Global Materials Undervalued over 20% based on DCF

Chemtrade Logistics Income Fund

Market Cap: CA$1.9b

Offers industrial chemicals and services in Canada, the United States, and Brazil.

Scientex Berhad

Market Cap: RM 5.4b

An investment holding company, manufactures, markets, and sells stretch films and various flexible plastic packaging (FPP) products.

Tokai Carbon

Market Cap: JP¥213.7b

Engages in the manufacture and sale of carbon-related products and services in Japan.

Hemlo Mining

Market Cap: CA$1.8b

Operates as a gold production company.

OceanaGold (Philippines)

Market Cap: ₱79.5b

Engages in the exploration, development, production, and utilization of gold, copper, silver, and other mineral resources in the Philippines.

Avia Avian

Market Cap: Rp22.5t

Manufactures and distributes paints and building materials in Indonesia.

Siam City Cement

Market Cap: ฿41.4b

Manufactures, imports, exports, and sells cement and cement related products in Thailand, Vietnam, Sri Lanka, Singapore, Australia, Cambodia, Bangladesh, Indonesia, India, Dubai, and internationally.

Corbion

Market Cap: €1.1b

Provides lactic acid and derivatives, food preservation solutions, functional ingredient systems, and algae-derived nutritional ingredients in the Netherlands, the United States, Asia, rest of Americas, the rest of Europe, the Middle East, and Africa.

Macmahon Holdings

Market Cap: AU$1.8b

Provides surface mining, underground mining and mining support, and civil infrastructure services to mining companies in Australia and Southeast Asia.

Daxin Materials

Market Cap: NT$40.7b

Engages in the research, development, production, and sale of display and key raw materials, and semiconductor specialty chemicals in Taiwan, China, and internationally.

ALPEK. de

Market Cap: Mex$21.4b

Operates as a petrochemical company in Mexico, the United States, Argentina, Brazil, Chile, Canada, the United Kingdom, Oman, and Saudi Arabia.

Yodoko

Market Cap: JP¥197.3b

Engages in the manufacture and sales of steel products for industrial and consumer products in Japan.

FP

Market Cap: JP¥195.7b

Manufactures and markets polystyrene and compound resin disposable food containers in Japan.

PILLAR

Market Cap: JP¥193.9b

Designs, develops, manufactures, and sells various fluid control equipment in Japan and internationally.

TR Anadolu Metal Madencilik Isletmeleri

Market Cap: ₺52.4b

Engages in the mining activities in Turkey.

Alphamin Resources

Market Cap: CA$1.6b

Produces and sells tin concentrates.

Zhejiang Zhongxin Environmental Protection Technology Group

Market Cap: CN¥7.9b

Zhejiang Zhongxin Environmental Protection Technology Group Co., Ltd.

Chengdu Guibao Science & TechnologyLtd

Market Cap: CN¥7.7b

Chengdu Guibao Science & Technology Co.,Ltd.

Canfor

Market Cap: CA$1.6b

Operates as an integrated forest products company in the United States, Asia, Canada, Europe, and internationally.

Chugoku Marine Paints

Market Cap: JP¥168.2b

Produces and sells functional coatings worldwide.

Corticeira Amorim S.G.P.S

Market Cap: €892.4m

Engages in the acquisition and transformation of cork into various cork and cork-related products in Europe, the United States, Rest of America, Australasia, and Africa.

Daio Paper

Market Cap: JP¥156.8b

Engages in paper and paperboard business Japan, East Asia, Southeast Asia, Brazil, and internationally.

Cita Mineral Investindo

Market Cap: Rp16.6t

Engages in bauxite mining activities in Indonesia.

Semen Indonesia (Persero)

Market Cap: Rp16.2t

Manufactures, packs, and distributes cement in Indonesia and internationally.

Petrovietnam Camau Fertilizer

Market Cap: ₫24.6t

Engages in the production and trading of fertilizers in Vietnam and internationally.

Sk KakenLtd

Market Cap: JP¥146.5b

Manufactures and sells organic and inorganic water-based coating materials, synthetic resin paints, inorganic coating materials, and inorganic building materials in Japan and internationally.

Sichuan Guoguang Agrochemical

Market Cap: CN¥6.2b

Engages in the research and development, manufacture, marketing, and distribution of agrochemical products and materials in China and internationally.

MEC

Market Cap: JP¥143.5b

Engages in the research and development, production, and sale of chemicals, equipment, and related materials for the production of printed circuit boards in Japan, Taiwan, Hong Kong, China, Thailand, and Europe.

Fuji Seal International

Market Cap: JP¥143.5b

Engages in planning, proposal, development, manufacturing, and sales of packaging systems.

Fujian Yuanli Active CarbonLtd

Market Cap: CN¥6.1b

Engages in the manufacture and sale of activated carbon in China.

Ramaco Resources

Market Cap: US$874.3m

Engages in the development, operation, and sale of metallurgical coal.

Orinko Advanced PlasticsLTD

Market Cap: CN¥5.9b

Researches, develops, produces, and sells polymer modified materials in China.

KAMA Holdings

Market Cap: ₹79.7b

Engages in the technical textiles, chemicals and polymers, aluminium foils, and packaging film businesses.

Myers Industries

Market Cap: US$836.0m

Engages in distribution of tire service supplies in Ohio.

Mitani Sekisan

Market Cap: JP¥131.2b

Produces and sells concrete products in Japan.

UNACEM CorpA

Market Cap: S/2.8b

Produces, markets, and sells various types of cement, clinker, and concrete products in Peru, the United States, Ecuador, Colombia, and Chile.