Global Undervalued Small Caps

NSL Foods

Market Cap: ฿6.5b

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

Duc Giang Chemicals Group

Market Cap: ₫20.2t

Manufactures industrial products in Vietnam.

Orion Group Holdings

Market Cap: US$494.4m

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

CellaVision

Market Cap: SEK 2.9b

Develops and sells instruments, software, and reagents for blood and body fluids analysis in Sweden and internationally.

ProCredit Holding

Market Cap: €488.9m

Provides commercial banking products and services for small and medium enterprises and private clients in Europe, South America, and Germany.

FRP Advisory Group

Market Cap: UK£287.5m

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

Trisul

Market Cap: R$1.2b

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

Lavvi Empreendimentos Imobiliários

Market Cap: R$2.7b

Develops and builds residential and non-residential properties primarily in Brazil.

LiveRamp Holdings

Market Cap: US$1.8b

A technology company, operates a data collaboration platform in the United States, Europe, the Asia-Pacific, and internationally.

Zevra Therapeutics

Market Cap: US$597.7m

A commercial-stage company, focuses on addressing unmet needs for the treatment of rare diseases in the United States.

Aurelia Metals

Market Cap: AU$431.8m

Engages in the exploration and production of mineral properties in Australia.

Security Bank

Market Cap: ₱49.7b

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

Cirrus Aircraft

Market Cap: HK$14.3b

Manufactures and sells piston aircraft and single-engine turbine jets worldwide.

North East Rubber

Market Cap: ฿8.6b

Manufactures and sells rubber products in Thailand.

Consun Pharmaceutical Group

Market Cap: HK$13.3b

Researches and develops, manufactures, and sells Chinese medicines and medical contrast medium products in the People’s Republic of China.

Village Farms International

Market Cap: US$323.4m

Produces, markets, and distributes greenhouse grown tomatoes, bell peppers, and cucumbers in North America.

Equasens Société anonyme

Market Cap: €594.5m

Provides healthcare IT solutions in Europe.

Aviat Networks

Market Cap: US$292.0m

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

McBride

Market Cap: UK£282.8m

Manufactures and sells private label household and personal care products to retailers and brand owners in the United Kingdom, Germany, France, Italy, Spain, rest of Europe, the Asia-Pacific, and internationally.

Martinrea International

Market Cap: CA$688.1m

Engages in the design, development, manufacture, and sale of engineered, value-added lightweight structures, and propulsion systems for the automotive sector in North America, Europe, and internationally.

Voxel

Market Cap: zł1.0b

Provides medical services in Poland.

Nagarro

Market Cap: €559.8m

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

Norwegian Air Shuttle

Market Cap: NOK 14.2b

Provides air travel services in Norway and internationally.

Telecom Plus

Market Cap: UK£1.1b

Provides utility services in the United Kingdom.

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.

Quad/Graphics

Market Cap: US$408.2m

Provides marketing solutions in North America, Mexico, Central America, the Caribbean, Europe, the Middle East, Africa, South America, and Asia.

Grupo SBF

Market Cap: R$2.6b

Engages in the sale of sporting goods and leisure products in Brazil.

Morimatsu International Holdings

Market Cap: HK$8.2b

Designs, manufactures, installs, operates, and maintains core equipment, process systems, and solutions primarily for chemical reactions, biological reactions, and polymerization.

ASROCK Incorporation

Market Cap: NT$28.0b

Designs, develops, and sells motherboards in Asia, Europe, America, and internationally.

Murapol

Market Cap: zł1.7b

Engages in residential real estate development buisness in Poland.

Aegean Airlines

Market Cap: €1.1b

Operates as an airline company that engages in the provision of public airline transportation services in Greece and internationally.

Unidata

Market Cap: €88.1m

Provides fiber and networking, cloud and data center, and IoT and smart solutions in Italy.

Foresight Group Holdings

Market Cap: UK£450.1m

Operates as an infrastructure and private equity manager in the United Kingdom, Italy, Luxembourg, Ireland, Spain, and Australia.

Tracsis

Market Cap: UK£96.0m

Engages in the provision of software, hardware, data analytics and geographic information systems, and services in the United Kingdom, Ireland, rest of Europe, Europe, North America, and internationally.

Hugel

Market Cap: ₩2.9t

Develops and manufactures biopharmaceuticals in South Korea and internationally.

Nolato

Market Cap: SEK 13.7b

Develops, manufactures, and sells plastic, silicone, and thermoplastic elastomer products in Europe, Asia, North America, and internationally.