Global Undiscovered Gems With Strong Fundamentals

Transnational Corporation of Nigeria

Market Cap: ₦445.1b

Together with the subsidiaries, engages in the power, oil and gas, and hospitality businesses in Nigeria.

Transcorp Power

Market Cap: ₦2.5t

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

Capricorn Group

Market Cap: R10.9b

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

Wema Bank

Market Cap: ₦286.1b

Provides banking and other financial services to corporate and individual customers in Nigeria.

Conoil

Market Cap: ₦186.2b

Conoil Plc markets refined petroleum products, and manufactures and markets lubricants, household, and liquefied petroleum gas (LPG) in Nigeria.

Taiyo KagakuLtd

Market Cap: JP¥29.5b

Manufactures and sells ingredients for food, beverage, supplement, and cosmetic applications in Japan and internationally.

Reitar Logtech Holdings

Market Cap: US$296.6m

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

Gulf Insurance Group - Jordan

Market Cap: د.أ80.1m

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

West Bancorporation

Market Cap: US$323.9m

Operates as the financial holding company provides community banking and trust services to individuals and small- to medium-sized businesses in the United States.

Gulf Island Fabrication

Market Cap: US$104.6m

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

Solesence

Market Cap: US$282.5m

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

Alumil Aluminium Industry

Market Cap: €166.0m

Engages in the design, development, and production of aluminum architectural systems in Greece and internationally.

Pure Cycle

Market Cap: US$251.8m

Provides wholesale water and wastewater services in the United States.

Lampsa Hellenic Hotels

Market Cap: €828.9m

Operates hotels primarily in Greece, Cyprus, and Serbia.

Metalpha Technology Holding

Market Cap: US$119.6m

Provides wealth management services in Hong Kong.

Valhi

Market Cap: US$402.4m

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

Vantage

Market Cap: US$140.6m

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

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.

Alantra Partners

Market Cap: €307.4m

Engages in the investment banking and asset management services in Spain and internationally.

Castellana Properties Socimi

Market Cap: €912.6m

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

First Investment Bank AD

Market Cap: лв757.4m

Provides various banking products and services to individuals and corporate clients in Bulgaria and Cyprus.

Central Cooperative Bank AD

Market Cap: лв206.0m

A commercial bank, provides various financial products and services.

Evergent Investments

Market Cap: RON 1.2b

A publicly owned investment manager.

Cyprus Cement

Market Cap: €132.4m

Engages in the manufacturing and sale of cement and related business in Cyprus.

Flügger group

Market Cap: DKK 986.1m

Designs, manufactures, and markets decorative paints, wood protection products, spackling pastes, and wallpaper and tools.

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.

Tchaikapharma High Quality Medicines AD

Market Cap: лв1.6b

Engages in the development and manufacture of generic and in-licensed medicines in Bulgaria.

Smart Organic AD

Market Cap: лв351.6m

Engages in the production and distribution of organic products worldwide.

Grendene

Market Cap: R$4.9b

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

Misr Beni Suef CementE

Market Cap: ج.م7.6b

Produces and sells cement products in Egypt and internationally.

Padma Oil

Market Cap: ৳17.5b

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

Linde Bangladesh

Market Cap: ৳12.8b

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

Jamuna Bank

Market Cap: ৳14.9b

Provides various banking products and services in Bangladesh.

Vinacomin - Power Holding

Market Cap: ₫8.9t

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.

Amanat Holdings PJSC

Market Cap: د.إ2.6b

Engages in the investment in companies and enterprises in the fields of education and healthcare in the United Arab Emirates and internationally.

MIA Teknoloji Anonim Sirketi

Market Cap: ₺15.2b

Provides software development services to public and private organizations in Turkey.