Global Retail Undervalued based on future growth

PDD Holdings

Market Cap: US$117.3b

A multinational commerce group that owns and operates a portfolio of businesses.

JD.com

Market Cap: US$36.0b

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

Zhejiang China Commodities City Group

Market Cap: CN¥58.2b

Through its subsidiaries, develops, manages, and operates an online trading platform service in China.

El Puerto de Liverpool. de

Market Cap: Mex$138.5b

Operates a chain of department stores primarily in Mexico.

Lithia Motors

Market Cap: US$7.0b

Operates as an automotive retailer in the United States, the United Kingdom, and Canada.

Victoria's Secret

Market Cap: US$6.1b

Operates as a specialty retailer of women’s intimate, and other apparel and beauty products worldwide.

MINISO Group Holding

Market Cap: US$3.5b

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.

Luk Fook Holdings (International)

Market Cap: HK$13.4b

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.

SILICON2

Market Cap: ₩2.4t

Engages in the distribution of cosmetics products worldwide.

Europris

Market Cap: NOK 14.3b

Operates as a discount variety retailer in Norway.

Sally Beauty Holdings

Market Cap: US$1.3b

Operates as a specialty retailer and distributor of professional beauty supplies.

Chongqing Chongbai Technology Group

Market Cap: CN¥8.7b

Chongqing Chongbai Technology Group Co., Ltd.

Motus Holdings

Market Cap: R19.7b

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

Foschini Group

Market Cap: R19.5b

Operates retail stores in South Africa and internationally.

Upbound Group

Market Cap: US$1.2b

A technology and data-driven company, provides financial solutions in the United States, Puerto Rico, and Mexico.

Douglas

Market Cap: €880.9m

Douglas AG retails beauty products in Europe.

ATRenew

Market Cap: US$877.4m

ATRenew Inc., together with its subsidiaries, sell pre-owned consumer electronics through its online platforms and other channels in the People’s Republic of China.

Dogus Otomotiv Servis ve Ticaret

Market Cap: ₺40.6b

Engages in automotive and real estate businesses in Turkey.

Arclands

Market Cap: JP¥118.0b

Engages in the retail business in Japan.

Magazine Luiza

Market Cap: R$3.4b

Engages in the retail sale of consumer goods.

Betterware de MéxicoP.I. de

Market Cap: US$669.6m

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

Hyundai Home Shopping Network

Market Cap: ₩978.4b

Operates as an online shopping company in South Korea.

MoneyMax Financial Services

Market Cap: S$703.1m

An investment holding company, operates as a financial service provider, retailer, and trader of luxury products in Singapore and Malaysia.

Uniao Pet Participacoes

Market Cap: R$2.8b

Engages in the retail sale of articles and food for pets and animals in Brazil.

Matas

Market Cap: DKK 3.3b

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

Kid

Market Cap: NOK 4.8b

Operates as a home textile retailer in Norway, Sweden, Finland, and Estonia.

SMCP

Market Cap: €395.4m

Operates as an apparel and accessories retail company in France and internationally.

EEKA Fashion Holdings

Market Cap: HK$3.4b

Engages in the design, promotion, marketing, retail, and wholesale of ladies’ wear products in China.

Grupo SBF

Market Cap: R$2.2b

Engages in the sale of sporting goods and leisure products in Brazil.

Shoe Station Group

Market Cap: US$409.7m

Operates as a family footwear retailer in the United States.

Haverty Furniture Companies

Market Cap: US$407.9m

Operates as a specialty retailer of residential furniture and accessories in the United States.

Super Group

Market Cap: R6.4b

Engages in the supply chain management, mobility, dealership, and fleet management activities in South Africa, sub-Saharan Africa, Europe, and the United Kingdom.

PTG Energy

Market Cap: ฿12.8b

Trades in petroleum products, gas products, and supplies and equipment for oil service station, consumable products, transportation, e-money services, and renewable energy and investment business in Thailand.

MM Group for Industry and International TradeE

Market Cap: ج.م18.0b

MM Group for Industry and International Trade S.A.E.

Lim Seong Hai Capital Berhad

Market Cap: RM 1.5b

An investment holding company, engages in the distribution and retail of building materials, lighting products and related mechanical and electrical products and services in Malaysia.

Eternal Beauty Holdings

Market Cap: HK$2.8b

An investment holding company, engages in the retail, wholesale, and distribution of perfumes, skincare products, color cosmetics, personal care products, eyewear, and home fragrances in China, including Hong Kong and Macau.