Global Retail Undervalued based on future growth

JD.com

Market Cap: US$43.6b

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$126.4b

Operates a chain of department stores primarily in Mexico.

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.

Vibra Energia

Market Cap: R$28.3b

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

Wuchan Zhongda GroupLtd

Market Cap: CN¥29.8b

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

Frasers Group

Market Cap: UK£3.0b

Engages in the retail and wholesale of sports and leisure clothing, footwear and equipment, and apparel through department stores, shops, and online.

Zhongsheng Group Holdings

Market Cap: HK$28.5b

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

American Eagle Outfitters

Market Cap: US$3.0b

Operates as a multi-brand specialty retailer in the United States and internationally.

RH

Market Cap: US$3.0b

Operates as a retailer and lifestyle brand in the home furnishings market in the United States, Canada, the United Kingdom, Germany, Belgium, and Spain.

CCC

Market Cap: zł10.7b

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

Sonic Automotive

Market Cap: US$2.2b

Operates as an automotive retailer in the United States.

Kohl's

Market Cap: US$2.0b

Operates as an omnichannel retailer in the United States.

SILICON2

Market Cap: ₩2.7t

Engages in the distribution of cosmetics products worldwide.

Luk Fook Holdings (International)

Market Cap: HK$14.4b

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.

Foschini Group

Market Cap: R27.9b

Operates retail stores in South Africa and internationally.

Hyundai Department Store

Market Cap: ₩2.0t

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

PT. Mitra Adiperkasa

Market Cap: Rp21.6t

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

Magazine Luiza

Market Cap: R$6.7b

Engages in the retail sale of consumer goods.

Map Aktif Adiperkasa

Market Cap: Rp20.8t

Operates as a sporting goods retailer in Indonesia.

Motus Holdings

Market Cap: R20.4b

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

Dogan Sirketler Grubu Holding

Market Cap: ₺44.6b

Engages in the electricity generation, industry and trade, automotive trade and marketing, finance and investment, internet and entertainment, and real estate investment businesses in Turkey.

Upbound Group

Market Cap: US$986.1m

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: ₺39.7b

Engages in automotive and real estate businesses in Turkey.

ATRenew

Market Cap: US$915.6m

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

Dashang

Market Cap: CN¥6.4b

Operates a chain of department stores, supermarkets, and electrical appliance stores in China.

IDOM

Market Cap: JP¥121.6b

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

Matas

Market Cap: DKK 4.5b

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

World

Market Cap: JP¥104.3b

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

Auto Partner

Market Cap: zł2.3b

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

Grupo SBF

Market Cap: R$3.3b

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

Aramis Group SAS

Market Cap: €521.1m

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

SMCP

Market Cap: €485.3m

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

B&S Group

Market Cap: €484.9m

Distributes consumer goods worldwide.

Betterware de MéxicoP.I. de

Market Cap: US$530.7m

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

Samse

Market Cap: €429.6m

Distributes building materials and tools in France.

Tokmanni Group Oyj

Market Cap: €426.8m

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