Global Undervalued based on future growth

Catella

Market Cap: SEK 2.4b

A real estate investment firm.

ASA International Group

Market Cap: UK£193.0m

Operates as a microfinance institution in Asia and Africa.

S H Kelkar

Market Cap: ₹23.1b

Manufactures and supplies fragrances, flavors, and aroma ingredients in India.

Stelrad Group

Market Cap: UK£192.3m

Manufactures and distributes radiators in the United Kingdom, Ireland, Europe, Turkey, and internationally.

Rana Gruber

Market Cap: NOK 2.6b

Engages in the mining, processing, and sale of iron ore concentrate in Norway, the United Kingdom, Sweden, the United States, and internationally.

Egyptian International Pharmaceutical Industries

Market Cap: ج.م12.2b

Manufactures and sells pharmaceutical ampoules in Egypt and internationally.

Italian Sea Group

Market Cap: €217.8m

Operates in the yachting industry.

Resimac Group

Market Cap: AU$385.4m

Provides residential mortgage and asset finance lending products in Australia and New Zealand.

Compagnie d'Entreprises CFE

Market Cap: €217.1m

Engages in the real estate, multitechnics, construction and renovation, and sustainable investment businesses in Belgium, Poland, Luxembourg, and internationally.

First Western Financial

Market Cap: US$253.7m

A financial holding company, provides wealth advisory, private banking, personal trust, investment management, mortgage lending, and institutional asset management services to individual and corporate clients.

Quang Viet Enterprise

Market Cap: NT$8.0b

Manufactures, process, and sells garments in Taiwan.

WONIK MaterialsLtd

Market Cap: ₩374.5b

Manufactures and sells specialty gases in South Korea, China, and internationally.

Laboratorio Reig Jofre

Market Cap: €216.5m

A pharmaceutical company, engages in the research, development, manufacture, and marketing of pharmaceutical products, raw materials, biotechnological products, nutritional supplements, health products, medical devices, cosmetics, parapharmacy, food, and animal food.

Austriacard Holdings

Market Cap: €215.8m

Operates as a technology company in the fields of people, authentication of object, and information management in Western Europe, Nordics, the Americas, Central and Eastern Europe, Germany, Austria, Switzerland, Türkiye, the Middle East, and Africa.

Blue Bird

Market Cap: Rp4.2t

Provides taxi transportation services in Indonesia.

T&L

Market Cap: ₩371.7b

Engages in the manufacture and sale of medical and polymer material products in South Korea.

Jaya Tiasa Holdings Berhad

Market Cap: RM 1.0b

An investment holding company, engages in the extraction and sale of logs in Malaysia.

Akatsuki

Market Cap: JP¥39.4b

Engages in the entertainment, lifestyle, and solutions businesses in Japan.

Hexaom

Market Cap: €213.1m

Engages in the land and real estate development, construction, and renovation businesses in France.

Koskisen Oyj

Market Cap: €212.5m

Operates in wood industry in Finland, Japan, Germany, Poland, other European countries, and internationally.

Cherat Cement

Market Cap: PK₨69.7b

Manufactures, markets, and sells ordinary Portland cement in Pakistan and Afghanistan.

NittokuLtd

Market Cap: JP¥39.2b

Develops, manufactures, sells, and services automatic winding machines, and related machinery and parts in Japan and internationally.

Chaoju Eye Care Holdings

Market Cap: HK$1.9b

Owns and operates a network of ophthalmic hospitals and optical centers in China.

FinWise Bancorp

Market Cap: US$248.0m

Operates as the bank holding company for FinWise Bank that provides various banking products and services to individual and corporate customers in Utah.

P.I.E. Industrial Berhad

Market Cap: RM 1.0b

An investment holding company, manufactures and sells industrial products in Malaysia, other Asia Pacific countries, the United States, Europe, and Africa.

INTLOOP

Market Cap: JP¥38.9b

Provides system development, network construction, infrastructure implementation, and IT human resources services in Japan and internationally.

Cambi

Market Cap: NOK 2.5b

Provides thermal hydrolysis solutions for sewage sludge and organic waste management in Europe, the Americas, Asia, Africa, and Oceania.

SCG Decor

Market Cap: ฿7.7b

Through its subsidiaries, produces and distributes of ceramic tiles, sanitary ware, and other related products and services in Thailand, Vietnam, and internationally.

Goodbaby International Holdings

Market Cap: HK$1.9b

An investment holding company, researches and develops, designs, manufactures, markets, and sells durable juvenile products in the People's Republic of China, Europe, the Middle East, Africa, the United States, and Asia Pacific.

GOLFZON

Market Cap: ₩360.3b

Engages in the manufacture and sale of golf simulators in South Korea and internationally.

Gulf Marine Services

Market Cap: UK£182.0m

Operates self-propelled self-elevating support vessels (SESVs) in the United Arab Emirates, the Kingdom of Saudi Arabia, Qatar, and Europe.

Tunas Baru Lampung

Market Cap: Rp4.1t

Produces and sells vegetable cooking oils in Indonesia.

Global Tax Free

Market Cap: ₩358.4b

Operates as tax refund company for foreign tourists in South Korea, Singapore, Japan, and France.

Capacit'e Infraprojects

Market Cap: ₹21.7b

Engages in the engineering, procurement, and construction business in India.

Fourlis Holdings

Market Cap: €207.0m

Engages in the retail trading business in Greece, Romania, Bulgaria, and Cyprus.

EG Industries Berhad

Market Cap: RM 982.5m

An investment holding company, provides electronic manufacturing services primarily in Malaysia, the United States, Europe, Thailand, and internationally.