Global Retail Undervalued based on future growth

JD.com

Market Cap: US$41.5b

Operates as a supply chain-based technology and service provider in the People’s Republic of China.

El Puerto de Liverpool. de

Market Cap: Mex$137.7b

Operates a chain of department stores primarily in Mexico.

MINISO Group Holding

Market Cap: US$5.9b

An investment holding company, engages in the retail and wholesale of design-led lifestyle and pop toy products in Mainland China, the rest of Asia, North and Latin America, Europe, and internationally.

Vibra Energia

Market Cap: R$32.3b

Manufactures, processes, distributes, trades in, transports, imports, and exports oil-based products, lubricants, and other fuels.

JD Sports Fashion

Market Cap: UK£4.1b

Engages in the retail of branded sports fashion and outdoor clothing, footwear, accessories, and equipment for women and men in the United Kingdom, Europe, North America, the Asia Pacific, and internationally.

Wuchan Zhongda GroupLtd

Market Cap: CN¥28.8b

Provides bulk commodity supply chain integration services in China and internationally.

Zhongsheng Group Holdings

Market Cap: HK$28.0b

An investment holding company, engages in the sale and service of motor vehicles in the People's Republic of China.

Signet Jewelers

Market Cap: US$3.4b

Operates as a diamond jewelry retailer.

CCC

Market Cap: zł10.0b

Engages in the retail sale of footwear and other products in Poland, Central and Eastern Europe, and Western Europe.

Inter Cars

Market Cap: zł7.9b

Engages in the import and distribution of spare parts for passenger cars and commercial vehicles in Poland, Romania, and internationally.

Sonic Automotive

Market Cap: US$2.2b

Operates as an automotive retailer in the United States.

Luk Fook Holdings (International)

Market Cap: HK$14.3b

An investment holding company, engages in sourcing, designing, wholesaling, trademark licensing, and retailing various gold and platinum jewelry, and gem-set jewelry products in Hong Kong and internationally.

Foschini Group

Market Cap: R27.3b

Operates retail stores in South Africa and internationally.

SILICON2

Market Cap: ₩2.3t

Engages in the distribution of cosmetics products worldwide.

Hyundai Department Store

Market Cap: ₩1.9t

Operates various department stores, outlets, and duty-free shops in South Korea.

Motus Holdings

Market Cap: R21.5b

Provides automotive mobility solutions in South Africa, the United Kingdom, Australia, and internationally.

Magazine Luiza

Market Cap: R$6.9b

Engages in the retail sale of consumer goods.

ATRenew

Market Cap: US$1.2b

Operates pre-owned consumer electronics transactions and services platform in the People’s Republic of China.

PT. Mitra Adiperkasa

Market Cap: Rp19.5t

Engages in the retail trade of clothing, accessories, bags, and sports equipment in Indonesia, Vietnam, the Philippines, Thailand, and internationally.

Map Aktif Adiperkasa

Market Cap: Rp19.1t

Operates as a sporting goods retailer in Indonesia.

Upbound Group

Market Cap: US$1.0b

Upbound Group, Inc. leases household durable goods to customers on a lease-to-own basis in the United States, Puerto Rico, and Mexico.

Dogus Otomotiv Servis ve Ticaret

Market Cap: ₺40.3b

Engages in automotive and real estate businesses in Turkey.

IDOM

Market Cap: JP¥128.6b

IDOM Inc. purchases and sells used cars in Japan and internationally.

Matas

Market Cap: DKK 4.7b

Operates a chain of retail stores that offer beauty, personal care, health and wellbeing, and household products in Denmark.

World

Market Cap: JP¥113.7b

Through its subsidiaries, plans, manufactures, retails, sells, and imports/exports apparel and fashion products in Japan and internationally.

Auto Partner

Market Cap: zł2.1b

Imports and distributes parts for passenger cars, delivery vans, and motorcycles in Poland.

SMCP

Market Cap: €494.8m

Operates as a ready-to-wear and accessories retail company in France and internationally.

B&S Group

Market Cap: €492.4m

Distributes consumer goods worldwide.

DFS Furniture

Market Cap: UK£395.2m

Designs, manufactures, delivers, installs, and retails upholstered furniture in the United Kingdom and the Republic of Ireland.

Tokmanni Group Oyj

Market Cap: €450.2m

Operates as a variety discount retailer in Finland, Sweden, and Denmark.

Betterware de MéxicoP.I. de

Market Cap: US$511.4m

Operates as a direct-to-consumer selling company in the United Staes and Mexico.

Grupo SBF

Market Cap: R$2.8b

Grupo SBF S.A. retails and wholesales sports and leisure products in Brazil.

Samse

Market Cap: €419.5m

Distributes construction materials and tools in France.

Geo Holdings

Market Cap: JP¥75.2b

Engages in the operation of various used and new product stores in Japan.

Lands' End

Market Cap: US$447.0m

Operates as a digital retailer of apparel, swimwear, outerwear, accessories, footwear, home products, and uniforms in the United States, Europe, and internationally.

Aramis Group SAS

Market Cap: €374.1m

Engages in the online sale of used vehicles in France, Belgium, the United Kingdom, Austria, Italy, and Spain.