Global Materials Undervalued based on future growth

Inner Mongolia Berun Chemical

Market Cap: CN¥21.5b

Engages in the soda ash, methanol, fertilizer and agricultural production materials, and other businesses in China.

Fufeng Group

Market Cap: HK$23.0b

An investment holding company, engages in the manufacture and sale of fermentation-based food additives, and biochemical and starch-based products in the People’s Republic of China and internationally.

Henan Zhongfu IndustrialLtd

Market Cap: CN¥20.2b

Processes, manufactures, and sells electrolytic aluminum and aluminum products in China.

Indah Kiat Pulp & Paper

Market Cap: Rp43.8t

Engages in the manufacture of cultural paper, pulp, tissue, and industrial paper in Indonesia, Asia, the United States, Australia, the Middle East, Africa, and Europe.

Xinfengming Group

Market Cap: CN¥18.7b

Researches, develops, produces, and sells polyester filaments.

Torex Gold Resources

Market Cap: CA$3.5b

Operates as an intermediate gold producer.

Dongyue Group

Market Cap: HK$19.8b

An investment holding company, manufactures, distributes, and sells polymers, organic silicone, refrigerants, dichloromethane, liquid alkali, and other products in the People's Republic of China and internationally.

Shanghai Huayi Group

Market Cap: CN¥16.5b

Operates as a chemical company in China.

Shanghai Huafon Aluminium

Market Cap: CN¥16.4b

Engages in the research and development, production, and sales of aluminum sheets, strips, and foils.

Aperam

Market Cap: €1.9b

Produces and sells stainless steel and alloy products worldwide.

NV Bekaert

Market Cap: €1.9b

Provides steel wire transformation and coating technologies worldwide.

Century Aluminum

Market Cap: US$2.1b

Produces and sells standard-grade and value-added primary aluminum products in the United States and Iceland.

Group of Companies Segezha

Market Cap: ₽127.9b

Group of Companies Segezha Public Joint Stock Company operates in the forestry industry in Russia and internationally.

Guizhou Chanhen Chemical

Market Cap: CN¥15.0b

Engages in the mining and beneficiation of phosphate and processing of phosphorus in China.

Kumho Petro ChemicalLtd

Market Cap: ₩2.8t

Manufactures and sells synthetic rubber and resins, specialty chemicals, nanocarbon, energy, and building materials in South Korea and internationally.

Hubei Yihua Chemical Industry

Market Cap: CN¥14.4b

Manufactures and sells chemical raw materials and products in China.

West African Resources

Market Cap: AU$3.0b

Engages in the mining, mineral processing, acquisition, exploration, and project development of gold projects in West Africa.

Shandong Humon Smelting

Market Cap: CN¥14.1b

Engages in the development of gold mineral resources; precious metal smelting; research and development, and production of high-tech materials; and international trade business in China and internationally.

Lingbao Gold Group

Market Cap: HK$14.9b

Primarily engages in mining, processing, smelting, refining, and sale of gold products in the People’s Republic of China.

Westgold Resources

Market Cap: AU$2.9b

Engages in the exploration, operation, development, mining, and treatment of gold and other assets primarily in Western Australia.

Mayr-Melnhof Karton

Market Cap: €1.5b

Manufactures and sells cartonboard and folding cartons in Germany, Austria, and internationally.

Shenzhen Noposion Crop Science

Market Cap: CN¥12.5b

Researches and develops, manufactures, distributes and provides technical services for pesticides and fertilizers in China and internationally.

Anhui Jinhe IndustrialLtd

Market Cap: CN¥12.5b

Engages in the chemicals business in China.

Pan African Resources

Market Cap: UK£1.3b

Engages in the mining, extraction, production, and sale of gold in South Africa.

Anhui Honglu Steel Construction(Group)

Market Cap: CN¥12.2b

Manufactures and sells steel structures and supporting products in China and internationally.

Lizhong Sitong Light Alloys Group

Market Cap: CN¥11.9b

Engages in the research, development, manufacture, and sale of functional master alloys.

Sylvamo

Market Cap: US$1.6b

Produces and markets uncoated freesheet for cutsize, offset paper, and pulp in Europe, Latin America, and North America.

Tokuyama

Market Cap: JP¥239.0b

Produces and sells various chemical products in Japan.

West China Cement

Market Cap: HK$12.3b

An investment holding company, manufactures and sells cement and cement products in the People’s Republic of China, Mozambique, Ethiopia, Democratic Republic of Congo, Other African countries, and internationally.

Elkem

Market Cap: NOK 16.0b

Engages in the provision of advanced material solutions worldwide.

Duc Giang Chemicals Group

Market Cap: ₫40.8t

Manufactures industrial products in Vietnam.

Emerald Resources

Market Cap: AU$2.4b

Engages in the exploration and development of mineral reserves in Cambodia and Australia.

Lafarge Africa

Market Cap: ₦2.3t

Manufactures, markets, and sells cement and other cementitious products in Nigeria.

Stanley Agriculture GroupLtd

Market Cap: CN¥11.0b

Engages in the research and development, production and sale of compound fertilizers in China.

Jindal Saw

Market Cap: ₹131.5b

Engages in the manufacture and supply of iron and steel pipes, and pellets in India and internationally.

Gränges

Market Cap: SEK 14.3b

Engages in the development, production, and distribution of rolled aluminum products for thermal management systems, specialty packaging, and niche applications in Asia Pacific, Europe, and North and South Americas.