Global Potentially Undervalued Companies

Spectrum Pharmaceuticals

Market Cap: €209.9m

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

REC

Market Cap: ₹994.2b

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

Vardhman Textiles

Market Cap: ₹118.6b

Manufactures, purchases, and sells textiles and fibres in India and internationally.

Chambal Fertilisers and Chemicals

Market Cap: ₹204.6b

Produces and sells fertilizers primarily in India.

Jiangsu Changshu Rural Commercial Bank

Market Cap: CN¥22.7b

Jiangsu Changshu Rural Commercial Bank Co., Ltd.

Shandong Yisheng Livestock & Poultry Breeding

Market Cap: CN¥9.4b

Shandong Yisheng Livestock & Poultry Breeding Co., Ltd.

Beijing Urban Construction Investment & Development

Market Cap: CN¥11.0b

Beijing Urban Construction Investment & Development Co., Ltd.

Ping An Bank

Market Cap: CN¥220.1b

Provides commercial banking products and services for individual and corporate customers, government agencies, institutions, and other small businesses in China and internationally.

Star Lake BioscienceZhaoqing Guangdong

Market Cap: CN¥12.6b

Engages in the manufacture and sale of pharmaceutical raw materials, and food and feed additives under the Star Lake and Yue Bao brand names in China and internationally.

Ganyuan Foods

Market Cap: CN¥5.0b

Engages in the research and development, production, and sale of snack foods in China.

Anhui Conch Cement

Market Cap: CN¥131.5b

Manufactures, sells, and trades in clinker and cement products in China and internationally.

Diebold Nixdorf

Market Cap: US$2.1b

Engages in the automating, digitizing, and transforming the way people bank and shop worldwide.

Angel Oak Mortgage REIT

Market Cap: US$222.7m

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.

Rainbow Tours

Market Cap: €1.8b

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

Beijing New Building Materials

Market Cap: CN¥40.2b

Manufactures and sells building materials in China and internationally.

Industrial Bank

Market Cap: CN¥420.1b

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

China Railway Group

Market Cap: CN¥128.3b

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

Shanghai Yuyuan Tourist Mart (Group)

Market Cap: CN¥22.3b

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

Jinzai Food GroupLtd

Market Cap: CN¥5.4b

Engages in the research, development, production, and sale of snack foods in China.

Jiangsu Changshu Rural Commercial Bank

Market Cap: CN¥22.7b

Jiangsu Changshu Rural Commercial Bank Co., Ltd.

Sinoma International EngineeringLtd

Market Cap: CN¥23.4b

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

Proya CosmeticsLtd

Market Cap: CN¥31.8b

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

Huaibei Mining HoldingsLtd

Market Cap: CN¥33.2b

Primarily engages in coal mining, washing, processing, sales, and production of coal chemical products in China.

Proya CosmeticsLtd

Market Cap: CN¥31.8b

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

Sinoma International EngineeringLtd

Market Cap: CN¥23.4b

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

Jiangsu King's Luck Brewery Ltd

Market Cap: CN¥49.0b

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

Bethel Automotive Safety Systems

Market Cap: CN¥32.6b

Develops, manufactures, and sells automotive safety systems and advanced driver assistance systems in China.

Chongqing Baiya Sanitary Products

Market Cap: CN¥11.3b

Chongqing Baiya Sanitary Products Co., Ltd.

ABM Industries

Market Cap: US$2.8b

Through its subsidiaries, engages in the provision of integrated facility, infrastructure, and mobility solutions in the United States and internationally.

Cosmo Pharmaceuticals

Market Cap: CHF 1.1b

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

TravelSky Technology

Market Cap: US$31.1b

Provides information technology (IT) solutions for the aviation and travel industries in the People’s Republic of China.

Colabor Group

Market Cap: CA$58.2m

Colabor Group Inc., together with its subsidiaries, markets, distributes, and wholesales food and food-related products in Canada.

Aica Kogyo Company

Market Cap: €226.4b

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

Sanofi

Market Cap: €103.6b

Engages in the research, development, manufacture, and marketing of therapeutic solutions.

CEWE Stiftung KGaA

Market Cap: €685.6m

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

Tenaga Nasional Berhad

Market Cap: US$76.4b

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