Global Capital Goods Undervalued based on future growth

Netel Holding

Market Cap: SEK 483.2m

Provides construction and maintenance services for communication infrastructure and power networks in Sweden, Norway, Finland, Germany, and the United Kingdom.

Van Elle Holdings

Market Cap: UK£37.3m

Operates as a geotechnical and ground engineering contractor in the United Kingdom.

AVTECH Sweden

Market Cap: SEK 464.3m

Engages in the development and sale of products and services for digital air traffic control systems.

Gadang Holdings Berhad

Market Cap: RM 200.2m

An investment holding company, engages in civil engineering and construction, property development, water supply, and mechanical and electrical engineering businesses in Malaysia, Indonesia, and Singapore.

PuequLTD

Market Cap: JP¥6.2b

Manufactures and sells pumps, blowers, air conditioners, and factory equipment in Japan.

Light Up Total Solution

Market Cap: ฿1.3b

Designs and trades in lighting systems in Thailand.

ISOTeam

Market Cap: S$51.6m

Operates in the building maintenance and estate upgrading industry in Singapore.

UPR

Market Cap: JP¥5.0b

Primarily engages in the rental and sale of pallets and logistics equipment in Japan.

Kuroda Precision Industries

Market Cap: JP¥5.0b

Manufactures and sells motion control systems, press tools and die systems, and machine tools and measurement systems worldwide.

Broadwind

Market Cap: US$33.3m

Manufactures and sells structures, equipment, and components for clean technology and other specialized applications in the United States.

Civil Engineering

Market Cap: ฿1.1b

Provides construction services in Thailand.

Borgosesia

Market Cap: €26.9m

Primarily invests in non-performing and alternative assets.

Desarrollos Especiales de Sistemas de Anclaje

Market Cap: €26.2m

Desarrollos Especiales de Sistemas de Anclaje, S.A.

ETS GroupLtd

Market Cap: JP¥4.2b

Engages in the electric power business in Japan and internationally.

RC Fornax

Market Cap: UK£21.2m

Provides work-package solutions to the defense industry in the United Kingdom.

Protasco Berhad

Market Cap: RM 122.8m

An investment holding company, provides integrated engineering and infrastructure services in Malaysia.

LaserBond

Market Cap: AU$43.5m

A surface engineering company, engages in the development and application of materials, technologies, and methodologies to enhance operating performance and wear life of capital-intensive machinery components in Australia.

Arcure

Market Cap: €23.0m

Develops artificial intelligence (AI) solutions for enhancing the autonomy of industrial machinery worldwide.

Texchem Resources Bhd

Market Cap: RM 93.7m

An investment holding company, engages in industrial, polymer engineering, food, restaurant, and venture businesses.

Société Industrielle d'Appareillage et de Matériels Electriques

Market Cap: د.ت51.0m

Engages in the manufacture and marketing of electrical and electromechanical equipment in Tunisia, Africa, and the Middle East.

Vimi Fasteners

Market Cap: €12.6m

Manufactures and supplies various fastener systems for the automotive, industrial engine and vehicle, oil and gas, and aerospace and motorsport markets in Italy and internationally.

Verbrec

Market Cap: AU$22.2m

Primarily provides engineering, asset management, training, and infrastructure services to mining, energy, defense, and infrastructure industries in Australia, New Zealand, Papua New Guinea, and the Pacific Islands.

ESI

Market Cap: €11.3m

Engages in the renewable energy business primarily in Italy.

HighCom

Market Cap: AU$19.0m

Provides specialist products and tailored solutions to military, law enforcement, government agencies, space, and commercial sectors.