Global Capital Goods Undervalued based on future growth

SK Square

Market Cap: ₩216.0t

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

CITIC

Market Cap: HK$333.7b

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

China CSSC Holdings

Market Cap: CN¥252.8b

Engages in the shipbuilding and repair businesses in China.

Traton

Market Cap: €15.9b

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.

HD Korea Shipbuilding & Offshore Engineering

Market Cap: ₩25.7t

HD Korea Shipbuilding & Offshore Engineering Co., Ltd.

CSG

Market Cap: €13.0b

Manufactures and sells defence products in the Czech Republic, Europe, the United States, and the Asia Pacific.

XCMG Construction Machinery

Market Cap: CN¥98.9b

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

Zhejiang Huayou Cobalt

Market Cap: CN¥89.4b

Engages in the research, development, manufacture, and sale of lithium battery materials and diamond material products in China and internationally.

China Communications Construction

Market Cap: HK$95.5b

Provides integrated services for large-scale infrastructure projects in Mainland China, Australia, Hong Kong, Africa, the Middle East, and Southeast Asia.

Power Construction Corporation of China

Market Cap: CN¥82.3b

Engages in the power construction business in China and internationally.

China Railway Construction

Market Cap: CN¥77.8b

Engages in the construction business in Mainland China and internationally.

Koç Holding

Market Cap: ₺496.3b

Through its subsidiaries, engages in the energy, automotive, consumer durables, finance, and other businesses in Turkey and internationally.

Zoomlion Heavy Industry Science and Technology

Market Cap: CN¥60.7b

Zoomlion Heavy Industry Science and Technology Co., Ltd.

KION GROUP

Market Cap: €5.0b

Provides industrial trucks and supply chain solutions in Western and Eastern Europe, the Middle East, Africa, North America, Central and South America, China, and the rest of the Asia Pacific.

TECO Electric & Machinery

Market Cap: NT$161.8b

Engages in the production, sales and installation of various mechanical equipment in Taiwan, the United States, Mainland China, and internationally.

NMDC Group PJSC

Market Cap: د.إ18.5b

Together with subsidiaries, executes engineering, procurement, and construction contracts, and dredging contracts and associated land reclamation works in the territorial waters of United Arab Emirates, Saudi Arabia, Taiwan, Egypt, Bahrain, India, and internationally.

Beijing New Building Materials

Market Cap: CN¥31.1b

Manufactures and sells building materials in China.

Harbin Electric

Market Cap: HK$35.0b

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

Ayala

Market Cap: ₱268.1b

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

Hanwha

Market Cap: ₩6.8t

Engages in the manufacture and sale of explosives and industrial machinery, trading, and general construction businesses.

Iveco Group

Market Cap: €3.7b

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

CSSC Offshore & Marine Engineering (Group)

Market Cap: HK$31.4b

Manufactures and sells marine and defense equipment in the People’s Republic of China, other regions in Asia, Europe, Oceania, North America, South America, and Africa.

Doosan Bobcat

Market Cap: ₩6.0t

Designs, manufactures, markets, and distributes compact construction equipment in North America, Europe, the Middle East, Africa, Asia, Latin America, and Oceania.

Keda Industrial Group

Market Cap: CN¥26.4b

Manufactures and sells ceramic machinery and building material in China.

HD Construction Equipment

Market Cap: ₩5.7t

Engages in the manufacturing and distribution of construction equipment.

Sany Renewable EnergyLtd

Market Cap: CN¥23.7b

Engages in the research and development, manufacture, and sale of wind turbines and generators in China.

ShenZhen Woer Heat-Shrinkable MaterialLtd

Market Cap: CN¥23.2b

Provides electrical and mechanical insulations solutions in China and internationally.

Ningbo Sanxing Medical ElectricLtd

Market Cap: CN¥20.7b

Manufactures and sells power distribution in China and internationally.

AviChina Industry & Technology

Market Cap: HK$23.2b

Engages in the development, manufacture, and sale of civil aviation and defense products in Hong Kong and internationally.

Türkiye Sise Ve Cam Fabrikalari

Market Cap: ₺137.7b

Manufactures and sells glass products.

Sany Heavy Equipment International Holdings

Market Cap: HK$22.3b

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

Sinoma International EngineeringLtd

Market Cap: CN¥19.1b

Operates in the cement technology equipment and engineering services industry in China and internationally.

Fujian Longking

Market Cap: CN¥18.6b

Manufactures and sells environmental protection equipment worldwide.

Tiandi Science & TechnologyLtd

Market Cap: CN¥18.5b

Engages in the research, technology development, equipment manufacturing, engineering demonstration, testing, and inspection activities for the coal industry in China.

Guangxi Liugong Machinery

Market Cap: CN¥15.3b

Manufactures and sells construction machinery in China and internationally.

Cadeler

Market Cap: NOK 20.6b

Operates as an offshore wind installation vessel contractor in Denmark, the United Kingdom, Germany, Poland, rest of Europe, the United States, and Taiwan.