Global Undiscovered Gems With Strong Fundamentals

Invest Bank

Market Cap: د.أ225.0m

Provides various banking and related financial services in Jordan.

Mobile Telecommunications

Market Cap: R7.0b

Operates as a mobile telecommunications company in Namibia.

ANSA Merchant Bank

Market Cap: TT$2.1b

Provides a range of banking and financial services in Trinidad and Tobago, and Barbados.

Inversiones Doalca SOCIMI

Market Cap: €156.6m

Inversiones Doalca Socimi, S.A., a real estate investment company, leases and rents real estate properties in Spain.

Societe de Limonaderies et de Boissons Rafraichissantes d'Afrique

Market Cap: XOF 631.8b

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

Chilanga Cement

Market Cap: K16.1b

Engages in the manufacture and sale of cement products in Zambia.

New Mauritius Hotels

Market Cap: MU₨7.2b

Operates hotels in Mauritius, Europe, Morocco, and internationally.

Sun

Market Cap: MU₨7.3b

Operates in the tourism sector.

Freetrailer Group

Market Cap: €558.5m

A technology company, operates a sharing-economy platform for the free rental of trailers and cargo bikes in Denmark, Sweden, Germany, and the Netherlands.

Standard Bank

Market Cap: MK 996.0b

Provides banking and other related services in Malawi.

Security Federal

Market Cap: US$112.5m

Operates as the bank holding company for Security Federal Bank that provides various banking products and services.

M+S Hydraulic AD

Market Cap: €207.0m

Engages in the production, repair, and sale of hydraulic products and systems in Bulgaria, the rest of Europe, and internationally.

Oakworth Capital

Market Cap: US$191.0m

Operates as a bank holding company for Oakworth Capital Bank that provides range of banking services in the United States.

AB Akola Group

Market Cap: €289.9m

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.

Affinity Bancshares

Market Cap: US$118.9m

Operates as the holding company for Affinity Bank that provides various banking products and services in Georgia.

Chobe Holdings

Market Cap: P1.7b

Through its subsidiaries, engages in owning and operating ecotourism lodges and camps on leased lands in northern Botswana and the Caprivi Strip in Namibia.

New Peoples Bankshares

Market Cap: US$101.3m

Operates as a financial holding company for New Peoples Bank, Inc.

Compañía Electro Metalúrgica

Market Cap: CL$560.6b

Operates as producers and vendors of integrated solutions for the mining market in Chile and internationally.

Nexa Resources AtacochaA

Market Cap: S/1.4b

Operates as a mining company worldwide.

First National Bank of Botswana

Market Cap: P13.9b

Provides various banking and related products and services to individuals, and large and small businesses in Botswana.

Sopharma AD

Market Cap: €919.1m

Produces, distributes, and exports pharmaceutical products in Europe, Bulgaria, and internationally.

Maistra d.d

Market Cap: €662.1m

Engages in the hotel business in Croatia.

Grendene

Market Cap: R$4.1b

Engages in the development, production, distribution, and sale of plastic footwear for women, men, and children in Brazil and internationally.

Industrias del Cobre Sociedad Anónima

Market Cap: S/833.7m

Engages in the manufacture and sale of wires, and electrical and telecommunication cables and conductors in Peru and internationally.

Alfin Banco

Market Cap: S/433.7m

Provides various banking and financial products and services.

Southern Michigan Bancorp

Market Cap: US$118.8m

Operates as the bank holding company for Southern Michigan Bank & Trust that provides a range of commercial banking services to individuals, businesses, institutions, and governmental agencies primarily in the southwest and south-central Michigan communities.

TSTE

Market Cap: ฿3.9b

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

Bahrain National Holding Company B.S.C

Market Cap: ب.د59.0m

Provides insurance and investment products in the Kingdom of Bahrain, other GCC countries, and internationally.

Ideal Capital Berhad

Market Cap: RM 1.8b

An investment holding company, engages in the property development business in Malaysia.

KFM Kingdom Holdings

Market Cap: HK$1.7b

An investment holding company, manufactures and sells precision metal stamping products in the People’s Republic of China, South East Asia, Hong Kong, North America, Europe, and internationally.

Pizu Group Holdings

Market Cap: HK$6.0b

An investment holding company, manufactures, trades, and sales of civil explosives in the People's Republic of China and Tajikistan.

Banyan Tree Holdings

Market Cap: S$537.5m

An investment holding company, operates as a hospitality company in Singapore, rest of South East Asia, Indian Oceania, the Middle East, North East Asia, and internationally.

JB Foods

Market Cap: S$233.9m

An investment holding company, engages in the production and sale of cocoa ingredient products primarily in Singapore, Malaysia, Indonesia, the People’s Republic of China, and the United States.

Suzhou Chunqiu Electronic Technology

Market Cap: CN¥6.6b

Suzhou Chunqiu Electronic Technology Co., Ltd.

Bank MNC Internasional

Market Cap: Rp2.3t

Provides various banking products and services in Indonesia.

Hua Na Hydropower

Market Cap: ₫5.2t

Engages in the investment, production, and trading of electricity in Vietnam.