Global Undervalued based on future growth

XCMG Construction Machinery

Market Cap: CN¥126.8b

Engages in the manufacturing and sale of construction machinery in China.

Bank of Hangzhou

Market Cap: CN¥124.4b

Provides various banking products and services for individuals, corporate, and small and micro businesses in China.

Traton

Market Cap: €15.2b

Manufactures and sells commercial vehicles in Germany, rest of Europe, the United States of America, rest of North America, Brazil, rest of South America, and internationally.

Bank of Beijing

Market Cap: CN¥116.7b

Provides various banking services to individuals and corporates in China.

Wens Foodstuff Group

Market Cap: CN¥115.9b

Operates as an agricultural and animal husbandry company in China.

Saudi Energy

Market Cap: ر.س62.3b

Generates, transmits, and distributes electricity in the Kingdom of Saudi Arabia.

Aldar Properties PJSC

Market Cap: د.إ59.7b

Engages in real estate development, investment, construction, leasing, management, sale, and associated services in the United Arab Emirates.

Unibail-Rodamco-Westfield

Market Cap: €13.9b

Unibail-Rodamco-Westfield (URW) operates vibrant retail-anchored destinations in many of the world’s best cities and urban areas.

KGHM Polska Miedz

Market Cap: zł56.1b

Engages in the exploration and mining of copper, nickel, precious metals, and non-ferrous metals in Poland and internationally.

Emaar Development PJSC

Market Cap: د.إ54.2b

Develops and sells residential and commercial build-to-sell properties in the United Arab Emirates.

Endeavour Mining

Market Cap: CA$20.0b

Operates as a gold mining company in West Africa.

Raiffeisen Bank International

Market Cap: €12.5b

Offers banking services to corporate, retail, and institutional customers.

Kaspi.kz

Market Cap: US$13.6b

Provides payments, marketplace, and fintech solutions for consumers and merchants in Kazakhstan, Azerbaijan, and Ukraine.

TCL Technology Group

Market Cap: CN¥93.1b

Engages in the semiconductors business in China and internationally.

Wistron

Market Cap: NT$426.2b

Engages in the design, manufacture, and sale of information technology products in the United States, Europe, China, and internationally.

Reinsurance Group of America

Market Cap: US$13.3b

Provides life and health, and asset-intensive reinsurance in the United States, Latin America, Canada, Europe, the Middle East, Africa, Asia, and Australia.

Turkiye Garanti Bankasi

Market Cap: ₺581.7b

Provides various banking products and services in Turkey.

LG Electronics

Market Cap: ₩19.6t

Manufactures and sells consumer and commercial products in South Korea and internationally.

Fidelity National Financial

Market Cap: US$13.0b

Provides various insurance products in the United States.

Everest Group

Market Cap: US$12.9b

Together with subsidiaries, provides reinsurance and insurance products in the United States, Europe, and internationally.

Pinnacle Financial Partners

Market Cap: US$12.5b

Operates as the bank holding company for Pinnacle Bank that provides various banking products and services to individuals, businesses, and professional entities in the United States.

mBank

Market Cap: zł44.8b

Provides various banking and financial services in Poland, the Czech Republic, Slovakia, and internationally.

Tianshan Aluminum GroupLtd

Market Cap: CN¥81.1b

Produces and sells primary aluminum, alumina, prebaked anodes, high-purity aluminum, and aluminum deep-processed products and materials in China and internationally.

China Zheshang Bank

Market Cap: HK$92.4b

Provides various commercial banking products and services in Mainland China.

MTN Nigeria Communications

Market Cap: ₦15.9t

Provides broadband fixed wireless access, telecommunication, and mobile financial services to consumer, commercial, and institutional customers in Nigeria.

Absa Group

Market Cap: R194.5b

Provides retail, business, corporate, investment banking, insurance, financial, and wealth management products and services in South Africa and internationally.

Subaru

Market Cap: JP¥1.8t

Manufactures and sells automobiles and aerospace products in Japan, Rest of Asia, North America, Europe, and Internationally.

Sanlam

Market Cap: R186.3b

Provides various financial services in South Africa, Pan-Africa, Asia, and internationally.

Zhejiang China Commodities City Group

Market Cap: CN¥76.5b

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

Ally Financial

Market Cap: US$11.1b

A digital financial-services company, provides various digital financial products and services in the United States and Canada.

Chongqing Rural Commercial Bank

Market Cap: HK$87.0b

Provides banking services in the People’s Republic of China.

KGI Financial Holding

Market Cap: NT$350.5b

Engages in the commercial banking, securities, venture capital, and insurance businesses in Taiwan and internationally.

Deutsche Lufthansa

Market Cap: €9.5b

Operates as an aviation company in Europe, North America, Central and South America, Aisa/Pacific, the Middle East, and Africa.

Stifel Financial

Market Cap: US$10.8b

Operates as the bank holding company for Stifel, Nicolaus & Company, Incorporated that provides retail and institutional wealth management, and investment banking services to individual, corporations, municipalities, and institutions in the United States, the United Kingdom, Canada, and internationally.

Commercial Bank for Investment and Development of Vietnam

Market Cap: ₫284.0t

Provides various banking products and services for individuals, corporate customers, and financial institutions in Vietnam.

Bank of Chengdu

Market Cap: CN¥73.8b

Provides various commercial banking products and services in China.