Global Undervalued Small Caps

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.

Aux Electric

Market Cap: HK$15.5b

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

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.

SILICON2

Market Cap: ₩2.4t

Engages in the distribution of cosmetics products worldwide.

NSL Foods

Market Cap: ฿6.7b

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

Indegene

Market Cap: ₹105.8b

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

Vikram Solar

Market Cap: ₹69.8b

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

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.

Security Bank

Market Cap: ₱51.5b

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

Future

Market Cap: JP¥142.0b

Provides IT consulting and services primarily in Japan.

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$551.9m

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

FRP Advisory Group

Market Cap: UK£267.0m

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

CellaVision

Market Cap: SEK 3.5b

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

Altea Green Power

Market Cap: €118.7m

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

Grupa Pracuj

Market Cap: zł2.7b

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

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 the United States.

Orion Group Holdings

Market Cap: US$412.5m

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

Bilia

Market Cap: SEK 11.0b

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

Trisul

Market Cap: R$1.3b

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

Lavvi Empreendimentos Imobiliários

Market Cap: R$2.8b

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

Construtora Tenda

Market Cap: R$3.7b

Operates as a construction company in Brazil.

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.

Mega Lifesciences

Market Cap: ฿28.8b

Manufactures and sells health food supplements, prescription pharmaceutical products, over-the-counter products, herbal products, vitamins, and fast-moving consumer goods.

North East Rubber

Market Cap: ฿8.7b

Manufactures and sells rubber products in Thailand.

Precision Tsugami (China)

Market Cap: HK$12.4b

An investment holding company, manufactures and sells computer numerical control machine tools primarily in Mainland China.

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.

Palfinger

Market Cap: €1.3b

Provides hydraulic lifting solutions in Austria and internationally.

Voxel

Market Cap: zł1.2b

Provides medical services in Poland.

Nagarro

Market Cap: €626.7m

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

Atea

Market Cap: NOK 15.7b

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

J.Jill

Market Cap: US$237.0m

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

Lifedrink Company

Market Cap: JP¥52.3b

Manufactures and sells soft drinks in Japan.

Village Farms International

Market Cap: US$308.5m

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