Global Undervalued based on future growth

China Resources Power Holdings

Market Cap: HK$90.9b

An investment holding company, invests in, develops, operates, and manages power plants and coal mines in the People’s Republic of China.

Absa Group

Market Cap: R195.6b

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

Invesco

Market Cap: US$11.6b

A publicly owned investment manager.

Shenzhen Transsion Holdings

Market Cap: CN¥80.0b

Provides smart devices and mobile services in Africa, South and Southeast Asia, the Middle East, Latin America, and internationally.

Stanley Black & Decker

Market Cap: US$11.3b

Provides hand tools, power tools, outdoor products, and related accessories in the United States, Canada, Other Americas, Europe, and Asia.

China Zheshang Bank

Market Cap: HK$87.7b

Provides various commercial banking products and services in Mainland China.

LG Electronics

Market Cap: ₩16.6t

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

AGNC Investment

Market Cap: US$11.1b

Provides private capital to housing market in the United States.

Yangzijiang Shipbuilding (Holdings)

Market Cap: S$13.9b

An investment holding company, engages in the shipbuilding activities in the Greater China, Canada, Japan, Italy, Greece, Germany, Bulgaria, United Kingdom, Singapore, and internationally.

American Airlines Group

Market Cap: US$10.6b

Through its subsidiaries, operates as a network air carrier in the United States, Latin America, Atlantic, and Pacific.

Ayvens

Market Cap: €8.8b

Provides service leasing and vehicle fleet management services in the France, Rest of Europe, Latin America, Asia, and internationally.

Koç Holding

Market Cap: ₺443.3b

Through its subsidiaries, engages in the energy, automotive, consumer durables, finance, and other businesses in Turkey and internationally.

Antero Resources

Market Cap: US$10.3b

An independent oil and natural gas company, engages in the development, production, exploration, and acquisition of natural gas, natural gas liquids (NGLs), and oil properties in the United States.

Vietnam Commercial Bank for Industry and Trade

Market Cap: ₫269.5t

Provides various banking products and services to individuals, businesses, and organizations in Vietnam and internationally.

Commercial Bank for Investment and Development of Vietnam

Market Cap: ₫266.8t

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

Bank of Chengdu

Market Cap: CN¥69.6b

Provides various commercial banking products and services in China.

Norwegian Cruise Line Holdings

Market Cap: US$9.8b

Operates as a cruise company in North America, Europe, the Asia-Pacific, and internationally.

Bank Negara Indonesia (Persero)

Market Cap: Rp162.8t

Provides various banking products and services in Indonesia, rest of Asia, New York, and Europe.

AES

Market Cap: US$9.7b

Operates as a power generation and utility company in the United States and internationally.

HD Hyundai

Market Cap: ₩14.2t

Through its subsidiaries, engages in oil refining business in Korea and internationally.

KGI Financial Holding

Market Cap: NT$296.2b

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

Western Alliance Bancorporation

Market Cap: US$9.4b

Operates as the bank holding company for Western Alliance Bank that provides various banking products and related services primarily in Arizona, California, and Nevada.

JD Logistics

Market Cap: HK$72.4b

An investment holding company, provides integrated supply chain solutions and logistics services in the People’s Republic of China.

Türkiye Is Bankasi

Market Cap: ₺394.9b

Provides various banking products and services in Turkey.

IAMGOLD

Market Cap: CA$12.7b

Through its subsidiaries, operates as a gold producer and developer in Canada and Burkina Faso.

Alpha Bank

Market Cap: €7.9b

Provides various banking and financial products and services in Greece and internationally.

UMB Financial

Market Cap: US$9.0b

Operates as the bank holding company that provides banking services and asset servicing in the United States and internationally.

Old National Bancorp

Market Cap: US$9.0b

Operates as the bank holding company for Old National Bank that provides consumer and commercial banking services in the United States.

Tianshan Aluminum GroupLtd

Market Cap: CN¥63.1b

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

Vietnam Technological and Commercial Bank

Market Cap: ₫231.0t

Provides personal and corporate banking products and services in Vietnam and internationally.

LG

Market Cap: ₩12.9t

Through its subsidiaries, operates in the electronics, chemicals, and telecommunication and services sectors.

COSCO SHIPPING Energy Transportation

Market Cap: HK$67.7b

An investment holding company, engages in the transportation of oil and liquefied natural gas (LNG) in People’s Republic of China and internationally.

China Taiping Insurance Holdings

Market Cap: HK$67.6b

An investment holding company, underwrites various insurance and reinsurance products in the People’s Republic of China, Hong Kong, Macau, Singapore, and internationally.

Columbia Banking System

Market Cap: US$8.6b

Operates as the Bank holding company of Columbia Bank that provides banking, private banking, mortgage, and other financial services in the United States.

Akbank T.A.S

Market Cap: ₺367.6b

Provides various banking products and services in Turkey and internationally.

Grupo Financiero Galicia

Market Cap: AR$12.4t

A financial service holding company, provides various financial products and services to individuals and companies in Argentina.