Global Undiscovered Gems With Strong Fundamentals

Aesler Grup Internasional

Market Cap: Rp3.7t

Provides architectural and construction management services in Indonesia.

Shangri-La Hotel

Market Cap: ฿5.8b

Operates hotels in Bangkok and Chiang Mai provinces.

Transcorp Power

Market Cap: ₦2.4t

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

Reitar Logtech Holdings

Market Cap: US$297.9m

Through its subsidiaries, provides construction management and engineering design services.

Practic

Market Cap: RON 736.5m

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

Acsion

Market Cap: R3.4b

Engages in property holding and development activities in South Africa and internationally.

Itafos

Market Cap: CA$570.0m

Operates as a phosphate and specialty fertilizer company.

China SXT Pharmaceuticals

Market Cap: US$193.5m

A pharmaceutical company, engages in the research, development, manufacture, marketing, and sale of traditional Chinese medicine pieces (TCMP) in China.

Societe de Limonaderies et de Boissons Rafraichissantes d'Afrique

Market Cap: XOF 312.8b

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

Solesence

Market Cap: US$251.0m

A science-driven company, develops, manufactures, and sells integrated family of technologies in the United States.

FineMark Holdings

Market Cap: US$522.7m

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

Invest Bank

Market Cap: د.أ225.0m

Provides various banking and related financial services in Jordan.

First National Bank of Botswana

Market Cap: P13.5b

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

AB Traction

Market Cap: SEK 4.0b

A private equity firm specializing in distressed, middle market, later stage, mature, bridge, recapitalization, buyouts and PIPES investments.

Grenobloise d'Electronique et d'Automatismes Société Anonyme

Market Cap: €97.7m

Designs, develops, manufactures, integrates, installs, and maintains electronic and computerized toll collection systems.

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.

Vantage

Market Cap: US$137.4m

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

Gulf Island Fabrication

Market Cap: US$112.8m

Operates as a fabricator of steel structures and modules in the United States.

Inversiones Doalca SOCIMI

Market Cap: €153.0m

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

Deutsche Balaton

Market Cap: €200.5m

A private equity focusing on private equity investments in listed and unlisted companies, real estate investments and investments in other assets.

Senstar Technologies

Market Cap: US$108.2m

Provides physical, video, and access control security products and solutions worldwide.

Zespól Elektrocieplowni Wroclawskich KOGENERACJA

Market Cap: zł917.8m

Zespól Elektrocieplowni Wroclawskich KOGENERACJA S.A.

MAPFRE Middlesea

Market Cap: €128.8m

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

Decora

Market Cap: zł782.6m

Engages in the production, distribution, sale, and export of flooring products and accessories in Poland.

Valhi

Market Cap: US$506.8m

Engages in the chemicals, component products, and real estate management and development businesses in Europe, North America, the Asia Pacific, and internationally.

NSIA Banque Société Anonyme

Market Cap: XOF 239.4b

Provides various banking products and services.

Chilanga Cement

Market Cap: K6.1b

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

La Forestière Equatoriale

Market Cap: €118.7m

Does not have any significant operations.

ANSA Merchant Bank

Market Cap: TT$3.3b

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

Metalpha Technology Holding

Market Cap: US$129.5m

Provides wealth management services in Hong Kong.

Viohalco

Market Cap: €1.7b

Through its subsidiaries, manufactures, and sells aluminium, copper, cables, and steel and steel pipe products.

Saudi Azm for Communication and Information Technology

Market Cap: ر.س1.8b

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

Standard Bank

Market Cap: MK 2.8t

Provides banking and other related services in Malawi.

Pure Cycle

Market Cap: US$241.9m

Provides wholesale water and wastewater services in the United States.

va-Q-tec

Market Cap: €392.2m

Develops, produces, and markets vacuum insulation panels and phase change materials in Germany, rest of European Union, and internationally.

FRMO

Market Cap: US$387.8m

Through Horizon Kinetics, LLC, operates as an investment advisory and independent research company in the United States.