Global Undervalued Small Caps

Fauji Cement

Market Cap: PK₨96.8b

Engages in the manufacturing and selling of various types of cement in Pakistan.

NSL Foods

Market Cap: ฿6.7b

Engages in the manufacture and distribution of bakery and snack products in Thailand.

Vikram Solar

Market Cap: ₹61.9b

Manufactures and sells solar photovoltaic modules/systems in India and internationally.

Indegene

Market Cap: ₹108.5b

Operates as a digital-first life sciences commercialization company in India, the United States, Europe, and internationally.

Inspur Digital Enterprise Technology

Market Cap: HK$4.6b

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.

Orion Group Holdings

Market Cap: US$467.4m

Operates as a specialty construction company for the infrastructure, industrial, and building sectors in the United States, Canada, and the Caribbean Basin.

FirstSun Capital Bancorp

Market Cap: US$1.0b

Operates as the bank holding company for Sunflower Bank, National Association that provides commercial and consumer banking and financial services to small and medium-sized companies in Texas, Kansas, Colorado, New Mexico, Arizona, California, and Washington.

Bilia

Market Cap: SEK 11.2b

Operates as a full-service supplier for car ownership in Sweden, Norway, Luxemburg, and Belgium.

Tristel

Market Cap: UK£182.1m

Develops, manufactures, and sells infection prevention products in the United Kingdom, Australia, Germany, Western Europe, and internationally.

Tokai Carbon

Market Cap: JP¥206.9b

Manufactures and sells carbon-related products and services in Japan.

Converge Information and Communications Technology Solutions

Market Cap: ₱95.6b

Converge Information and Communications Technology Solutions, Inc.

Future

Market Cap: JP¥148.1b

Provides IT consulting and services primarily in Japan.

Trisul

Market Cap: R$1.6b

Engages in the construction and development of real estate properties in Brazil.

Altea Green Power

Market Cap: €118.0m

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

FRP Advisory Group

Market Cap: UK£251.3m

Provides business advisory services to companies, lenders, investors, individuals, and other stakeholders in the United Kingdom.

Grupa Pracuj

Market Cap: zł2.7b

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

Construtora Tenda

Market Cap: R$3.7b

Operates as a construction company in Brazil.

Security Bank

Market Cap: ₱51.5b

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

SILICON2

Market Cap: ₩2.2t

Engages in the distribution of cosmetics products worldwide.

North East Rubber

Market Cap: ฿8.6b

Manufactures and sells rubber products in Thailand.

United Electronics

Market Cap: ر.س5.9b

Engages in the wholesale and retail trade of electric appliances, electronic gadgets, computers and their spare parts and accessories, furniture, and office equipment and tools in the Kingdom of Saudi Arabia and internationally.

AEON Credit Service (M) Berhad

Market Cap: RM 2.7b

Provides consumer financial services in Malaysia.

Telecom Plus

Market Cap: UK£1.1b

Provides utility services in the United Kingdom.

Voxel

Market Cap: zł1.3b

Provides medical services in Poland.

Ependion

Market Cap: SEK 3.1b

Provides digital solutions for secure control, management, visualization, and data communication for industrial applications.

Boozt

Market Cap: SEK 5.3b

Sells fashion, apparel, shoes, accessories, kids, home, sports, and beauty products online.

Palfinger

Market Cap: €1.3b

Produces and sells crane and lifting solutions in Austria and internationally.

Gibraltar Industries

Market Cap: US$1.2b

Manufactures and provides products and services for the residential, agtech, and infrastructure markets in the United States and internationally.

Hacksaw

Market Cap: SEK 16.6b

Operates as a B2B technology platform and game development company in Sweden and Czech Republic.

Nagarro

Market Cap: €682.1m

Provides digital product engineering and technology solutions in Germany, the United States of America, and internationally.

Grupo SBF

Market Cap: R$2.4b

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

Warpaint London

Market Cap: UK£177.7m

Produces and sells cosmetics.

Deepak Fertilisers And Petrochemicals

Market Cap: ₹117.9b

Engages in the manufacture, trade, and sale of bulk chemicals in India.

Xiaocaiyuan International Holding

Market Cap: HK$9.6b

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

Eternal Beauty Holdings

Market Cap: HK$2.7b

An investment holding company, engages in the retail, wholesale, and distribution of perfumes, skincare products, color cosmetics, personal care products, eyewear, and home fragrances in China, including Hong Kong and Macau.

Genuit Group

Market Cap: UK£764.5m

Develops and produces solutions for water, climate, and ventilation management in the construction industry in the United Kingdom, rest of Europe, and internationally.