Global Capital Goods Undervalued based on future growth

CK Hutchison Holdings

Market Cap: HK$201.3b

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.

China Communications Construction

Market Cap: HK$146.8b

Engages in the infrastructure construction, infrastructure design, and dredging businesses in Mainland China, Australia, Hong Kong, Africa, the Middle East, and Southeast Asia.

China Railway Group

Market Cap: CN¥133.9b

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

HD Korea Shipbuilding & Offshore Engineering

Market Cap: ₩25.1t

HD Korea Shipbuilding & Offshore Engineering Co., Ltd.

Traton

Market Cap: €15.3b

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.

XCMG Construction Machinery

Market Cap: CN¥100.9b

Engages in the manufacture and sale of construction machinery in China.

SK Square

Market Cap: ₩19.3t

Invests in semiconductor, and information and communication technologies in South Korea, China, Asia, the United States, and Europe.

Owens Corning

Market Cap: US$12.3b

Provides residential and commercial building products in the United States, Europe, the Asia Pacific, and internationally.

Stanley Black & Decker

Market Cap: US$10.6b

Provides hand tools, power tools, outdoor products, and related accessories in the United States, Canada, Other Americas, Europe, and Asia.

TBEA

Market Cap: CN¥69.5b

Provides power transmission, renewable energy, new materials, and energy solutions in China and internationally.

LG

Market Cap: ₩12.1t

Through its subsidiaries, operates in the electronics, chemicals, and telecommunication and services sectors.

Metallurgical Corporation of China

Market Cap: HK$65.1b

Engages in the engineering contracting, resource development, specialty businesses, integrated real estate, and other businesses in China.

China State Construction International Holdings

Market Cap: HK$64.8b

An investment holding company, engages in the construction business for private and public sectors in Hong Kong, Mainland China, Macau, and internationally.

Yangzijiang Shipbuilding (Holdings)

Market Cap: S$10.3b

An investment holding company, engages in the shipbuilding activities in the Greater China, Canada, Japan, Italy, Greece, Germany, Bulgaria, United Kingdom, Singapore, and internationally.

China Shipbuilding Industry Group Power

Market Cap: CN¥52.1b

China Shipbuilding Industry Group Power Co., Ltd.

Ningbo Deye Technology Group

Market Cap: CN¥47.4b

Engages in the production and sales of heat exchangers, inverters, and dehumidifiers in South Africa, Brazil, Hongkong, Germany, India, and internationally.

Ayala

Market Cap: ₱367.9b

Engages in the real estate and hotel businesses in the Philippines, Europe, Asia, and the United States.

Iveco Group

Market Cap: €5.1b

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.

Ningbo Sanxing Medical ElectricLtd

Market Cap: CN¥30.4b

Manufactures and sells power distribution and utilization systems in China and internationally.

Xiamen C&D

Market Cap: CN¥30.2b

Engages in the supply chain and real estate development businesses in China and internationally.

Granite Construction

Market Cap: US$4.1b

Operates as an infrastructure contractor in the United States.

GS Holdings

Market Cap: ₩4.7t

Together its subsidiaries, engages in the energy, power generation, retail, service, construction, and infrastructure businesses.

LS

Market Cap: ₩4.6t

Engages in electric power, automation, machinery, materials, and energy businesses in South Korea and internationally.

Terex

Market Cap: US$3.3b

Provides materials processing machinery and mobile elevating work platform worldwide.

El Sewedy Electric

Market Cap: ج.م158.9b

Provides integrated infrastructure solutions in Egypt and internationally.

Aboitiz Equity Ventures

Market Cap: ₱179.4b

Through its subsidiaries, engages in power, banking and financial services, food, infrastructure, land, and data science and artificial intelligence businesses in the Philippines and rest of Asia.

Sany Heavy Equipment International Holdings

Market Cap: HK$24.2b

Manufactures and sells mining and logistics equipment, electricity, power station project products, petroleum and new energy manufacturing equipment, spare parts, and related services.

Guangxi Liugong Machinery

Market Cap: CN¥21.9b

Manufactures and sells construction machinery in China and internationally.

JG Summit Holdings

Market Cap: ₱164.3b

Engages in the consumer foods, agro-industrial and commodity food products, real estate and hotels, banking and financial services, telecommunications, petrochemicals, air transportation, and power generation and distribution businesses.

Türkiye Sise Ve Cam Fabrikalari

Market Cap: ₺111.5b

Manufactures and sells glass products in Turkey, the United States, Russia, Ukraine, Georgia, Europe, and internationally.

REV Group

Market Cap: US$2.4b

Designs, manufactures, and distributes specialty vehicles, and related aftermarket parts and services in North America and internationally.

GT Capital Holdings

Market Cap: ₱136.3b

A conglomerate, engages in the banking, automotive assembly, importation, distribution, dealership and financing, property development, life and non-life insurance, and infrastructure and utilities in the Philippines and internationally.

China Conch Venture Holdings

Market Cap: HK$18.0b

An investment holding company, provides various package solutions for energy conservation and environmental protection in Mainland China and the Asia-Pacific.

CIMC Vehicles (Group)

Market Cap: CN¥16.5b

Designs, develops, produces, and sells specialty vehicles, semi-trailers, spare parts, and related technical services in China.

Koninklijke BAM Groep

Market Cap: €2.0b

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

Harbin Electric

Market Cap: HK$17.4b

Manufactures and sells power plant equipment in the People’s Republic of China, the rest of Asia, Africa, Europe, and the United States.