Global Undiscovered Gems With Strong Fundamentals

Invest Bank

Market Cap: د.أ225.0m

Provides various banking and related financial services in Jordan.

TSTE

Market Cap: ฿4.1b

Primarily engages in the production and distribution of food, ingredients, and confectionery products in Thailand.

Namibia Breweries

Market Cap: R6.6b

Engages in brewing and distribution of alcoholic beverages, and manufacture of soft drinks in Namibia and South Africa.

Nigerian Aviation Handling

Market Cap: ₦428.8b

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

Upbest Group

Market Cap: HK$1.7b

An investment holding company, provides financial services in Hong Kong, Macau, and the People’s Republic of China.

Invalda INVL

Market Cap: €328.0m

A private equity firm specializing in investments in small and middle-market privately held companies, industry consolidation, mature, growth capital, early venture, mid venture, later stage, acquisitions, and buyouts in undervalued assets.

Yibin City Commercial Bank

Market Cap: HK$12.1b

Provides banking and financial products and services to small and micro enterprises in the People’s Republic of China.

Jordanian Duty Free Shops

Market Cap: د.أ142.9m

Invests in, operates, and manages duty-free shops.

Dwi Guna Laksana

Market Cap: Rp2.5t

Engages in the coal mining and trading business in Indonesia.

Jamuna Bank

Market Cap: ৳21.6b

Provides various banking products and services in Bangladesh.

AB Akola Group

Market Cap: €284.1m

Through its subsidiaries, engages in the production, preparation, and sale of agricultural and food products in Lithuania, Scandinavian, rest of Europe, Africa, Asia, and CIS countries.

SALUS Ljubljana d. d

Market Cap: €526.0m

Engages in the distribution, promotion, sales services, and value-added services for medicinal products or medical devices in Slovenia and internationally.

Central Forest Group

Market Cap: JP¥22.5b

Engages in the wholesale of food, alcoholic beverages, and other related consumer products in Japan.

Wema Bank

Market Cap: ₦1.1t

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

AIICO Insurance

Market Cap: ₦153.7b

Provides risk underwriting and related financial services in Nigeria.

Shahjalal Islami Bank

Market Cap: ৳19.4b

Provides commercial banking products and services in Bangladesh.

Taiyo KagakuLtd

Market Cap: JP¥45.6b

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

Padma Oil

Market Cap: ৳17.2b

Engages in the procurement, storage, and marketing of petroleum products, lubricants, greases, bitumen, and LPG in Bangladesh.

Transnational

Market Cap: ₦489.8b

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

Infinity Capital Investments

Market Cap: RON 1.6b

A private equity and venture capital firm specializing in investments in asset management, expansion, development, start-up, growth capital, turnaround, and restructuring.

Vincorion

Market Cap: €884.0m

Develops and manufactures power and mechatronic solutions for defense platforms and aviation systems in Germany and internationally.

GROUPE SFPI

Market Cap: €176.1m

Designs, manufactures, and markets equipment for the safety industry in Europe and internationally.

Ilex Medical

Market Cap: ₪631.9m

Engages in the import, marketing, distribution and sale of medical laboratory equipment and various diagnostic products, diagnostic systems, and kits and consumables in Israel, the United States, and internationally.

High Templar Tech

Market Cap: US$397.5m

Operates as a consumer-oriented financial technology service company in the People’s Republic of China.

Lion Capital

Market Cap: RON 2.4b

SIF Banat-Crisana is a self-managed closed-end investment company and since March 2018, it is authorized by ASF as alternative investment fund manager.

Fidelity Life Assurance of Zimbabwe

Market Cap: US$73.4m

Provides life and funeral assurance, asset management, actuarial consultancy and micro-financing services in Zimbabwe and Malawi.

Tureks Turizm Tasimacilik Anonim Sirketi

Market Cap: ₺9.5b

Engages in group transportation, and fleet and individual vehicle rental activities in Turkey.

Caisse Regionale de Credit Agricole Mutuel Toulouse 31

Market Cap: €527.8m

Operates as a cooperative bank in France.

Envirotainer

Market Cap: €377.4m

Develops, produces, and markets vacuum insulation panels and phase change materials in Germany, rest of European Union, and internationally.

Security Federal

Market Cap: US$108.4m

Operates as the bank holding company for Security Federal Bank that provides various banking products and services.

Wasko

Market Cap: zł753.2m

Designs, implements, and integrats software, information systems, and advanced industrial automation.

Viking Line Abp

Market Cap: €359.4m

Provides passenger and cargo carrier services.

Societe de Limonaderies et de Boissons Rafraichissantes d'Afrique

Market Cap: XOF 655.1b

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

Dekpol

Market Cap: zł677.4m

Dekpol S.A. primary engages in the general contracting and steel structures and equipment businesses in Poland.

Cashmere Valley Bank

Market Cap: US$259.2m

A state chartered bank, provides banking products and services to small and middle-market businesses, and retail customers.

New Mauritius Hotels

Market Cap: MU₨7.4b

Operates hotels in Mauritius, Europe, Morocco, and internationally.