Global Undiscovered Gems With Strong Fundamentals

Invest Bank

Market Cap: د.أ225.0m

Provides various banking and related financial services in Jordan.

Chobe Holdings

Market Cap: P1.7b

Through its subsidiaries, engages in owning and operating ecotourism lodges and camps on leased lands in northern Botswana and the Caprivi Strip in Namibia.

Société Multinationale de Bitumes Société Anonyme

Market Cap: XOF 76.3b

Processes heavy bitumen crude in Africa.

Export Development Bank of Egypt (S.A.E.)

Market Cap: ج.م22.5b

Provides various banking products and services in Egypt.

Chilanga Cement

Market Cap: K12.6b

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

Colorado

Market Cap: د.م1.3b

Manufactures and distributes various paints in Morocco and internationally.

Suez Canal Company for Technology Settling (S.A.E)

Market Cap: ج.م27.5b

Engages in the establishment and management of technological zones, scientific incubators, and training centers for the preparation of researchers and the transfer of technology, and the provision of related services.

ANSA Merchant Bank

Market Cap: TT$2.6b

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

Zambia Sugar

Market Cap: K21.1b

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

Telekom Networks Malawi

Market Cap: MK 363.2b

Provides telecommunication services to enterprises and individual customers in Malawi.

Canal Shipping Agencies

Market Cap: ج.م10.5b

Provides various shipping services to the international commercial fleet in Egypt.

FRoSTA

Market Cap: €634.9m

Develops, produces, and markets frozen food products in Germany, Poland, Austria, Italy, and Eastern Europe.

Central Forest Group

Market Cap: JP¥21.7b

Engages in the wholesale of food, alcoholic beverages, and other related consumer products in Japan.

Nigerian Aviation Handling

Market Cap: ₦197.8b

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

Sociedad Matriz SAAM

Market Cap: CL$1.4t

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

Sparta

Market Cap: €123.7m

A publicly owned investment manager.

Acsion

Market Cap: R3.3b

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

Inversiones Doalca SOCIMI

Market Cap: €156.6m

Inversiones Doalca Socimi, S.A., a real estate investment company, leases and rents real estate properties in Spain.

First National Bank of Botswana

Market Cap: P13.9b

Provides various banking and related products and services to individuals, and large and small businesses in Botswana.

Societe de Limonaderies et de Boissons Rafraichissantes d'Afrique

Market Cap: XOF 464.2b

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

Sopharma AD

Market Cap: лв1.5b

Produces, distributes, and exports pharmaceutical products in Europe, Bulgaria, and internationally.

Bank of Africa Mali

Market Cap: XOF 112.3b

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

Transnational Corporation of Nigeria

Market Cap: ₦440.0b

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

Shangri-La Hotel

Market Cap: ฿5.4b

Operates hotels in Bangkok and Chiang Mai provinces.

Gulf Insurance Group - Jordan

Market Cap: د.أ78.0m

Engages in the insurance business in Jordan, Middle East, and North Africa region.

Morris State Bancshares

Market Cap: US$264.1m

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

Affinity Bancshares

Market Cap: US$123.4m

Operates as the holding company for Affinity Bank that provides various banking products and services in Georgia.

Itafos

Market Cap: CA$560.4m

Operates as a phosphate and specialty fertilizer company.

Hemlo Mining

Market Cap: CA$1.7b

Engages in gold mining.

FRMO

Market Cap: US$331.1m

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

Pure Cycle

Market Cap: US$276.6m

Provides water and wastewater services in the United States.

Soma Gold

Market Cap: CA$198.2m

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

First Northern Community Bancorp

Market Cap: US$211.3m

Operates as the bank holding company for First Northern Bank of Dixon that provides commercial banking products and services to individuals, and small and medium sized businesses.

ASA Gold and Precious Metals

Market Cap: US$1.0b

A publicly owned investment manager.

A3 Mercados

Market Cap: AR$815.2b

Operates as a market for negotiable securities in Argentina and internationally.

Epsilon Energy

Market Cap: US$117.4m

A North American onshore independent natural gas and oil company, engages in the acquisition, exploration, development, gathering, and production of natural oil and gas reserves.