Global Undiscovered Gems With Strong Fundamentals

Aesler Grup Internasional

Market Cap: Rp3.7t

Provides architectural and construction management services in Indonesia.

Zona Franca de Iquique

Market Cap: CL$229.6b

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

La Forestière Equatoriale

Market Cap: €119.4m

Does not have any significant operations.

Dogan Burda Dergi Yayincilik Ve Pazarlama

Market Cap: ₺6.6b

Dogan Burda Dergi Yayincilik Ve Pazarlama A.S.

Lampsa Hellenic Hotels

Market Cap: €854.6m

Operates hotels primarily in Greece, Cyprus, and Serbia.

Nigerian Aviation Handling

Market Cap: ₦190.8b

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

Dekpol

Market Cap: zł518.5m

Dekpol S.A. primary engages in the general contracting and property development businesses in Poland.

Transnational Corporation of Nigeria

Market Cap: ₦502.0b

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

NSIA Banque Société Anonyme

Market Cap: XOF 252.3b

Provides various banking products and services.

Decora

Market Cap: zł801.6m

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

ANSA Merchant Bank

Market Cap: TT$3.3b

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

Chilanga Cement

Market Cap: K6.1b

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

Société Multinationale de Bitumes Société Anonyme

Market Cap: XOF 70.8b

Processes heavy bitumen crude in Africa.

Tchaikapharma High Quality Medicines AD

Market Cap: лв1.6b

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

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.

Jadranski naftovod d.d

Market Cap: €836.4m

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

First Investment Bank AD

Market Cap: лв760.3m

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

Grenobloise d'Electronique et d'Automatismes Société Anonyme

Market Cap: €97.2m

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

Famous Brands

Market Cap: R6.2b

Through its subsidiaries, operates as a quick service and casual dining restaurant franchisor in the United Kingdom, South Africa, South African Development Community, Middle East, and Rest of Africa.

Linc

Market Cap: SEK 4.4b

A private equity and venture capital firm, specializing in early and mature stage investments in pharmaceutical, life-science and med-tech companies.

Caisse Regionale de Credit Agricole Mutuel Toulouse 31

Market Cap: €399.4m

Operates as a cooperative bank in France.

SALUS Ljubljana d. d

Market Cap: €343.6m

Engages in the provision of distribution, promotion, active sales, and value-added services for the medicinal products in Slovenia and internationally.

Cyprus Cement

Market Cap: €137.2m

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

Zespól Elektrocieplowni Wroclawskich KOGENERACJA

Market Cap: zł844.8m

Zespól Elektrocieplowni Wroclawskich KOGENERACJA S.A.

Alantra Partners

Market Cap: €302.8m

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

va-Q-tec

Market Cap: €348.4m

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

NICO Holdings

Market Cap: MK 902.2b

Engages in general insurance, life assurance, pension administration, banking, corporate finance advisory, asset management, and information technology (IT) businesses in in Malawi, Zambia, Uganda, and Mozambique.

Colorado

Market Cap: د.م983.2m

Manufactures and distributes various paints in Morocco and internationally.

Purple Group

Market Cap: R2.2b

A financial services and technology company, engages in trading platforms, fractional property and crypto asset investing, retirement fund administration, and asset management businesses in South Africa.

Central Cooperative Bank AD

Market Cap: лв207.2m

A commercial bank, provides various financial products and services.

Vakif Gayrimenkul Yatirim Ortakligi

Market Cap: ₺8.1b

A real estate investment trust.

China SXT Pharmaceuticals

Market Cap: US$218.1m

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

Standard Bank

Market Cap: MK 2.8t

Provides banking and other related services in Malawi.

Pure Cycle

Market Cap: US$267.0m

Provides wholesale water and wastewater services in the United States.

Gulf Island Fabrication

Market Cap: US$110.3m

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

Valhi

Market Cap: US$512.1m

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