U.S. Capital Goods Potentially Undervalued Companies

MIRAIT ONE

Market Cap: US$186.1b

Engages in the telecommunications construction, electrical construction, civil engineering work, and architectural and construction businesses in Japan.

Koninklijke BAM Groep

Market Cap: US$2.2b

Provides products and services in the construction and property, civil engineering, and public private partnerships (PPP) sectors worldwide.

Sinotruk (Hong Kong)

Market Cap: US$64.9b

An investment holding company, engages in the research, development, manufacture, and sale of heavy-duty trucks (HDT), medium-heavy duty trucks, light duty trucks (LDT), buses, and related parts and components in Mainland China and internationally.

Nippon Sheet Glass Company

Market Cap: US$49.5b

Engages in the manufacture and sale of glass and glazing products in Japan, Europe, North America, and South America.

Skanska

Market Cap: US$95.7b

Operates as a construction and project development company in the Nordics, Europe, and the United States.

Burnham Holdings

Market Cap: US$95.1m

Designs, manufactures, and sells boilers and related heating, ventilation, and air conditioning products and accessories for residential, commercial, and industrial applications in the United States, Canada, and Mexico.

Worley

Market Cap: US$7.5b

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

Travis Perkins

Market Cap: US$1.2b

Engages in distribution of building material products in the United Kingdom.

Deere

Market Cap: US$126.9b

Engages in the manufacture and distribution of various equipment worldwide.

Taisei

Market Cap: US$1.7t

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

Vesuvius

Market Cap: US$927.9m

Provides molten metal flow engineering and technology services to steel and foundry casting industries worldwide.

Vesuvius

Market Cap: US$927.9m

Provides molten metal flow engineering and technology services to steel and foundry casting industries worldwide.

Emeco Holdings

Market Cap: US$540.2m

Engages in the provision of surface and underground mining equipment rental, complementary equipment, and mining services in Australia.

Argent Industrial

Market Cap: US$1.5b

Manufactures and trades in steel and steel-related products in South Africa, Asia, the Middle East, Australia, New Zealand, North America, South America, rest of Africa, the United Kingdom, rest of Europe, and internationally.

FW Thorpe

Market Cap: US$360.4m

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.

Aumann

Market Cap: US$162.1m

Manufactures and sells specialized machines and production lines for electromobility, automation, and robot applications in Germany, rest of Europe, the United States, Canada, Mexico, China, and internationally.

Shibaura MachineLtd

Market Cap: US$99.5b

Engages in the manufacture and sale of various machines in Japan and internationally.

OC Oerlikon

Market Cap: US$947.5m

Provides surface engineering, polymer processing, and additive manufacturing services in Europe, the Americas, and the Asia-Pacific.

Reliance Worldwide

Market Cap: US$3.2b

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

L.B. Foster

Market Cap: US$288.0m

Provides engineered and manufactured products and services for building and supporting infrastructure in the United States, Canada, the United Kingdom, and internationally.

AmeraMex International

Market Cap: US$1.8m

Sells, leases, and rents new and refurbished heavy equipment to logistics companies, infrastructure construction, logging companies, US Military, and forestry conservation industries in the United States.

LSI Industries

Market Cap: US$673.5m

Manufactures and distributes commercial lighting, graphics, and display solutions across strategic vertical markets.

China Communications Services

Market Cap: US$31.4b

Together with its subsidiaries provides telecommunications support services worldwide.

Fletcher Building

Market Cap: US$3.4b

Manufactures and distributes building products in New Zealand, Australia, and internationally.

Duratec

Market Cap: US$436.2m

Engages in the provision of assessment, protection, remediation, and refurbishment services to a range of assets primarily for steel and concrete infrastructure in Australia.

Middleby

Market Cap: US$7.2b

Designs, manufactures, markets, distributes, and services commercial restaurant, food processing, and residential kitchen equipment worldwide.

Hurco Companies

Market Cap: US$108.5m

An industrial technology company, designs, manufactures, and sells computerized machine tools to companies in the metal cutting industry worldwide.

Lockheed Martin

Market Cap: US$106.7b

An aerospace and defense company, engages in the research, design, development, manufacture, integration, and sustainment of technology systems, products, and services worldwide.

Iveco Group

Market Cap: US$4.9b

Engages in the design, production, marketing, sale, servicing, and financing of trucks, commercial vehicles, buses and specialty vehicles, combustion engines, alternative propulsion systems, transmissions, axles, engines, alternative propulsion systems, construction equipment, marine, and power generation applications in Europe, South America, North America, and internationally.

INLIF

Market Cap: US$14.3m

Through its subsidiaries, engages in the research, development, manufacture, and sale of injection molding machine-dedicated manipulator arms under the iNLIF brand in the People’s Republic of China.

CK Hutchison Holdings

Market Cap: US$196.5b

An investment holding company, primarily operates in ports and related services, retail, infrastructure, and telecommunications businesses in Hong Kong, Mainland China, Europe, Canada, Asia, Australia, and internationally.

Taisei

Market Cap: US$1.7t

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

Broadwind

Market Cap: US$46.2m

Manufactures and sells structures, equipment, and components for clean technology and other specialized applications in the United States.

Forbo Holding

Market Cap: US$1.2b

Engages in the production and sale floor coverings, building and construction adhesives, and power transmission and conveyor technology worldwide.

Shanghai Industrial Holdings

Market Cap: US$15.4b

An investment holding company, engages in the infrastructure and environmental protection, real estate, consumer products, and comprehensive healthcare operations businesses in Hong Kong, the People’s Republic of China, rest of Asia, and internationally.

A. Soriano

Market Cap: US$16.9b

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