Global Undiscovered Gems With Strong Fundamentals

Shangri-La Hotel

Market Cap: ฿6.3b

Operates hotels in Bangkok and Chiang Mai provinces.

SALUS Ljubljana d. d

Market Cap: €374.8m

Engages in the provision of distribution, promotion, active sales, and value-added services for the medicinal products in Slovenia and internationally.

First National Bank of Botswana

Market Cap: P13.3b

Provides various banking and related products and services to individuals, businesses, corporates, and private clients in Botswana.

Jadranski naftovod d.d

Market Cap: €826.3m

Engages in the transport and storage of oil and oil products in the Republic of Croatia and internationally.

Transnational Corporation of Nigeria

Market Cap: ₦462.4b

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

FineMark Holdings

Market Cap: US$334.1m

Operates as the holding company for FineMark National Bank & Trust that provides various banking products and financial services to individual and corporate clients.

Keir International

Market Cap: ر.س474.0m

Provides a range of service solutions.

NSIA Banque Société Anonyme

Market Cap: XOF 215.2b

Provides various banking products and services.

Eurofins-Cerep

Market Cap: €103.9m

Provides various drug discovery services to pharmaceutical, biopharmaceutical, and biotechnology companies France and internationally.

Reitar Logtech Holdings

Market Cap: US$287.2m

Through its subsidiaries, provides construction management and engineering design services.

Bank of Africa Mali

Market Cap: XOF 86.5b

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

Société Multinationale de Bitumes Société Anonyme

Market Cap: XOF 66.3b

Processes heavy bitumen crude in Africa.

Societe de Limonaderies et de Boissons Rafraichissantes d'Afrique

Market Cap: XOF 259.5b

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

Pure Cycle

Market Cap: US$258.3m

Provides wholesale water and wastewater services in the United States.

FRMO

Market Cap: US$369.4m

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

Empresas Lipigas

Market Cap: CL$537.5b

Engages in the distribution and sale of liquefied petroleum gas (LPG) and natural gas (NG) in Chile, Peru, and Colombia.

Wema Bank

Market Cap: ₦299.0b

Provides banking and other financial services to corporate and individual customers in Nigeria.

Potasios de Chile

Market Cap: CL$536.2b

Engages in investment in shares and other financial instruments in Chile.

Zambia Sugar

Market Cap: K13.1b

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

Solesence

Market Cap: US$283.9m

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

Aesler Grup Internasional

Market Cap: Rp3.7t

Provides architectural and construction management services in Indonesia.

ANSA Merchant Bank

Market Cap: TT$3.4b

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

Morris State Bancshares

Market Cap: US$212.6m

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

Inversiones Doalca SOCIMI

Market Cap: €154.2m

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

Transcorp Power

Market Cap: ₦2.5t

Engages in the generation and sale of electric power in Nigeria and internationally.

West Bancorporation

Market Cap: US$334.6m

Operates as the financial holding company provides community banking and trust services to individuals and small- to medium-sized businesses in the United States.

Nigerian Aviation Handling

Market Cap: ₦157.4b

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

Conoil

Market Cap: ₦186.2b

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

Valhi

Market Cap: US$463.2m

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

Oakworth Capital

Market Cap: US$159.6m

Operates as a bank holding company for Oakworth Capital Bank that provides range of banking services in the United States.

Misr Beni Suef CementE

Market Cap: ج.م6.8b

Produces and sells cement products in Egypt and internationally.

Capricorn Group

Market Cap: R10.9b

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

Gulf Island Fabrication

Market Cap: US$109.3m

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

Zona Franca de Iquique

Market Cap: CL$237.8b

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

Standard Bank

Market Cap: MK 2.2t

Provides banking and other related services in Malawi.

Itafos

Market Cap: CA$485.0m

Operates as a phosphate and specialty fertilizer company.