Global Undervalued Small Caps

Construtora Tenda

Market Cap: R$3.6b

Operates as a construction company in Brazil.

Aux Electric

Market Cap: HK$15.5b

Engages in the manufacturing, sales, and marketing of air conditioners.

Vikram Solar

Market Cap: ₹69.8b

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

Indegene

Market Cap: ₹105.8b

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

Future

Market Cap: JP¥142.0b

Provides IT consulting and services primarily in Japan.

SILICON2

Market Cap: ₩2.4t

Engages in the distribution of cosmetics products worldwide.

Duc Giang Chemicals Group

Market Cap: ₫21.1t

Manufactures industrial products in Vietnam.

NSL Foods

Market Cap: ฿6.7b

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

Cheerwin Group

Market Cap: HK$2.9b

An investment holding company, manufactures and trades household insecticides and repellents, household cleaning, air care, personal care, pet stores and pet products, and other products in the People’s Republic of China.

Security Bank

Market Cap: ₱51.5b

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

Altea Green Power

Market Cap: €118.2m

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

CellaVision

Market Cap: SEK 3.4b

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

Bilia

Market Cap: SEK 11.0b

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

Embla Medical hf

Market Cap: DKK 11.5b

Provides non-invasive orthopedic products in Europe, the Middle East, Africa, the Americas, and the Asia-Pacific.

FRP Advisory Group

Market Cap: UK£257.3m

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

FirstSun Capital Bancorp

Market Cap: US$991.6m

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 the United States.

LiveRamp Holdings

Market Cap: US$1.7b

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

Fauji Cement

Market Cap: PK₨95.6b

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

Zevra Therapeutics

Market Cap: US$541.9m

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

Lavvi Empreendimentos Imobiliários

Market Cap: R$2.7b

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

Orion Group Holdings

Market Cap: US$416.5m

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

Trisul

Market Cap: R$1.3b

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

Quartix Technologies

Market Cap: UK£110.9m

Engages in the design, development, marketing, and delivery of vehicle telematics services in the United Kingdom, France, the United States, and other European Territories.

Inspur Digital Enterprise Technology

Market Cap: HK$3.8b

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.

Grupa Pracuj

Market Cap: zł2.7b

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

Flotek Industries

Market Cap: US$580.2m

Operates as a chemical and data analytics company in the United States, the United Arab Emirates, and internationally.

Lifedrink Company

Market Cap: JP¥52.3b

Manufactures and sells soft drinks in Japan.

North East Rubber

Market Cap: ฿8.7b

Manufactures and sells rubber products in Thailand.

Atea

Market Cap: NOK 15.3b

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

Palfinger

Market Cap: €1.3b

Provides hydraulic lifting solutions in Austria and internationally.

Boozt

Market Cap: SEK 5.3b

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

Ependion

Market Cap: SEK 3.0b

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

Voxel

Market Cap: zł1.2b

Provides medical services in Poland.

Nagarro

Market Cap: €621.3m

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

J.Jill

Market Cap: US$225.8m

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

Gibraltar Industries

Market Cap: US$1.1b

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