Global Undiscovered Gems With Strong Fundamentals

Invest Bank

Market Cap: د.أ225.0m

Provides various banking and related financial services in Jordan.

Central Forest Group

Market Cap: JP¥21.3b

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

Telekom Networks Malawi

Market Cap: MK 366.0b

Provides telecommunication services to enterprises and individual customers in Malawi.

Capricorn Group

Market Cap: R11.7b

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

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.

Zambia Sugar

Market Cap: K20.7b

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

Societe de Limonaderies et de Boissons Rafraichissantes d'Afrique

Market Cap: XOF 403.3b

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

Sociedad Matriz SAAM

Market Cap: CL$1.3t

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

Zona Franca de Iquique

Market Cap: CL$232.8b

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

Standard Bank

Market Cap: MK 1.2t

Provides banking and other related services in Malawi.

ANSA Merchant Bank

Market Cap: TT$2.7b

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

Master Drilling Group

Market Cap: R2.4b

An investment holding company, provides specialized drilling services to blue chip major and mid-tier companies in the mining, civil engineering, construction, and hydroelectric power sectors.

Evergent Investments

Market Cap: RON 2.4b

A publicly owned investment manager.

Famous Brands

Market Cap: R5.2b

Through its subsidiaries, operates as a quick service and casual dining restaurant franchisor in the United Kingdom, South Africa, South African Development Community, the Middle East, and Rest of Africa.

Mobiltel Iletisim Hizmetleri Sanayi ve Ticaret

Market Cap: ₺7.9b

Mobiltel Iletisim Hizmetleri Sanayi ve Ticaret A.S.

MIA Teknoloji Anonim Sirketi

Market Cap: ₺19.8b

Provides software development services to public and private organizations in Turkey.

Payton Industries

Market Cap: ₪520.6m

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.

Gür-Sel Turizm Tasimacilik ve Servis Ticaret

Market Cap: ₺35.2b

Gür-Sel Turizm Tasimacilik ve Servis Ticaret A.S.

Menthobi Karyatama Raya

Market Cap: Rp1.7t

Engages in the cultivation and development of palm oil plantations; and crude palm oil processing activities and related derivative products primarily in Indonesia.

Citra Tubindo

Market Cap: Rp4.2t

Provides pipes and accessories, and related services to the oil and gas industries in Indonesia.

Sönmez Filament Sentetik Iplik ve Elyaf Sanayi

Market Cap: ₺12.5b

Sönmez Filament Sentetik Iplik ve Elyaf Sanayi A.S.

Birikim Varlik Yonetim Anonim Sirketi

Market Cap: ₺4.7b

Operates as an asset management company.

Pabrik Kertas Tjiwi Kimia

Market Cap: Rp21.5t

Manufactures and sells writing and printing paper products in Asia, Africa, Europe, the Middle East, the United States, and internationally.

Taiyo KagakuLtd

Market Cap: JP¥38.0b

Manufactures and sells functional food ingredients for food, beverage, supplement, and cosmetic applications in Japan and internationally.

Pizu Group Holdings

Market Cap: HK$3.3b

An investment holding company, manufactures, trades, and sales of civil explosives in the People's Republic of China and Tajikistan.

Cairo Amman Bank

Market Cap: د.أ322.0m

Provides various banking and financial services for corporate and institutional customers in Jordan and internationally.

Grenobloise d'Electronique et d'Automatismes Société Anonyme

Market Cap: €87.9m

Designs, develops, manufactures, integrates, installs, and maintains electronic and computerized toll collection systems.

Viviana Power Tech

Market Cap: ₹9.5b

Engages in power transmission, distribution, and industrial engineering, procurement, and construction (EPC) space project businesses in India.

Ruentex Interior Design

Market Cap: NT$3.5b

Engages in the interior design and decoration, landscape design engineering, and construction businesses in Taiwan.

Sun

Market Cap: MU₨7.5b

Operates in the tourism sector.

Alantra Partners

Market Cap: €310.6m

Engages in the investment banking and asset management services in Spain and internationally.

KABE Group AB (publ.)

Market Cap: SEK 2.0b

Engages in the construction and sale of caravans and motorhomes and camping accessories in Sweden, the United Kingdom, Poland, and Europe.

Mangold Fondkommission

Market Cap: SEK 960.5m

Provides financial services to companies, institutions, and private individuals in Sweden.

Alumil Aluminium Industry

Market Cap: €165.3m

Engages in the design and production of architectural aluminum systems in Greece and internationally.

TPP-Bobov Dol AD

Market Cap: лв240.3m

Engages in the generation and sale of electricity in Bulgaria.

Hospital Corporation of China

Market Cap: HK$802.6m

An investment holding company, owns, operates, and manages hospitals in the People’s Republic of China.