Global Materials Undervalued based on future growth

Macmahon Holdings

Market Cap: AU$580.7m

Provides surface mining, underground mining and mining support, and civil infrastructure services to mining companies in Australia and Southeast Asia.

Cre8 Direct (NingBo)

Market Cap: CN¥2.6b

Designs, develops, produces, and sells paper based products.

Olympic Steel

Market Cap: US$352.3m

Processes, distributes, and stores metal products primarily in the United States, Canada, and Mexico.

SeAH Steel

Market Cap: ₩503.9b

Manufactures and sells steel products in South Korea.

Galiano Gold

Market Cap: CA$470.6m

A mining, development, and exploration company.

PI Advanced Materials

Market Cap: ₩486.3b

Engages in the manufacture and sale of polyimide-based materials in South Korea.

Greenpanel Industries

Market Cap: ₹28.6b

Engages in the manufacturing, marketing, and sale of plywood, medium density fibre board (MDF), and allied products in India and internationally.

Luoyang Jianlong Micro-nano New Material

Market Cap: CN¥2.4b

Manufactures and sells molecular sieves in China.

Shanghai Yongguan Adhesive Products

Market Cap: CN¥2.4b

Shanghai Yongguan Adhesive Products Corp., Ltd.

JTL Industries

Market Cap: ₹27.0b

Manufactures and sells steel pipes and tubes, and allied products in India and internationally.

Topy Industries

Market Cap: JP¥45.3b

Engages in the steel, automotive, industrial machinery components, and other businesses in Japan.

Hoa Sen Group

Market Cap: ₫8.3t

Manufactures and trades in steel sheets in Vietnam and internationally.

KB Components

Market Cap: SEK 2.9b

Designs, develops, manufactures, and sells polymer components for light vehicles, heavy vehicles, medical, furniture, lighting, chrome plating, and industrial applications in Sweden and internationally.

Alkane Resources

Market Cap: AU$454.2m

Operates as a gold exploration and production company in Australia.

Asia CementLtd

Market Cap: ₩393.9b

Engages in the manufacture and sale of cement and ready-mixed concrete in South Korea.

Umm Al-Qura Cement

Market Cap: ر.س1.0b

Manufactures and sells clinker and cement products in the Kingdom of Saudi Arabia.

Rana Gruber

Market Cap: NOK 2.7b

Engages in the mining, processing, and sale of iron ore concentrate in Norway, the United Kingdom, Sweden, the United States, and internationally.

Mangalam Cement

Market Cap: ₹21.9b

Manufactures and sells cement and clinker primarily in India.

Caledonia Mining

Market Cap: US$252.0m

Primarily operates a gold mine in Jersey.

Asia Pile Holdings

Market Cap: JP¥33.8b

Through its subsidiaries, engages in the foundation construction business in Japan and Vietnam.

Cahya Mata Sarawak Berhad

Market Cap: RM 1.0b

An investment holding company, engages in the manufacture and trading of cement and construction materials, construction, road maintenance, township, and property and infrastructure development businesses in Malaysia and internationally.

Ancom Nylex Berhad

Market Cap: RM 1.0b

Engages in the agricultural and industrial chemicals, public health and hygiene, animal health, polymer, logistics, information technology (IT), and media businesses in Malaysia and internationally.

Malaysia Smelting Corporation Berhad

Market Cap: RM 999.6m

An investment holding company, engages in the smelting tin concentrates and tin bearing materials primarily in Malaysia.

Eastern Polymer Group

Market Cap: ฿7.6b

Through its subsidiaries, engages in the manufacture and distribution of rubber insulation, automotive, and plastic packing products in Thailand and internationally.

Hi-Tech Pipes

Market Cap: ₹19.1b

Manufactures and sells steel in India.

Phuoc Hoa Rubber

Market Cap: ₫5.8t

Phuoc Hoa Rubber Joint Stock Company plants, processes, and trades in rubber and rubber wood products in Vietnam.

KISCO

Market Cap: ₩308.0b

Develops and produces steel products in South Korea.

Mpact

Market Cap: R4.0b

Engages in the paper and plastic packaging, and recycling business in South Africa and internationally.

Flotek Industries

Market Cap: US$207.5m

Operates as a technology-driven green chemistry and data company that serves customers across industrial and commercial markets in the United States, the United Arab Emirates, and internationally.

Andean Precious Metals

Market Cap: CA$282.0m

Engages in the acquisition, exploration, development, and processing of mineral resource properties in the United States.

Nam Kim Steel

Market Cap: ₫5.3t

Engages in the manufacture and sale of steel and other products in Vietnam and internationally.

Daehan Steel

Market Cap: ₩283.1b

Engages in the manufacture and sale of steel products in South Korea and internationally.

M M Forgings

Market Cap: ₹16.6b

Manufactures and sells steel forgings in India.

D.G. Khan Cement

Market Cap: PK₨54.6b

Produces and sells clinker, low alkali cement, and ordinary Portland and sulphate resistant cement in Pakistan.

BORETECH Resource Recovery Engineering

Market Cap: NT$6.3b

BORETECH Resource Recovery Engineering CO., LTD.

Koskisen Oyj

Market Cap: €165.4m

Operates in the wood industry in Finland, Japan, Germany, Poland, other European countries, and internationally.