Global Undiscovered Gems With Strong Fundamentals

Invest Bank

Market Cap: د.أ225.0m

Provides various banking and related financial services in Jordan.

Citra Tubindo

Market Cap: Rp4.1t

Provides pipes and accessories, and related services to the oil and gas industries in Indonesia.

GlaxoSmithKlineE

Market Cap: ج.م5.8b

Engages in production of pharmaceutical chemicals.

Sava druzba za upravljanje in financiranje d.d

Market Cap: €111.5m

Engages in the tourism business in Slovenia.

Jordanian Duty Free Shops

Market Cap: د.أ148.5m

Invests in, operates, and manages duty-free shops.

Gulf Insurance Group - Jordan

Market Cap: د.أ88.9m

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

Li Ming Development Construction

Market Cap: NT$4.1b

Li Ming Development Construction Co., Ltd.

Inversiones Doalca SOCIMI

Market Cap: €154.2m

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

Namibia Breweries

Market Cap: R6.0b

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

Bank of Africa Mali

Market Cap: XOF 119.8b

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

Practic

Market Cap: RON 712.8m

Engages in the lease and sublease of real estate properties in Romania.

Fideicomiso Irrevocable Numero Cib/2919 (Cfe Fibra E)

Market Cap: Mex$25.0b

n/a

Morris State Bancshares

Market Cap: US$236.6m

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

Tri-County Financial Group

Market Cap: US$112.8m

Operates as a bank holding company for First State Bank, providing various banking and mortgage banking services and insurance services to individuals and businesses in the United States.

Zambia Sugar

Market Cap: K20.7b

Engages in growing of sugar cane in Zambia, the Democratic Republic of Congo, Kenya, and South Africa.

Chilanga Cement

Market Cap: K7.8b

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

First Northern Community Bancorp

Market Cap: US$204.4m

Operates as the bank holding company for First Northern Bank of Dixon that provides commercial banking products and services to individuals, and small and medium sized businesses.

Colorado

Market Cap: د.م1.4b

Manufactures and distributes various paints in Morocco and internationally.

TPP-Bobov Dol AD

Market Cap: лв240.3m

Engages in the generation and sale of electricity in Bulgaria.

Central Cooperative Bank AD

Market Cap: лв214.8m

A commercial bank, provides various financial products and services.

Jadranski naftovod d.d

Market Cap: €866.6m

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

Southern Michigan Bancorp

Market Cap: US$115.3m

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.

Affinity Bancshares

Market Cap: US$118.2m

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

Shenzhen Tongye TechnologyLtd

Market Cap: CN¥3.9b

Engages in the research and development, production, sale, and maintenance services of rail transit electrical equipment products in China.

Chudenko

Market Cap: JP¥222.3b

Operates as an equipment engineering company in Japan.

Araya Industrial

Market Cap: JP¥23.8b

Manufactures and sells steel products in Japan and internationally.

Gallantt Ispat

Market Cap: ₹124.6b

Engages in manufacture and sale of iron and steel products in India.

Suzhou Fushilai Pharmaceutical

Market Cap: CN¥3.2b

Engages in the manufacture and sale of biopharmaceutical products in China.

Quality Reliability Technology

Market Cap: ₩194.6b

Provides semiconductor reliability evaluation and defect analysis services in South Korea and internationally.

Etihad Atheeb Telecommunication

Market Cap: ر.س3.7b

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

Changchai Company

Market Cap: CN¥3.5b

Produces and sells small and medium-sized single cylinder and multi-cylinder diesel engines under the Changchai brand in the People’s Republic of China and internationally.

Uju Holding

Market Cap: HK$3.0b

An investment holding company, provides digital marketing services and live-streaming e-commerce in the People’s Republic of China.

Abans Financial Services

Market Cap: ₹10.2b

Operates as a non-banking finance company in India and internationally.

Zhejiang Wanfeng ChemicalLtd

Market Cap: CN¥2.6b

Engages in the research, development, production, and sale of disperse dyes and filter cakes in China and internationally.

Daewon Cable

Market Cap: ₩248.3b

Manufactures and sells cables and wires in South Korea and internationally.

Torigoe

Market Cap: JP¥25.6b

Manufactures and sells flours and related products in Japan.