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.

Keir International

Market Cap: ر.س474.0m

Provides a range of service solutions.

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.

La Forestière Equatoriale

Market Cap: €120.1m

Does not have any significant operations.

Potasios de Chile

Market Cap: CL$536.2b

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

Conoil

Market Cap: ₦162.7b

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

Transcorp Power

Market Cap: ₦2.4t

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

Lithium Chile

Market Cap: CA$140.5m

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

Chilanga Cement

Market Cap: K6.1b

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

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.

Société Multinationale de Bitumes Société Anonyme

Market Cap: XOF 74.1b

Processes heavy bitumen crude in Africa.

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.

Mendelson Infrastructures & Industries

Market Cap: ₪618.1m

Mendelson Infrastructures & Industries Ltd.

Lampsa Hellenic Hotels

Market Cap: €833.2m

Operates hotels primarily in Greece, Cyprus, and Serbia.

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.

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.

Misr Beni Suef CementE

Market Cap: ج.م7.5b

Produces and sells cement products in Egypt and internationally.

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.

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.

Rotshtein Realestate

Market Cap: ₪1.4b

Develops and constructs residential projects in Israel.

Castellana Properties Socimi

Market Cap: €887.0m

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

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.

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.

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.

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.

Oakworth Capital

Market Cap: US$156.7m

Operates as a bank holding company for Oakworth Capital Bank that provides range of banking 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.

Capricorn Group

Market Cap: R10.9b

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

Metalpha Technology Holding

Market Cap: US$115.8m

Provides wealth management services in Hong Kong.

West Bancorporation

Market Cap: US$319.0m

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