Global Potentially Undervalued Companies

Spectrum Pharmaceuticals

Market Cap: €209.9m

Spectrum Pharmaceuticals, Inc., a biopharmaceutical company, develops and commercializes oncology drug products.

Aeon (M) Bhd

Market Cap: RM 1.5b

Operates and manages a retail chain of departmental stores and supermarkets in Malaysia.

Lion

Market Cap: JP¥451.2b

Manufactures and sells consumer and industrial products in Japan and internationally.

Security Bank

Market Cap: ₱51.5b

Provides banking and financial products and services to wholesale and retail clients in the Philippines.

CapitaLand Malaysia Trust

Market Cap: RM 2.1b

CapitaLand Malaysia Trust (CLMT) is a real estate investment trust (REIT) listed on the Main Market of Bursa Malaysia Securities Berhad since 16 July 2010.

Japan Hotel REIT Investment

Market Cap: JP¥396.5b

Japan Hotel REIT Investment Corporation (JHR) was established under the Act on Investment Trusts and Investment Corporations (Act No.

Future

Market Cap: JP¥142.0b

Provides IT consulting and services primarily in Japan.

Eiffage

Market Cap: €12.3b

Engages in the construction and concessions industries in France, rest of Europe, and internationally.

Elixirr International

Market Cap: €302.2m

Through its subsidiaries, provides management consultancy services in the United Kingdom, the United States, and internationally.

Delta Air Lines

Market Cap: €41.2b

Provides scheduled air transportation for passengers and cargo in the United States and internationally.

q.beyond

Market Cap: €89.7m

Engages in the cloud, applications, artificial intelligence (AI), and security business in Germany and internationally.

Intrum

Market Cap: €5.1b

Provides payment solutions, and credit and collection services in Europe and internationally.

Copa Holdings

Market Cap: €4.5b

Through its subsidiaries, provides airline passenger, and cargo and mail transportation services in North America, South America, Central America, and the Caribbean.

Forbo Holding

Market Cap: CHF 984.8m

Engages in the production and sell of floor coverings, building and construction adhesives, and belt for power transmission and conveyor technology worldwide.

CEWE Stiftung KGaA

Market Cap: €652.2m

Operates as a photo service and online printing provider in Germany and internationally.

Perrigo

Market Cap: €1.3b

Provides over-the-counter health and wellness solutions in the United States, Europe, and internationally.

Amphastar Pharmaceuticals

Market Cap: US$884.7m

A bio-pharmaceutical company, develops, manufactures, markets, and sells generic and proprietary injectable, inhalation, and intranasal products in the United States, China, and France.

Bonheur

Market Cap: NOK 9.7b

Engages in the renewable energy, wind service, and cruise businesses in the United Kingdom, Norway, Europe, Asia, the Americas, Africa, and Internationally.

Duell Oyj

Market Cap: €11.7m

Engages in the wholesale, import, and distribution of powersports aftermarket products in Finland, Central Europe, and the Nordic countries.

Hellenic Telecommunications Organization

Market Cap: €6.7b

Engages in the provision of telecommunications and related services to residential and businesses in Greece and Romania.

Konica Minolta

Market Cap: JP¥245.8b

Engages in digital workplace, professional print, healthcare, and industry business in Japan, China, other Asian countries, the United States, Europe, and internationally.

Migros Ticaret

Market Cap: ₺105.7b

Engages in the retail sale of food and beverages, consumer, and durables goods in Turkey.

Business First Bancshares

Market Cap: US$844.3m

Operates as the bank holding company for b1BANK that provides various banking products and services in Louisiana and Texas.

Bilia

Market Cap: SEK 11.0b

Operates as a full-service supplier for car ownership in Sweden, Norway, Luxemburg, and Belgium.

Aegean Airlines

Market Cap: €1.1b

Operates as an airline company that engages in the provision of public airline transportation services in Greece and internationally.

Oshkosh

Market Cap: US$8.8b

Provides purpose-built vehicles and equipment worldwide.

Angel Oak Mortgage REIT

Market Cap: US$201.8m

A real estate finance company, focuses on acquiring and investing in first lien nonqualified mortgage loans and other mortgage-related assets in the United States mortgage market.

Indofood Sukses Makmur

Market Cap: €52.5t

Operates as a food solutions company in Indonesia, the Middle East, Africa, the rest of Asia, and internationally.

Kuaishou Technology

Market Cap: €234.2b

An investment holding company, provides live streaming, online marketing, and other services in the People’s Republic of China.

Gecina

Market Cap: €5.0b

A leading operator that fully integrates all real estate expertise, owning, managing, and developing a unique prime portfolio valued at 17.6bn euros as at December 31, 2025.

Embla Medical hf

Market Cap: DKK 11.5b

Provides non-invasive orthopedic products in Europe, the Middle East, Africa, the Americas, and the Asia-Pacific.

Oracle Corporation Japan

Market Cap: €1.2t

Provides software, hardware, and cloud products and solutions in Japan.

Lithia Motors

Market Cap: €5.7b

Operates as an automotive retailer in the United States, the United Kingdom, and Canada.

Victrex

Market Cap: UK£469.2m

Through its subsidiaries, engages in the manufacture and sale of polymer solutions worldwide.

Talgo

Market Cap: €367.1m

Engages in design, manufacture, and maintenance of railway and auxiliary machinery for the maintenance of railway systems rolling stock worldwide.

Gap

Market Cap: US$8.9b

Operates as an apparel retail company in the United States, Canada, Japan, Taiwan, and internationally.