Global Potentially Undervalued Companies

Spectrum Pharmaceuticals

Market Cap: €209.9m

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

CDW

Market Cap: €15.5b

Provides information technology (IT) solutions in the United States, the United Kingdom, and Canada.

Carnival Corporation &

Market Cap: €33.4b

A cruise company, provides leisure travel services in North America, Australia, Europe, and internationally.

AXA

Market Cap: €75.6b

Through its subsidiaries, insurance, asset management, and banking services worldwide.

Sonoco Products

Market Cap: €5.0b

Designs, develops, manufactures, and sells various engineered and sustainable packaging products in the United States, Europe, Canada, the Asia Pacific, and internationally.

McBride

Market Cap: €243.0m

Manufactures and sells private label household and personal care products to retailers and brand owners in the United Kingdom, Germany, France, Italy, Spain, rest of Europe, the Asia-Pacific, and internationally.

On the Beach Group

Market Cap: €227.5m

Operates as an online retailer of short haul beach holidays under the On the Beach brand in the United Kingdom and Republic of Ireland.

ANTA Sports Products

Market Cap: €214.4b

Engages in the research, design, development, manufacture, market, and sale of professional sports footwear, apparel, and accessories in China and internationally.

Andritz

Market Cap: €5.9b

Engages in the provision of industrial machinery, equipment, and services in Europe, North America, South America, China, Asia, Africa, Australia, and internationally.

Milkyway Chemical Supply Chain ServiceLtd

Market Cap: CN¥9.3b

Provides chemical supply chain solutions worldwide.

Aurelia Metals

Market Cap: AU$397.9m

Engages in the exploration and production of mineral properties in Australia.

Aux Electric

Market Cap: HK$15.5b

Engages in the manufacturing, sales, and marketing of air conditioners.

China Conch Venture Holdings

Market Cap: HK$19.7b

An investment holding company, provides various package solutions for energy conservation and environmental protection in Mainland China and the Asia-Pacific.

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.

China Hongqiao Group

Market Cap: HK$344.3b

An investment holding company, manufactures and sells aluminum products.

Industrial Bank

Market Cap: CN¥397.7b

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

MCNEX

Market Cap: ₩385.4b

Manufactures and sells camera modules in South Korea and internationally.

Morimatsu International Holdings

Market Cap: HK$9.7b

Designs, manufactures, installs, operates, and maintains core equipment, process systems, and solutions primarily for chemical reactions, biological reactions, and polymerization.

China Mengniu Dairy

Market Cap: HK$62.9b

An investment holding company, manufactures and distributes dairy products under the MENGNIU brand in the People’s Republic of China and internationally.

GPT Group

Market Cap: AU$8.7b

GPT is one of Australia’s leading property groups, with assets under management of $34.1 billion across a portfolio of high quality retail, office and logistics assets.

Adairs

Market Cap: AU$224.3m

Operates as a specialty retailer of home furnishings, furniture, and decoration products in Australia and New Zealand.

Lucky Harvest

Market Cap: CN¥8.0b

Engages in the research, development, production, and sale of precision stamping dies and structural metal parts in China.

LHN

Market Cap: S$254.3m

An investment holding company, engages in space optimization, property development, facilities management services, and energy businesses in Singapore, Hong Kong, Myanmar, Indonesia, and Cambodia.

IndiQube Spaces

Market Cap: ₹31.4b

Provides workplace solutions and value-added services in India.

Innocean Worldwide

Market Cap: ₩782.8b

Provides marketing and communications services in the Americas, Europe, Asia, Oceania, the Middle East, and internationally.

Monash IVF Group

Market Cap: AU$243.5m

Engages in the provision of assisted reproductive and specialist women imaging services in Australia and Malaysia.

F&F

Market Cap: ₩2.4t

Manufactures and sells apparel and accessories in South Korea.

Acrow

Market Cap: AU$266.4m

Provides smart integrated construction systems across formwork, industrial services, and commercial scaffolding in Australia.

REC

Market Cap: ₹870.3b

Engages in the provision of financing services for power generation, transmission, and distribution projects in India.

China Resources Land

Market Cap: HK$209.5b

An investment holding company, engages in the investment, development, management, and sale of properties in the People’s Republic of China.

Ricegrowers

Market Cap: AU$868.2m

Operates as a rice food company in Australia, New Zealand, the Pacific Islands, Europe, the Middle East, Africa, Asia, and North America.

Vikram Solar

Market Cap: ₹69.8b

Manufactures and sells solar photovoltaic modules/systems in India and internationally.

Indegene

Market Cap: ₹105.8b

Operates as a digital-first life sciences commercialization company in India, the United States, Europe, and internationally.

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.