Global Potentially Undervalued Companies

Spectrum Pharmaceuticals

Market Cap: €209.9m

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

Carlsberg

Market Cap: US$103.5b

Produces and markets beer and other beverage products in Denmark, China, the United Kingdom, and internationally.

Bank of China

Market Cap: HK$1.7t

Provides various banking and financial services in Chinese Mainland, Hong Kong, Macao, Taiwan, and internationally.

China Resources Power Holdings

Market Cap: HK$90.8b

An investment holding company, invests in, develops, operates, and manages power plants and coal mines in the People’s Republic of China.

PORR

Market Cap: €1.1b

Operates as a construction company in Austria, Germany, Poland, the Czech Republic, Italy, Romania, Switzerland, Serbia, Great Britain, Slovakia, Norway, Belgium, and internationally.

Ribbon Communications

Market Cap: US$664.1m

Provides communications technology in the United States, Europe, the Middle East, Africa, the Asia Pacific, and internationally.

CEWE Stiftung KGaA

Market Cap: €671.9m

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

Aica Kogyo Company

Market Cap: €232.0b

Develops, produces, and sells chemical products, and laminates and building materials in Japan and internationally.

Vestis

Market Cap: US$572.2m

Provides uniform rentals and workplace supplies in the United States and Canada.

IG Group Holdings

Market Cap: UK£3.6b

A fintech company, engages in the online trading business in the United Kingdom, Ireland, the Asia-Pacific, the Middle East, the United States, Europe, and institutional and emerging markets.

Royalty Pharma

Market Cap: €20.4b

Operates as a buyer of biopharmaceutical royalties and a funder of innovation in the biopharmaceutical industry in the United States.

Semapa - Sociedade de Investimento e Gestão SGPS

Market Cap: €1.5b

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.

Sword Group

Market Cap: €335.4m

Provides IT and software solutions worldwide.

q.beyond

Market Cap: €107.1m

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

Tenaga Nasional Berhad

Market Cap: US$77.8b

Engages in the generation, transmission, distribution, and sale of electricity in Malaysia, the United Kingdom, Kuwait, the Republic of Ireland, Australia, and internationally.

Kalmar Oyj

Market Cap: €2.2b

Provides heavy material handling equipment and services for ports, terminals, distribution centres, manufacturing, and heavy logistics industries in the Americas, Europe, Asia, the Middle East, and Africa.

Kyivstar Group

Market Cap: US$2.7b

Provides a range of mobile communication and home Internet services in Ukraine.

Luceco

Market Cap: €198.3m

Manufactures and distributes wiring accessories, LED lighting, and portable power products in the United Kingdom, the Americas, Europe, the Middle East, Africa, the Asia Pacific.

GFT Technologies

Market Cap: €473.0m

Provides digital transformation services.

TAKKT

Market Cap: €316.0m

Operates as a B2B direct marketing company for business equipment in Europe and North America.

Rainbow Tours

Market Cap: €1.8b

Operates as a tour operator in Poland, the Czech Republic, Greece, Spain, Turkey, Slovakia, Lithuania, and internationally.

Cheerwin Group

Market Cap: €3.0b

An investment holding company, manufactures and trades household insecticides and repellents, household cleaning, air care, personal care, pet stores and pet products, and other products in the People’s Republic of China.

Silgan Holdings

Market Cap: US$4.5b

Manufactures and sells rigid packaging solutions for consumer goods products in the United States and internationally.

PLDT

Market Cap: US$236.4b

Provides telecommunications and digital services in the Philippines.

Shanghai Yuyuan Tourist Mart (Group)

Market Cap: CN¥22.4b

Shanghai Yuyuan Tourist Mart (Group) Co., Ltd.

China Overseas Property Holdings

Market Cap: HK$16.2b

An investment holding company, provides property management services in Hong Kong, Macau, and Mainland China.

C&D International Investment Group

Market Cap: HK$39.1b

An investment holding company, engages in the property development, real estate industry chain investment services, and industry investment activities in the People’s Republic of China.

Micro-Star International

Market Cap: NT$96.3b

Engages in the manufacture and sale of motherboards, interface cards, notebook computers, and other electronic products in Asia, Europe, the United States, and internationally.

China Construction Bank

Market Cap: HK$2.0t

Engages in the provision of various banking and related financial services to individuals and corporate customers in the People's Republic of China and internationally.

Beijing New Building Materials

Market Cap: CN¥41.0b

Manufactures and sells building materials in China and internationally.

Industrial Bank

Market Cap: CN¥430.0b

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

Pollard Banknote

Market Cap: €606.3m

Manufactures and sells lottery and charitable gaming products and solutions in the United States, Canada, and internationally.

Gecina

Market Cap: €6.2b

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.

Cosmo Pharmaceuticals

Market Cap: CHF 1.0b

Focuses on the development and commercialization products for gastroenterology, dermatology, and healthtech worldwide.

MINISO Group Holding

Market Cap: €6.8b

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

Regeneron Pharmaceuticals

Market Cap: €58.5b

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