Global Undiscovered Gems With Strong Fundamentals

Invest Bank

Market Cap: د.أ225.0m

Provides various banking and related financial services in Jordan.

Tchaikapharma High Quality Medicines AD

Market Cap: €891.9m

Develops, manufactures, and sells medicines in Bulgaria.

MAPFRE Middlesea

Market Cap: €130.6m

Provides non-life and life insurance products and services to individuals, small and medium enterprises, professionals, and businesses in Malta.

Oxford Bank

Market Cap: US$104.0m

Operates as the holding company for Oxford Bank that provides various banking products and services to various customers in Michigan.

Yulie Sekuritas Indonesia

Market Cap: Rp5.3t

Operates as a securities company in Indonesia.

Padma Oil

Market Cap: ৳17.0b

Engages in the procurement, storage, and marketing of petroleum products, lubricants, greases, bitumen, and LPG in Bangladesh.

Ruentex Interior Design

Market Cap: NT$3.8b

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

Nusantara Pelabuhan Handal

Market Cap: Rp2.6t

Manages and operates container terminals in Indonesia and internationally.

Central Forest Group

Market Cap: JP¥22.3b

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

Bank MNC Internasional

Market Cap: Rp2.4t

Provides various banking products and services in Indonesia.

Hua Na Hydropower

Market Cap: ₫5.2t

Engages in the investment, production, and trading of electricity in Vietnam.

Yibin City Commercial Bank

Market Cap: HK$12.1b

Provides banking and financial products and services to small and micro enterprises in the People’s Republic of China.

Namibia Breweries

Market Cap: R6.6b

Engages in brewing and distribution of alcoholic beverages, and manufacture of soft drinks in Namibia and South Africa.

TSTE

Market Cap: ฿4.1b

Primarily engages in the production and distribution of food, ingredients, and confectionery products in Thailand.

HG Metal Manufacturing

Market Cap: S$170.3m

An investment holding company, primarily trades in steel products in Indonesia, Malaysia, Myanmar, and Singapore.

Hoshi Iryo-Sanki

Market Cap: JP¥16.7b

Manufactures and sells pharmaceutical medical oxygen and nitrous oxides in Japan.

Palasino Holdings

Market Cap: HK$1.5b

Through its subsidiaries, engages in the gaming and hotel businesses in the Czech Republic, Germany, and Austria.

Shahjalal Islami Bank

Market Cap: ৳19.4b

Provides commercial banking products and services in Bangladesh.

Taiyo KagakuLtd

Market Cap: JP¥45.5b

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

Jordanian Duty Free Shops

Market Cap: د.أ140.6m

Invests in, operates, and manages duty-free shops.

Hafary Holdings

Market Cap: S$208.8m

An investment holding company, engages in import, export, dealing, distribution, wholesale, and trading in building materials.

Cisadane Sawit Raya

Market Cap: Rp1.8t

Engages in the oil palm plantation business in Indonesia and internationally.

Surya Citra Media

Market Cap: Rp18.2t

Provides multimedia services in Indonesia.

Jamuna Bank

Market Cap: ৳21.8b

Provides various banking products and services in Bangladesh.

Al Wathba National Insurance Company PJSC

Market Cap: د.إ641.7m

Engages in general insurance and reinsurance business in the United Arab Emirates and internationally.

Dekpol

Market Cap: zł679.0m

Dekpol S.A. primary engages in the general contracting and steel structures and equipment businesses in Poland.

Cashmere Valley Bank

Market Cap: US$266.2m

A state chartered bank, provides banking products and services to small and middle-market businesses, and retail customers.

First Northern Community Bancorp

Market Cap: US$248.8m

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.

New Mauritius Hotels

Market Cap: MU₨7.4b

Operates hotels in Mauritius, Europe, Morocco, and internationally.

Sun

Market Cap: MU₨7.3b

Operates in the tourism sector.

First National Bank of Botswana

Market Cap: P14.4b

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

Sopharma AD

Market Cap: €909.2m

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

Marvipol Development

Market Cap: zł435.3m

Develops residential projects in Poland.

Steppe Gold

Market Cap: CA$354.0m

Engages in operating, developing, exploring, and acquiring precious metal projects in Mongolia and Peru.

Union Bankshares

Market Cap: US$113.0m

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

Transnational

Market Cap: ₦497.9b

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