Global Potentially Undervalued Companies

Spectrum Pharmaceuticals

Market Cap: €209.9m

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

China Foods

Market Cap: HK$7.8b

An investment holding company, manufactures, distributes, markets, and sells Coca-Cola series products in the People’s Republic of China.

Carlsberg

Market Cap: US$104.0b

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

Housing and Development Bank- Egypt (S.A.E)

Market Cap: ج.م34.7b

Together with its, provides corporate and retail banking services in Egypt.

ShenZhen YUTO Packaging Technology

Market Cap: CN¥22.3b

ShenZhen YUTO Packaging Technology Co., Ltd.

Proya CosmeticsLtd

Market Cap: CN¥32.7b

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

LX Semicon

Market Cap: ₩920.6b

Operates as a semiconductor company in South Korea, China, Vietnam, Taiwan, Japan, and internationally.

Jonjee Hi-Tech Industrial and Commercial HoldingLtd

Market Cap: CN¥14.7b

Produces and sells seasoning products in China and internationally.

Shenzhen Transsion Holdings

Market Cap: CN¥93.1b

Provides smart devices and mobile services in Africa, South and Southeast Asia, the Middle East, Latin America, and internationally.

Sinoma International EngineeringLtd

Market Cap: CN¥24.3b

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

Beijing New Building Materials

Market Cap: CN¥45.4b

Manufactures and sells building materials in China and internationally.

China Mengniu Dairy

Market Cap: HK$64.2b

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

Tsingtao Brewery

Market Cap: HK$85.5b

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

Gamma Communications

Market Cap: UK£989.8m

Provides technology-based communications and software services to small, medium, and large-sized organizations in the United Kingdom, rest of Europe, and internationally.

ProCredit Holding

Market Cap: €544.2m

Provides commercial banking products and services for small and medium enterprises and private customers in Europe, South America, and Germany.

Arnoldo Mondadori Editore

Market Cap: €525.6m

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

Coloplast

Market Cap: DKK 135.9b

Engages in the development and sale of intimate healthcare products and services in Denmark, the United States, the United Kingdom, France, and internationally.

Thungela Resources

Market Cap: €11.8b

Engages in the mining and production of thermal coal in South Africa and Australia.

Acrow

Market Cap: €320.3m

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

Bidvest Group

Market Cap: €80.8b

An investment holding company, engages in services, trading, and distribution businesses in South Africa and internationally.

Transcontinental

Market Cap: €1.6b

Engages in the flexible packaging business in Canada, the United States, Latin America, the United Kingdom, and internationally.

Coca-Cola Içecek Anonim Sirketi

Market Cap: ₺140.7b

Engages in the production, sales, and distribution sparkling and still beverages in Turkey, Pakistan, Central Asia, and the Middle East.

Premier Foods

Market Cap: UK£1.6b

Manufactures, distributes, and sells branded and own label food products in the United Kingdom, other European countries, and internationally.

ProCredit Holding

Market Cap: €544.2m

Provides commercial banking products and services for small and medium enterprises and private customers in Europe, South America, and Germany.

Asahi Group Holdings

Market Cap: €2.9t

Manufactures and sells beer, alcohol and non-alcohol beverages, and food products in Japan, Europe, Oceania, and Southeast Asia.

Cosmo Pharmaceuticals

Market Cap: CHF 884.6m

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

Ribbon Communications

Market Cap: US$685.3m

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

lastminute.com

Market Cap: CHF 167.4m

Operates in the online travel industry providing dynamic holiday packages in Italy, Spain, the United Kingdom, France, Germany, and internationally.

Rainbow Tours

Market Cap: €2.0b

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

Angel Oak Mortgage REIT

Market Cap: US$232.4m

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.

Vestis

Market Cap: US$617.0m

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

Pollard Banknote

Market Cap: €555.2m

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

LKQ

Market Cap: US$8.0b

Engages in the distribution of replacement parts, components, and systems used in the repair and maintenance of vehicles and specialty vehicle aftermarket products and accessories.

Teva Pharmaceutical Industries

Market Cap: €20.5b

Develops, manufactures, markets, and distributes generic and other medicines, and biopharmaceutical products in the United States, Europe, Israel, and internationally.

MGM Resorts International

Market Cap: US$9.8b

Through its subsidiaries, operates as a gaming and entertainment company in the United States, China, and internationally.

Gecina

Market Cap: €6.4b

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.