Global Undiscovered Gems With Strong Fundamentals

Vantage

Market Cap: US$140.6m

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

Waja

Market Cap: ر.س497.7m

Engages in the construction, media and communication, and information technology businesses.

Gulf Insurance Group - Jordan

Market Cap: د.أ80.1m

Engages in the insurance business in Jordan, Middle East, and North Africa region.

Jamuna Bank

Market Cap: ৳15.9b

Provides various banking products and services in Bangladesh.

Jadranski naftovod d.d

Market Cap: €801.1m

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

Tchaikapharma High Quality Medicines AD

Market Cap: лв1.6b

Engages in the development and manufacture of generic and in-licensed medicines in Bulgaria.

Keir International

Market Cap: ر.س474.0m

Provides a range of service solutions.

MAPFRE Middlesea

Market Cap: €137.1m

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

Tohoku Steel

Market Cap: JP¥14.9b

Engages in the manufacturing, processing, and distribution of various types of special steel products in Japan.

Darwin

Market Cap: €96.6m

Operates as a biotechnology company.

Standard Bank

Market Cap: MK 2.2t

Provides banking and other related services in Malawi.

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.

Pakistan National Shipping

Market Cap: PK₨69.0b

Engages in the shipping business worldwide.

Britam Holdings

Market Cap: KSh17.8b

An investment holding company, provides financial solutions in Kenya, Uganda, Tanzania, Rwanda, South Sudan, Mozambique, and Malawi.

Fortune Mate Indonesia

Market Cap: Rp2.5t

Provides real estate development and construction services in Indonesia.

Standard Chartered Bank Kenya

Market Cap: KSh101.6b

Provides various banking products and services for individuals and businesses.

Shangri-La Hotel

Market Cap: ฿6.3b

Operates hotels in Bangkok and Chiang Mai provinces.

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.

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.

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.

Cita Mineral Investindo

Market Cap: Rp15.8t

Engages in bauxite mining activities in Indonesia.

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.

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.

Bank MNC Internasional

Market Cap: Rp2.3t

Provides various banking products and services in Indonesia.

AB Vilkyskiu pienine

Market Cap: €135.0m

Engages in the production and sale of dairy products in Lithuania, the rest of the European Union, and internationally.

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.

Bank Ganesha

Market Cap: Rp1.9t

Provides various general banking products and services for individuals and businesses in Indonesia.

Nestlé Pakistan

Market Cap: PK₨317.4b

Manufactures, processes, and sells dairy, nutrition, beverages, and food products in Pakistan, Afghanistan, the United States, and internationally.

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.

Aesler Grup Internasional

Market Cap: Rp3.7t

Provides architectural and construction management services in Indonesia.

Besler Gida Ve Kimya Sanayi ve Ticaret Anonim Sirketi

Market Cap: ₺9.7b

Produces and trades in frozen and canned products in Turkey.