Global Undervalued Small Caps

NSL Foods

Market Cap: ฿6.5b

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

Orion Group Holdings

Market Cap: US$472.7m

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

FRP Advisory Group

Market Cap: UK£282.7m

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

Trican Well Service

Market Cap: CA$1.3b

An equipment services company, provides various products, equipment, services, and technology for use in the drilling, completion, stimulation, and reworking of oil and gas wells in Canada.

Future

Market Cap: JP¥150.0b

Provides IT consulting and services primarily in Japan.

Trisul

Market Cap: R$1.3b

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

Lavvi Empreendimentos Imobiliários

Market Cap: R$3.0b

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

Zevra Therapeutics

Market Cap: US$626.5m

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

Aurelia Metals

Market Cap: AU$448.8m

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

Security Bank

Market Cap: ₱50.9b

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

ProCredit Holding

Market Cap: €532.4m

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

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.

Duc Giang Chemicals Group

Market Cap: ₫20.7t

Manufactures industrial products in Vietnam.

North East Rubber

Market Cap: ฿9.0b

Manufactures and sells rubber products in Thailand.

Village Farms International

Market Cap: US$343.0m

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

Quad/Graphics

Market Cap: US$399.8m

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

McBride

Market Cap: UK£282.9m

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.

Voxel

Market Cap: zł1.1b

Provides medical services in Poland.

Aviat Networks

Market Cap: US$294.2m

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

Telecom Plus

Market Cap: UK£1.1b

Provides utility services in the United Kingdom.

Martinrea International

Market Cap: CA$677.4m

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.

Energy Recovery

Market Cap: US$558.9m

Designs, manufactures, and sells energy efficiency technology solutions in the United States, North, South and Latin America, the Middle East, Northern Africa, Asia, and Europe.

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.

Flotek Industries

Market Cap: US$564.3m

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

Cirrus Aircraft

Market Cap: HK$14.9b

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

Sichuan Baicha Baidao Industrial

Market Cap: HK$8.5b

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

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.

Foresight Group Holdings

Market Cap: UK£465.8m

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

Unidata

Market Cap: €86.4m

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

Hugel

Market Cap: ₩2.9t

Develops and manufactures biopharmaceuticals in South Korea and internationally.

ASROCK Incorporation

Market Cap: NT$27.6b

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

Tracsis

Market Cap: UK£95.3m

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.

Prosegur Cash

Market Cap: €940.4m

Provides integrated cash cycle management solutions and automating payments in retail establishments and ATM management in Europe, LATAM, and internationally.

Alimak Group

Market Cap: SEK 12.6b

Designs, manufactures, sells, and services vertical access and working at height solutions worldwide.

Viant Technology

Market Cap: US$735.5m

Operates a cloud-based demand side platform (DSP) that enables the programmatic purchase of digital advertising across multiple channels, including connected TV (CTV), streaming audio, digital out-of-home, mobile, and desktop.

Vizionfocus

Market Cap: NT$11.5b

Engages in the manufacturing of medical equipment in Japan, China, Southeast Asia and the United States.