Global Undiscovered Gems With Strong Fundamentals

Vantage

Market Cap: US$140.6m

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

NSIA Banque Société Anonyme

Market Cap: XOF 222.6b

Provides various banking products and services.

Bank of Africa Mali

Market Cap: XOF 71.4b

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

Empresas Lipigas

Market Cap: CL$510.2b

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

Société Multinationale de Bitumes Société Anonyme

Market Cap: XOF 65.5b

Processes heavy bitumen crude in Africa.

Societe de Limonaderies et de Boissons Rafraichissantes d'Afrique

Market Cap: XOF 278.2b

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

Maistra d.d

Market Cap: €525.3m

Engages in the hotel business in Croatia.

Transcorp Power

Market Cap: ₦2.5t

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

Conoil

Market Cap: ₦186.2b

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

Central Cooperative Bank AD

Market Cap: лв213.6m

A commercial bank, provides various financial products and services.

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.

Keir International

Market Cap: ر.س474.0m

Provides a range of service solutions.

Flügger group

Market Cap: DKK 992.1m

Designs, manufactures, and markets decorative paints, wood protection products, spackling pastes, and wallpaper and tools.

Zona Franca de Iquique

Market Cap: CL$223.1b

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

Sociedad de Inversiones Oro Blanco

Market Cap: CL$808.1b

Through its subsidiaries, invests in various types of goods and securities in Chile.

Morris State Bancshares

Market Cap: US$203.6m

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

ANSA Merchant Bank

Market Cap: TT$3.4b

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

Chilanga Cement

Market Cap: K6.0b

Engages in the manufacture and sale of cement products in Zambia.

La Forestière Equatoriale

Market Cap: €120.1m

Does not have any significant operations.

Sociedad Matriz SAAM

Market Cap: CL$1.2t

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

SALUS Ljubljana d. d

Market Cap: €304.1m

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

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.

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.

Misr Beni Suef CementE

Market Cap: ج.م7.4b

Produces and sells cement products in Egypt and internationally.

Eurofins-Cerep

Market Cap: €103.9m

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

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.

Capricorn Group

Market Cap: R10.9b

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

Castellana Properties Socimi

Market Cap: €912.6m

As of December 20, 2016, Castellana Properties Socimi, S.A.

Oakworth Capital

Market Cap: US$155.9m

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

Standard Bank

Market Cap: MK 2.2t

Provides banking and other related services in Malawi.

Grendene

Market Cap: R$5.0b

Engages in the development, production, distribution, and sale of footwear for women, men, and children in Brazil and internationally.

Darwin

Market Cap: €96.6m

Operates as a biotechnology company.

Tchaikapharma High Quality Medicines AD

Market Cap: лв1.6b

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

Aesler Grup Internasional

Market Cap: Rp3.7t

Provides architectural and construction management services in Indonesia.

Sugar Terminals

Market Cap: AU$349.2m

Provides storage and handling solutions for bulk sugar and other commodities in Australia.

Shangri-La Hotel

Market Cap: ฿6.1b

Operates hotels in Bangkok and Chiang Mai provinces.