Global Capital Goods Undervalued based on future growth

SK Square

Market Cap: ₩70.5t

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

CITIC

Market Cap: HK$329.3b

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

China State Construction Engineering

Market Cap: CN¥212.8b

Operates as an investment and construction company in China and internationally.

Jardine Matheson Holdings

Market Cap: US$22.6b

Operates in motor vehicles and related operations, property investment and development, food retailing, health and beauty, home furnishings, engineering and construction, and transport businesses in China, Southeast Asia, and internationally.

HD Korea Shipbuilding & Offshore Engineering

Market Cap: ₩29.4t

HD Korea Shipbuilding & Offshore Engineering Co., Ltd.

XCMG Construction Machinery

Market Cap: CN¥132.8b

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

Traton

Market Cap: €15.5b

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.

Metallurgical Corporation of China

Market Cap: HK$72.2b

Engages in engineering contracting business in China.

LG

Market Cap: ₩13.8t

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

China International Marine Containers (Group)

Market Cap: CN¥56.6b

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

Sunwoda ElectronicLtd

Market Cap: CN¥49.6b

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

Beijing New Building Materials

Market Cap: CN¥44.4b

Manufactures and sells building materials in China and internationally.

China State Construction International Holdings

Market Cap: HK$49.5b

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

Metlen Energy & Metals

Market Cap: €5.4b

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

Iveco Group

Market Cap: €5.1b

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.

Hanwha

Market Cap: ₩8.5t

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

Sany Heavy Equipment International Holdings

Market Cap: HK$43.5b

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

CSSC Offshore & Marine Engineering (Group)

Market Cap: HK$40.6b

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.

Keda Industrial Group

Market Cap: CN¥32.8b

Manufactures and sells building material machinery in China.

LS

Market Cap: ₩6.8t

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

GS Holdings

Market Cap: ₩6.0t

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

Xiamen C&D

Market Cap: CN¥27.4b

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

AviChina Industry & Technology

Market Cap: HK$30.8b

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

Doosan Bobcat

Market Cap: ₩5.8t

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

CJ

Market Cap: ₩5.6t

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

JG Summit Holdings

Market Cap: ₱191.0b

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.

Shanghai Tunnel Engineering

Market Cap: CN¥21.0b

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

Guangxi Liugong Machinery

Market Cap: CN¥20.6b

Manufactures and sells construction machinery in China and internationally.

Türkiye Sise Ve Cam Fabrikalari

Market Cap: ₺127.4b

Manufactures and sells glass products.

Jiangsu Zenergy Battery Technologies Group

Market Cap: HK$21.6b

Jiangsu Zenergy Battery Technologies Group Co., Ltd.

Zhuhai CosMX Battery

Market Cap: CN¥19.0b

Manufactures and supplies polymer lithium-ion batteries worldwide.

China Conch Venture Holdings

Market Cap: HK$21.1b

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$18.8b

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

Windey Energy Technology Group

Market Cap: CN¥16.5b

Researches, develops, manufactures, and sells wind turbines in China.

Cadeler

Market Cap: NOK 21.2b

Engages in offshore wind farm installation, operations, and maintenance services in Denmark.

First Tractor

Market Cap: HK$16.5b

Engages in the manufacturing and sale of agricultural machinery and power machinery.