Global Undiscovered Gems With Strong Fundamentals

Aesler Grup Internasional

Market Cap: Rp3.7t

Provides architectural and construction management services in Indonesia.

First National Bank of Botswana

Market Cap: P13.5b

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

GB Holdings

Market Cap: US$54.2m

Provides rubber and chemical products in Zimbabwe.

DINE. de

Market Cap: Mex$14.2b

Develops real estate projects in Mexico.

Inversiones Doalca SOCIMI

Market Cap: €153.0m

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

ASA Gold and Precious Metals

Market Cap: US$608.8m

A publicly owned investment manager.

Itafos

Market Cap: CA$570.0m

Operates as a phosphate and specialty fertilizer company.

Zona Franca de Iquique

Market Cap: CL$204.5b

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

Chilanga Cement

Market Cap: K6.1b

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

PINAGO UTAMA

Market Cap: Rp2.0t

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

Societe de Limonaderies et de Boissons Rafraichissantes d'Afrique

Market Cap: XOF 304.5b

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

Valhi

Market Cap: US$442.5m

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

Zambia Sugar

Market Cap: K13.3b

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

Pure Cycle

Market Cap: US$236.2m

Provides wholesale water and wastewater services in the United States.

Transcorp Power

Market Cap: ₦2.2t

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

Senstar Technologies

Market Cap: US$103.6m

Provides physical, video, and access control security products and solutions worldwide.

Nigerian Aviation Handling

Market Cap: ₦216.3b

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

Société Multinationale de Bitumes Société Anonyme

Market Cap: XOF 70.9b

Processes heavy bitumen crude in Africa.

ANSA Merchant Bank

Market Cap: TT$3.3b

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

La Forestière Equatoriale

Market Cap: €108.8m

Does not have any significant operations.

Sociedad Matriz SAAM

Market Cap: CL$1.1t

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

Metalpha Technology Holding

Market Cap: US$109.4m

Provides wealth management services in Hong Kong.

Freetrailer Group

Market Cap: €705.3m

Operates as a trailer rental company in Denmark, Sweden, Germany, and Norway.

Maistra d.d

Market Cap: €580.0m

Engages in the hotel business in Croatia.

Birikim Varlik Yonetim Anonim Sirketi

Market Cap: ₺4.9b

Operates as an asset management company.

Standard Bank

Market Cap: MK 871.1b

Provides banking and other related services in Malawi.

Eurofins-Cerep

Market Cap: €88.8m

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

FRMO

Market Cap: US$374.2m

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

Suez Canal Company for Technology Settling (S.A.E)

Market Cap: ج.م12.9b

Engages in the establishment and management of technological zones, scientific incubators, and training centers for the preparation of researchers and the transfer of technology, and the provision of related services.

Capricorn Group

Market Cap: R11.1b

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

First Bancorp

Market Cap: US$280.8m

Operates as the bank holding company for First National Bank that provides a range of banking products and services to individual and corporate customers.

Grendene

Market Cap: R$4.5b

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

Yulie Sekuritas Indonesia

Market Cap: Rp4.3t

Operates as a securities company in Indonesia.

Grupo Gigante S. A. B. de C. V

Market Cap: Mex$28.2b

Operates self-service stores that sell office supplies, electronic goods, and housewares in Mexico, Central America, the Caribbean, Colombia, and Chile.

NSIA Banque Société Anonyme

Market Cap: XOF 239.4b

Provides various banking products and services.

Sound Financial Bancorp

Market Cap: US$117.3m

Operates as the bank holding company for Sound Community Bank that provides banking and other financial services for consumers and businesses.