Global Undervalued Small Caps

Morrow Bank

Market Cap: SEK 2.7b

Provides unsecured financing to consumers in Norway, Sweden, and Finland.

RugVista Group

Market Cap: SEK 1.2b

Operates direct-to-consumer online platforms for carpet and rug sales in Sweden, Germany, Austria, Switzerland, and internationally.

Medios

Market Cap: €295.0m

Supplies specialty pharmaceutical drugs primarily in Germany.

Groupe CRIT

Market Cap: €579.4m

Provides temporary staffing and recruitment services in France and internationally.

Bangladesh Submarine Cables

Market Cap: ৳26.8b

Provides bandwidth through submarine cable to operators that delivers voice and data bandwidth services in Bangladesh.

Moura Dubeux Engenharia

Market Cap: R$2.8b

Provides real estate development services in Brazil.

LendingClub

Market Cap: US$2.0b

Operates as a bank holding company, that provides range of financial products and services in the United States.

Multiconsult

Market Cap: NOK 4.1b

Engages in the provision of engineering design, consultancy, and architecture services in Norway, Sweden, Denmark, Poland, and internationally.

Inghams Group

Market Cap: AU$788.0m

Engages in the production and sale of chicken and turkey products under the Ingham’s brand primarily in Australia and New Zealand.

Welspun Enterprises

Market Cap: ₹75.6b

Engages in the engineering, procurement, and construction of infrastructure development projects in India.

Binjiang Service Group

Market Cap: HK$6.5b

Provides property management and related services in the People’s Republic of China.

Sharingtechnology

Market Cap: JP¥23.5b

Provides matching services between stores and users in Japan.

Shandong Bailong Chuangyuan Bio-Tech

Market Cap: CN¥10.6b

Shandong Bailong Chuangyuan Bio-Tech Co., Ltd.

Nitin Spinners

Market Cap: ₹31.4b

Manufactures and sells cotton and blended yarns, knitted fabrics, and finished woven fabrics in India and internationally.

KITZ

Market Cap: JP¥196.4b

Engages in the manufacturing and selling of valves, other flow control devices, and related products in Japan and internationally.

Beauty Farm Medical and Health Industry

Market Cap: HK$4.4b

Beauty Farm Medical and Health Industry Inc.

IDICO Corporation - JSC

Market Cap: ₫16.5t

Invests in construction and trade of infrastructure development in urban areas, industrial parks, and electricity trading production business in Vietnam.

ValueMax Group

Market Cap: S$923.0m

An investment holding company, engages in the pawnbroking, moneylending, jewelry and watches retailing, and gold trading businesses primarily in Singapore.

29Metals

Market Cap: AU$446.3m

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

Vision

Market Cap: JP¥50.2b

Primarily engages in the provision of mobile Wi-Fi router rental services in Japan and internationally.

Judo Capital Holdings

Market Cap: AU$1.6b

Through its subsidiaries, engages in the provision of various banking products and services for small and medium businesses in Australia.

Appear

Market Cap: NOK 3.0b

Develops and provides solutions for processing, transport, and delivery of live video for the broadcast, media, and sports industries in Europe, the Middle East, Africa, the Americas, and the Asia Pacific.

GnBS ecoLtd

Market Cap: ₩199.3b

Manufactures and sells machinery and components related to semiconductors, displays, and solar energy in South Korea.

Shanghai Chicmax Cosmetic

Market Cap: HK$14.1b

A multi-brand cosmetics company, engages in the research, development, manufacture, and sale of cosmetics products in Mainland China and internationally.

SonoScape Medical

Market Cap: CN¥8.5b

Engages in the research, development, production, and sale of medical diagnosis and treatment equipment in China and internationally.

Rakus

Market Cap: JP¥309.1b

Provides cloud services in Japan.

SergeFerrari Group

Market Cap: €89.6m

Designs, develops, manufactures, and markets composite materials for lightweight architectural and outdoor applications in France and internationally.

IDOM

Market Cap: JP¥133.1b

IDOM Inc. purchases and sells used cars in Japan and internationally.

Hexaom

Market Cap: €220.7m

Engages in the land and real estate development, construction, and renovation businesses in France.

Novem Group

Market Cap: €112.7m

Develops and supplies trim elements and decorative function elements for car interiors in the automotive industry.

Redelfi

Market Cap: €124.0m

Operates as an ESG management company worldwide.

United Bankers Oyj

Market Cap: €232.3m

Provides investment products and services in Finland and Sweden.

SRV Yhtiöt Oyj

Market Cap: €89.6m

Operates as a project management contractor company in Finland.

Craneware

Market Cap: UK£485.7m

Develops, licenses, and supports computer software for the healthcare industry in the United States.

Figeac Aero Société Anonyme

Market Cap: €459.6m

Manufactures, supplies, and sells equipment and sub-assemblers for aeronautics sector in France.

Elixirr International

Market Cap: UK£346.6m

Through its subsidiaries, provides management consultancy services in the United Kingdom, the United States, and internationally.