Global Capital Goods Undervalued based on future growth

SK Square

Market Cap: ₩135.0t

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

Traton

Market Cap: €20.6b

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.

SK

Market Cap: ₩28.5t

Engages in petroleum refining, telecommunications, wholesale and retail, chemicals, construction, and other businesses in Korea.

HD Korea Shipbuilding & Offshore Engineering

Market Cap: ₩26.1t

HD Korea Shipbuilding & Offshore Engineering Co., Ltd.

XCMG Construction Machinery

Market Cap: CN¥102.2b

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

China Communications Construction

Market Cap: HK$103.8b

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¥85.1b

Engages in the power construction business in China and internationally.

Zhejiang Huayou Cobalt

Market Cap: CN¥74.9b

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

Enka Insaat ve Sanayi

Market Cap: ₺510.4b

Engages in construction activities.

Koç Holding

Market Cap: ₺498.8b

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

Hyundai Rotem

Market Cap: ₩14.2t

Manufactures and sells railway vehicles, defense systems, and plants and machinery in South Korea and internationally.

Sigenergy Technology

Market Cap: HK$76.8b

Develops and manufactures energy storage systems, inverters, and related smart energy solutions for residential, commercial, and industrial applications.

Zoomlion Heavy Industry Science and Technology

Market Cap: CN¥63.7b

Zoomlion Heavy Industry Science and Technology Co., Ltd.

Samsung E&A

Market Cap: ₩8.7t

Provides a range of engineering services for plant and other construction in South Korea, the United States, Asia, the Middle East, and internationally.

KION GROUP

Market Cap: €5.2b

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.

Beijing HyperStrong Technology

Market Cap: CN¥37.7b

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

NMDC Group PJSC

Market Cap: د.إ20.2b

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: ₱319.2b

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

LS

Market Cap: ₩7.5t

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

Beijing New Building Materials

Market Cap: CN¥33.1b

Manufactures and sells building materials in China.

TECO Electric & Machinery

Market Cap: NT$153.2b

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

Keda Industrial Group

Market Cap: CN¥30.3b

Manufactures and sells ceramic machinery and building material in China.

Guangzhou Great Power Energy and Technology

Market Cap: CN¥29.9b

Engages in the research, development, productions, and sale of battery products in China and internationally.

Dajin Heavy IndustryLtd

Market Cap: CN¥29.4b

Manufactures and sells wind and photovoltaic power generation equipment in China and internationally.

L&K Engineering (Suzhou)Ltd

Market Cap: CN¥29.2b

Engages in the provision of specialized engineering technical services in China.

HD Construction Equipment

Market Cap: ₩6.0t

Engages in the manufacturing and distribution of construction equipment.

CSSC Offshore & Marine Engineering (Group)

Market Cap: HK$32.5b

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: ₩5.8t

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

Hanwha

Market Cap: ₩5.5t

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

Sany Renewable EnergyLtd

Market Cap: CN¥24.7b

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

Ningbo Sanxing Medical ElectricLtd

Market Cap: CN¥23.3b

Manufactures and sells power distribution in China and internationally.

ShenZhen Woer Heat-Shrinkable MaterialLtd

Market Cap: CN¥22.8b

Provides electrical and mechanical insulations solutions in China and internationally.

Fujian Longking

Market Cap: CN¥22.4b

Manufactures and sells environmental protection equipment worldwide.

Ningbo Zhenyu Technology

Market Cap: CN¥22.2b

Engages in the research and development, design, production, and sale of precision progressive stamping dies and downstream precision structural parts in China and internationally.

Sany Heavy Equipment International Holdings

Market Cap: HK$25.0b

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

Shihlin Electric & Engineering

Market Cap: NT$101.6b

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