Global Undervalued Small Caps

Tongguan Gold Group

Market Cap: HK$9.7b

An investment holding company, engages in gold mining operations in China.

Zylox-Tonbridge Medical Technology

Market Cap: HK$6.4b

A medical device company, provides neuro- and peripheral-vascular interventional medical devices in the People’s Republic of China and internationally.

Vector

Market Cap: JP¥69.0b

Engages in the public relations (PR) and advertising, press release distribution, video release distribution, direct marketing, media, investment, and human resources businesses in Japan, China, and internationally.

Leejam Sports

Market Cap: ر.س4.4b

Operates sports and fitness centers in the Kingdom of Saudi Arabia and the United Arab Emirates.

Mangata Holding

Market Cap: zł454.0m

Manufactures and sells fittings, castings, fasteners, and components in Poland, the European Union, and internationally.

Mensch und Maschine Software

Market Cap: €592.8m

Provides technical software and digitization solutions in computer aided design, manufacturing and engineering, product data and lifecycle management, and building information modeling and management areas.

Vossloh

Market Cap: €1.3b

Provides rail infrastructure products and services in Germany and internationally.

Orezone Gold

Market Cap: CA$1.5b

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

Sparebanken Møre

Market Cap: NOK 5.5b

Provides banking services for the retail and business markets in Norway.

ATRenew

Market Cap: US$910.6m

ATRenew Inc., together with its subsidiaries, sell pre-owned consumer electronics through its online platforms and other channels in the People’s Republic of China.

Metallus

Market Cap: US$861.7m

Manufactures and sells alloy steel, and carbon and micro-alloy steel products in the United States and internationally.

Hanza

Market Cap: SEK 10.2b

Provides contract manufacturing solutions in Sweden, Finland, Estonia, Germany, Poland, the Czech Republic, rest of the European Union, Norway, rest of Europe, North America, and internationally.

Aviat Networks

Market Cap: US$247.4m

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

Momentum Group

Market Cap: SEK 5.5b

Supplies industrial components, industrial services, and related services to the industrial sector in Sweden, Norway, Denmark, Finland, and internationally.

D2L

Market Cap: CA$578.3m

Provides cloud-based learning software for higher education institutions, kindergarten to grade 12 schools and districts, and private sector enterprises in Canada, the United States, and internationally.

Atea

Market Cap: NOK 18.3b

Provides IT infrastructure and related solutions for businesses and public sector organizations in the Nordic countries and Baltic regions.

Semperit Holding

Market Cap: €305.5m

Develops, produces, and sells rubber and polymer products in Europe, America, Asia-Pacific, and Africa.

Implenia

Market Cap: CHF 1.3b

Provides construction and real estate services in Switzerland, Germany, Austria, Norway, Sweden, France, and internationally.

Combined Motor Holdings

Market Cap: R2.7b

An investment holding company, engages in the motor retail and distribution, car hire, and financial services business in South Africa.

lastminute.com

Market Cap: CHF 134.7m

Operates in the online travel industry providing dynamic holiday packages in the United Kingdom, Germany, France, Spain and Italy, and internationally.

Even Construtora e Incorporadora

Market Cap: R$1.1b

Operates as a real estate developer and builder in Brazil.

Flair Writing Industries

Market Cap: ₹28.5b

Manufactures and sells writing instruments, stationeries, and other allied products in India and internationally.

PR TIMES

Market Cap: JP¥30.1b

Operates PR TIMES platform that connects companies, media, and consumer with news in Japan.

JAC Recruitment

Market Cap: JP¥136.4b

Provides recruitment consultancy services in Japan.

Japan Eyewear Holdings

Market Cap: JP¥52.5b

Through its subsidiaries, engages in the designing, manufacturing, and selling eyeglasses in Japan.

Digital Arts

Market Cap: JP¥47.9b

Develops and markets internet security software and appliances in Japan, the United States, Europe, and the Asia Pacific.

Nordic Group

Market Cap: S$218.9m

Provides solutions in the areas of system integration, maintenance, repair, overhaul, trading, precision engineering, scaffolding, insulation, petrochemical and environmental engineering, cleanroom, air and water engineering, and engineering and construction services.

Xiaocaiyuan International Holding

Market Cap: HK$8.0b

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

Vietnam Maritime Commercial Bank

Market Cap: ₫46.8t

Provides commercial and retail banking products and services in Vietnam.

Sichuan Baicha Baidao Industrial

Market Cap: HK$7.6b

An investment holding company, provides tea drink products in the People’s Republic of China.

Tianjin Yiyi Hygiene ProductsLtd

Market Cap: CN¥3.2b

Engages in the research, development, production, and sale of disposable hygiene products and non-woven fabrics in China and internationally.

Cash Converters International

Market Cap: AU$209.9m

Provides unsecured lending and second-hand retail services in Australia, New Zealand, the United Kingdom, and internationally.

Resimac Group

Market Cap: AU$338.0m

Provides residential mortgage and asset finance lending products in Australia and New Zealand.

Lim Seong Hai Capital Berhad

Market Cap: RM 1.3b

An investment holding company, engages in the distribution and retail of building materials, lighting products and related mechanical and electrical products and services in Malaysia.

Namura Shipbuilding

Market Cap: JP¥246.3b

Engages in the manufacture and sale of ships, machinery, and steel structures worldwide.

Hydreight Technologies

Market Cap: CA$208.8m

Operates in the digital health technology sector in the United States.