Global Undiscovered Gems With Strong Fundamentals

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.

La Forestière Equatoriale

Market Cap: €120.1m

Does not have any significant operations.

Zambia Sugar

Market Cap: K13.2b

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

NSIA Banque Société Anonyme

Market Cap: XOF 231.9b

Provides various banking products and services.

Eurofins-Cerep

Market Cap: €103.9m

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

Transcorp Power

Market Cap: ₦2.4t

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

Keir International

Market Cap: ر.س474.0m

Provides a range of service solutions.

Potasios de Chile

Market Cap: CL$536.2b

Engages in investment in shares and other financial instruments in Chile.

Lithium Chile

Market Cap: CA$140.5m

Engages in the acquisition and development of lithium properties in Chile and Argentina.

Conoil

Market Cap: ₦162.7b

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

Chilanga Cement

Market Cap: K6.1b

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

Misr Beni Suef CementE

Market Cap: ج.م7.5b

Produces and sells cement products in Egypt and internationally.

Vinacomin - Power Holding

Market Cap: ₫8.7t

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.

Lampsa Hellenic Hotels

Market Cap: €833.2m

Operates hotels primarily in Greece, Cyprus, and Serbia.

Societe de Limonaderies et de Boissons Rafraichissantes d'Afrique

Market Cap: XOF 304.2b

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

Bank of Africa Mali

Market Cap: XOF 84.8b

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

Société Multinationale de Bitumes Société Anonyme

Market Cap: XOF 74.1b

Processes heavy bitumen crude in Africa.

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.

Linc

Market Cap: SEK 3.9b

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

Zona Franca de Iquique

Market Cap: CL$233.6b

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

Castellana Properties Socimi

Market Cap: €887.0m

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

Rotshtein Realestate

Market Cap: ₪1.4b

Develops and constructs residential projects in Israel.

Y.D. More Investments

Market Cap: ₪1.8b

A privately owned Investment Manager.

Payton Industries

Market Cap: ₪536.4m

Develops, produces, trades, markets, and sells various types of transformers for communications, electronics, automotive, and industrial equipment industries in Israel, Europe, the United States, and Asia.

Formula Systems (1985)

Market Cap: ₪6.1b

Through its subsidiaries, provides proprietary and non-proprietary software solutions, Information Technologies (IT) professional services, software product marketing and support, computer infrastructure and integration solutions, and learning and integration.

Amir Marketing and Investments in Agriculture

Market Cap: ₪414.0m

Supplies and markets agricultural inputs in Israel.

Aura Investments

Market Cap: ₪5.9b

Together with its subsidiaries engages in locating, initiating, planning, and building projects in the field of residential real estate in Israel and internationally.

Rimoni Industries

Market Cap: ₪414.6m

Engages in the design, engineering, and manufacture of molds, and precise injection molding and assemblies for the medical, automotive, agricultural, high-tech, and consumer industries in Israel.

AB Traction

Market Cap: SEK 3.9b

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

Analyst I.M.S. Investment Management Services

Market Cap: ₪1.2b

A publicly owned investment manager.

Mendelson Infrastructures & Industries

Market Cap: ₪618.1m

Mendelson Infrastructures & Industries Ltd.

Capricorn Group

Market Cap: R10.9b

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

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$439.1m

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$127.6m

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

Standard Bank

Market Cap: MK 2.6t

Provides banking and other related services in Malawi.