Global Undiscovered Gems With Strong Fundamentals

Vantage

Market Cap: US$140.6m

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

Arab Banking Corporation (B.S.C.)

Market Cap: US$1.1b

Provides wholesale banking services worldwide.

Al-Ahleia Insurance CompanyK.P

Market Cap: د.ك176.3m

Engages in insurance and reinsurance operations in Kuwait.

Kuwait Company for Process Plant Construction and Contracting K.S.C.P

Market Cap: د.ك43.7m

The Kuwait Company for Process Plant Construction and Contracting K.S.C.P.

National Corporation for Tourism and Hotels

Market Cap: د.إ4.7b

Invests in, owns, and manages hotels and leisure complexes in the United Arab Emirates.

MOBI Industry

Market Cap: ر.س648.0m

Manufactures and sells fertilizers and nitrogen compounds in the Kingdom of Saudi Arabia.

Yulie Sekuritas Indonesia

Market Cap: Rp4.3t

Operates as a securities company in Indonesia.

Jordanian Duty Free Shops

Market Cap: د.أ150.8m

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

Kuwait Projects Company Holding K.S.C.P

Market Cap: د.ك423.4m

Through its subsidiaries, operates in the financial services, food, petrochemicals and oil services, media, real estate, and education sectors in Kuwait, rest of the GCC, rest of the Middle East, rest of Asia, rest of North Africa, Europe, and North America.

Saudi Chemical Holding

Market Cap: ر.س6.4b

Saudi Chemical Holding Company manufacture, wholesale, and retail trade of medicines, medical materials and syrups, pharmaceutical preparations, medical and surgical tools and equipment in the Kingdom of Saudi Arabia and internationally.

Nofoth Food Products

Market Cap: ر.س1.2b

Produces and sells bakery products in Saudi Arabia.

Padma Oil

Market Cap: ৳17.6b

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

Baazeem Trading

Market Cap: ر.س554.9m

Operates as a FMCG distribution company.

Saudi Azm for Communication and Information Technology

Market Cap: ر.س1.7b

Provides business and digital technology solutions in the Kingdom of Saudi Arabia.

Invest Bank

Market Cap: د.أ221.3m

Provides various banking and related financial services in Jordan.

Al-Deera Holding Company K.P.S.C

Market Cap: د.ك38.5m

A private equity firm specializing in direct and fund investments.

Linde Bangladesh

Market Cap: ৳12.9b

Manufactures and supplies industrial and medical gases, anesthesia, and ancillary equipment in Bangladesh.

Sure Global Tech

Market Cap: ر.س616.0m

Provides technological and consultative solutions for public and private sectors in the Kingdom of Saudi Arabia.

Alf Meem Yaa for Medical Supplies and Equipment

Market Cap: ر.س798.0m

Engages in the wholesale and retail trade of medical supplies for the aesthetic market in the Kingdom of Saudi Arabia.

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.

La Forestière Equatoriale

Market Cap: €120.1m

Does not have any significant operations.

Viohalco

Market Cap: €1.5b

Through its subsidiaries, manufactures, and sells aluminium, copper, cables, and steel and steel pipe products.

Valhi

Market Cap: US$411.1m

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

Pure Cycle

Market Cap: US$248.0m

Provides wholesale water and wastewater services in the United States.

FRMO

Market Cap: US$374.9m

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

Famous Brands

Market Cap: R6.4b

Through its subsidiaries, operates as a quick service and casual dining restaurant franchisor in the United Kingdom, South Africa, South African Development Community, Middle East, and Rest of Africa.

Decora

Market Cap: zł818.5m

Engages in the production, distribution, sale, and export of flooring products and accessories in Poland.

Evergent Investments

Market Cap: RON 1.2b

A publicly owned investment manager.

Itafos

Market Cap: CA$473.4m

Operates as a phosphate and specialty fertilizer company.

Purple Group

Market Cap: R2.1b

A financial services and technology company, engages in trading platforms, fractional property and crypto asset investing, retirement fund administration, and asset management businesses in South Africa.

ANSA Merchant Bank

Market Cap: TT$3.4b

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

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.

Castellana Properties Socimi

Market Cap: €912.6m

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

Dekpol

Market Cap: zł516.8m

Dekpol S.A. primary engages in the general contracting and property development businesses in Poland.

Zona Franca de Iquique

Market Cap: CL$226.1b

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

Sun

Market Cap: MU₨7.5b

Operates in the tourism sector.