Global Undiscovered Gems With Strong Fundamentals

Shangri-La Hotel

Market Cap: ฿6.1b

Operates hotels in Bangkok and Chiang Mai provinces.

TSTE

Market Cap: ฿4.6b

Primarily engages in the production and distribution of wheat flour in Thailand.

Saha-Union

Market Cap: ฿8.7b

Engages in plastic, rubber and metal, chemicals, trading, energy, hotel, investment, and other businesses.

Thai Steel Cable

Market Cap: ฿3.4b

Manufactures and distributes automobile and motorcycle control cables, and automobile window regulators in Thailand.

Marítima de Inversiones

Market Cap: CL$266.8b

Maritima de Inversiones SA is a publicly owned investment manager.

Compañía Electro Metalúrgica

Market Cap: CL$328.9b

Operates as producers and vendors of integrated solutions for the mining market in Chile and internationally.

Maistra d.d

Market Cap: €516.6m

Engages in the hotel business in Croatia.

Chilanga Cement

Market Cap: K6.0b

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

First IC

Market Cap: US$172.7m

Operates as the bank holding company for First IC Bank that provides retail and commercial banking products and services in the United States.

Morris State Bancshares

Market Cap: US$203.6m

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

Forth Smart Service

Market Cap: ฿5.2b

Provides prepaid mobile top-up services in Thailand.

Answer Technology

Market Cap: NT$5.7b

Engages in the import, export, and trading of electronic parts in Taiwan, Asia, Europe, and internationally.

Firich Enterprises

Market Cap: NT$7.4b

Engages in the assembly, manufacture, import, and export of business-oriented computers and its peripheral equipment in Taiwan, China, rest of the Asia, Europe, and the United States.

Co-Tech Development

Market Cap: NT$14.1b

Engages in the production and sale of copper foil for printed circuit board industry in Taiwan and China.

Hangzhou Biotest BiotechLtd

Market Cap: CN¥4.7b

Engages in the research and development, manufacture, sale, and service of in vitro diagnostic assays and reagents, and instruments in China and internationally.

Nippon Ski Resort DevelopmentLtd

Market Cap: JP¥21.2b

Manages and operates ski resorts in Japan.

AzureWave Technologies

Market Cap: NT$7.9b

Engages in the manufacture and sale of wireless connectivity and image processing solutions worldwide.

Pro-Hawk

Market Cap: NT$5.4b

Designs, develops, manufactures, and markets bearings, rollers, injection parts, and OEM parts worldwide.

Yashima Denki

Market Cap: JP¥36.3b

Provides plant business, industry/equipment, and transportation business in Japan and internationally.

Advanced International Multitech

Market Cap: NT$10.0b

Advanced International Multitech Co., Ltd.

Kyoritsu Electric

Market Cap: JP¥19.5b

Provides various systems, testing and measuring instruments, etc.

Zhejiang Wanfeng ChemicalLtd

Market Cap: CN¥2.0b

Engages in the research, development, production, and sale of disperse dyes and filter cakes in China and internationally.

HeBei Jinniu Chemical IndustryLtd

Market Cap: CN¥3.4b

Engages in the production and operation of methanol products in China.

Shenzhen Chengtian Weiye Technology

Market Cap: CN¥4.2b

Shenzhen Chengtian Weiye Technology Co., Ltd.

Bonny Worldwide

Market Cap: NT$8.6b

Engages in the manufacture and sale of OEM and ODM carbon fiber rackets and related sporting goods.

Shenzhen Leaguer

Market Cap: CN¥9.6b

Engages in the design, manufacturing, and service provision of plastic packaging solutions for cosmetics, daily necessities, health products, and food in China and internationally.

Guangdong Tloong Technology GroupLtd

Market Cap: CN¥6.1b

Researches, develops, and sells various printing ink products in China and internationally.

Otec

Market Cap: JP¥20.2b

Trades pipework equipment in Japan.

Hyakugo Bank

Market Cap: JP¥177.6b

Provides various financial services to individual and corporate/sole proprietor customers in Japan.

Beijing Bashi Media

Market Cap: CN¥3.8b

Provides automotive services in China.

Shenzhen Zhongheng Huafa

Market Cap: CN¥2.4b

Together with its subsidiaries produces and sells injection molded parts, foam parts, and complete LCD monitors.

Al-Ahleia Insurance CompanyK.P

Market Cap: د.ك179.5m

Engages in insurance and reinsurance operations in Kuwait.

MOBI Industry

Market Cap: ر.س679.0m

Manufactures and sells fertilizers and nitrogen compounds in the Kingdom of Saudi Arabia.

Shantou Institute of Ultrasonic Instrument

Market Cap: CN¥11.4b

Shantou Institute of Ultrasonic Instrument Co., Ltd.

Wuxi Double Elephant Micro Fibre MaterialLtd

Market Cap: CN¥4.9b

Manufactures and sells artificial and synthetic leather products in the People’s Republic of China and internationally.

Hangzhou Fortune Gas Cryogenic Group

Market Cap: CN¥5.3b

Hangzhou Fortune Gas Cryogenic Group Co., Ltd.