Global Retail Undervalued based on future growth

MINISO Group Holding

Market Cap: US$5.4b

An investment holding company, engages in the retail and wholesale of lifestyle products and pop toy products in China, rest of Asia, the Americas, Europe, Indonesia, and internationally.

JD Sports Fashion

Market Cap: UK£3.9b

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.

Zhongsheng Group Holdings

Market Cap: HK$30.2b

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

Wuchan Zhongda GroupLtd

Market Cap: CN¥27.4b

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

Inter Cars

Market Cap: zł7.8b

Distributes spare parts for passenger cars and trucks.

Luk Fook Holdings (International)

Market Cap: HK$12.5b

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

Upbound Group

Market Cap: US$1.4b

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

Douglas

Market Cap: €1.2b

Operates as an omnichannel beauty company in Europe.

Magazine Luiza

Market Cap: R$6.6b

Engages in the retail sale of consumer goods.

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.

Motus Holdings

Market Cap: R16.8b

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

Kohl's

Market Cap: US$909.8m

Operates as an omnichannel retailer in the United States.

C&A Modas

Market Cap: R$5.0b

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

Matas

Market Cap: DKK 5.1b

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

IDOM

Market Cap: JP¥105.3b

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

Tokmanni Group Oyj

Market Cap: €629.2m

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

Auto Partner

Market Cap: zł2.6b

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

Arata

Market Cap: JP¥99.2b

Engages in the wholesale of daily goods, cosmetics, household goods, pet supplies, and others in Japan.

Aramis Group SAS

Market Cap: €585.1m

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

EEKA Fashion Holdings

Market Cap: HK$5.1b

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.

ATRenew

Market Cap: US$596.2m

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

World

Market Cap: JP¥84.8b

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

B&S Group

Market Cap: €493.3m

Distributes consumer goods worldwide.

A-Mark Precious Metals

Market Cap: US$547.2m

Operates as a precious metals trading company.

China Yongda Automobiles Services Holdings

Market Cap: HK$4.2b

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.

ODP

Market Cap: US$520.1m

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.

Erajaya Swasembada

Market Cap: Rp8.2t

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

Geo Holdings

Market Cap: JP¥61.9b

Engages in the amusement businesses in Japan.

America's Car-Mart

Market Cap: US$406.3m

Through its subsidiaries, operates as an automotive retailer for the used car market in the United States.

Vt HoldingsLtd

Market Cap: JP¥57.0b

Operates as an automobile dealer in Japan worldwide.

EFC (I)

Market Cap: ₹31.8b

Engages in real estate leasing business in India.

Pou Sheng International (Holdings)

Market Cap: HK$2.6b

An investment holding company, engages in distributing and retailing sportswear and footwear in the People’s Republic of China and internationally.

Haverty Furniture Companies

Market Cap: US$313.5m

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

Byggmax Group

Market Cap: SEK 2.9b

Sells building materials and related products for DIY projects in Sweden, Norway, and internationally.

Betterware de MéxicoP.I. de

Market Cap: US$290.9m

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