Global Undervalued Small Caps

Argosy Research

Market Cap: NT$17.9b

Manufactures and sells of electronic components and connectors in Asia, the United States, and internationally.

Rion

Market Cap: JP¥30.8b

Develops, manufactures, sells, and services particle counters, medical equipment, and environmental equipment in Japan.

Software Service

Market Cap: JP¥71.7b

Engages in providing electric medical record, hospital total ordering, and other systems.

Future

Market Cap: JP¥193.0b

Provides IT consulting and services primarily in Japan.

NCD

Market Cap: JP¥21.9b

Engages in the system development, support and service, and parking system businesses in Japan.

Gourmet Master

Market Cap: NT$12.7b

Operates and franchises chain stores in China, Taiwan, Hong Kong, the United States, and internationally.

MTG

Market Cap: JP¥146.1b

Manufactures and sells health, beauty, and wellness products in Japan and internationally.

CREEK & RIVER

Market Cap: JP¥31.0b

Engages in the production and management of creative artists and agencies, as well as rights management in Japan and internationally.

Alvopetro Energy

Market Cap: CA$238.8m

Engages in the acquisition, exploration, development, and production of hydrocarbons in Brazil and Canada.

Waterdrop

Market Cap: US$636.5m

Through its subsidiaries, provides online insurance brokerage services to match and connect users with related insurance products underwritten by insurance companies in the People’s Republic of China.

Modetour Network

Market Cap: ₩189.6b

Operates as a travel company in South Korea and internationally.

CLIO CosmeticsLtd

Market Cap: ₩250.1b

Provides makeup products in South Korea and internationally.

Advanced Process Systems

Market Cap: ₩292.7b

Develops and sells semiconductors and display manufacturing equipment primarily in South Korea, China, and Vietnam.

Chongqing Machinery & Electric

Market Cap: HK$6.9b

Designs, manufactures, and sells clean energy equipment and high-end smart manufacturing equipment.

Dat Xanh Real Estate Services

Market Cap: ₫5.7t

Provides real estate trading and brokerage services in Vietnam.

CNMC Goldmine Holdings

Market Cap: S$441.8m

An investment holding company, engages in the exploration and mining of gold deposits in Malaysia.

Arwana Citramulia

Market Cap: Rp3.9t

Manufactures and distributes ceramic tiles in Indonesia.

Mark Dynamics Indonesia

Market Cap: Rp2.7t

Manufactures and sells hand former products in Indonesia and internationally.

Indofood Agri Resources

Market Cap: S$516.5m

Operates as a vertically integrated agribusiness company in Singapore, Indonesia, China, Nigeria, Timor Leste, and internationally.

Carote

Market Cap: HK$2.5b

An investment holding company, engages in the manufacture and sale of kitchenware products in Mainland China, the United States, Western Europe, Japan, Southeast Asia, and internationally.

Zhejiang Jolly PharmaceuticalLTD

Market Cap: CN¥12.0b

Engages in the research, production, and marketing of Chinese medicinal products in the People’s Republic of China and internationally.

Shenzhen King Explorer Science and Technology

Market Cap: CN¥4.8b

Researches, designs, develops, manufactures, and sells intelligent equipment systems to civil explosive production and blasting service companies in China and internationally.

E7 Group PJSC

Market Cap: د.إ2.1b

Engages in commercial printing, packaging, and distribution business in the United Arab Emirates.

Central Omega Resources

Market Cap: Rp4.1t

Engages in the mineral mining business in Indonesia.

NOTE

Market Cap: SEK 5.4b

Provides electronics manufacturing services in Sweden, Finland, the United Kingdom, Bulgaria, Estonia, China, and internationally.

AltynGold

Market Cap: UK£249.3m

Engages in the exploration and development of gold producing mine in the Republic of Kazakhstan.

Equasens Société anonyme

Market Cap: €563.7m

Provides healthcare IT solutions in Europe.

Voxel

Market Cap: zł1.6b

Provides medical services in Poland.

Leejam Sports

Market Cap: ر.س6.6b

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

Deceuninck

Market Cap: €282.7m

Engages in the design, manufacture, recycling, and distribution of multi-material window, door, and building solutions in Europe, North America, Turkey, and internationally.

J.Jill

Market Cap: US$229.5m

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

CF Bankshares

Market Cap: US$149.5m

Operates as the bank holding company for CFBank, National Association that provides various banking products and services.

MetroCity Bankshares

Market Cap: US$654.0m

Operates as the bank holding company for Metro City Bank that provides banking products and services in the United States.

Kitwave Group

Market Cap: UK£180.9m

Engages in the food and drink wholesale business in the United Kingdom.

Mensch und Maschine Software

Market Cap: €688.5m

Provides computer aided design, manufacturing, and engineering, product data management, and building information modeling/management solutions in Germany, Austria, Switzerland, the United Kingdom, Italy, France, Hungary, and internationally.

lastminute.com

Market Cap: CHF 139.6m

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