Global Undiscovered Gems With Strong Fundamentals

Vantage

Market Cap: US$140.6m

Provides shipbroking services to the oil tanker industry in Singapore and Dubai.

Surya Toto Indonesia

Market Cap: Rp2.4t

Manufactures and sells sanitary, fittings, kitchen systems, and other related products in Indonesia and internationally.

Nigerian Aviation Handling

Market Cap: ₦157.4b

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

Transnational Corporation of Nigeria

Market Cap: ₦457.3b

Together with the subsidiaries, engages in the power, oil and gas, and hospitality businesses in Nigeria.

Conoil

Market Cap: ₦186.2b

Conoil Plc markets refined petroleum products, and manufactures and markets lubricants, household, and liquefied petroleum gas (LPG) in Nigeria.

Societe de Limonaderies et de Boissons Rafraichissantes d'Afrique

Market Cap: XOF 266.7b

Engages in the manufacture and sale of beer, soft drinks, mineral water, alcomixes, and energy drink products.

Bank of Africa Mali

Market Cap: XOF 82.4b

Provides various banking products and services to individuals, business customers, and SMEs in Mali.

Société Multinationale de Bitumes Société Anonyme

Market Cap: XOF 65.6b

Processes heavy bitumen crude in Africa.

Misr Beni Suef CementE

Market Cap: ج.م6.6b

Produces and sells cement products in Egypt and internationally.

Waja

Market Cap: ر.س497.7m

Engages in the construction, media and communication, and information technology businesses.

Jamuna Bank

Market Cap: ৳14.9b

Provides various banking products and services in Bangladesh.

Wema Bank

Market Cap: ₦300.0b

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

ABG Sundal Collier Holding

Market Cap: NOK 3.5b

Provides investment banking, stock broking, and corporate advisory services in Norway, Sweden, Denmark, and internationally.

A'ayan Real Estate Company K.S.C.P

Market Cap: د.ك43.6m

Engages in the real estate development and investment activities in Kuwait and rest of GCC countries.

Central Cooperative Bank AD

Market Cap: лв213.6m

A commercial bank, provides various financial products and services.

Tohoku Steel

Market Cap: JP¥14.9b

Engages in the manufacturing, processing, and distribution of various types of special steel products in Japan.

NSIA Banque Société Anonyme

Market Cap: XOF 222.2b

Provides various banking products and services.

Bank Ganesha

Market Cap: Rp1.9t

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

Darwin

Market Cap: €96.6m

Operates as a biotechnology company.

Alfa Solar Enerji Sanayi ve Ticaret

Market Cap: ₺16.4b

Engages in the manufacture and sale of solar panels.

Tchaikapharma High Quality Medicines AD

Market Cap: лв1.6b

Engages in the development and manufacture of generic and in-licensed medicines in Bulgaria.

Lavipharm

Market Cap: €133.3m

Engages in the research, development, manufacture, import, marketing, sale, and wholesale of pharmaceutical, cosmetics, and healthcare products to physicians and pharmacists in Greece and internationally.

Jadranski naftovod d.d

Market Cap: €801.1m

Engages in the transport and storage of oil and oil products in the Republic of Croatia and internationally.

MAPFRE Middlesea

Market Cap: €137.1m

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

Keir International

Market Cap: ر.س474.0m

Provides a range of service solutions.

Morris State Bancshares

Market Cap: US$212.6m

Operates as the bank holding company for Morris Bank that provides various financial services to individuals and small businesses in Georgia.

Transcorp Power

Market Cap: ₦2.5t

Engages in the generation and sale of electric power in Nigeria and internationally.

Hearts and Minds Investments

Market Cap: AU$677.8m

n/a

Pakistan National Shipping

Market Cap: PK₨68.3b

Engages in the shipping business worldwide.

Cita Mineral Investindo

Market Cap: Rp16.0t

Engages in bauxite mining activities in Indonesia.

Besler Gida Ve Kimya Sanayi ve Ticaret Anonim Sirketi

Market Cap: ₺9.6b

Produces and trades in frozen and canned products in Turkey.

Lampsa Hellenic Hotels

Market Cap: €828.9m

Operates hotels primarily in Greece, Cyprus, and Serbia.

National Investments Company K.S.C.P

Market Cap: د.ك214.4m

Engages in the investment, treasury, real estate, asset management, advisory, and brokerage businesses in Kuwait, GCC countries, and internationally.

Flügger group

Market Cap: DKK 992.1m

Designs, manufactures, and markets decorative paints, wood protection products, spackling pastes, and wallpaper and tools.

Gulf Insurance Group - Jordan

Market Cap: د.أ80.1m

Engages in the insurance business in Jordan, Middle East, and North Africa region.

MCH Group

Market Cap: CHF 114.4m

Operates as a live marketing company that provides a network of services in the exhibition and event market worldwide.