Global Potentially Undervalued Companies

Spectrum Pharmaceuticals

Market Cap: €209.9m

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

China Foods

Market Cap: HK$7.8b

An investment holding company, manufactures, distributes, markets, and sells Coca-Cola series products in the People’s Republic of China.

Corpovael. de

Market Cap: Mex$1.0b

Engages in the design, urbanization, construction, promotion, and sale of homes in Mexico.

Sinoma International EngineeringLtd

Market Cap: CN¥24.1b

Engages in the engineering, equipment manufacture and supply, and other businesses in China and internationally.

Proya CosmeticsLtd

Market Cap: CN¥34.3b

A beauty and personal care company, researches, develops, produces, and sells cosmetics in China.

LX Semicon

Market Cap: ₩862.0b

Operates as a semiconductor company in South Korea, China, Vietnam, Taiwan, Japan, and internationally.

Trajan Group Holdings

Market Cap: AU$136.4m

Develops, manufactures, sells, and distributes analytical and life science products and devices in Australia, New Zealand, Malaysia, Japan, the United States, Europe, the Middle East, Africa, and India.

Anhui Honglu Steel Construction(Group)

Market Cap: CN¥12.3b

Manufactures and sells steel structures and supporting products in China and internationally.

Select Harvests

Market Cap: AU$547.1m

Engages in the growing, processing, packaging, and selling of almonds and its by-products in Australia.

Ningbo Deye Technology Group

Market Cap: CN¥51.9b

Engages in the production and sales of heat exchangers, inverters, and dehumidifiers in South Africa, Brazil, Hongkong, Germany, India, and internationally.

Shenzhen Fuanna Bedding and FurnishingLtd

Market Cap: CN¥6.2b

Engages in the research and development, design, production, and sale of textile home furnishing, sleep home furnishing, and living products in China and internationally.

ACM Research

Market Cap: €1.6b

Develops, manufactures, and sells capital equipment worldwide.

Regeneron Pharmaceuticals

Market Cap: €59.3b

Regeneron Pharmaceuticals, Inc. discovers, invents, develops, manufactures, and commercializes medicines for treating various diseases worldwide.

Mattel

Market Cap: €5.7b

A toy and family entertainment company, designs, manufactures, and markets toys and consumer products in North America, Latin America, Europe, the Middle East, Africa, and the Asia Pacific.

Jonjee Hi-Tech Industrial and Commercial HoldingLtd

Market Cap: CN¥14.9b

Produces and sells seasoning products in China and internationally.

Acrow

Market Cap: AU$323.4m

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

Beijing New Building Materials

Market Cap: CN¥44.5b

Manufactures and sells building materials in China and internationally.

Shenzhen Transsion Holdings

Market Cap: CN¥94.1b

Provides smart devices and mobile services in Africa, South and Southeast Asia, the Middle East, Latin America, and internationally.

China Mengniu Dairy

Market Cap: HK$65.1b

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

Worley

Market Cap: AU$6.6b

Provides professional services to energy, chemicals, and resources sectors worldwide.

Tsingtao Brewery

Market Cap: HK$86.5b

Engages in the production, distribution, wholesale, and retail sale of beer products in Mainland China, Hong Kong, Macau, and internationally.

Jiangsu Xinquan Automotive TrimLtd

Market Cap: CN¥23.6b

Designs, develops, manufactures, sells, and supplies auto parts in China.

Hikma Pharmaceuticals

Market Cap: €4.0b

Develops, manufactures, markets, and sells a range of generic, branded, and in-licensed pharmaceutical products.

d'Amico International Shipping

Market Cap: €425.5m

Through its subsidiaries, operates as a marine transportation company worldwide.

McEwen

Market Cap: CA$534.6m

Engages in the exploration, development, production, and sale of gold and silver deposits in the United States, Canada, Mexico, and Argentina.

MGM Resorts International

Market Cap: US$10.0b

Through its subsidiaries, operates as a gaming and entertainment company in the United States, China, and internationally.

Teva Pharmaceutical Industries

Market Cap: €20.1b

Develops, manufactures, markets, and distributes generic and other medicines, and biopharmaceutical products in the United States, Europe, Israel, and internationally.

Semapa - Sociedade de Investimento e Gestão SGPS

Market Cap: €1.4b

Through its subsidiaries, produces and sells pulp, printing and writing papers, and tissues in Portugal, the rest of Europe, the United States, Africa, Asia, and Oceania.

CleanSpark

Market Cap: €2.6b

Operates as a bitcoin mining company in the Americas.

Serabi Gold

Market Cap: CA$142.0m

Engages in the evaluation, exploration, and development of gold and other metals mining projects in Brazil.

Gamma Communications

Market Cap: UK£989.8m

Provides technology-based communications and software services to small, medium, and large-sized organizations in the United Kingdom, rest of Europe, and internationally.

Angel Oak Mortgage REIT

Market Cap: US$232.4m

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

Gecina

Market Cap: €6.5b

A leading operator, that fully integrates all real estate expertise, owning, managing, and developing a unique prime portfolio valued at 17.0bn Euro as at June 30, 2025.

Coca-Cola Içecek Anonim Sirketi

Market Cap: ₺139.9b

Engages in the production, sales, and distribution sparkling and still beverages in Turkey, Pakistan, Central Asia, and the Middle East.

Thungela Resources

Market Cap: €11.2b

Engages in the mining and production of thermal coal in South Africa and Australia.

Transcontinental

Market Cap: €1.7b

Engages in the flexible packaging business in Canada, the United States, Latin America, the United Kingdom, and internationally.