Global Retail Undervalued based on future growth

El Puerto de Liverpool. de

Market Cap: Mex$133.7b

Operates a chain of department stores primarily in Mexico.

JD Sports Fashion

Market Cap: UK£4.3b

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.

Pepkor Holdings

Market Cap: R99.2b

Operates as a retailer focusing on discount, value, and specialized goods in Angola, Botswana, Brazil, Eswatini, Lesotho, Mozambique, Malawi, Namibia, South Africa, and Zambia.

Zhongsheng Group Holdings

Market Cap: HK$32.6b

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

Frasers Group

Market Cap: UK£2.9b

Frasers Group Plc, together with its subsidiaries, retails sports and leisure clothing, footwear, homeware, furniture, sports equipment and bicycles, accessories, and apparel through department stores, shops, and online in the United Kingdom, Europe, the United States, Asia, Oceania, and internationally.

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.

Luk Fook Holdings (International)

Market Cap: HK$12.0b

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

Douglas

Market Cap: €1.1b

Operates as an omnichannel beauty company in Europe.

Kohl's

Market Cap: US$1.2b

Operates as an omnichannel retailer in the United States.

Upbound Group

Market Cap: US$1.2b

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

PT. Mitra Adiperkasa

Market Cap: Rp19.3t

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: Rp18.8t

Operates as a sporting goods retailer in Indonesia.

SHINSEGAE

Market Cap: ₩1.5t

Operates department stores in South Korea.

Watches of Switzerland Group

Market Cap: UK£773.8m

Operates as a retailer of luxury watches and jewelry in the United Kingdom, Europe, and the United States.

Dogus Otomotiv Servis ve Ticaret

Market Cap: ₺40.7b

Operates as an automotive importer and distributor in Turkey.

Magazine Luiza

Market Cap: R$5.3b

Engages in the retail sale of consumer goods.

C&A Modas

Market Cap: R$5.1b

Operates as a fashion retailer for women, men, and children in Brazil and internationally.

Motus Holdings

Market Cap: R16.2b

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

Matas

Market Cap: DKK 5.0b

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

Auto Partner

Market Cap: zł2.6b

Imports and distributes spare parts for cars, light commercial vehicles, and motorcycles in Poland.

ATRenew

Market Cap: US$696.7m

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

IDOM

Market Cap: JP¥100.4b

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

World

Market Cap: JP¥95.5b

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

Tokmanni Group Oyj

Market Cap: €505.9m

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

EEKA Fashion Holdings

Market Cap: HK$4.6b

An investment holding company, engages in the design, promotion, marketing, retail, and wholesale of self-owned branded ladies’ wear products in the People’s Republic of China.

B&S Group

Market Cap: €494.1m

Distributes consumer goods worldwide.

ODP

Market Cap: US$516.5m

Provides business products, services and supplies, and digital workplace technology solutions to small, medium, and enterprise-level businesses in the United States, Puerto Rico, the U.S.

China Yongda Automobiles Services Holdings

Market Cap: HK$4.0b

An investment holding company, operates as a passenger vehicle retailer and service provider for luxury and ultra-luxury brands in the People’s Republic of China.

A-Mark Precious Metals

Market Cap: US$506.5m

Operates as a precious metals trading company.

Aramis Group SAS

Market Cap: €431.4m

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

Meko

Market Cap: SEK 4.8b

Operates in the automotive aftermarket business in Sweden, Norway, Denmark, Finland, Poland, Estonia, Latvia, and Lithuania.

Betterware de MéxicoP.I. de

Market Cap: US$487.9m

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

SMCP

Market Cap: €393.3m

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

Geo Holdings

Market Cap: JP¥67.1b

Engages in the amusement businesses in Japan.

Erajaya Swasembada

Market Cap: Rp7.1t

Engages in the distribution and retail of mobile telecommunication devices in Indonesia, Singapore, and Malaysia.

Vt HoldingsLtd

Market Cap: JP¥57.1b

Operates as an automobile dealer in Japan worldwide.