U.S. Undervalued based on future growth

Community West Bancshares

Market Cap: US$447.1m

Operates as the bank holding company for the Central Valley Community Bank that provides various commercial banking services to small and middle-market businesses and individuals in California.

Southern First Bancshares

Market Cap: US$439.8m

Operates as the bank holding company for Southern First Bank that provides commercial, consumer, and mortgage loans to the general public in South Carolina, North Carolina, and Georgia.

Mistras Group

Market Cap: US$438.2m

Provides technology-enabled asset protection solutions in the United States, other Americas, Europe, and the Asia-Pacific.

GeoPark

Market Cap: US$435.5m

Operates as an oil and natural gas exploration and production company in Chile, Colombia, Brazil, Argentina, Ecuador, and other Latin American countries.

ChoiceOne Financial Services

Market Cap: US$428.2m

Operates as the bank holding company for ChoiceOne Bank that provides banking services in Michigan.

Global Indemnity Group

Market Cap: US$415.4m

Through its subsidiaries, provides specialty property and casualty insurance, and reinsurance products in the United States.

Haverty Furniture Companies

Market Cap: US$410.8m

Operates as a specialty retailer of residential furniture and accessories in the United States.

Onity Group

Market Cap: US$402.3m

A financial services company, originates and services forward and reserve mortgage loans in the United States, the United States Virgin Islands, India, and the Philippines.

NewtekOne

Market Cap: US$394.9m

Operates as the bank holding company for Newtek Bank, National Association that provides various business and financial solutions under the Newtek and NewtekOne brands to the small- and medium-sized business market.

Colony Bankcorp

Market Cap: US$394.4m

Operates as the bank holding company for Colony Bank that provides various banking products and services to retail and commercial customers in the United States.

West Bancorporation

Market Cap: US$394.2m

Operates as the financial holding company provides community banking and trust services to individuals and small- to medium-sized businesses in the United States.

Auna

Market Cap: US$392.3m

A healthcare service provider, operates hospitals and clinics in Mexico, Peru, and Colombia.

USANA Health Sciences

Market Cap: US$390.7m

Develops, manufactures, and sells science-based nutritional, personal care, and skincare products in the Asia Pacific, the Americas, and Europe.

Investar Holding

Market Cap: US$382.0m

Operates as the bank holding company for Investar Bank that provides a range of commercial banking products to individuals, professionals, and small to medium-sized businesses in south Louisiana, southeast Texas, and Alabama in the United States.

Citizens & Northern

Market Cap: US$381.2m

Operates as the bank holding company for Citizens & Northern Bank that provides various banking and related services to individual and corporate customers.

ACCO Brands

Market Cap: US$347.9m

Designs, manufactures, and markets consumer, school, technology, and office products in the United States, Canada, Brazil, Mexico, Chile, Europe, the Middle East, Australia, New Zealand, and Asia.

Regional Management

Market Cap: US$346.3m

A diversified consumer finance company, provides various installment loan products primarily to customers with limited access to consumer credit from banks, thrifts, credit card companies, and other lenders in the United States.

Plumas Bancorp

Market Cap: US$344.8m

Operates as the bank holding company for the Plumas Bank that provides various banking products and services for small and middle market businesses and individuals in California, Nevada, and Oregon.

Ranger Energy Services

Market Cap: US$327.4m

Provides onshore high specification well service rigs, wireline services, and complementary services to exploration and production companies in the United States.

USCB Financial Holdings

Market Cap: US$326.7m

Operates as the bank holding company for U.S.

LINKBANCORP

Market Cap: US$316.9m

Operates as a bank holding company for LINKBANK that provides various banking products and services in Pennsylvania.

ITHAX Acquisition

Market Cap: US$312.6m

As of July 18, 2022, ITHAX Acquisition Corp.

Quad/Graphics

Market Cap: US$305.8m

Provides marketing solutions in North America, Mexico, Central America, the Caribbean, Europe, the Middle East, Africa, South America, and Asia.

Park-Ohio Holdings

Market Cap: US$294.8m

Provides supply chain management outsourcing services, capital equipment, and manufactured components in the United States, Europe, Asia, Mexico, Canada, and internationally.

Viemed Healthcare

Market Cap: US$280.6m

Through its subsidiaries, provides home medical equipment (HME) and post-acute respiratory healthcare services in the United States.

Chemung Financial

Market Cap: US$280.1m

Operates as a bank holding company for Chemung Canal Trust Company that provides a range of banking, financing, fiduciary, and other financial services.

TPG Mortgage Investment Trust

Market Cap: US$279.7m

Operates as a residential mortgage real estate investment trust in the United States.

Aviat Networks

Market Cap: US$277.3m

Provides microwave networking and wireless access networking solutions in North America, Africa, the Middle East, Europe, Latin America, and the Asia Pacific.

Coherus Oncology

Market Cap: US$267.7m

A biopharmaceutical company, researches, develops, and commercializes immunotherapies to treat cancer in the United States.

Abeona Therapeutics

Market Cap: US$261.7m

A clinical-stage biopharmaceutical company, develops gene and cell therapies for life-threatening diseases.

TOYO

Market Cap: US$261.4m

Engages in the upstream production of wafer and silicon, midstream production of solar cell, downstream production of photovoltaic (PV) modules, and other stages of the solar power supply chain in Asia and the United States.

Norwood Financial

Market Cap: US$259.4m

Operates as the bank holding company for Wayne Bank that provides various banking products and services in the United States.

Diana Shipping

Market Cap: US$256.0m

Provides shipping transportation services worldwide.

FinWise Bancorp

Market Cap: US$247.8m

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

Princeton Bancorp

Market Cap: US$245.3m

Operates as the bank holding company for The Bank of Princeton that provides various banking products and services.

First Western Financial

Market Cap: US$239.3m

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.