Global Undervalued Small Caps

Trisul

Market Cap: R$1.2b

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

Lavvi Empreendimentos Imobiliários

Market Cap: R$2.6b

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

Duc Giang Chemicals Group

Market Cap: ₫19.9t

Manufactures industrial products in Vietnam.

Aurelia Metals

Market Cap: AU$474.2m

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

Tianjin Ringpu Bio-TechnologyLtd

Market Cap: CN¥8.2b

Engages in the research and development, production, and sale of veterinary raw materials, pharmaceutical preparation, functional additives, and veterinary biological products.

SaizeriyaLtd

Market Cap: JP¥253.5b

Operates restaurants in Japan, Australia, Indonesia and Asia.

ProCredit Holding

Market Cap: €487.1m

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

CellaVision

Market Cap: SEK 2.9b

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

FRP Advisory Group

Market Cap: UK£285.1m

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

Security Bank

Market Cap: ₱48.9b

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

Orion Group Holdings

Market Cap: US$481.4m

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$1.1b

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.

Zevra Therapeutics

Market Cap: US$579.9m

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

LiveRamp Holdings

Market Cap: US$1.9b

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

Quad/Graphics

Market Cap: US$412.4m

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

Village Farms International

Market Cap: US$326.9m

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

Grupo SBF

Market Cap: R$2.5b

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

McBride

Market Cap: UK£277.4m

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.

VSTECS Holdings

Market Cap: HK$14.0b

An investment holding company, develops information technology IT product channel and provides technical solution integration services in North Asia and Southeast Asia.

Consun Pharmaceutical Group

Market Cap: HK$13.6b

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

Norwegian Air Shuttle

Market Cap: NOK 14.0b

Provides air travel services in Norway and internationally.

Cirrus Aircraft

Market Cap: HK$13.7b

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

Telecom Plus

Market Cap: UK£1.1b

Provides utility services in the United Kingdom.

Voxel

Market Cap: zł1.1b

Provides medical services in Poland.

Equasens Société anonyme

Market Cap: €598.2m

Provides healthcare IT solutions in Europe.

Nagarro

Market Cap: €558.1m

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

Martinrea International

Market Cap: CA$692.6m

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.

Aviat Networks

Market Cap: US$291.9m

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

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.

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.

Luk Fook Holdings (International)

Market Cap: HK$13.4b

An investment holding company, engages in sourcing, designing, wholesaling, trademark licensing, and retailing various gold and platinum jewelry, and gem-set jewelry products in Hong Kong and internationally.

Sichuan Baicha Baidao Industrial

Market Cap: HK$8.7b

An investment holding company, provides tea drink products in the People’s Republic of China.

Hugel

Market Cap: ₩2.9t

Develops and manufactures biopharmaceuticals in South Korea and internationally.

ASROCK Incorporation

Market Cap: NT$29.7b

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

Foresight Group Holdings

Market Cap: UK£451.8m

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.