Global Undervalued based on future growth

Hulamin

Market Cap: R660.9m

Engages in the manufacture and distribution of rolled and extruded aluminum products in South Africa, North America, Europe, Asia, the Middle East, Australasia, South America, and rest of Africa.

Mitchell Services

Market Cap: AU$55.0m

Provides exploration, and mine site and geotechnical drilling services to the exploration, mining, and energy industries in Australia.

MEMSCAP

Market Cap: €30.8m

Provides micro-electro-mechanical systems (MEMS) based solutions for aerospace and defense, optical communications, medical, and biomedical markets worldwide.

Haugesund Sparebank

Market Cap: NOK 365.6m

A savings bank, provides various financial products and services to individuals and corporate customers in Norway.

UPR

Market Cap: JP¥5.0b

Primarily engages in the rental and sale of pallets and logistics equipment in Japan.

Kuroda Precision Industries

Market Cap: JP¥5.0b

Manufactures and sells motion control systems, press tools and die systems, and machine tools and measurement systems worldwide.

Reckon

Market Cap: AU$53.8m

Engages in the provision of software solutions in Australia, the United States, and internationally.

Max's Group

Market Cap: ₱1.9b

Max's Group, Inc., together with its subsidiaries, is involved in catering food and establishing, operating, maintaining, and franchising restaurants, coffee shops, refreshment parlors, and cocktail lounges in the Philippines and internationally.

Broadwind

Market Cap: US$34.1m

Manufactures and sells structures, equipment, and components for clean technology and other specialized applications in the United States.

Kyosha

Market Cap: JP¥4.9b

Manufactures and sells printed wiring boards (PWBs), and carrier jigs for mounting electrical components in Japan and internationally.

Touax

Market Cap: €28.8m

Engages in the operational leasing, sale, and management of mobile standardized equipment worldwide.

Romsdal Sparebank

Market Cap: NOK 340.0m

Operates as a savings bank that provides various financial products and services to retail and corporate customers primarily in Romsdal and southern parts of Nordmøre.

Pyxis Tankers

Market Cap: US$32.5m

Operates as a maritime transportation company with a focus on the tanker and dry-bulk sectors in the United States and internationally.

Civil Engineering

Market Cap: ฿1.1b

Provides construction services in Thailand.

Herbs Generation Group Holdings

Market Cap: HK$240.0m

Engages in the development, marketing, and sale of health supplements, cosmetics, and skincare products in Hong Kong.

Ogunsen

Market Cap: SEK 299.1m

Offers recruitment and consultancy services for specialists and managers in economics and finance sectors in Sweden.

Borgosesia

Market Cap: €26.9m

Primarily invests in non-performing and alternative assets.

Sunndal Sparebank

Market Cap: NOK 317.6m

Engages in the provision of banking services for personal and corporate markets in Norway.

Desarrollos Especiales de Sistemas de Anclaje

Market Cap: €26.2m

Desarrollos Especiales de Sistemas de Anclaje, S.A.

I.M.D. International Medical Devices

Market Cap: €26.0m

I.M.D. International Medical Devices S.p.A.

cottaLTD

Market Cap: JP¥4.2b

Engages in manufacture and sale of confectionary food materials and food packaging materials in Japan and internationally.

Angler Gaming

Market Cap: SEK 281.2m

Invests in companies that offer gaming services through the internet in Malta.

ETS GroupLtd

Market Cap: JP¥4.2b

Engages in the electric power business in Japan and internationally.

Casta Diva Group

Market Cap: €25.2m

Operates as a communication company in Italy and internationally.

Delignit

Market Cap: €25.2m

Engages in the development, production, and sale of ecological and hardwood-based materials and system solutions based on natural, renewable, and carbon neutral raw material wood in Germany.

Winstar Capital Berhad

Market Cap: RM 124.7m

An investment holding company, engages in manufacturing, fabricating, processing, and selling of aluminium products in Malaysia.

Close the Loop

Market Cap: AU$44.1m

Engages in the collection and recycling of electronic equipment, imaging consumables, plastics, paper and cartons, and other related activities in Australia, Europe, South Africa, and the United States.

RC Fornax

Market Cap: UK£21.2m

Provides work-package solutions to the defense industry in the United Kingdom.

Protasco Berhad

Market Cap: RM 122.8m

An investment holding company, provides integrated engineering and infrastructure services in Malaysia.

Lee Swee Kiat Group Berhad

Market Cap: RM 122.1m

An investment holding company, engages in manufacturing, retail, trading, and distributing mattresses and bedding accessories primarily in Malaysia.

LaserBond

Market Cap: AU$43.5m

A surface engineering company, engages in the development and application of materials, technologies, and methodologies to enhance operating performance and wear life of capital-intensive machinery components in Australia.

Decibel Cannabis

Market Cap: CA$37.5m

An integrated cannabis company, engages in the cannabis cultivation in Canada.

DigiTouch

Market Cap: €23.7m

Provides digital marketing and transformation services in Italy.

La Société de Transport des Hydrocarbures par Pipelines SOTRAPIL

Market Cap: د.ت80.5m

Engages in the transportation of hydrocarbons and refined products through pipelines.

InNature Berhad

Market Cap: RM 116.5m

An investment holding company, retails cosmetics and personal care products in Malaysia, Vietnam, and Cambodia.

Calgro M3 Holdings

Market Cap: R494.7m

Together with its subsidiary, develops integrated residential properties in South Africa.