Global Undiscovered Gems With Strong Fundamentals

Vantage

Market Cap: US$140.6m

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

Sociedad Matriz SAAM

Market Cap: CL$1.2t

Through its subsidiaries, provides tugboat services, air cargo logistics, and real estate rentals in South America, Central America, and North America.

La Forestière Equatoriale

Market Cap: €120.1m

Does not have any significant operations.

Chilanga Cement

Market Cap: K6.1b

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

Oakworth Capital

Market Cap: US$162.1m

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

FineMark Holdings

Market Cap: US$334.1m

Operates as the holding company for FineMark National Bank & Trust that provides various banking products and financial services to individual and corporate clients.

Eurofins-Cerep

Market Cap: €103.9m

Provides various drug discovery services to pharmaceutical, biopharmaceutical, and biotechnology companies France and internationally.

Zona Franca de Iquique

Market Cap: CL$226.1b

Operates premises for wholesale and retail business centers in the duty-free zones of South America.

Capricorn Group

Market Cap: R10.9b

An investment holding company, engages in the banking, microlending, and related businesses in Namibia, Botswana, and Zambia.

ANSA Merchant Bank

Market Cap: TT$3.4b

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

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.

Zambia Sugar

Market Cap: K13.2b

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

First National Bank of Botswana

Market Cap: P13.3b

Provides various banking and related products and services to individuals, businesses, corporates, and private clients in Botswana.

Empresas Lipigas

Market Cap: CL$519.9b

Engages in the distribution and sale of liquefied petroleum gas (LPG) and natural gas (NG) in Chile, Peru, and Colombia.

Sun

Market Cap: MU₨7.5b

Operates in the tourism sector.

Practic

Market Cap: RON 567.2m

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

Arab Insurance Group (B.S.C.)

Market Cap: US$190.2m

Provides life and non-life reinsurance products and related services in the Afro Asia region.

Castellana Properties Socimi

Market Cap: €912.6m

As of December 20, 2016, Castellana Properties Socimi, S.A.

Sugar Terminals

Market Cap: AU$349.2m

Provides storage and handling solutions for bulk sugar and other commodities in Australia.

Nofoth Food Products

Market Cap: ر.س1.2b

Produces and sells bakery products in Saudi Arabia.

Vinacomin - Power Holding

Market Cap: ₫8.8t

Engages in the investment, construction, exploitation, and operation of thermal power and hydroelectric plants, and electronic factories using new energy, renewable energy, power grids, and power supply systems in Vietnam.

Jordanian Duty Free Shops

Market Cap: د.أ150.8m

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

MOBI Industry

Market Cap: ر.س648.0m

Manufactures and sells fertilizers and nitrogen compounds in the Kingdom of Saudi Arabia.

Arab Banking Corporation (B.S.C.)

Market Cap: US$1.1b

Provides wholesale banking services worldwide.

Alf Meem Yaa for Medical Supplies and Equipment

Market Cap: ر.س798.0m

Engages in the wholesale and retail trade of medical supplies for the aesthetic market in the Kingdom of Saudi Arabia.

Saudi Chemical Holding

Market Cap: ر.س6.4b

Saudi Chemical Holding Company manufacture, wholesale, and retail trade of medicines, medical materials and syrups, pharmaceutical preparations, medical and surgical tools and equipment in the Kingdom of Saudi Arabia and internationally.

Baazeem Trading

Market Cap: ر.س554.9m

Operates as a FMCG distribution company.

Sure Global Tech

Market Cap: ر.س616.0m

Provides technological and consultative solutions for public and private sectors in the Kingdom of Saudi Arabia.

Linde Bangladesh

Market Cap: ৳12.9b

Manufactures and supplies industrial and medical gases, anesthesia, and ancillary equipment in Bangladesh.

Saudi Azm for Communication and Information Technology

Market Cap: ر.س1.7b

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

Invest Bank

Market Cap: د.أ221.3m

Provides various banking and related financial services in Jordan.

Grendene

Market Cap: R$4.8b

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

Padma Oil

Market Cap: ৳17.6b

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

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.

Nigerian Aviation Handling

Market Cap: ₦157.4b

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