Global Undervalued Dividend Payers

NetEase

Market Cap: HK$577.8b

Engages in online games, music streaming, online intelligent learning services, and internet content services businesses in China and internationally.

China Telecom

Market Cap: HK$567.1b

Provides mobile communications, wireline and satellite communications, internet access, cloud computing and computing power, AI, big data, quantum, ICT integration in the People’s Republic of China.

Equinor

Market Cap: NOK 682.0b

An energy company, engages in the exploration, production, transportation, refining, and marketing of petroleum and other forms of energy in Norway and internationally.

Deutsche Bank

Market Cap: €59.1b

A stock corporation, provides corporate and investment banking, private clients, and asset management products and services in Germany, the United Kingdom, rest of Europe, the Middle East, Africa, the Americas, and the Asia-Pacific.

PACCAR

Market Cap: US$67.6b

Designs, manufactures, and distributes light, medium, and heavy-duty commercial trucks in the United States, Canada, Australia, Mexico, Europe, Central and South America, and internationally.

Japan Tobacco

Market Cap: JP¥10.5t

A tobacco company, manufactures and sells tobacco products, pharmaceuticals, and processed foods in Japan and internationally.

EOG Resources

Market Cap: US$66.8b

Explores for, develops, produces, and markets crude oil, natural gas liquids, and natural gas in producing basins in the United States, the Republic of Trinidad and Tobago, and internationally.

Suncor Energy

Market Cap: CA$90.7b

Operates as an integrated energy company in Canada, the United States, and internationally.

NatWest Group

Market Cap: UK£49.1b

Provides banking and financial products and services in the United Kingdom and internationally.

Truist Financial

Market Cap: US$66.1b

A financial services company, provides banking and trust services in the Southeastern and Mid-Atlantic United States.

Bayerische Motoren Werke

Market Cap: €55.6b

Develops, manufactures, and sells automobiles and motorcycles, spare parts, and accessories worldwide.

Singapore Telecommunications

Market Cap: S$82.7b

Provides telecommunication services to consumers and small businesses in Singapore, Australia, and internationally.

Nintendo

Market Cap: JP¥10.0t

Develops, manufactures, and sells home entertainment products in Japan, the Americas, Europe, and internationally.

Phillips 66

Market Cap: US$62.4b

Operates as an integrated downstream energy provider in the United States, the United Kingdom, Germany, and internationally.

Wuliangye YibinLtd

Market Cap: CN¥411.7b

Manufactures and sells liquor and wine products and related auxiliary products under the Wuliangye brand in China.

AngloGold Ashanti

Market Cap: US$57.7b

Operates as a gold mining company in Africa, Australia, and the Americas.

China CITIC Bank

Market Cap: CN¥397.6b

Provides various banking products and services in the People’s Republic of China and internationally.

Industrial Bank

Market Cap: CN¥391.3b

Provides banking products and services in the People’s Republic of China.

China Pacific Insurance (Group)

Market Cap: CN¥385.6b

Provides insurance products to individual and institutional customers in the People’s Republic of China.

Siemens Healthineers

Market Cap: €47.3b

Through its subsidiaries, develops, manufactures, and sells a range of diagnostic and therapeutic products and services to healthcare providers in Germany, the United States, rest of Europe, CIS, Africa, the Middle East, the Americas, the Asia Pacific, Japan, and China.

Allstate

Market Cap: US$53.6b

Provides property and casualty, and other insurance products in the United States and Canada.

People's Insurance Company (Group) of China

Market Cap: HK$417.8b

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

Compagnie de Saint-Gobain

Market Cap: €44.5b

Designs, manufactures, and distributes materials and solutions for the construction and industrial markets worldwide.

United Overseas Bank

Market Cap: S$64.1b

Provides banking products and services worldwide.

CSL

Market Cap: AU$71.0b

Engages in the research, development, manufacture, market, and distribution of biopharmaceutical products and vaccines in Australia, the United States, Germany, the United Kingdom, Switzerland, China, Hong Kong, and internationally.

Swiss Re

Market Cap: CHF 38.1b

Provides reinsurance, insurance, other insurance-based forms of risk transfer, and other insurance-related services worldwide.

PICC Property and Casualty

Market Cap: HK$376.6b

Engages in property and casualty insurance business in People’s Republic of China.

3i Group

Market Cap: UK£34.6b

A private equity firm specializing in mature companies, growth capital, middle markets, infrastructure, and management leveraged buyouts and buy-ins.

Kia

Market Cap: ₩66.2t

Manufactures and sells vehicles in South Korea, North America, and Europe.

MS&AD Insurance Group Holdings

Market Cap: JP¥6.4t

An insurance holding company, engages in the provision of insurance and financial services worldwide.

Daimler Truck Holding

Market Cap: €32.7b

Manufactures and sells light, medium- and heavy-duty trucks and buses in Europe, North America, Asia, Latin America, and internationally.

DENSO

Market Cap: JP¥6.0t

Engages in the manufacture and sale of automotive parts in Japan, Rest of Asia, North America, Europe, and internationally.

Oil and Natural Gas

Market Cap: ₹3.5t

Engages in the exploration, development, production, and distribution of crude oil, natural gas, and value-added products in India and internationally.

Thomson Reuters

Market Cap: CA$50.7b

Operates as a content and technology company in the Americas, Europe, the Middle East, Africa, and the Asia Pacific.

Dai-ichi Life Holdings

Market Cap: JP¥5.7t

Through its subsidiaries, provides insurance products in Japan, the United States, and internationally.

State Street

Market Cap: US$35.7b

Provides various financial products and services to institutional investors.