuses on addressing unmet needs for the treatment of rare diseases in the United States.

Iochpe-Maxion

Market Cap: R$1.5b

Produces and sells automotive wheels and structural components for commercial and light vehicles in North America, South America, Europe, Asia, and internationally.

Construtora Tenda

Market Cap: R$3.0b

Operates as a construction company in Brazil.

Hu Lane Associate

Market Cap: NT$15.1b

Engages in manufacture and sale of terminal devices, terminal crimping, industrial rubber, and plastic products in Taiwan.

Inspur Digital Enterprise Technology

Market Cap: HK$8.5b

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.

HD Hyundai Construction Equipment

Market Cap: ₩1.6t

HD Hyundai Construction Equipment Co.,Ltd.

Gamma Communications

Market Cap: UK£837.8m

Provides technology-based communications and software services to small, medium, and large-sized organizations in the United Kingdom, rest of Europe, and internationally.

Aurelia Metals

Market Cap: AU$431.6m

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

SILICON2

Market Cap: ₩2.5t

Engages in the distribution of cosmetics products worldwide.

Security Bank

Market Cap: ₱50.5b

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

CellaVision

Market Cap: SEK 3.6b

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

Altea Green Power

Market Cap: €127.8m

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

Grupa Pracuj

Market Cap: zł3.3b

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

Kaufman & Broad

Market Cap: €578.6m

Operates as a property developer and builder in France.

J.Jill

Market Cap: US$207.4m

Operates as an omnichannel retailer for women’s apparel in the United States.

Byrna Technologies

Market Cap: US$381.6m

A less-lethal self-defense technology company, develops, manufactures, and sells less-lethal personal security solutions in the United States, South Africa, Europe, South America, Asia, and Canada.

Aviat Networks

Market Cap: US$274.5m

Provides microwave networking and wireless access networking solutions in North America, Africa, the Middle East, Europe, Latin America, and the Asia Pacific.

Consun Pharmaceutical Group

Market Cap: HK$13.1b

Researches and develops, manufactures, and sells Chinese medicines and medical contrast medium products in the People’s Republic of China.

Grupo SBF

Market Cap: R$2.8b

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

Visco Vision

Market Cap: NT$11.0b

Manufactures and sells silicone hydrogel contact lenses in Asia, Europe, and the Americas.

Voxel

Market Cap: zł1.3b

Provides medical services in Poland.

Afentra

Market Cap: UK£93.6m

Operates as an upstream oil and gas company primarily in Africa.

Italian Exhibition Group

Market Cap: €267.0m

Italian Exhibition Group S.p.A. organizes and operates exhibitions Italy and internationally.

British American Tobacco Bangladesh

Market Cap: ৳135.0b

Manufactures and sells cigarettes in Bangladesh.

Telecom Plus

Market Cap: UK£1.1b

Provides utility services in the United Kingdom.

Heidelberger Druckmaschinen

Market Cap: €623.9m

Manufactures, sells, and deals in printing presses and other print media industry products in Europe, the Middle East, Africa, the Asia Pacific, and the Americas.

AdaptHealth

Market Cap: US$1.3b

Distributes home medical equipment (HME), medical supplies, and home and related services in the United States.

Hugel

Market Cap: ₩2.5t

Develops and manufactures biopharmaceuticals in South Korea and internationally.

Dentium

Market Cap: ₩413.9b

Manufactures and sells dental medical instrument worldwide.

ASROCK Incorporation

Market Cap: NT$30.8b

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