Global Undiscovered Gems With Strong Fundamentals

Aesler Grup Internasional

Market Cap: Rp3.7t

Provides architectural and construction management services in Indonesia.

China SXT Pharmaceuticals

Market Cap: US$199.6m

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

Senstar Technologies

Market Cap: US$102.6m

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

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.

ANSA Merchant Bank

Market Cap: TT$3.4b

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

Morris State Bancshares

Market Cap: US$229.0m

Operates as the bank holding company for Morris Bank that provides various financial services to individuals and small businesses in Georgia.

Castellana Properties Socimi

Market Cap: €893.4m

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

Bank of Africa Mali

Market Cap: XOF 77.3b

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

FRMO

Market Cap: US$372.0m

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

La Forestière Equatoriale

Market Cap: €119.4m

Does not have any significant operations.

Zona Franca de Iquique

Market Cap: CL$232.5b

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

Pure Cycle

Market Cap: US$257.4m

Provides wholesale water and wastewater services in the United States.

Sparta

Market Cap: €87.3m

A publicly owned investment manager.

West Bancorporation

Market Cap: US$336.6m

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

Eurofins-Cerep

Market Cap: €103.9m

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

Oakworth Capital

Market Cap: US$151.1m

Operates as a bank holding company for Oakworth Capital Bank that provides range of banking services in the United States.

Itafos

Market Cap: CA$543.0m

Operates as a phosphate and specialty fertilizer company.

Transcorp Power

Market Cap: ₦2.4t

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

Standard Bank

Market Cap: MK 2.6t

Provides banking and other related services in Malawi.

Darwin

Market Cap: €96.6m

Operates as a biotechnology company.

Grendene

Market Cap: R$5.0b

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

Shangri-La Hotel

Market Cap: ฿5.8b

Operates hotels in Bangkok and Chiang Mai provinces.

FineMark Holdings

Market Cap: US$506.6m

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

Lithium Chile

Market Cap: CA$136.4m

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

Reitar Logtech Holdings

Market Cap: US$206.7m

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

Metalpha Technology Holding

Market Cap: US$112.4m

Provides wealth management services in Hong Kong.

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.

Vantage

Market Cap: US$125.4m

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

Société Multinationale de Bitumes Société Anonyme

Market Cap: XOF 73.7b

Processes heavy bitumen crude in Africa.

NSIA Banque Société Anonyme

Market Cap: XOF 257.2b

Provides various banking products and services.

Gulf Island Fabrication

Market Cap: US$110.2m

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

Societe de Limonaderies et de Boissons Rafraichissantes d'Afrique

Market Cap: XOF 276.8b

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

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.

Wilson Bank Holding

Market Cap: US$1.8b

Operates as the bank holding company for Wilson Bank and Trust that provides various banking services to consumers, professionals, small businesses, and municipalities in Tennessee.

Capricorn Group

Market Cap: R11.0b

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

Maistra d.d

Market Cap: €529.7m

Engages in the hotel business in Croatia.