U.S. Capital Goods Potentially Undervalued Companies

Reliance Worldwide

Market Cap: US$3.4b

Engages in the design, manufacture, and supply of water flow, control, and monitoring products and solutions for plumbing and heating industries.

Taisei

Market Cap: US$1.4t

Engages in the civil engineering, construction, and real estate development businesses in Japan.

Bidvest Group

Market Cap: US$79.8b

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

DNOW

Market Cap: US$1.5b

Distributes downstream energy and industrial products for petroleum refining, chemical processing, LNG terminals, power generation, gas utilities, and customer on-site and off-site locations in the United States, Canada, the United Kingdom, Norway, Australia, the Netherlands, Singapore, and the Middle East.

CITIC

Market Cap: US$290.3b

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

FW Thorpe

Market Cap: US$353.1m

Designs, manufactures, and supplies professional lighting equipment in the United Kingdom, Ireland, the United Arab Emirates, Australia, the Netherlands, Germany, France, Spain, rest of Europe, and internationally.

Primoris Services

Market Cap: US$3.8b

Provides infrastructure services primarily in the United States and Canada.

Aumann

Market Cap: US$180.7m

Manufactures and sells specialized machines and production lines for components of electric and classic drive chain systems in Europe, the United States, Canada, Mexico, China, and internationally.

QinetiQ Group

Market Cap: US$2.5b

Operates as a science and engineering company in the defense, security, and infrastructure markets in the United Kingdom, the United States, Australia, and internationally.

FMS Enterprises Migun

Market Cap: US$1.4b

Manufactures and sells ballistic protection raw materials and products worldwide.

Varta

Market Cap: US$72.6m

Through its subsidiaries, engages in the research, development, production, and sale of micro and household batteries, large-format batteries, battery solutions, and energy storage systems in Europe, Asia, North America, and internationally.

NCC

Market Cap: US$13.1b

Operates as a construction company in Sweden, Norway, Denmark, and Finland.

Ashtrom Group

Market Cap: US$4.7b

Operates as a construction and property company in Israel and internationally.

JAMCO

Market Cap: US$47.8b

Manufactures and sells aircraft interiors, seats, and components in Japan.

A. Soriano

Market Cap: US$16.9b

Through its subsidiaries, engages in the resort, cable and wire manufacturing, and other operations in the Philippines.

Central Glass

Market Cap: US$73.9b

Engages in the manufacture and sale of flat glass and chemical products for customers in Japan and internationally.

Valmet Oyj

Market Cap: US$5.3b

Develops and supplies process technologies, automation, and services for the pulp, paper, and energy industries in North America, South America, China, Europe, the Middle East, Africa, and the Asia Pacific.

Rosenbauer International

Market Cap: US$283.6m

Engages in the provision of systems for preventive firefighting and disaster protection technology worldwide.

Forbo Holding

Market Cap: US$1.1b

Produces and sells floor coverings, building and construction adhesives, and power transmission and conveyor belt solutions in Europe, the Americas, Asia Pacific, and Africa.

Hitachi Construction Machinery

Market Cap: US$912.9b

Manufactures and sells construction machineries worldwide.

Lonking Holdings

Market Cap: US$8.8b

An investment holding company, manufactures and distributes wheel loaders, road rollers, excavators, forklifts, and other construction machinery in Mainland China and internationally.

Eiffage

Market Cap: US$11.5b

Engages in the construction, property development, urban development, civil engineering, metallic construction, roads, energy systems, and concessions businesses in France, rest of Europe, and internationally.

Fugro

Market Cap: US$1.2b

Provides geo-data services for the infrastructure, energy, and water industries in Europe, Africa, the Americas, the Asia Pacific, the Middle East, and India.

Traton

Market Cap: US$15.2b

Manufactures and sells commercial vehicles in Germany, rest of Europe, the United States of America, rest of North America, Brazil, rest of South America, and internationally.

EnerSys

Market Cap: US$3.1b

Engages in the provision of stored energy solutions for industrial applications worldwide.

Siemens

Market Cap: US$165.7b

A technology company, focuses in the areas of automation and digitalization in Europe, Commonwealth of Independent States, Africa, the Middle East, the Americas, Asia, and Australia.

Ebara

Market Cap: US$1.1t

Manufactures and sells industrial machinery.

Ferguson Enterprises

Market Cap: US$35.4b

Distributes plumbing and heating products in the United States and Canada.

Daikin IndustriesLtd

Market Cap: US$4.6t

Manufactures, distributes, and sells air-conditioning and refrigeration equipment, and chemical products in Japan, the Americas, China, Asia, Europe, Europe, and internationally.

Kubota

Market Cap: US$1.8t

Manufactures and sells agricultural and construction machinery in Japan, North America, Europe, Asia, and internationally.

Carlisle Companies

Market Cap: US$16.7b

Operates as a manufacturer and supplier of building envelope products and solutions in the United States, Europe, North America, Asia and the Middle East, Africa, and internationally.

ASSA ABLOY

Market Cap: US$332.3b

Provides door opening and access products for the institutional, commercial, and residential markets.

Ilustrato Pictures International

Market Cap: US$5.1m

Through its subsidiaries, operates in the public safety technology, engineering, industrial, and manufacturing sectors in New York, London, and Dubai.

Melrose Industries

Market Cap: US$5.7b

Designs and delivers aerospace components and systems for civil and defence markets in the United Kingdom, rest of Europe, North America, and internationally.

GMS

Market Cap: US$2.8b

Distributes wallboard, ceilings, steel framing and complementary construction products in the United States and Canada.

UFP Industries

Market Cap: US$5.8b

Designs, manufactures, and supplies wood and non-wood composites, and other materials in the United States and internationally.