Global Materials Undervalued over 20% based on DCF

Steniel Manufacturing

Market Cap: ₱2.8b

Engages in manufacturing, processing, and selling of paper products, paper boards, corrugated carton containers, and other allied products in the Philippines and internationally.

DSR

Market Cap: ₩69.4b

DSR Corporation engages in the manufacture and sale of wires and wire ropes worldwide.

Sidma Steel

Market Cap: €36.7m

Engages in processing and trading of steel products in Greece and internationally.

Ko Yo Chemical (Group)

Market Cap: HK$323.3m

An investment holding company, engages in the research and development, manufacture, marketing, and distribution of chemical products and chemical fertilizers in the People’s Republic of China.

Bashundhara Paper Mills

Market Cap: ৳5.0b

Engages in the manufacture and marketing of paper products, tissue products, and hygienic products in Bangladesh and internationally.

Chin Yang Industry

Market Cap: ₩61.0b

Engages the manufacture and sale of plastic foam molded products in South Korea.

Ninh Binh Phosphate Fertilizer

Market Cap: ₫1.0t

Produces and sells phosphate fertilizers primarily in Vietnam.

Moorim Paper

Market Cap: ₩58.2b

Manufactures and sells paper products.

Fujairah Cement Industries PJSC

Market Cap: د.إ141.3m

Together with its subsidiary, manufactures and sells clinkers and hydraulic cement, and ready mixed and dry mix concrete and mortars in the United Arab Emirates and internationally.

SPEL

Market Cap: PK₨10.5b

Engages in the manufacture and sale of plastic packaging and plastic parts for the food and FMCG, and automotive industries in Pakistan, Hungary, Turkey, Belgium, France, Italy, the United Kingdom, the United States, Taiwan, and China.

Alufluoride

Market Cap: ₹3.6b

Manufactures and sells aluminum fluoride and related products for aluminum smelters in India.

Sentien Printing Factory

Market Cap: NT$1.2b

Manufactures and sells heat transfer, insert mold, and in-mold labels and release foils in Taiwan, Mainland China, Indonesia, Vietnam, and internationally.

Sahathai Printing & Packaging

Market Cap: ฿1.2b

Engages in the paper box printing and publication business in Thailand.

Shoei

Market Cap: JP¥5.8b

Engages in the sales promotion support and product sales businesses in Japan.

Subur Tiasa Holdings Berhad

Market Cap: RM 143.3m

An investment holding company, engages in the extraction and sale of logs in Malaysia, India, Japan, South Korea, Taiwan, and internationally.

Yong Shun Chemical

Market Cap: NT$1.1b

Manufactures and sells resins in Taiwan, Hong Kong, and internationally.

Showa Chemical Industry

Market Cap: JP¥5.3b

Engages in manufacturing and selling diatomite and perlite filter aids under the Radiolite and Topco brand in China and Japan.

Narmada Gelatines

Market Cap: ₹3.0b

Manufactures and sells gelatine and related products in India and internationally.

Berlina

Market Cap: Rp563.0b

Engages in the plastic packaging business in Indonesia and internationally.

Dynemic Products

Market Cap: ₹2.9b

Engages in the manufacture and sale of dyes and dye intermediates in India.

DS Sigma Holdings Berhad

Market Cap: RM 122.4m

An investment holding company, engages in manufacturing, supplying, and trading of packaging materials and paper products in Malaysia.

PM Thoresen Asia Holdings

Market Cap: ฿966.5m

Manufactures fertilizer and crop care products and provides factory area management services in Vietnam, the Philippines, Madagascar, and internationally.

Sephaku Holdings

Market Cap: R450.3m

Operates as a construction materials company in South Africa.

BOC Kenya

Market Cap: KSh3.4b

Engages in the manufacture and sale of medical and industrial gases and welding products in Kenya.

Krishca Strapping Solutions

Market Cap: ₹2.4b

Engages in the manufacture and wholesale of strapping steel, steel seals, and strapping tools in India.

QPM Energy

Market Cap: AU$35.6m

Operates as an independent gas producer in Australia.

KD Chem

Market Cap: ₩36.6b

Manufactures and sells fine chemicals in South Korea.

RFBL Flexi Pack

Market Cap: ₹2.3b

Engages in the manufacturing and trading of printed multilayer adhesive laminated flexible plastic packaging materials in India.

Yanaprima Hastapersada

Market Cap: Rp437.5b

Manufactures and sells polypropylene (PP) polymer laminated woven bags in Indonesia, Asia, and South America.

Jiyuan Packaging Holdings

Market Cap: NT$738.7m

Produces and sells tin cans and aluminum cans in Mainland China.

Tung Kuang Industrial

Market Cap: ₫590.7b

Produces and sells aluminum extrusions in Vietnam.

Master-Pack Group Berhad

Market Cap: RM 89.0m

An investment holding company, manufactures, distributes, and sells corrugated cartons and wooden packaging materials in Malaysia, Vietnam, and internationally.

Chinyang Poly UrethaneLtd

Market Cap: ₩30.5b

Engages in the manufacture, processing, and sale of polyurethane foam products in South Korea.

Omani Packaging Company SAOG

Market Cap: ر.ع6.8m

Manufactures and sells paper corrugated packaging products in the Sultanate of Oman, the United Arab Emirates, and Qatar.

Union Plastic

Market Cap: ฿587.5m

Manufactures and sells thermoplastics primarily in Thailand.

Furubayashi ShikoLtd

Market Cap: JP¥2.6b

Plans, designs, prints, processes, manufactures, and sells packaging products in Japan, China, and Taiwan.