Global Undiscovered Gems With Strong Fundamentals

Vantage

Market Cap: US$140.6m

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

Shangri-La Hotel

Market Cap: ฿6.3b

Operates hotels in Bangkok and Chiang Mai provinces.

Indofood Agri Resources

Market Cap: S$432.7m

Operates as a vertically integrated agribusiness company in Singapore, Indonesia, China, Nigeria, Timor Leste, and internationally.

Pizu Group Holdings

Market Cap: HK$1.6b

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

Taiyo KagakuLtd

Market Cap: JP¥29.6b

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

Pabrik Kertas Tjiwi Kimia

Market Cap: Rp19.3t

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

Standard Bank

Market Cap: MK 2.2t

Provides banking and other related services in Malawi.

Billion Industrial Holdings

Market Cap: HK$9.5b

Engages in manufacturing and sales of polyester filament yarns, polyester, polyester industrial yarns, and ES fiber products in the People’s Republic of China and internationally.

Bank MNC Internasional

Market Cap: Rp2.3t

Provides various banking products and services in Indonesia.

Bakrie & Brothers

Market Cap: Rp5.0t

Through its subsidiaries, engages in the trading, construction, agriculture, coal mining, oil and gas, and telecommunication businesses in Indonesia and internationally.

Cita Mineral Investindo

Market Cap: Rp15.8t

Engages in bauxite mining activities in Indonesia.

Yulie Sekuritas Indonesia

Market Cap: Rp4.3t

Operates as a securities company in Indonesia.

Mark Dynamics Indonesia

Market Cap: Rp2.9t

Manufactures and sells hand former products in Indonesia and internationally.

Cahaya Aero Services

Market Cap: Rp4.5t

PT Cardig Aero Services Tbk, together with its subsidiaries, provides ground and cargo handling, aircraft release and maintenance, catering, facility management, and aviation training services in Indonesia.

Citra Tubindo

Market Cap: Rp3.9t

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

Fortune Mate Indonesia

Market Cap: Rp2.5t

Provides real estate development and construction services in Indonesia.

Dwi Guna Laksana

Market Cap: Rp2.4t

Engages in the coal mining and trading activities in Indonesia.

Surya Toto Indonesia

Market Cap: Rp2.4t

Manufactures and sells sanitary, fittings, kitchen systems, and other related products in Indonesia and internationally.

Aesler Grup Internasional

Market Cap: Rp3.7t

Provides architectural and construction management services in Indonesia.

National General Insurance (P.J.S.C.)

Market Cap: د.إ1.1b

Engages in underwriting various classes of life and general insurance, and reinsurance businesses in the United Arab Emirates.

Nigerian Aviation Handling

Market Cap: ₦157.4b

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

Valhi

Market Cap: US$438.3m

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

Alfa Solar Enerji Sanayi ve Ticaret

Market Cap: ₺16.5b

Engages in the manufacture and sale of solar panels.

Conoil

Market Cap: ₦186.2b

Conoil Plc markets refined petroleum products, and manufactures and markets lubricants, household, and liquefied petroleum gas (LPG) in Nigeria.

Solesence

Market Cap: US$279.7m

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

Societe de Limonaderies et de Boissons Rafraichissantes d'Afrique

Market Cap: XOF 266.7b

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

Société Multinationale de Bitumes Société Anonyme

Market Cap: XOF 65.6b

Processes heavy bitumen crude in Africa.

Gür-Sel Turizm Tasimacilik ve Servis Ticaret

Market Cap: ₺26.6b

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

Bank of Africa Mali

Market Cap: XOF 82.4b

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

Besler Gida Ve Kimya Sanayi ve Ticaret Anonim Sirketi

Market Cap: ₺9.7b

Produces and trades in frozen and canned products in Turkey.

Zambia Sugar

Market Cap: K13.2b

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

Gulf Island Fabrication

Market Cap: US$108.9m

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

Martifer SGPS

Market Cap: €206.3m

Operates in the metallic constructions and renewable energy development sectors in Portugal, Angola, Saudi Arabia, Europe, and internationally.

Dekpol

Market Cap: zł516.8m

Dekpol S.A. primary engages in the general contracting and property development businesses in Poland.

Metalpha Technology Holding

Market Cap: US$143.1m

Provides wealth management services in Hong Kong.

Zona Franca de Iquique

Market Cap: CL$233.6b

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