Global Undiscovered Gems With Strong Fundamentals

Invest Bank

Market Cap: د.أ225.0m

Provides various banking and related financial services in Jordan.

AB Akola Group

Market Cap: €284.1m

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 Wathba National Insurance Company PJSC

Market Cap: د.إ629.3m

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

Namibia Breweries

Market Cap: R6.6b

Engages in brewing and distribution of alcoholic beverages, and manufacture of soft drinks in Namibia and South Africa.

TSTE

Market Cap: ฿4.1b

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.د60.1m

Bahrain National Holding Company B.S.C., together with its subsidiaries, asset management services in the Kingdom of Bahrain and other GCC countries.

Hua Na Hydropower

Market Cap: ₫5.3t

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

Invalda INVL

Market Cap: €328.0m

A private equity firm specializing in investments in small and middle-market privately held companies, industry consolidation, mature, growth capital, early venture, mid venture, later stage, acquisitions, and buyouts in undervalued assets.

SALUS Ljubljana d. d

Market Cap: €526.0m

Engages in the distribution, promotion, sales services, and value-added services for medicinal products or medical devices in Slovenia and internationally.

Bank MNC Internasional

Market Cap: Rp2.4t

Provides various banking products and services in Indonesia.

Grenobloise d'Electronique et d'Automatismes Société Anonyme

Market Cap: €100.5m

Provides electronic toll collection systems in France, rest of the European Union, rest of Europe, Asia, the Americas, and Africa.

Shahjalal Islami Bank

Market Cap: ৳19.4b

Provides commercial banking products and services in Bangladesh.

Central Forest Group

Market Cap: JP¥22.5b

Engages in the wholesale of food, alcoholic beverages, and other related consumer products in Japan.

Padma Oil

Market Cap: ৳17.4b

Engages in the procurement, storage, and marketing of petroleum products, lubricants, greases, bitumen, and LPG in Bangladesh.

Export Development Bank of Egypt (S.A.E.)

Market Cap: ج.م23.8b

Provides various banking products and services in Egypt.

Canal Shipping Agencies

Market Cap: ج.م9.1b

Provides various shipping services to the international commercial fleet in Egypt.

Jamuna Bank

Market Cap: ৳21.8b

Provides various banking products and services in Bangladesh.

Suez Canal Company for Technology Settling (S.A.E)

Market Cap: ج.م38.6b

Engages in the establishment and management of technology zones, scientific incubators, and training centers for the preparation of researchers, transfer technology, and related services in Egypt.

Quest Holdings

Market Cap: €729.3m

Engages in the distribution of information technology and telecommunications products in Greece, Romania, Cyprus, Luxembourg, Belgium, Spain, and Italy.

Palasino Holdings

Market Cap: HK$1.5b

Through its subsidiaries, engages in the gaming and hotel businesses in the Czech Republic, Germany, and Austria.

Yibin City Commercial Bank

Market Cap: HK$12.1b

Provides banking and financial products and services to small and micro enterprises in the People’s Republic of China.

Ceylinco Holdings

Market Cap: LK₨75.6b

Ceylinco Holdings PLC underwrites various classes of general and life insurance products primarily in Sri Lanka.

Soma Gold

Market Cap: CA$227.9m

A natural resource company, engages in the acquisition, exploration, and development of mineral properties in Columbia.

Bijou Brigitte modische Accessoires

Market Cap: €373.2m

Manufactures, imports, and sells fashion jewelry, gold and silver jewelry, fashion accessories, and complementary articles.

Mobile Telecommunications

Market Cap: R7.0b

Operates as a mobile telecommunications company in Namibia.

A3 Mercados

Market Cap: AR$736.0b

Operates as a market for negotiable securities in Argentina and internationally.

ManpowerGroup Greater China

Market Cap: HK$1.1b

An investment holding company, provides workforce solutions and services in the People’s Republic of China, Hong Kong, Macau, and Taiwan.

Sun

Market Cap: MU₨7.3b

Operates in the tourism sector.

New Mauritius Hotels

Market Cap: MU₨7.3b

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

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.

Mobiltel Iletisim Hizmetleri Sanayi ve Ticaret

Market Cap: ₺14.1b

Mobiltel Iletisim Hizmetleri Sanayi ve Ticaret A.S.

Smart Shooter

Market Cap: ₪970.2m

Designs and develops fire control systems in Israel, North America, Europe, Australia and New Zealand.

Marvipol Development

Market Cap: zł451.9m

Develops residential projects in Poland.

Tureks Turizm Tasimacilik Anonim Sirketi

Market Cap: ₺9.8b

Engages in group transportation, and fleet and individual vehicle rental activities in Turkey.

First National Bank of Botswana

Market Cap: P14.4b

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

Terminal X Online

Market Cap: ₪995.2m

Engages in the marketing and sale of fashion and lifestyle products in Israel.