Global Undiscovered Gems With Strong Fundamentals

Aesler Grup Internasional

Market Cap: Rp3.7t

Provides architectural and construction management services in Indonesia.

Sun

Market Cap: MU₨6.5b

Operates in the tourism sector.

Shangri-La Hotel

Market Cap: ฿5.7b

Operates hotels in Bangkok and Chiang Mai provinces.

Reitar Logtech Holdings

Market Cap: US$306.6m

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

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.

Acsion

Market Cap: R2.5b

Engages in property holding and development activities in South Africa and internationally.

Soma Gold

Market Cap: CA$140.0m

A natural resource company, engages in the acquisition, exploration, and development of mineral properties in South America.

Standard Bank

Market Cap: MK 2.8t

Provides banking and other related services in Malawi.

NSIA Banque Société Anonyme

Market Cap: XOF 243.6b

Provides various banking products and services.

FRMO

Market Cap: US$378.2m

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

va-Q-tec

Market Cap: €386.3m

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

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.

West Bancorporation

Market Cap: US$347.8m

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

Maistra d.d

Market Cap: €558.2m

Engages in the hotel business in Croatia.

Pure Cycle

Market Cap: US$257.4m

Provides wholesale water and wastewater services in the United States.

Metalpha Technology Holding

Market Cap: US$147.3m

Provides wealth management services in Hong Kong.

Societe de Limonaderies et de Boissons Rafraichissantes d'Afrique

Market Cap: XOF 317.9b

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

Gulf Island Fabrication

Market Cap: US$111.5m

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

Oakworth Capital

Market Cap: US$161.0m

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

Valhi

Market Cap: US$516.7m

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

Sociedad Matriz SAAM

Market Cap: CL$1.2t

Through its subsidiaries, provides tugboat services, air cargo logistics, and real estate rentals in South America, Central America, and North America.

Eurofins-Cerep

Market Cap: €88.8m

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

China SXT Pharmaceuticals

Market Cap: US$196.1m

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

Zona Franca de Iquique

Market Cap: CL$229.9b

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

Vantage

Market Cap: US$128.7m

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

Lampsa Hellenic Hotels

Market Cap: €854.6m

Operates hotels primarily in Greece, Cyprus, and Serbia.

Solesence

Market Cap: US$257.3m

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

FineMark Holdings

Market Cap: US$526.9m

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

ANSA Merchant Bank

Market Cap: TT$3.3b

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

Itafos

Market Cap: CA$554.6m

Operates as a phosphate and specialty fertilizer company.

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.

Senstar Technologies

Market Cap: US$110.6m

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

Transcorp Power

Market Cap: ₦2.4t

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

Société Multinationale de Bitumes Société Anonyme

Market Cap: XOF 69.8b

Processes heavy bitumen crude in Africa.

Tchaikapharma High Quality Medicines AD

Market Cap: лв1.7b

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

Deutsche Balaton

Market Cap: €201.5m

A private equity focusing on private equity investments in listed and unlisted companies, real estate investments and investments in other assets.