Global Materials Undervalued Small Caps

Caledonia Mining

Market Cap: US$260.1m

Primarily operates a gold mine in Jersey.

Surya Roshni

Market Cap: ₹57.0b

Manufactures and markets steel pipes and tubes, lighting products, fans, home appliances, and PVC pipes in India.

Shandong Link Science and TechnologyLtd

Market Cap: CN¥4.2b

Shandong Link Science and Technology Co.,Ltd.

Greenpanel Industries

Market Cap: ₹27.0b

Engages in the manufacturing, marketing, and sale of plywood, medium density fibre board (MDF), and allied products in India and internationally.

Vittia

Market Cap: R$768.3m

Offers fertilizers in Brazil and internationally.

Silvercorp Metals

Market Cap: CA$1.1b

Engages in the acquisition, exploration, development, and mining of mineral properties.

Xinxiang Chemical Fiber

Market Cap: CN¥6.6b

Produces and sells chemical fiber products in China.

Sharda Cropchem

Market Cap: ₹47.4b

A crop protection chemical company, provides various formulations and generic active ingredients worldwide.

Hainan Mining

Market Cap: CN¥13.6b

Hainan Mining Co., Ltd. mines, processes, and sells iron ore in China.

China XLX Fertiliser

Market Cap: HK$6.6b

An investment holding company, engages in the development, manufacture, and sale of urea primarily in Mainland China and internationally.

IFGL Refractories

Market Cap: ₹13.3b

Engages in the manufacturing, trading, and selling of refractory items and related equipment and accessories used in steel plants in India and internationally.

Aris Mining

Market Cap: CA$1.4b

Engages in the acquisition, exploration, development, and operation of gold properties in Canada, Colombia, and Guyana.

Venus Pipes and Tubes

Market Cap: ₹23.8b

Manufactures and sells stainless-steel pipes and tubes worldwide.

GCH Technology

Market Cap: CN¥6.4b

Researches, develops, produces, and sells nucleating agents, synthetic hydrotalcites, and composite additives in China and internationally.

Indah Kiat Pulp & Paper

Market Cap: Rp30.9t

Engages in the manufacture of cultural paper, pulp, tissue, and industrial paper in Indonesia, Asia, the United States, Australia, the Middle East, Africa, and Europe.

Bradespar

Market Cap: R$6.2b

Through its interest in VALE, operates as a mining company in the production of iron ore and pellets, and nickel in Brazil.

Catalyst Metals

Market Cap: AU$1.4b

Explores and evaluates mineral properties in Australia.

AIC Mines

Market Cap: AU$201.5m

Engages in exploration, acquisition, and development of mineral properties in Australia.

D.G. Khan Cement

Market Cap: PK₨55.9b

Produces and sells clinker, low alkali cement, and ordinary Portland and sulphate resistant cement in Pakistan.

Zignago Vetro

Market Cap: €741.3m

Produces, markets, and sells hollow glass containers in Italy, rest of Europe, and internationally.

Cementos PacasmayoA

Market Cap: S/1.8b

A cement company, produces, distributes, and sells cement and cement-related materials in Peru.

Bellevue Gold

Market Cap: AU$1.3b

Engages in the exploration, development, mining, and processing of gold properties in Australia.

Suzhou Shihua New Material Technology

Market Cap: CN¥6.9b

Suzhou Shihua New Material Technology Co., Ltd.

Wesdome Gold Mines

Market Cap: CA$2.7b

Wesdome Gold Mines Ltd. mines, develops, and explores for gold and silver deposits in Canada.

Tubacex

Market Cap: €461.8m

Engages in the manufacturing and sale of stainless steel and nickel tubes in Spain and internationally.

West African Resources

Market Cap: AU$2.9b

Engages in the mining, mineral processing, acquisition, exploration, and project development of gold projects in West Africa.

Lingbao Gold Group

Market Cap: HK$12.1b

Primarily engages in mining, processing, smelting, refining, and sale of gold products in the People’s Republic of China.

PI Advanced Materials

Market Cap: ₩481.9b

Engages in the manufacture and sale of polyimide-based materials in South Korea.

Dhanuka Agritech

Market Cap: ₹56.6b

Operates as an agro-chemical company in India.

Seng Fong Holdings Berhad

Market Cap: RM 588.1m

An investment holding company, processes and sells natural rubber to tyre manufactueres in Malaysia, rest of Asia, Europe, and Oceania.

Tokuyama

Market Cap: JP¥203.4b

Produces and sells various chemical products in Japan.

Asia Pile Holdings

Market Cap: JP¥34.3b

Through its subsidiaries, engages in the foundation construction business in Japan and Vietnam.

EPL

Market Cap: ₹66.6b

Manufactures and sells plastic packaging materials in the form of multilayer collapsible tubes, corrugated boxes, and laminates.

OCI Holdings

Market Cap: ₩1.3t

Provides various chemical products and energy solutions in South Korea, the United States, China, rest of Asia, Europe, and internationally.

Bioceres Crop Solutions

Market Cap: US$280.3m

Provides crop productivity solutions.

Michelmersh Brick Holdings

Market Cap: UK£98.0m

Together its subsidiaries, manufactures and sells bricks and brick prefabricated products in the United Kingdom and rest of Europe.