Global Food, Beverage & Tobacco Undervalued based on future growth

Wens Foodstuff Group

Market Cap: CN¥119.8b

Operates as a livestock and poultry farming company in China.

Mowi

Market Cap: NOK 101.8b

A seafood company, produces and sells Atlantic salmon products worldwide.

Dekon Food and Agriculture Group

Market Cap: HK$37.2b

Engages in the livestock and poultry breeding and farming businesses.

Indofood Sukses Makmur

Market Cap: Rp73.5t

Operates as a food solutions company in Indonesia, the Middle East, Africa, rest of Asia, internationally.

Hanjaya Mandala Sampoerna

Market Cap: Rp69.2t

Engages in manufacture, distribution, and trading of cigarettes and other tobacco products in Indonesia.

Alfa. de

Market Cap: Mex$78.4b

Primarily engages in the synthetic fiber and refrigerated food businesses in Mexico.

Marfrig Global Foods

Market Cap: R$19.6b

Through its subsidiaries, operates in the food industry in Brazil and internationally.

Coca-Cola Içecek Anonim Sirketi

Market Cap: ₺139.7b

Engages in the production, sales, and distribution of sparkling and still beverages in Turkey, Pakistan, Central Asia, and the Middle East.

First Pacific

Market Cap: HK$26.6b

An investment holding company, engages in the consumer food products, telecommunications, infrastructure, and natural resources businesses in the Philippines, Indonesia, Singapore, the Middle East, Africa, and internationally.

Cofco Sugar HoldingLTD

Market Cap: CN¥21.2b

Engages in the sugar and tomato processing activities in China and internationally.

Lerøy Seafood Group

Market Cap: NOK 28.6b

Produces, processes, markets, sells, and distributes seafood products.

Jiangsu Lihua Foods Group

Market Cap: CN¥16.4b

Engages in breeding, slaughtering, processing, and sales of yellow feather broilers It is involved in breeding and sales of commercial pigs and geese.

Anadolu Efes Biracilik ve Malt Sanayii Anonim Sirketi

Market Cap: ₺89.9b

Engages in the production, bottling, distribution, and sale of beer, malt, non-carbonated, and non-alcoholic beverages in Turkey and internationally.

Eastern CompanyE

Market Cap: ج.م97.4b

Manufactures and sells tobacco products in Egypt and internationally.

Austevoll Seafood

Market Cap: NOK 19.5b

A seafood company, produces and sells salmon and trout, whitefish, and pelagic in Norway, the European Union, the United Kingdom, Eastern Europe, Africa, North America, Asia, and South America.

Jiangsu Provincial Agricultural Reclamation and DevelopmentLtd

Market Cap: CN¥13.6b

Jiangsu Provincial Agricultural Reclamation and Development Co.,Ltd.

Leshan Giantstar Farming&Husbandry

Market Cap: CN¥10.6b

Engages in livestock and poultry breeding in China.

M. Dias Branco Indústria e Comércio de Alimentos

Market Cap: R$8.2b

Engages in the manufacture, distribution, and sale of food products in Brazil.

Yunnan Energy Investment

Market Cap: CN¥10.0b

Manufactures and sells various salt products in China.

Dongwon Industries

Market Cap: ₩1.8t

Engages in the marine and fisheries, distribution, and logistics businesses in South Korea and internationally.

East African Breweries

Market Cap: KSh162.8b

Engages in the brewery, production, marketing, distribution, and sale of beer, spirits, adult non-alcoholic drinks, and malt and barley products in Kenya, Uganda, and Tanzania.

TECON BIOLOGYLTD

Market Cap: CN¥9.0b

Engages in the provision of animal health care, feed, pig breeding, agricultural product processing and trade, and financial services in China and internationally.

Três Tentos Agroindustrial S/A

Market Cap: R$6.8b

Operates in the agribusiness sector in Brazil.

Japfa Comfeed Indonesia

Market Cap: Rp19.2t

Operates as an agri-food company in Indonesia.

São Martinho

Market Cap: R$6.0b

Engages in the production and sale of sugar, ethanol, and other sugarcane byproducts in Brazil.

COFCO Joycome Foods

Market Cap: HK$8.4b

An investment holding company, engages in the production and sales of hog, and livestock slaughtering businesses in Mainland China.

Lassonde Industries

Market Cap: CA$1.5b

Develops, manufactures, and markets a range of ready-to-drink beverages, fruit-based snacks, frozen juice concentrates, and specialty food products in Canada, the United States, and internationally.

Savencia

Market Cap: €851.9m

Produces, distributes, and markets dairy and cheese products in France, rest of Europe, and internationally.

Tangrenshen Group

Market Cap: CN¥7.1b

Engages in the producing, processing, breeding, slaughtering, and selling of pig meat and feed products in China.

Grupo Herdez. de

Market Cap: Mex$17.4b

A food company, provides processed food in Mexico and internationally.

Ultrajaya Milk Industry & Trading

Market Cap: Rp13.8t

Operates in the food and beverage industry in Indonesia.

Zhejiang Huakang Pharmaceutical

Market Cap: CN¥5.3b

Zhejiang Huakang Pharmaceutical Co., Ltd.

Daesang

Market Cap: ₩819.1b

Together with its subsidiarie, manufacture seasonings and food additives products in South Korea and internationally.

Juhayna Food IndustriesE

Market Cap: ج.م26.8b

Engages in producing, manufacturing, processing, and packaging of dairy products, juices, and cooking products in Egypt.

Calavo Growers

Market Cap: US$469.5m

Calavo Growers, Inc. markets and distributes avocados, prepared avocados, and other perishable foods to retail grocery, foodservice, club stores, mass merchandisers, food distributors, and wholesale customers worldwide.

Edita Food Industries Company (S.A.E)

Market Cap: ج.م22.0b

Engages in the production of snack food products in Egypt.