Global Capital Goods Undervalued based on future growth

SK Square

Market Cap: ₩155.5t

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

China CSSC Holdings

Market Cap: CN¥289.0b

Engages in the shipbuilding and repair businesses in China.

Daimler Truck Holding

Market Cap: €30.3b

Manufactures and sells light, medium- and heavy-duty trucks and buses in Europe, North America, Asia, Latin America, and internationally.

HD Korea Shipbuilding & Offshore Engineering

Market Cap: ₩29.3t

HD Korea Shipbuilding & Offshore Engineering Co., Ltd.

Traton

Market Cap: €16.0b

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¥112.3b

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

Power Construction Corporation of China

Market Cap: CN¥94.4b

Engages in the power construction business in China and internationally.

China Communications Construction

Market Cap: HK$106.3b

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 Construction

Market Cap: CN¥82.7b

Engages in the construction business in Mainland China and internationally.

Koç Holding

Market Cap: ₺464.8b

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¥61.6b

Zoomlion Heavy Industry Science and Technology Co., Ltd.

Beijing HyperStrong Technology

Market Cap: CN¥44.9b

Engages in the design, development, integration, and operation of energy storage power stations in China.

KION GROUP

Market Cap: €5.7b

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.

Metlen Energy & Metals

Market Cap: €5.4b

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

Hanwha

Market Cap: ₩8.8t

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

TECO Electric & Machinery

Market Cap: NT$166.8b

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

CSSC Offshore & Marine Engineering (Group)

Market Cap: HK$37.2b

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.

Keda Industrial Group

Market Cap: CN¥31.9b

Manufactures and sells ceramic machinery and building material in China.

NMDC Group PJSC

Market Cap: د.إ16.8b

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.

Ayala

Market Cap: ₱266.8b

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

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.

Doosan Bobcat

Market Cap: ₩6.4t

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

Sany Renewable EnergyLtd

Market Cap: CN¥26.8b

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

Sany Heavy Equipment International Holdings

Market Cap: HK$29.5b

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

Ningbo Sanxing Medical ElectricLtd

Market Cap: CN¥25.2b

Manufactures and sells power distribution in China and internationally.

AviChina Industry & Technology

Market Cap: HK$25.4b

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

Shihlin Electric & Engineering

Market Cap: NT$98.2b

Manufactures and sells heavy electrical equipment and machinery and automotive electrical equipment, devices, and related parts in Taiwan, Mainland China, Vietnam, and internationally.

Türkiye Sise Ve Cam Fabrikalari

Market Cap: ₺131.4b

Manufactures and sells glass products.

Guangxi Liugong Machinery

Market Cap: CN¥18.0b

Manufactures and sells construction machinery in China and internationally.

Cadeler

Market Cap: NOK 23.9b

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

Jiangsu Zenergy Battery Technologies Group

Market Cap: HK$18.6b

Jiangsu Zenergy Battery Technologies Group Co., Ltd.

Boise Cascade

Market Cap: US$2.4b

Engages in the manufacture and sale of engineered wood products and plywood and wholesale distribution of building materials in the United States and Canada.

DL E&CLtd

Market Cap: ₩3.2t

A construction company, provides engineering, procurement, and construction solutions in South Korea.

Luoyang Xinqianglian Slewing Bearing

Market Cap: CN¥14.3b

Luoyang Xinqianglian Slewing Bearing Co., Ltd.

DMCI Holdings

Market Cap: ₱122.9b

Through its subsidiaries, engages in the general construction, coal and nickel mining, power generation, real estate development, water concession, and manufacturing businesses in the Philippines and internationally.

Hunan Zhongke Electric

Market Cap: CN¥13.3b

Manufactures electromagnetic metallurgy products in China.