Global Undiscovered Gems With Strong Fundamentals

Invest Bank

Market Cap: د.أ225.0m

Provides various banking and related financial services in Jordan.

MAPFRE Middlesea

Market Cap: €142.6m

Provides non-life and life insurance products and services to individuals, small and medium enterprises, professionals, and businesses in Malta.

Nigerian Aviation Handling

Market Cap: ₦370.1b

Provides aircraft and cargo handling, passenger handling, passenger profiling, and crew transportation services in Nigeria.

Asian Terminals

Market Cap: ₱54.0b

Operates and manages the South Harbor Port of Manila and the Port of Batangas in Batangas City in the Philippines.

Jamuna Bank

Market Cap: ৳21.3b

Provides various banking products and services in Bangladesh.

Al Wathba National Insurance Company PJSC

Market Cap: د.إ629.3m

Engages in general insurance and reinsurance business in the United Arab Emirates and internationally.

Etihad GO Telecom

Market Cap: ر.س2.9b

Provides telecommunication products and services for individuals and businesses in the Kingdom of Saudi Arabia and internationally.

Cairo Amman Bank

Market Cap: د.أ276.0m

Provides various banking and financial services for corporate and institutional customers.

Taiyo KagakuLtd

Market Cap: JP¥43.7b

Manufactures and sells functional food ingredients for food, beverage, supplement, and cosmetic applications in Japan and internationally.

Tait Marketing & Distribution

Market Cap: NT$3.6b

Engages in the marketing, agency, and distribution of various foods, beverages, liquors, and supplies in Taiwan.

National Industries Group Holding - KPSC

Market Cap: د.ك570.2m

Through its subsidiaries, engages in the building materials, petrochemicals, oil and gas services, mechanical industries, utilities, real estate, infrastructure, and financial services in Kuwait.

Al-Deera Holding Company K.P.S.C

Market Cap: د.ك43.5m

A private equity firm specializing in direct and fund investments.

PINAGO UTAMA

Market Cap: Rp2.5t

Engages in the oil palm and rubber plantation business in Indonesia.

Spectrum Electrics

Market Cap: NT$5.5b

Engages in the research, design, development, manufacture, lamination, processing, sale, and trading of multilayer laminated substrates and various electronic components in Taiwan, rest of Asia, and Europe.

Kuwait Projects Company Holding K.S.C.P

Market Cap: د.ك344.7m

Through its subsidiaries, operates in the financial services, food, petrochemicals and oil services, media, real estate, and education sectors in Kuwait, rest of the GCC, rest of the Middle East, rest of Asia, rest of North Africa, Europe, and North America.

AB Akola Group

Market Cap: €256.6m

Through its subsidiaries, engages in the production, preparation, and sale of agricultural and food products in Lithuania, Scandinavian, rest of Europe, Africa, Asia, and CIS countries.

Al-Ahleia Insurance CompanyK.P

Market Cap: د.ك170.7m

Engages in insurance and reinsurance operations in Kuwait.

Seef Properties B.S.C

Market Cap: ب.د47.5m

Engages in the real estate development business in the Kingdom of Bahrain.

Daphne International Holdings

Market Cap: HK$811.2m

An investment holding company, engages in the licensing, distribution, and sale of footwear products and accessories in Mainland China.

TSTE

Market Cap: ฿4.0b

Primarily engages in the production and distribution of food, ingredients, and confectionery products in Thailand.

AIICO Insurance

Market Cap: ₦150.1b

Provides risk underwriting and related financial services in Nigeria.

Wema Bank

Market Cap: ₦1.1t

Provides banking and other financial services to corporate and individual customers in Nigeria.

Saha-Union

Market Cap: ฿7.9b

Engages in plastic, rubber and metal, chemicals, trading, energy, hotel, investment, and other businesses.

Thai Steel Cable

Market Cap: ฿3.7b

Manufactures and distributes automobile and motorcycle control cables, and automobile window regulators in Thailand.

Saudi Chemical Holding

Market Cap: ر.س6.8b

Engages in the manufacture, distribution, and retail of medicines, medical materials and syrups, pharmaceutical preparations, medical and surgical tools and equipment, supplies of hospitals and medical centers and its related spare parts, and food products.

Najran Cement

Market Cap: ر.س1.0b

Engages in the manufacture and sale of cement products in the Kingdom of Saudi Arabia.

Nofoth Food Products

Market Cap: ر.س787.9m

Produces and sells bakery products in Saudi Arabia.

Vivo Energy Mauritius

Market Cap: MU₨13.5b

Vivo Energy Mauritius Limited markets, supplies, and distributes fuels and lubricants to retail and commercial customers in Mauritius.

Saudi Azm for Communication and Information Technology

Market Cap: ر.س1.3b

Provides business and digital technology solutions in the Kingdom of Saudi Arabia.

Sun

Market Cap: MU₨7.1b

Operates in the tourism sector.

Nestlé Pakistan

Market Cap: PK₨349.8b

Manufactures, processes, and sells dairy, nutrition, beverages, and food products in Pakistan, Afghanistan, the United States, and internationally.

Bank Ganesha

Market Cap: Rp2.7t

Provides various general banking products and services for individuals and businesses in Indonesia.

Shandong Sinoglory Health Food

Market Cap: CN¥2.7b

Manufactures soy proteins in China.

First Investment Company K.S.C.P

Market Cap: د.ك51.3m

First Investment Company K.S.C.C. is a Shariah compliant privately owned investment manager.

Ramco Industries

Market Cap: ₹20.3b

Engages in the building products, textiles, and power generation businesses in India.

Hind Rectifiers

Market Cap: ₹22.7b

Designs, develops, manufactures, and markets power semiconductors, power electronic equipment, and railway transportation equipment in India and internationally.