Global Undervalued based on future growth

Hanwha

Market Cap: ₩8.7t

Engages in the manufacture and sale of explosives and industrial machinery, trading, and general construction businesses.

Bank of Changsha

Market Cap: CN¥40.0b

Provides various banking products and services to personal and business customers in China.

UPL

Market Cap: ₹533.5b

Manufactures and sells pesticides, insecticides, and micronutrients in India, Brazil, the United States, the United Kingdom, and internationally.

Open Text

Market Cap: US$5.7b

Designs, develops, markets, and sells information management software and solutions in North, Central, and South America, Europe, the Middle East, Africa, Australia, Japan, Singapore, India, and China.

SSR Mining

Market Cap: CA$7.9b

Engages in the acquisition, exploration, and development of precious metal resource properties in the United States, Türkiye, Canada, and Argentina.

Sumitomo Forestry

Market Cap: JP¥911.6b

Engages in forestry business in Japan, the United States, Australia, China, Indonesia, New Zealand, and internationally.

Rumo

Market Cap: R$29.8b

Through its subsidiaries, engages in the rail logistics operation.

Glacier Bancorp

Market Cap: US$5.7b

Operates as the bank holding company for Glacier Bank that provides commercial banking services to individuals, small to medium-sized businesses, community organizations, and public entities in the United States.

Hamilton Lane

Market Cap: US$5.7b

A private equity and venture capital firm specializing in early venture, emerging growth, turnaround, middle market, mature, mid-venture, bridge, buyout, distressed/vulture, loan, mezzanine in growth capital companies.

New Hope LiuheLtd

Market Cap: CN¥38.9b

Engages in feed and pig farming and slaughtering businesses in China, Vietnam, the Philippines, Bangladesh, Indonesia, Cambodia, Sri Lanka, Singapore, Egypt, and internationally.

Lion Finance Group

Market Cap: UK£4.2b

Through its subsidiaries, provides banking and financial services with focus on the Georgian and Armenian markets.

China National Building Material

Market Cap: HK$42.7b

An investment holding company, engages in building material, new materials, and engineering technical services businesses.

Sany Heavy Equipment International Holdings

Market Cap: HK$42.0b

Manufactures and sells mining and logistics equipment, electricity, power station project products, petroleum and new energy manufacturing equipment, spare parts, and related services.

Bank of Suzhou

Market Cap: CN¥36.9b

Provides commercial banking products and services in China.

Turkcell Iletisim Hizmetleri

Market Cap: ₺236.1b

Engages in establishing and operating a global system for mobile communications (GSM) network in Turkey, Belarus, Turkish Republic of Northern Cyprus, Germany, and the Netherlands.

MINISO Group Holding

Market Cap: US$5.3b

An investment holding company, engages in the retail and wholesale of design-led lifestyle and pop toy products in Mainland China, the rest of Asia, North and Latin America, Europe, and internationally.

Bank of Maharashtra

Market Cap: ₹493.3b

Provides various banking products and services in India.

Huaibei Mining HoldingsLtd

Market Cap: CN¥36.3b

Primarily engages in coal mining, washing, processing, sales, and production of coal chemical products in China.

Ingram Micro Holding

Market Cap: US$5.3b

Through its subsidiaries, distributes information technology (IT) products, cloud, and other services in North America, Europe, the Middle East, Africa, the Asia-Pacific, and Latin America.

China Power International Development

Market Cap: HK$41.1b

An investment holding company, develops, constructs, owns, operates, and manages power plants in the People’s Republic of China and internationally.

YTL Corporation Berhad

Market Cap: RM 20.6b

Operates as an integrated infrastructure developer.

Giga-Byte Technology

Market Cap: NT$167.1b

Manufactures, processes, and trades in computer hardware peripherals and components in Taiwan, Europe, America, Canada, Singapore, Japan, China, Malaysia, and internationally.

TECO Electric & Machinery

Market Cap: NT$166.7b

Manufactures, installs, wholesales, and retails electronic and telecommunications equipment, office equipment, and home appliances in Taiwan, the United States, China, and internationally.

Rithm Capital

Market Cap: US$5.2b

Operates as an asset manager focused on real estate, credit, and financial services in the United States.

Ninebot

Market Cap: CN¥35.8b

Engages in the design, research and development, production, sale, and servicing of transportation and robot products worldwide.

Intercorp Financial Services

Market Cap: US$5.2b

Provides banking, insurance, wealth management, and payment services for retail and commercial clients in Peru.

Bank Millennium

Market Cap: zł19.3b

Provides various banking products and services in Poland.

San Miguel Food and Beverage

Market Cap: ₱309.6b

Manufactures and markets processed meat products.

Qilu Bank

Market Cap: CN¥35.5b

QILU BANK CO., LTD. provides personal and corporate banking services in the People’s Republic of China.

CSSC Offshore & Marine Engineering (Group)

Market Cap: HK$39.3b

Manufactures and sells marine and defense equipment in the People’s Republic of China, other regions in Asia, Europe, Oceania, North America, South America, and Africa.

Metropolitan Bank & Trust

Market Cap: ₱295.9b

Provides various commercial and investment banking products and services in the Philippines, rest of Asia, the United States of America, and Europe.

Atlantic Union Bankshares

Market Cap: US$4.9b

Operates as the bank holding company for Atlantic Union Bank that provides banking and related financial products and services to consumers and businesses in the United States.

Perseus Mining

Market Cap: AU$7.0b

Explores, evaluates, develops, and mines for gold properties in Ghana, Côte d’Ivoire, Tanzania, and Sudan.

Avnet

Market Cap: US$4.9b

Distributes electronic component technology in the Americas, Europe, the Middle East, Africa, and Asia/Pacific.

Indofood CBP Sukses Makmur

Market Cap: Rp82.8t

Produces and sells consumers products in Indonesia, Rest of Asia, the Middle East, Africa, and internationally.

WPG Holdings

Market Cap: NT$156.3b

Distributes and sells electronic and electrical components, computer software, and electrical products in Taiwan, Mainland China, and internationally.