Global Undiscovered Gems With Strong Fundamentals

Aesler Grup Internasional

Market Cap: Rp3.7t

Provides architectural and construction management services in Indonesia.

Zona Franca de Iquique

Market Cap: CL$232.0b

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

Senstar Technologies

Market Cap: US$102.4m

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

Standard Bank

Market Cap: MK 1.5t

Provides banking and other related services in Malawi.

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.

First Investment Bank AD

Market Cap: лв775.2m

Provides various banking products and services to individuals and corporate clients in Bulgaria and Cyprus.

GlaxoSmithKlineE

Market Cap: ج.م5.3b

Engages in production of pharmaceutical chemicals.

Morris State Bancshares

Market Cap: US$237.0m

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

First National Bank of Botswana

Market Cap: P13.9b

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.

Telekom Networks Malawi

Market Cap: MK 403.8b

Provides telecommunication services to enterprises and individual customers in Malawi.

Capricorn Group

Market Cap: R11.2b

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

Chilanga Cement

Market Cap: K6.0b

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

Eurofins-Cerep

Market Cap: €91.8m

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

Wema Bank

Market Cap: ₦450.0b

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

Sparta

Market Cap: €111.2m

A publicly owned investment manager.

Zambia Sugar

Market Cap: K16.5b

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

Ferchem Misr for fertilizers and chemicalsE

Market Cap: ج.م34.0b

Produces and sells fertilizers.

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.

Southern Michigan Bancorp

Market Cap: US$115.6m

Operates as the bank holding company for Southern Michigan Bank & Trust that provides a range of commercial banking services to individuals, businesses, institutions, and governmental agencies primarily in the southwest and south-central Michigan communities.

ANSA Merchant Bank

Market Cap: TT$3.2b

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

Compañía Electro Metalúrgica

Market Cap: CL$350.4b

Operates as producers and vendors of integrated solutions for the mining market in Chile and internationally.

La Forestière Equatoriale

Market Cap: €102.5m

Does not have any significant operations.

Acsion

Market Cap: R3.1b

Engages in property holding and development activities in South Africa and internationally.

Société Multinationale de Bitumes Société Anonyme

Market Cap: XOF 73.3b

Processes heavy bitumen crude in Africa.

PINAGO UTAMA

Market Cap: Rp1.9t

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

Societe de Limonaderies et de Boissons Rafraichissantes d'Afrique

Market Cap: XOF 307.2b

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

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

Market Cap: ج.م17.4b

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.

Transcorp Power

Market Cap: ₦2.4t

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

Grendene

Market Cap: R$4.8b

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

Central Cooperative Bank AD

Market Cap: лв213.6m

A commercial bank, provides various financial products and services.

Elron Ventures

Market Cap: US$113.1m

A venture capital firm specializing in early stage and seed investment.

Sopharma AD

Market Cap: лв1.3b

Produces, distributes, and exports pharmaceutical products in Europe, Bulgaria, and internationally.

SalfaCorp

Market Cap: CL$516.9b

Engages in engineering, construction, and real estate businesses in Chile and internationally.

Hermes Transportes Blindados

Market Cap: S/741.6m

Provides money and securities transfer, custody and processing, and document transfer services in Peru.

Industrias del Cobre Sociedad Anónima

Market Cap: S/789.0m

Engages in the manufacture and sale of cables and electrical and telecommunication conductors in Peru and internationally.