Global Potentially Undervalued Companies

Spectrum Pharmaceuticals

Market Cap: €209.9m

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

C&D International Investment Group

Market Cap: HK$31.8b

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.

Samsonite Group

Market Cap: HK$22.3b

Engages in the design, manufacture, sourcing, and distribution of luggage, business and computer bags, outdoor and casual bags, and travel accessories in Asia, North America, Europe, and Latin America.

REC

Market Cap: ₹872.9b

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

Jiangsu King's Luck Brewery Ltd

Market Cap: CN¥36.7b

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

Konica Minolta

Market Cap: JP¥251.1b

Engages in digital workplace, professional print, healthcare, and industry business in Japan, China, other Asian countries, the United States, Europe, and internationally.

GPT Group

Market Cap: AU$8.9b

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.

China Railway Group

Market Cap: CN¥138.8b

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

Aeris Resources

Market Cap: AU$532.7m

Explores, produces, and sells precious metals in Australia.

Ansell

Market Cap: AU$4.2b

Designs, sources, develops, manufactures, distributes, and sells hand and body protection solutions in the Asia Pacific, Europe, the Middle East, Africa, Latin America, the Caribbean, and North America.

Chongqing Baiya Sanitary Products

Market Cap: CN¥8.0b

Chongqing Baiya Sanitary Products Co., Ltd.

Guangdong Haid Group

Market Cap: CN¥93.6b

Research, develops, designs, produces, sells, and services animal feed products in China and internationally.

Sichuan Baicha Baidao Industrial

Market Cap: HK$8.1b

An investment holding company, provides tea drink products in the People’s Republic of China.

Grand Pharmaceutical Group

Market Cap: HK$25.0b

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.

F&F

Market Cap: ₩2.4t

Manufactures and sells apparel and accessories in South Korea.

Hansen Technologies

Market Cap: AU$1.0b

Engages in the development, integration, and support of billing and customer information systems.

Beijing New Building Materials

Market Cap: CN¥44.4b

Manufactures and sells building materials in China and internationally.

Far East Horizon

Market Cap: HK$35.2b

Provides various financial services in Mainland China, Hong Kong, and internationally.

China Aviation Oil (Singapore)

Market Cap: S$1.8b

Trades in and supplies jet fuel to civil aviation industry worldwide.

Tsingtao Brewery

Market Cap: CN¥73.2b

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

China Mengniu Dairy

Market Cap: HK$62.5b

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

Longfor Group Holdings

Market Cap: HK$64.6b

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.

Acrow

Market Cap: AU$272.6m

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

Ricegrowers

Market Cap: AU$840.9m

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

Indegene

Market Cap: ₹103.0b

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

Vikram Solar

Market Cap: ₹65.7b

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

China Resources Land

Market Cap: HK$214.5b

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

Tokai Carbon

Market Cap: JP¥204.9b

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

CITIC

Market Cap: HK$329.3b

Operates in the financial services, advanced intelligent manufacturing, advanced materials, consumption, and urbanization businesses in the Mainland of China, Hong Kong, and internationally.

Tianjin Ringpu Bio-TechnologyLtd

Market Cap: CN¥8.9b

Engages in the research and development, production, and sale of veterinary raw materials, drug preparation, functional additives, and veterinary biological products.

Indofood Sukses Makmur

Market Cap: Rp51.8t

Operates as a food solutions company in Indonesia, the Middle East, Africa, the rest of Asia, and internationally.

Japan Hotel REIT Investment

Market Cap: JP¥397.6b

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

Hoa Phat Group

Market Cap: ₫204.6t

Produces and sells steel products in Vietnam.

Oceania Healthcare

Market Cap: AU$550.4m

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

NSL Foods

Market Cap: ฿6.9b

Engages in the manufacture and distribution of bakery and snack products in Thailand.

Metcash

Market Cap: AU$3.3b

Operates as a wholesale distribution and marketing company in Australia.