Global Potentially Undervalued Companies

Spectrum Pharmaceuticals

Market Cap: €209.9m

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

Angel Oak Mortgage REIT

Market Cap: US$224.3m

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.

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.

True Corporation

Market Cap: ฿362.8b

Provides telecommunications and value-added services in Thailand.

IPH

Market Cap: AU$954.4m

Provides intellectual property (IP) services and products.

IRB Infrastructure Developers

Market Cap: ₹247.7b

Engages in the infrastructure development business in India.

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.

Bangchak Corporation

Market Cap: ฿42.7b

Engages in the refining and marketing of petroleum products in Thailand, Singapore, Norway, Korea, Laos, and internationally.

Emaar Properties PJSC

Market Cap: د.إ117.6b

Engages in the property investment, development, and development management business in the United Arab Emirates and internationally.

Inspur Digital Enterprise Technology

Market Cap: HK$10.5b

An investment holding company, engages in management software development, cloud services, and sale of Internet of Things (IoT) solutions in the People’s Republic of China.

Aurora Design

Market Cap: ฿18.9b

Trades gold jewelry in Thailand.

Aeon (M) Bhd

Market Cap: RM 1.8b

Operates and manages a retail chain of departmental stores and supermarkets in Malaysia.

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.

Worley

Market Cap: AU$7.2b

Provides professional services to the energy, chemicals, and resources sectors in the Americas, Europe, the Middle East, Africa, Australia, the Asia Pacific, and China.

China Resources Land

Market Cap: HK$211.2b

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