Global Capital Goods Undervalued based on future growth

CK Hutchison Holdings

Market Cap: HK$181.5b

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.

HD Korea Shipbuilding & Offshore Engineering

Market Cap: ₩24.8t

HD Korea Shipbuilding & Offshore Engineering Co., Ltd.

China Railway Group

Market Cap: CN¥128.5b

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

China Communications Construction

Market Cap: HK$139.0b

Engages in the infrastructure construction, infrastructure design, and dredging businesses.

Traton

Market Cap: €14.2b

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¥93.7b

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

Owens Corning

Market Cap: US$11.8b

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

China Energy Engineering

Market Cap: HK$89.1b

Provides solutions and services in energy power and infrastructure sectors in the People’s Republic of China and internationally.

Stanley Black & Decker

Market Cap: US$10.4b

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

Enka Insaat ve Sanayi

Market Cap: ₺366.7b

Operates as a construction company in Turkey, Russia, Kazakhstan, Georgia, Europe, and internationally.

China State Construction International Holdings

Market Cap: HK$66.2b

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

LG

Market Cap: ₩11.5t

Through its subsidiaries, operates in the electronics, chemicals, and communication and services industries.

TBEA

Market Cap: CN¥58.4b

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

Metallurgical Corporation of China

Market Cap: HK$61.9b

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

Dongfang Electric

Market Cap: HK$60.4b

Engages in the design, develop, manufacture, and sale of power generation equipment in China and internationally.

Ningbo Deye Technology Group

Market Cap: CN¥51.6b

Engages in the production and sales of heat exchangers, inverters, and dehumidifiers in China, the United Kingdom, the United States, Germany, India, and internationally.

Sinotruk (Hong Kong)

Market Cap: HK$56.3b

An investment holding company, engages in the research, development, manufacture, and sale of heavy-duty trucks (HDT), medium-heavy duty trucks, light duty trucks (LDT), buses, and related parts and components in Mainland China and internationally.

Yangzijiang Shipbuilding (Holdings)

Market Cap: S$8.9b

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¥48.3b

China Shipbuilding Industry Group Power Co., Ltd.

Zhejiang Chint Electrics

Market Cap: CN¥47.8b

Through its subsidiaries, develops and sells low-voltage electrical products in China.

Jiangsu Zhongtian Technology

Market Cap: CN¥45.9b

Produces and sells electrical machinery and equipment for the communications, electric power, marine, new energy, marine engineering construction, and other business sectors in China and internationally.

Beijing New Building Materials

Market Cap: CN¥45.8b

Manufactures and sells building materials in China and internationally.

Ayala

Market Cap: ₱355.7b

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

KION GROUP

Market Cap: €5.4b

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.

Iveco Group

Market Cap: €4.3b

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¥31.5b

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

CNGR Advanced MaterialLtd

Market Cap: CN¥29.4b

Engages in the research, development, processing, production, and sale of lithium battery cathode material precursors and new energy recycling materials in the fields of new materials and energy.

Xiamen C&D

Market Cap: CN¥29.4b

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

Granite Construction

Market Cap: US$3.9b

Operates as an infrastructure contractor in the United States.

LS

Market Cap: ₩4.7t

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

Herc Holdings

Market Cap: US$3.4b

Operates as an equipment rental supplier in the United States and internationally.

GS Holdings

Market Cap: ₩4.5t

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

Terex

Market Cap: US$3.1b

Provides materials processing machinery and mobile elevating work platform worldwide.

Hunan Yuneng New Energy Battery MaterialLtd

Market Cap: CN¥21.7b

Hunan Yuneng New Energy Battery Material Co.,Ltd.

Sany Heavy Equipment International Holdings

Market Cap: HK$21.7b

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¥19.5b

Manufactures and sells construction machinery in China and internationally.