Global Potentially Undervalued Companies

Spectrum Pharmaceuticals

Market Cap: €209.9m

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

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.

Lion

Market Cap: JP¥451.2b

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

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.

Rohto PharmaceuticalLtd

Market Cap: JP¥533.6b

Manufactures and markets pharmaceutical products, cosmetics, and functional foods worldwide.

China Railway Group

Market Cap: CN¥129.5b

Operates as a multi-functional integrated construction company in Mainland China and internationally.

Grand Pharmaceutical Group

Market Cap: HK$24.2b

An investment holding company, engages in the research and development, manufacture, and sale of pharmaceutical preparations and medical devices, biotechnology and healthcare products, and pharmaceutical raw materials.

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.

Security Bank

Market Cap: ₱51.5b

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

Aeon (M) Bhd

Market Cap: RM 1.5b

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

Tokai Carbon

Market Cap: JP¥196.1b

Manufactures and sells carbon-related products and services in Japan.

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.

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.

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.

Lithia Motors

Market Cap: €5.7b

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

Oracle Corporation Japan

Market Cap: €1.2t

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

Aston Martin Lagonda Global Holdings

Market Cap: UK£371.6m

Engages in the design, development, manufacture, and marketing of luxury sports cars in the United Kingdom, the Americas, the Middle East, Africa, rest of Europe, and the Asia Pacific.

Oceania Healthcare

Market Cap: AU$535.9m

Owns and operates retirement villages and care centres in New Zealand.

Intrum

Market Cap: €5.1b

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

q.beyond

Market Cap: €89.7m

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

Eiffage

Market Cap: €12.3b

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

Victrex

Market Cap: UK£469.2m

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

NetEase

Market Cap: US$577.8b

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

Abercrombie & Fitch

Market Cap: US$4.0b

Through its subsidiaries, operates as an omnichannel retailer in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific.

China Hongqiao Group

Market Cap: €344.3b

An investment holding company, manufactures and sells aluminum products.

Pollard Banknote

Market Cap: €494.8m

Engages in the manufacture and sale of lottery and charitable gaming products and solutions in the United States, Canada, and internationally.

EVS Broadcast Equipment

Market Cap: €437.0m

Provides live video technology for broadcast and media productions in the United States, Europe, Africa, Middle East, and Asia Pacific.

Aegon

Market Cap: €9.0b

Provides insurance, pensions, retirement, and asset management services in the Americas, the Netherlands, the United Kingdom, and internationally.

Arjo

Market Cap: SEK 6.7b

Develops and sells medical devices and solutions for patients for clinical and financial outcomes for healthcare in Europe, Asia, Latin America, Africa, and Pacific.

ACM Research

Market Cap: €2.9b

Develops, manufactures, and sells capital equipment in Mainland China and internationally.

Banca IFIS

Market Cap: €1.3b

Provides financial services and solutions for enterprises.

Umicore

Market Cap: €3.7b

Operates as a materials technology and recycling company in Belgium, Europe, the Asia-Pacific, North America, South America, and Africa.

MINISO Group Holding

Market Cap: €5.0b

An investment holding company, engages in the retail and wholesale of design-led lifestyle and pop toy products in Mainland China, the rest of Asia, North and Latin America, Europe, and internationally.

Standard Chartered

Market Cap: €33.8b

Provides various banking products and services in Asia, Africa, the Middle East, Europe, and the Americas.