Global Capital Goods Undervalued based on future growth

CITIC

Market Cap: HK$268.2b

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

CK Hutchison Holdings

Market Cap: HK$164.7b

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.

China Railway Group

Market Cap: CN¥128.0b

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

China Communications Construction

Market Cap: HK$134.7b

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

Traton

Market Cap: €15.0b

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¥105.7b

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

HD Korea Shipbuilding & Offshore Engineering

Market Cap: ₩18.8t

HD Korea Shipbuilding & Offshore Engineering Co., Ltd.

Owens Corning

Market Cap: US$12.3b

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

EVE Energy

Market Cap: CN¥83.8b

Engages in the research, development, production, and sales of lithium batteries in China and internationally.

Power Construction Corporation of China

Market Cap: CN¥82.9b

Offers engineering contracting services in the People's Republic of China and internationally.

China Energy Engineering

Market Cap: HK$86.1b

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

SK Square

Market Cap: ₩11.5t

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

TBEA

Market Cap: CN¥57.9b

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

China State Construction International Holdings

Market Cap: HK$60.0b

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

Metallurgical Corporation of China

Market Cap: HK$59.9b

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

Ningbo Deye Technology Group

Market Cap: CN¥56.0b

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

LG

Market Cap: ₩10.1t

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

Dongfang Electric

Market Cap: HK$53.0b

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

Sinotruk (Hong Kong)

Market Cap: HK$51.4b

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.

China Shipbuilding Industry Group Power

Market Cap: CN¥47.5b

China Shipbuilding Industry Group Power Co., Ltd.

Jiangsu Zhongtian Technology

Market Cap: CN¥47.4b

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.

Ayala

Market Cap: ₱366.7b

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

KION GROUP

Market Cap: €4.8b

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.

Ningbo Sanxing Medical ElectricLtd

Market Cap: CN¥37.7b

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

Air Lease

Market Cap: US$5.1b

An aircraft leasing company, engages in the purchase and leasing of commercial jet aircraft to airlines in the Asia Pacific, Europe, the Middle east, Africa, Mexico, Central America, South America, the United States, and Canada.

Goldwind Science&Technology

Market Cap: CN¥34.8b

Provides wind power solutions in China and internationally.

Xiamen C&D

Market Cap: CN¥31.2b

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

Iveco Group

Market Cap: €3.7b

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.

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.

Sany Renewable EnergyLtd

Market Cap: CN¥29.2b

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

AviChina Industry & Technology

Market Cap: HK$28.5b

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

Zhengzhou Coal Mining Machinery Group

Market Cap: CN¥25.5b

Manufactures and sells coal mining and excavating equipment for coal mining industry in the People’s Republic of China, Germany, and internationally.

Granite Construction

Market Cap: US$3.5b

Operates as an infrastructure contractor in the United States.

Hunan Yuneng New Energy Battery MaterialLtd

Market Cap: CN¥23.4b

Hunan Yuneng New Energy Battery Material Co.,Ltd.

Hyosung Heavy Industries

Market Cap: ₩4.5t

Manufactures and sells heavy electrical equipment in South Korea and internationally.