Global Potentially Undervalued Companies

Spectrum Pharmaceuticals

Market Cap: €209.9m

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

Arnoldo Mondadori Editore

Market Cap: €518.8m

Engages in publishing of books and magazines in Italy, rest of Europe, and the United States.

Zhejiang Semir Garment

Market Cap: CN¥14.4b

Produces and sells casual apparels in China and internationally.

Acrow

Market Cap: AU$291.3m

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

China Railway Group

Market Cap: CN¥139.1b

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

Horizon Construction Development

Market Cap: HK$3.0b

Operates as an investment holding company that provides equipment operation services in the People's Republic of China.

JOYY

Market Cap: US$3.1b

Engages in the provision of social product matrix and communication technology.

Asbury Automotive Group

Market Cap: US$3.9b

Operates as an automotive retailer in the United States.

Grupa Pracuj

Market Cap: €2.7b

Operates HR technology platform in Poland, Ukraine, and Germany.

Japan Hotel REIT Investment

Market Cap: JP¥407.3b

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

Carmila

Market Cap: €2.4b

A leading European commercial real estate company, with 250 shopping centres across France, Spain and Italy.

Green Thumb Industries

Market Cap: €2.1b

Manufactures, distributes, markets, and sells of cannabis products for medical and adult-use in the United States.

Arcadis

Market Cap: €2.6b

Engages in the design, engineering, architecture, and consultancy solutions for natural and built assets in The Americas, Europe, the Middle East, and the Asia Pacific.

Orion Group Holdings

Market Cap: US$467.4m

Operates as a specialty construction company for the infrastructure, industrial, and building sectors in the United States, Canada, and the Caribbean Basin.

Torex Gold Resources

Market Cap: US$7.1b

A mineral exploration company, engages in the acquisition, exploration, and development of mineral properties in Mexico and the United States.

C&A Modas

Market Cap: R$3.6b

Operates as a fashion retailer for women, men, and children in Brazil and internationally.

Huali Industrial Group

Market Cap: CN¥55.1b

Engages in the design, development, production, and sale of sports shoes in China and internationally.

Bonheur

Market Cap: NOK 10.2b

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

q.beyond

Market Cap: €100.2m

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

Geely Automobile Holdings

Market Cap: CN¥176.5b

An investment holding company, operates as an automobile manufacturer primarily in the People’s Republic of China.

Carnival Corporation &

Market Cap: €35.7b

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

Science Applications International

Market Cap: €4.3b

Provides technical, engineering, and enterprise information technology (IT) services in the United States.

PENN Entertainment

Market Cap: €1.9b

Provides integrated entertainment, sports content, and casino gaming experiences in the United States and internationally.

China Resources Land

Market Cap: HK$220.5b

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

Suzano

Market Cap: R$67.9b

Manufactures and sells pulp and paper products in Brazil and internationally.

Korn Ferry

Market Cap: US$3.3b

Engages in the provision of organizational consulting services worldwide.

China Yuchai International

Market Cap: €1.5b

Manufactures, assembles, and sells diesel and natural gas engines for trucks, buses, pickups, construction and agricultural equipment, and marine and power generation applications.

MINISO Group Holding

Market Cap: €5.1b

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.

On the Beach Group

Market Cap: €284.3m

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

Jiangsu King's Luck Brewery Ltd

Market Cap: CN¥36.8b

Jiangsu King's Luck Brewery Joint-Stock Co.,Ltd.

REC

Market Cap: ₹893.1b

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

Aegon

Market Cap: €9.2b

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

Banca IFIS

Market Cap: €1.4b

Provides financial services and solutions for enterprises.

Longfor Group Holdings

Market Cap: HK$65.3b

An investment holding company, engages in the property development, commercial investment, asset management, property management, and smart construction businesses in the People’s Republic of China.

Ricegrowers

Market Cap: AU$819.1m

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

Trisul

Market Cap: R$1.6b

Engages in the construction and development of real estate properties in Brazil.