Global Retail Undervalued based on future growth

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.

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.

MM Group for Industry and International TradeE

Market Cap: ج.م17.2b

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

EchomarketingLtd

Market Cap: ₩496.0b

Designs and performs data-driven and full-funnel marketing services in worldwide.

Zumiez

Market Cap: US$300.2m

Operates as a specialty retailer of apparel, footwear, accessories, and hardgoods for young men and women in the United States, Australia, Canada, Europe, and internationally.

Card Factory

Market Cap: UK£220.8m

Operates as a specialist retailer of cards, gifts, and celebration essentials in the United Kingdom, South Africa, Republic of Ireland, the United States, and internationally.

K Car

Market Cap: ₩437.9b

Operates as an automobile distribution company in South Korea.

Aramis Group SAS

Market Cap: €243.9m

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

EFC (I)

Market Cap: ₹26.2b

Engages in real estate leasing business in India.

Autosports Group

Market Cap: AU$387.7m

Engages in the motor vehicle retailing business in Australia and New Zealand.

Pou Sheng International (Holdings)

Market Cap: HK$2.0b

An investment holding company, distributes and retails sportswear and footwear in the People’s Republic of China and internationally.

Zibuyu Group

Market Cap: HK$2.0b

An investment holding company, operates as a cross-border e-commerce company in China in North America, Asia, Europe, and internationally.

istyle

Market Cap: JP¥36.5b

Operates a beauty portal site @cosme in Japan and internationally.

J.Jill

Market Cap: US$221.6m

Operates as an omnichannel retailer for women’s apparel in the United States.

TENTIAL

Market Cap: JP¥31.1b

Develops and sells recovery wear and health-related products primarily in Japan.

MDS Retailing

Market Cap: Rp3.4t

Operates a broader retail network that develops and operates multiple brands and concepts.

GSI Creos

Market Cap: JP¥28.9b

Offers textiles and industrial products in Japan and internationally.

Adairs

Market Cap: AU$251.8m

Operates as a specialty retailer of home furnishings, furniture, and decoration products in Australia and New Zealand.

Combined Motor Holdings

Market Cap: R2.7b

An investment holding company, engages in the motor retail and distribution, car hire, and financial services business in South Africa.

Baby Bunting Group

Market Cap: AU$222.7m

Engages in the retail of maternity and baby goods in Australia and New Zealand.

YesAsia Holdings

Market Cap: HK$1.2b

An investment holding company, engages in trading of Asian fashion and lifestyle, beauty, cosmetics, accessories, and entertainment products.

Cashbuild

Market Cap: R2.4b

Engages in the retailing of building materials and associated products in South Africa, Botswana, Eswatini, Lesotho, Namibia, Zambia, and Malawi.

MotorCycle Holdings

Market Cap: AU$195.7m

Owns and operates motorcycle dealerships in Australia.

Ramayana Lestari Sentosa

Market Cap: Rp2.3t

Operates a chain of department stores in Indonesia.

Peter Warren Automotive Holdings

Market Cap: AU$159.1m

Engages in the sale of new and used motor vehicles in Australia.

Topps Tiles

Market Cap: UK£68.1m

Engages in the retail and wholesale distribution of ceramic and porcelain tiles, natural stone, and related products for residential and commercial markets in the United Kingdom.

Michael Hill International

Market Cap: AU$123.1m

Operates in the retail sale of jewellery and related services sector in Australia, New Zealand, and Canada.

Emporiki Eisagogiki Aftokiniton Ditrohon kai Mihanon Thalassis Societe Anonyme

Market Cap: €71.9m

Engages in the distribution of commercial brands in various market sectors in Greece, Romania, Bulgaria, and internationally.

Sinar Eka Selaras

Market Cap: Rp1.5t

Distributes and retails lifestyle products and solutions of various brands in Indonesia.

Mynews Holdings Berhad

Market Cap: RM 337.7m

An investment holding company, engages in the retail and convenience store businesses in Malaysia.

Pierce Group

Market Cap: SEK 773.1m

An e-commerce company, engages in the sale of motorcycle and snowmobile gears, parts, and accessories across Europe.

Elektroimportøren

Market Cap: NOK 733.8m

Engages in the sale of electrical installation products to private and professional customers in Norway and Sweden.

RACCOON HOLDINGS

Market Cap: JP¥11.0b

RACCOON HOLDINGS, Inc. creates and provides infrastructure BtoB transactions in Japan.

Yoong Onn Corporation Berhad

Market Cap: RM 238.0m

An investment holding company, designs, manufactures, distributes, trades, and retails home linen, bedding accessories, and homewares in Malaysia.

Articore Group

Market Cap: AU$79.6m

Owns and operates online platforms that facilitates design and sale of products printed with the artwork in Australia, the United States, the United Kingdom, and internationally.

LightInTheBox Holding

Market Cap: US$55.2m

An online retail company, provides various lifestyle products directly to consumers in Europe, North America, and internationally.