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 Insurance Group (B.S.C.)

Market Cap: US$190.2m

Provides life and non-life reinsurance products and related services in the Afro Asia region.

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.

National General Insurance (P.J.S.C.)

Market Cap: د.إ1.0b

Engages in underwriting various classes of life and general insurance, and reinsurance businesses in the United Arab Emirates.

Practic

Market Cap: RON 567.2m

Engages in the lease and sublease of real estate properties in Romania.

Sociedad de Inversiones Oro Blanco

Market Cap: CL$966.9b

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

Shangri-La Hotel

Market Cap: ฿6.1b

Operates hotels in Bangkok and Chiang Mai provinces.

Pabrik Kertas Tjiwi Kimia

Market Cap: Rp19.1t

Manufactures and sells paper products in Asia, Africa, Europe, the United States, the Middle East, and internationally.

Fortune Mate Indonesia

Market Cap: Rp2.5t

Provides real estate development and construction services in Indonesia.

Cahaya Aero Services

Market Cap: Rp4.4t

PT Cardig Aero Services Tbk, together with its subsidiaries, provides ground and cargo handling, aircraft release and maintenance, catering, facility management, and aviation training services in Indonesia.

Citra Tubindo

Market Cap: Rp3.9t

Provides pipes and accessories, and related services to the oil and gas industries in Indonesia.

MIA Teknoloji Anonim Sirketi

Market Cap: ₺15.8b

Provides software development services to public and private organizations in Turkey.

Mark Dynamics Indonesia

Market Cap: Rp2.7t

Manufactures and sells hand former products in Indonesia and internationally.

Vakif Gayrimenkul Yatirim Ortakligi

Market Cap: ₺6.7b

A real estate investment trust.

Dwi Guna Laksana

Market Cap: Rp2.4t

Engages in the coal mining and trading activities in Indonesia.

Bakrie & Brothers

Market Cap: Rp5.0t

Through its subsidiaries, engages in the trading, construction, agribusiness, coal mining, oil and gas, and telecommunication business in Indonesia and internationally.

Mackolik Internet Hizmetleri Ticaret

Market Cap: ₺4.2b

Mackolik Internet Hizmetleri Ticaret A.S.

Nestlé Pakistan

Market Cap: PK₨321.5b

Manufactures, processes, and sells dairy, nutrition, beverages, and food products in Pakistan, Afghanistan, the United States, and internationally.

Arsan Tekstil Ticaret ve Sanayi Anonim Sirketi

Market Cap: ₺4.0b

Engages in the production and sale of cotton and synthetic yarn in Turkey and internationally.

Dogan Burda Dergi Yayincilik Ve Pazarlama

Market Cap: ₺7.3b

Dogan Burda Dergi Yayincilik Ve Pazarlama A.S.

Vinacomin - Power Holding

Market Cap: ₫8.8t

Engages in the investment, construction, exploitation, and operation of thermal power and hydroelectric plants, and electronic factories using new energy, renewable energy, power grids, and power supply systems in Vietnam.

Kirac Galvaniz Telekominikasyon Metal Makine Insaat Elektrik Sanayi ve Ticaret Anonim Sirketi

Market Cap: ₺6.5b

Operates as a guardrail supplier company in Turkey.

Gür-Sel Turizm Tasimacilik ve Servis Ticaret

Market Cap: ₺27.3b

Gür-Sel Turizm Tasimacilik ve Servis Ticaret A.S.

Bank MNC Internasional

Market Cap: Rp2.3t

Provides various banking products and services in Indonesia.

Segmen Kardesler Gida Üretim ve Ambalaj Sanayi Anonim Sirketi

Market Cap: ₺4.2b

Engages in the production and sale of food products in Turkey.

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.

Linde Bangladesh

Market Cap: ৳12.9b

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

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.

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.

Yulie Sekuritas Indonesia

Market Cap: Rp4.3t

Operates as a securities company in Indonesia.

Invest Bank

Market Cap: د.أ221.3m

Provides various banking and related financial services in Jordan.

Jordanian Duty Free Shops

Market Cap: د.أ150.8m

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

MOBI Industry

Market Cap: ر.س648.0m

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

Arab Banking Corporation (B.S.C.)

Market Cap: US$1.1b

Provides wholesale banking services worldwide.