Global Capital Goods Undervalued based on future growth

CITIC

Market Cap: HK$347.6b

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

SK Square

Market Cap: ₩58.8t

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

HD Korea Shipbuilding & Offshore Engineering

Market Cap: ₩30.8t

HD Korea Shipbuilding & Offshore Engineering Co., Ltd.

Traton

Market Cap: €15.7b

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¥128.1b

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

LG

Market Cap: ₩14.3t

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

Metallurgical Corporation of China

Market Cap: HK$68.0b

Engages in engineering contracting business in China.

China International Marine Containers (Group)

Market Cap: CN¥46.9b

Manufactures and sells logistics and energy equipment in China, the United States, Europe, rest of Asia, and internationally.

Sunwoda ElectronicLtd

Market Cap: CN¥46.5b

Engages in the research, design, development, production, and sale of lithium-ion battery modules in China and internationally.

TECO Electric & Machinery

Market Cap: NT$209.4b

Manufactures, installs, wholesales, and retails electronic and telecommunications equipment, office equipment, and home appliances in Taiwan, the United States, China, and internationally.

Metlen Energy & Metals

Market Cap: €5.6b

Operates as an industrial and energy company with focus on the metals and energy sectors worldwide.

China State Construction International Holdings

Market Cap: HK$47.7b

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

Iveco Group

Market Cap: €5.0b

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.

Hanwha

Market Cap: ₩8.3t

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

Ayala

Market Cap: ₱325.5b

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

Ningbo Sanxing Medical ElectricLtd

Market Cap: CN¥36.6b

Manufactures and sells power distribution in China and internationally.

CSSC Offshore & Marine Engineering (Group)

Market Cap: HK$40.2b

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.

Xinyi Glass Holdings

Market Cap: HK$39.9b

An investment holding company, produces and sells automobile, construction, float, and other glass products for commercial and industrial applications.

Sany Renewable EnergyLtd

Market Cap: CN¥34.6b

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

Sany Heavy Equipment International Holdings

Market Cap: HK$37.7b

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

LS

Market Cap: ₩6.2t

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

CJ

Market Cap: ₩6.1t

Engages in the food and food services, bio, logistics and retail, and entertainment and media businesses worldwide.

GS Holdings

Market Cap: ₩5.9t

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

Xiamen C&D

Market Cap: CN¥27.2b

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

Astor Enerji

Market Cap: ₺161.7b

Engages in the manufacturing of transformers, and medium and high voltage switching products for industrial facilities.

Guangxi Liugong Machinery

Market Cap: CN¥23.8b

Manufactures and sells construction machinery in China and internationally.

Shanghai Tunnel Engineering

Market Cap: CN¥21.1b

Engages in the consulting, planning, design, investment, construction, and operation of urban infrastructure in China, Hong Kong, India, Singapore, Macau, and internationally.

Husqvarna

Market Cap: SEK 26.3b

Produces and sells outdoor power products, watering products, and lawn care power equipment.

Aboitiz Equity Ventures

Market Cap: ₱172.1b

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.

Türkiye Sise Ve Cam Fabrikalari

Market Cap: ₺123.4b

Manufactures and sells glass products.

Peab

Market Cap: SEK 25.1b

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

Shantui Construction Machinery

Market Cap: CN¥18.9b

Manufactures and sells construction machinery products in China and internationally.

CIMC Vehicles (Group)

Market Cap: CN¥18.1b

Designs, produces, sells, and services semi-trailers worldwide.

Colt CZ Group

Market Cap: Kč49.7b

Engages in the production and sale of firearms, ammunition products, and tactical accessories in the Czech Republic, Canada the United States, rest of Europe, Africa, Asia, and internationally.

China Conch Venture Holdings

Market Cap: HK$18.3b

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

China Lesso Group Holdings

Market Cap: HK$17.6b

An investment holding company, manufactures piping and building materials in China and internationally.